Case: the Overpaid Bank Tellers

Else could have reduced the salary for all the employees for few months and this could have motivated the employees to work more to increase productivity and to save their jobs. So proper procedures to downsize with fairness all around or other plans could have been ideal instead of discriminating and ending up in a legal suit spending more money than saving any.

Conclusion: Overall Duncan has done a fantastic job bringing the bank to place that other local banks model themselves after, however during the road to this great domain he failed to look at the potential costs associated with raises over time and merit increases staying reasonable. While others were meeting some marks for their level of service the tellers were going to always have an advantage because they are the core of the bank because the customers interact with them more regularly, the customers get to know them, making it easier to be more productive and positive, hence giving them an incentive to do great work every day.

I appreciate that the banking sector is vital to the strong health and growth of our nation’s economy and directly affects each of us, however, many of these financial institutions took the funds and immediately paid out senior executive bonuses instead of using the money to back loans to the public. These executive bonuses were public record and created a massive outcry from the taxpayers, but even this seemingly greedy use of power was overlooked by the federal and state governments.

Despite the suspicious by many Americans back then that banks have an inherent nature to serve the wealthy elite over the common people, there was an underlying agreement stretching

In the document is also said that even when people have money in that bank people would go to the bank and go get their money since that bank was going to be a failed and it also said that after their failure the repressive effect on the spending of its clients. They couldn’t do anything to help the bank to crash even though they will all be crashed any day.

Jackson also knew of the Bank’s tendency to give “loans” to employees friends and family that usually were not tied to the likeliness of repayment. “His central points were that the BUS amounted to crony capitalism - the federal government had gone into partnership with a favored few, granted them special privileges (e.g., interstate banking, legal tender status for its banknotes, and the handling of government accounts) that weren’t available to others - and that crony capitalism had corrupted the economic and political system. The bank’s owners earned high profits because of their privileged position, paid congressmen retainer fees and granted loans that weren’t always tied to

Wells Fargo fired 5300 employees. The employees took millions in fees by regularly opening new

(3) What are some potential negative effects of the employees’ raising questions regarding rates of pay and pay equity in your department?

The Sarbanes-Oxley Act of 2002 was put in place to prevent corporations from committing accounting fraud or corruption. When a corporation manages somehow to get passed all the laws they do anything to keep the corruption going by covering up everything. With this going on the company’s main focus is keep the lies going and firing whoever is in the way. Wells Fargo has stated that they have fire over a hundred thousand people throughout the nation for being a part of the illegal activity in the company. Unfortunately for Wells Fargo employees are coming out from hiding telling their side of the story.

1996-1998 Manufacturers Merchant Bank a leading merchant bank of the time new and innovative, the Vice President in charge of operations, Adrian Keys was a transformational leader, he had a vision for the bank which he communicated effectively to the staff, he also asked for feedback from the staff and to my surprise based on my previous work experience he listened, and adopted the sensible ideas, these ideas didn’t necessarily change his vision but were more folded into it, and used to help get buy in to his vision, he empowered staff to be the best that they can be encouraged furthering education, and instituted a flex hour system for those who were going to school. Mr Keys also started in house training program whereby he brought IMP into the office to carryout departmental training

There was a dismissal of 5,300 employees and $185 million in fines against Wells Fargo (Stewart, 2017). The bank’s pressure-cooker sales environment made a toxic sales culture. Wells Fargo held unrealistic sale quotas to its employees and held policies that drove employees to participate in illegal behaviors to meet unreachable goals. Employees opened millions of unauthorized credit cards and deposit accounts, fees and other charges were racked up, money was transferred from customers’ accounts without their knowledge and their permission, they also created phony email addresses to enroll customers in online banking services, all to hit sale targets and receive bonuses. Employees who called attention to the abusive, fraudulent behaviors were ignored and wrongfully terminated and retaliated

He also increased the risk exposure of the bank and had hidden it from its superiors. By using his reputation and the trust from the bank he speculated while he should not have been able to do so.

Scandals in the business world are not an uncommon topic to appear in new headlines. Recently Wells Fargo has fired over 5,000 employees for creating over 2 million fake accounts. New bank and credit card accounts were created without prior knowledge from their customers. The accounts that were created resulted in those customers inquiring fees such as overdraft fees. These fake accounts have been created over a five-year timeframe.

The reason how Well Fargo Bank is an ethical quandary would be how they had also have to pay the expensive for the people account that were victims and the 185 million dollar including for the fines.

Valerie Wyatt finished her report and rushed into Al Hassler’s office and handed him the report. Hassler slowly scanned the report and then said, “You’ve done a good job here, Val. But now that we have the system operating, I don’t think we should upset the apple cart, do you? Let’s just keep this to ourselves for the time being and perhaps we can correct most of these problems. I’m sure Frank wouldn’t want to hear this kind of stuff. This system is his baby, so maybe we shouldn’t rock the boat with this report.