Wells Fargo Bank Case

There are lots of Unethical Actions that occur in a company. In September 2016, Wells Fargo was involved in a scandal that involved over 5,000 employees had made fake accounts and were eventually fired. There are 269,100 employees in the Wells Fargo organization, 2%, which is 5,300employees of the organization were let go. The Wells Fargo scandal had started in January of 2009 to September of 2016 and more fake accounts are still being made by Wells Fargo. There was so many employees involved in this scandal, therefore making it really bad for the company Wells Fargo. One of the reasons why the employees were fired from the scandal was because the people were feeling pressured to meet hard to reach performance goals. As the employees felt more anxiety, their ethical behavior became

The last stakeholder of this scandal are the stockholders who have suffered financial lost in having to pay out millions in the lawsuits filed against Wells Fargo. The stockholders have also lost confidence in the leadership on the organization affecting how and if they will continue to invest and whether they will demand for a leadership change among the board of directors. This scandal not only affect how these investors will spend their money but other investors as well. Scandals of this magnitude as a negative domino effect on how investors and how they will spend their many within the

The article,”To Disclose or Not to Disclose? Wells Fargo Woes Shine Light on a Knotty Problem

(1)Most adults can certainly agree that they hate bank fees. Even worse than paying bank fees, is paying a fee on a ghost account you did not know existed. Wells Fargo is a successful American International Financial Institution, but in recent years have been involved in a scandal that has hurt their reputation.

Therefore, I am not certain if internal controls would have helped them. However, if Wells Fargo wanted to operate with honesty and integrity, I would say that their first line of defense, for preventative measures should have been that controls and risk management processes were implemented by upper management. I would then say that the training on these policies and procedures would be vital in laying the ground rules for acceptable practices. The internal monitoring of activities would also be a very important internal control. Even if processes are put it place but never monitored, it could lead to back to this exact situation that Wells Fargo is in now.

Pender, K. (2016, October 15). Wells Fargo’s board should take some blame for fiasco. San Francisco Chronicle. Retrieved October 16, 2016, from

The Wells Fargo scandal originated back in 2011 when employees created over 1.5 million fraudulent bank and credit card accounts for their customers and charging the customers fees for these accounts that they didn’t know they had. The employees were given sales quotas that were clearly unrealistic and pressured to use unethical policies for obtaining them.

The ethics of the bank requires that there is ethics of integrity. It is supposed to be created through a culture in the bank and it should be one of the banks priorities because this is a business and they gain the profits from the people they serve on daily basis. Even if the bank shall survive this wave of scandal is so difficult now to convince any client to join this Wells Fargo which shall cause them a lot of money. Also all the old customers may start withdrawing and looking for other banks which they feel are more secure when they are keeping the money for them. It is so hurting and distrustful for a banking instead of accruing money in the accounts of their customers what they wells was doing was that it was misusing their money and giving them extra fees.

Borrower found a home . Its new construction with D. R Horton dba Express Homes. Builder will pay title commitment if borrower chooses their preferred Lender. I can sell the customer on parcel help with title commitment as long as we can help her get 3.75 with any discount. She’s has been shopping for interest rate. Wells Fargo is offering 3.875 with any discount. Can we get her .875 or $1977.54 total

Another way is the bank should have had a way where they can check for accounts that haven’t been active in about twelve months; this would have prevented many cases where customers were not aware that these accounts were being opened. Wells Fargo should have invested on a system where it would check customer complaints of unusual account openings that they didn’t recall opening, and check with the customer for verification. Furthermore, another best way they could have prevented such scandal is if they terminated employees for fraud and ethical violations, for example, the management of the bank whom allowed and pressured their employees to sign up customers for accounts they didn’t authorize to meet their quota, these staff members should have been investigated and terminated. I think Wells Fargo learned to listen to employee and customer complaints and investigate more thoroughly. I also feel they now know to truly be a community based bank that’s really about its community. That scamming people just got them into a hole that they will really have a hard time getting out of, and not just because of money but because of people losing their trust in the company. Now its just about Wells Fargo’s road to

Multiplying Sun Coast’s book value of equity with 0.8 gives a value of $47,095,840 (Figure 5.1) for the company’s market value under this assumption. This results in a share price of about $5,233 with a total number of shares outstanding amounting to 9000.

Wells Fargo is facing moral challenges in its 164-year history. Crisis experts identified that the unethical issue conducted by the company’s employees might be the sign of poisonous business culture. Apparently, any ethical misconduct must be solved and the company must restore its integrity to gain back their customers’ trust. The recommendations that result from observation based on the million phony accounts created by Wells Fargo’s employees are:

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.

For Wells Fargo, they not only had poor employee support from their employees, they also only made $2.4 million from these practices. In return, Wells Fargo was fined $185 million for the actions of their employees. Overall, the best a group came out was even and as for the society, Wells Fargo and their customers, these actions caused more harm than

Currently aspiring to work within a large financial services bank and actively participating in the recruitment process creates a personal connection and relevance to understanding JPMorgan Chase & Co.’s culture. The core of the bank has existed for over two hundred years and has become the giant it has through several mergers and acquisitions over its history. On top of this, Wall Street and the businesses that occupy it are continuously under public scrutiny due to the unethical behaviors that tend to be common in the industry. This has led to a public discontent for the industry, but JPMorgan Chase & Co. is attempting to overcome that hurdle through a unique culture. This culture is founded on ethics while still maintaining a completive nature that is embedded in the industry. They have structured their organization and policies in a way to prevent and report unethical actions employees may engage in. Through various bits of research, we are able to dig deeper into the culture enabling us to get a true understanding of the environment within JPMorgan Chase & Co. This allows one to determine the culture’s strengths and weaknesses. By analyzing JPMorgan Chase & Co.’s corporate culture in relation to research including Hofstede’s Cultural Dimensions unlocks a deeper perspective that allows one to gain a true understanding of what it is like to work for JPMorgan Chase & Co while assessing if they are capable of achieving their vision.