Wells Fargo Bank Case

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

Embezzlement is an act withholding assets for the purpose of conversion of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes. Embezzlement is a type of financial fraud. a lawyer might embezzle funds from the trust accounts of his or her clients; a financial advisor might embezzle the funds of investors; and a husband or a wife might embezzle funds from a bank account jointly held with the spouse.

Wells Fargo is one of the well-recognized banks in the United States with over 8,000 banks. Last year Wells Fargo paid millions of dollars in fines for opening around 1.5 million bank accounts and applied for around 560,000 credit cards without customers’ consent. Due to this unethical and illegal event, numerous stakeholders were affected. In the article, The Wal-Mart Effect and Business, Ethics, and Society by R. Edward Friedman, Friedman states that stakeholder is anyone who can be affected by the business or can affect the business (Friedman 38). A great deal stakeholders were affected by the Wells Fargo crisis including Board of Directors, stockholders, employees, and the customers. Each stakeholder has different interests,

(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.

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.

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

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.

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 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

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

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

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.

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

Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.

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: