Wells Fargo Case

Good Essays
Communication and Decision Making

Wells Fargo Asks Court to Force Customers to Arbitration in Face Accounts Cases The New York Times article by Reuters, reported that Wells Fargo, who ranks as one of the third largest banks in America is in hot water once again for scandalous misrepresentation of terms and policy arbitrations concerning insider fake bank accounts that were created by previous Wells Fargo employees that were recently fired. The problems exist within the written rules of the documents. Apparently, when the customers opened their “real” accounts, the employees opened fake accounts under their names. The problems stem from the disagreement of fairness in differences of opinion between the bank and its customers because of the
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Wells Fargo argues, although the accounts were fake, it is customary for customers to sign an agreement when opening an account stating that the organization is not responsible for any liabilities within the contract once it was signed. Twelve months’ prior, the US court opposed a class action law suit against Wells Fargo’s customers on “signed arbitration clauses.” In 2011, the Supreme Court pronounced that mandating arbitration is standard practice for financial products such as bank accounts, however, the customers are not in agreement with the court’s decision. The court’s decision is an example of The Classical Model of Decision Making based off of the descriptive model.

(George & Jones, 2012), describes decision making as “..the process by which members of an organization choose a specific course of action to respond to the opportunities and problems that confront them.” Since Wells Fargo is responsible for their employee’s actions within the organization, they are also responsible to the public to correct any wrong doings. Unfortunately, Wells Fargo operates under the March and Simon’s Administrative Model of Decision Making. The solutions are satisfactory instead of

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