Wells Fargo’s Ethical Scandal
It was a bank heist greater than the Brink's job in 1950, however, the brigands used no ordinary firearms or getaway vehicles. As opposed to being quick on the draw, they had quick fingers on computer keyboard and mouse. Over the course of four years, The Wells Fargo Bank of San Francisco, had at least 5,000 employees opened more than a million fake bank and credit card account on behalf of innocent customers. This monumental scandal that broke the basic principle of ‘doing ethical business,’ has also brought many other issues to light. Some of these include the lack of integrity from the people who lead this organization who lied and denied the fraud, the deficiency to properly run a mega-organization, the indignation from the people affected by this fraud, the lack of ownership when a mistake is made.
Although many financial accounts were considered ‘exhaust’ and disabled automatically, representatives once in awhile exchanged client assets to the new records, activating overdraft expenses and harming FICO assessments, hurting the unaware customers’ credit reports.
Ironically, Wells Fargo’s website proudly states that their vision is “To satisfy our customers’ financial needs and help them …show more content…
In November of 2016, The HR Specialist suggests that in order to keep people from falling into the temptation of the incentives’ attractiveness to generate more business at any cost. Institutions must “Build accountability into your bonus or incentive programs. At Wells Fargo, even a cursory examination of the accounts should have revealed a problem. Create safeguards that include random audits of transactions. For incentives pegged to productivity, develop independent systems for making sure workers don’t sacrifice quality to improve
It was a bank heist greater than the Brink's job in 1950, however, the brigands used no ordinary firearms or getaway vehicles. As opposed to being quick on the draw, they had quick fingers on computer keyboard and mouse. Over the course of four years, The Wells Fargo Bank of San Francisco, had at least 5,000 employees opened more than a million fake bank and credit card account on behalf of innocent customers. This monumental scandal that broke the basic principle of ‘doing ethical business,’ has also brought many other issues to light. Some of these include the lack of integrity from the people who lead this organization who lied and denied the fraud, the deficiency to properly run a mega-organization, the indignation from the people affected by this fraud, the lack of ownership when a mistake is made.
Although many financial accounts were considered ‘exhaust’ and disabled automatically, representatives once in awhile exchanged client assets to the new records, activating overdraft expenses and harming FICO assessments, hurting the unaware customers’ credit reports.
Ironically, Wells Fargo’s website proudly states that their vision is “To satisfy our customers’ financial needs and help them …show more content…
In November of 2016, The HR Specialist suggests that in order to keep people from falling into the temptation of the incentives’ attractiveness to generate more business at any cost. Institutions must “Build accountability into your bonus or incentive programs. At Wells Fargo, even a cursory examination of the accounts should have revealed a problem. Create safeguards that include random audits of transactions. For incentives pegged to productivity, develop independent systems for making sure workers don’t sacrifice quality to improve