Wells Fargo Ethical Summary

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.

I am writing to you regarding recent Wells Fargo’s fraudulent accounts issue. Today, we see ethical failings repeatedly in corporate America despite the talk of the importance of ethics. While people have seen from previous scandals that the gains from unethical schemes are short-lived and result in much larger repercussions, recent corporate scandals prove that the lessons of previous scandals have not yet been learned.

In the city of Seattle, the city council’s finance committee has decided to stop doing business with Wells Fargo because of ethical and environmental issues. During the city council meeting, hundreds of outside community members who opposed Wells Fargo lined the streets and marched to show their frustration. Eli Crawford, who is part of Environmental Group 350 Seattle, addressed the social responsibility of Wells Fargo, and said that they will not support banks or corporations that harm the climate or the environment. Wells Fargo also has financial ties with the Dakota Access Pipeline, which the Seattle city council opposed, and was part of a nationwide banking scandal. The city’s current contract with Wells Fargo expires in 2019, so at that

During my courses, I frequently remind students that most corporate executives, accountants, and auditors are honest and ethical. This case provides a stark and powerful example of one such individual. When I discuss a case such as this in my courses, I try to provide other examples of positive role models among corporate executives. Granted, most of these examples do not involve accounting or auditing matters, but, nevertheless, they help to blunt the impression that students may receive from studying my cases that most corporate executives are “crooks.”

A proliferation of headlines abounds regarding leaders and questionable ethical behavior. Examples in both public and private sector are easy to find. In business, one can look at the Wells Fargo scandal where employees fraudulently opened customer accounts to achieve management sales quotas and the case of Mylan Pharmaceuticals price gouging of the EpiPen as examples of unethical behavior. A quick open of the New York Times and you can read editorials on the Trump Administration and his use of the White House for personal gain, disregard for the anti-nepotism law and questionable associations and political appointments of persons such as Scott Gottlieb, Carl Ichan, and Steve Bannon. Governor Robert Bently of Alabama is currently being investigated

The first stated values, states that Wells Fargo’s value open, honest and two communication, which did open a hotline dealing after the scandal and handle the customer service. Though, I would not consider that company honest, but maybe openness after the fact. The second state values is based on accountable and proud of their conduct and decision dealing with Wells Fargo’s. Though, Wells Fargo is unethical in it business practices still used well known business practices and process to motivate salespeople open multiple accounts without the customer permission. Such as training employee in techniques into frauding customers and a system of rewarding for such behavior. Which shows a totally disregard for the customer financial well being

On September 8 2016, the Consumer Financial Protection Bureau (CFBP) announced that it was taking an enforcement action against Wells Fargo Bank . Wells Fargo is a Fortune 100 company and one of the "Big Four Banks" of the United States. Investigations conducted by the Bureau revealed that employees of the bank created unauthorized deposit and credit card accounts across the country to meet sales goals. Over the years, the bank’s employees opened over 1.5 million fraudulent bank accounts and 0.5 million fake credit card accounts for customers, to meet sales targets and obtain bonuses. The affected consumers, were being harmed by the associated charges and fees for these accounts. The fees include insufficient funds or overdraft fees for the deposit accounts and annual fees for credit card accounts.

Today’s business world presents numerous ethical issues. In today’s world above board/moral ethics in organizations do not often materialize intuitively. Organization must strive to provide employees with a clear understanding of the overall company vision. This will aid employees in practicing the code of ethics, policies and procedures in the workplace. Companies must be unwavering in continuously delivering the uppermost ethics of provision in which customers, applicants and employees are entitled to under fair business practices. One major core value is to uphold responsible and fair business practices.

Consequently, Wells and Fargo did what was best for business, they would not hire a person because you endorse or support. However, these two men ethical standards for hiring were for the needed to keep the company moving forward to be successful. Therefore, everyone that worked for Wells Fargo had a responsibility to uphold and follow the policies that were set up by the company, no matter what levels or title you hail in the company. However, when dealing with other peoples’ money their ethics in the place where there is truthward people work for you. Some of these people worked in accounting make sure the book was right. By ensuring that all transactions are properly documented because back then there were no computers, you would have to keep up with a paper trail. By ethical standers, the organization’s is well established, their moral conduct to the customers and the business. Furthermore, Wells Fargo ethical morals were to implement people that have the ability excellent verbal, written, and interpersonal communication skills. Outstanding negotiating, conflict management, and decision-making skills and ability to interact with all levels of

The author Robert Solomon argues that ethics has to an integral part with regard to business management. He does not believe that business management must include unethical or illegal methods to be able to succeed. Solomon preaches that business management is not as simple as obtaining revenue. “Businesses need to abide by fair policies and their owners have to be ethical in dealing with their customers” (Shaw p. 37). The author acknowledges that while illegal practices in business management could bring positive results at first, eventually the business is bound to fail. This is why Solomon recommended eight important policies that can help businesses in integrating ethics into their operations.

Well Fargo is currently being sued over 185 Million Dollars and 5,300 were fired for making fake account.

Hiding or divulging information: Goldman bet against their clients several times. They knew material information on certain investment; however, they never communicated that to their clients because they were making money off them.

Ethical issues have greatly transformed in our lives since the great Enron, Xerox and other huge corporations proposed big profits showing earnings of billions of dollars and yet in reality facing bankruptcy. These corporations faced great trouble with the federals and state for manipulating financial statements. But not only corporations can be blamed on this, accounting firms were involved in this as much as the corporations were. With the business stand point, ethics comprises of principles and standards that guide behavior. Investors, traders, customers, and legal system determine whether a specific action is ethical or unethical. Ethical issue is a vast subject, but we will look at the niche

This study aims to understand what effect has an ethical framework in accounting. In particular, we examine the influence of ethics on earnings management, financial reporting, and external accounting. Today, the commercial environment reveals the unethical behavior of management and accountants through the manipulation of accounting records to boost the company’s stock price, falsified financial statements to mislead investors, failure of auditors to correct errors and omissions due to client’s pressure and personal material interests.

Every organization also has a profession responsibility to conduct business honestly and ethically. Our readings reported, “Experts estimated that U.S. companies lose about $600 billion a year from unethical and criminal behavior” Kinicki and Kreitner (2009). The organization could avoid having ethical issues by meeting the