Ethical Ethics Of Wells Fargo

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Wells Fargo, the American banking giant based in San Francisco, was the subject of a scandal in 2016 based on company-wide ethical problems. Wells Fargo’s unethical behavior and complete breakdown of ethical practices caused many people to suffer both within and outside of the company. Consumers were not properly informed about the types and the number of products being purchased on their behalf and were unfairly used to boost the value of the company, while employees were pushed to their moral limits to meet unrealistic sales goals.

The root of Wells Fargo’s ethical breakdown lies in the company’s overall ethical culture and climate that places too much emphasis on self-interest and on the teleopathic goal of generating the most sales …show more content…

Ethics is not something that can be forced upon people, and must be implemented in a way that changes the underlying culture that causes unethical behavior. The challenge of changing the culture and the climate of Wells Fargo is an extraordinarily daunting one. With well over 250,000 employees, Wells Fargo is an absolutely enormous company, and it has long been known throughout the banking industry for its incredible sales record. To change the ethical culture and climate of the organization, the root of past ethical issues, requires creative …show more content…

This approach includes the creation of a new code of conduct through a whole-system approach instead of a top-down approach. By implementing a whole-system approach, employees from the entire corporate structure are included in the creation of the new code of conduct. By including employees from the entire corporate structure, employees would have an incentive and a means to affect how the organization works and thus have a stake in following the code of conduct. Such a restructuring of the code of conducts on this wide of a scale would take a good deal of time to create and to implement, but breaking down the task into manageable chunks that are pertinent to each level of the corporate structure allows for a speedier execution. This change could also be fairly cheap if done efficiently. The costs would only include the costs of hiring a team to be in charge of the

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