Ethical Issues In Wells Fargo

Business ethics ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses (Dragonette, 2017). It is evident in the Wells Fargo case that the issues raised in the CNN Money report released on the 9th of September, 2016 that Wells Fargo employee’s were unethical in their actions.
Wells Fargo employee’s in 2016 and past years were creating accounts in their customers names without their approval or knowledge. The employee’s were not worried about the impact this would have on their customers, company and stakeholders. Opening over 1.5 million fake deposit account cost the company $185 million in fines and a possible loss of 30% of their customers (Cox, 2017). This just helps prove that this case has ethical problems but mainly focusing on the

The employees that have been set those goals might have to go against their moral principles to achieve them which is evident with the Wells Fargo case.
The Employee’s were set a sales target and a target to receive a bonus which they went around the wrong way to achieve. The organisations staff opened up the accounts in order for them to reach such a high target. Many of them would’ve gone against their moral principles as they know what they are doing is unfair, illegal and against the values of their company. This would then become the ‘norm’ in a company and people doing it would feel less immoral and more convinced that they are being forced to do these things so they can reach their targets.
Conformity and groupthink is when in the workplace you follow the traditional or socially expected methods of doing business (Mayhew, 2017). With over 5,300 employees fired it makes you believe that there conformity in their business, meaning it being socially expected for people to take money and open up unauthorised