Business Ethics In Wells Fargo

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Many companies have had good reputations for having good business ethics, one of them is Wells Fargo, a financial service company based in San Francisco, California. After all, in 2015 Wells Fargo was listed as the 7th most respected company in the U.S. and some have even gone as far as to state that they are one of the least corrupt and smartest led businesses. However, like all businesses, something hides in the closet and behind the smile of those that say, “Everything is all right.” One of these instances wasn’t that long ago. From 2006 to 2013 for example, some employees felt over-stressed by the amount of work that was needed to be done to meet the company’s aggressive sales goals. Some even claimed that it had almost pushed them to …show more content…

According to a Forbes survey of around 1,000 Wells Fargo customers, 3% were directly affected by the scandal, 14% are still deciding on switching banks while 30% are already on the search. If such happens on the broader scale of Wells Fargo and its customers, the company will be hit hard because of the scandal. Forbes claims that if this holds true for the rest of the company; Wells Fargo could suffer from a loss of almost $100 billion in deposits and $4 billion in revenue for the next year and a half. All because of aggressive goals for a company and people wanting praise for the success of their branch. To make matters worse, around 10,000 small businesses could’ve be harmed by the scandal as well. In such cases, one business owner in California found out that he had several new accounts created. After the discovery, the businessman changed banks from Wells Fargo to Chase. On the other hand, some Wells Fargo employees were talked into selling products to businesses in groups of three, regardless if the business needed them or …show more content…

One person for example made a statement to the Occupational Safety and Health Administration how he was fired from his job at Wells Fargo working as a manager in the wealth management unit of Wells Fargo on the West Coast. OSHA has stated for Wells Fargo to rehire the manager into a similar position and pay around $5.4 million. The manager stated that he was fired from Wells Fargo after reporting various fraud efforts by bankers to his bosses. The manager was then warned that if word got out about the situation he would lose his job. He inevitably lost his job several days later and claimed he was not able to apply for a different job within the banking business since

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