Wells Fargo

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  • Wells Fargo

    years, Wells Fargo has been a lead provider of both personal and business banking. Financial services including insurance, credit cards, mortgage and investments are offered through the company. According to the 2015 Wells Fargo CSR plan, two of their core principles include putting customers first and valuing their team members. However, in 2011, allegations against Wells Fargo began to accumulate that employees were reportedly opening fraudulent accounts and credit cards against customer’s knowledge and consent. Minimal efforts were taken to immediately address the situation, and it continued to occur for an additional four years. In September of 2016, the Consumer Financial Protection Bureau (CFPB) imposed the largest…

    Words: 1359 - Pages: 6
  • Wells Fargo Scandal

    Wells Fargo Scandal Wells Fargo founded, in 1928, is currently one of the World’s largest financial institutions. The company had a stellar reputation in the financial industry, known to be an honest and ethical organization. Wells Fargo is under investigations by the Senate Banking Committee and Federal Officials to determine the level of participation of its senior leadership. The investigations will determine that Senior Leadership played a major role in creating an environment and…

    Words: 1036 - Pages: 5
  • Ethical Dilemmas In Wells Fargo

    As a top national bank, Wells Fargo would seem like a reasonable choice but after recent discoveries it should have people question the safety of their accounts and the lack of ethics within this company. Wells Fargo is a national bank found in almost every state, offering over 6,000 retail banks and 13,000 ATMs (Wells Fargo). With its easy accessibility and well-known name, Wells Fargo ranks among the most popular banking institutions use in the United States. Wells Fargo offers a wide…

    Words: 1587 - Pages: 7
  • Employee Behavior At Wells Fargo

    “Corporate governance is the process by which organizations are directed and controlled” (2014, p. 94). When Wells Fargo employees opened accounts for customers without their consent, their actions violated customer’s trust, shareholder’s standards, and employees’ loyalty. Moreover, the unethical behavior lay within the framework of Wells Fargo’s corporate culture, thus influencing employees’ behavior and leaderships’ incompetence. The reaction from leadership was to address unethical behavior…

    Words: 1688 - Pages: 7
  • Wells Fargo Scandal Analysis

    AN ANALYSIS OF THE WELLS FARGO ACCOUNT SCANDAL INTRODUCTION Paying bank fees may be one of the most annoying, unwanted situations customers experience in the banking system. Imagine the fees paid suddenly becoming multiplied, and you were paying for accounts you didn’t even sign up for. For Wells Fargo customers, this nightmare became a harsh reality. The 185 million dollar Wells Fargo Bank account scandal began in 2011 and was revealed to the public five years later after…

    Words: 1611 - Pages: 7
  • Wells Fargo Code Of Ethics

    For a considerably long time, Wells Fargo has managed to cultivate an excellent reputation as one of the most efficiently managed banking institutions in the United States. However, this immaculate reputation has been tarnished in the wake of the recent fake accounts scandal. Since the beginning of the decade, the employees of the bank have created millions of fake credit cards and bank accounts. From 2011 to 2016, this banking institution has managed to collect a staggering $2.6 million in…

    Words: 1155 - Pages: 5
  • Case Study Wells Fargo Bank

    ASSIGNMENT REPORT ON FAKE BANK ACCOUNTS SCAM IN WELLS FARGO BANK USA 1. Describe what happened. The case in discussion here is opening of unauthorized and fake bank accounts by employees of Wells Fargo Bank all over US. Various employees in Wells Fargo Retail stores all over the country signed up customers for various products like a new checking accounts, debit accounts, credit card accounts without their approval or consent. The employees then used to transfer money from the customers…

    Words: 991 - Pages: 4
  • Wells Fargo Risk Assessment Plan

    role in any company, whether it is big or small company. The risk assessment will help identify the vulnerabilities and threats to the Wells Fargo IT resources. Which will help determine the impact of those vulnerabilities, threats, and unauthorized access. Having some knowledge of what type of risks expect will help mitigate them faster. There are a several steps needed for a good risk assessment plan, which will essentially help the company be in compliance with FISMA and other federal laws.…

    Words: 720 - Pages: 3
  • Ethical Behavior: The Wells Fargo Case

    that decisions are ethically made. There is a recent business incident showing the significance of making an ethics-focused decision with its ethics parameters. On May 5, 2015, Wells Fargo Bank is sued…

    Words: 1533 - Pages: 7
  • John Stumpf: Former CEO Of Wells Fargo

    trusted provider” (Farfan, 2016, para. 1). Wells Fargo’s mission and vision provide its employees with clear cut directions and desired outcomes in which the founder and stakeholders which to take it (Parnell, 2016). With such a clear vision, no one would expect reports of former Wells Fargo workers participating in unethical sales activities (Egan, 2016). Even more so, today’s news of John Stumpf, stepping away from his dual roles as Chairman and Chief Executive of Wells Fargo (Glazer,…

    Words: 760 - Pages: 4
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