What Is Wells Fargo Ethical
With pressure to speak up coming from many different places, Wells Fargo CEO John Stumpf finally gave his thoughts on why illegal practices were happening within his company. His response? It was the employees’ fault. He reiterated that efforts had been made to stop the behavior, and that there were no incentives to do bad things. However, the bank ended up removing branch-level sales goals that encouraged employees to cross-sell products to consumers. This practice was the reason for the controversy and why so many fake accounts for customers were made. The bank falsified accounts to make more money, which landed them a $185 million fine. Employees were said to have felt pressure to sell the customers more, in order to retain their jobs or
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I realize that Wells Fargo is a giant corporation, and that they can’t see what every single employee is doing. However, this isn’t just one single person, this is over 5000 people going against the rules. I think goes back to the company’s culture. They put so much emphasis on selling, and to get it done no matter what. However, that doesn’t merit breaking the rules and being unethical. This has to stem from the top down. The executives probably weren’t very ethical in what they were doing, and it flowed down from there. They didn’t establish upstanding corporate values, and didn’t promote corporate ethics. They just had one goal, and that was to make money at any cost. What really irks me is that Stumpf didn’t take any responsibility and blamed it on the employees. As the top manger, you’re in charge of your subordinates. What they do reflects the company, and you as the CEO. Part of the CEO’s job is making sure the company is functioning properly, and I’m sure Stumpf could see what was happening. He knew what was going on and chose to ignore it, because it made him more money. As a CEO, you set the basis for what the company will do. Your actions and words can take your organization down a certain path. He most likely condoned these actions, and took unethical actions himself. He wasn’t being unethical just to be unethical, it was just to make more money. That’s what every single business in the country is
I realize that Wells Fargo is a giant corporation, and that they can’t see what every single employee is doing. However, this isn’t just one single person, this is over 5000 people going against the rules. I think goes back to the company’s culture. They put so much emphasis on selling, and to get it done no matter what. However, that doesn’t merit breaking the rules and being unethical. This has to stem from the top down. The executives probably weren’t very ethical in what they were doing, and it flowed down from there. They didn’t establish upstanding corporate values, and didn’t promote corporate ethics. They just had one goal, and that was to make money at any cost. What really irks me is that Stumpf didn’t take any responsibility and blamed it on the employees. As the top manger, you’re in charge of your subordinates. What they do reflects the company, and you as the CEO. Part of the CEO’s job is making sure the company is functioning properly, and I’m sure Stumpf could see what was happening. He knew what was going on and chose to ignore it, because it made him more money. As a CEO, you set the basis for what the company will do. Your actions and words can take your organization down a certain path. He most likely condoned these actions, and took unethical actions himself. He wasn’t being unethical just to be unethical, it was just to make more money. That’s what every single business in the country is