The Wells Fargo Scandal

The Wells Fargo scandal is one of the well-known scandals that happened recently. Wells Fargo currently has over 70 million customers; however, that number used to be much larger before the scandal occurred (“Wells Fargo Today,” 2017). The Wells Fargo scandal was approached through many preceding events within Wells Fargo. The scandal seemed to have started by the CEO of Wells Fargo, John Stumpf, through his repetition of getting eight Wells Fargo products into the hands of each customer. Since meeting these goals was difficult and the employees wanted to meet their quotas, this caused some of the Wells Fargo employees to do whatever they had to do in order to meet their goals and quotas. Because of this, employees created new deposit accounts,

There are two main problems that led up to the scandal. The first problem is that the CEO of Wells Fargo at the time, Stumpf, was pressuring the employees to meet specific and almost impossible sales goals. Stumpf made it seem like the employees must meet the goals he expects otherwise there will be consequences (“Wells Fargo Fake Accounts,” 2017). The first problem of Stumpf pressuring the employees ties into the second main problem of why and how this scandal occurred. The second problem is that because Stumpf pressured the employees to meet goals, the employees felt that they needed to meet those expected goals no matter what it takes. In result, many employees created fake accounts and set up credit cards illegally because the employees did not let the customers know what they were doing and did not get the permission from customers to do so (“Wells Fargo Fake Accounts,” 2017). The evidence that I have to support the identification of these problems include credible sources through online databases, journal articles, and more specifically Forbes, Fortune, and Wells Fargo online websites. This is a very well-known scandal that occurred recently so in the future I know that there will be even more evidence that ties to the scandal, but there is a lot of relevant and reliable information about this scandal that occurred a little over

Fraudulent bank accounts and credit cards were created without the approval of the customers, which is the main reason behind what caused the Wells Fargo scandal. Even though the company has suffered a significant loss of money and customers, Wells Fargo is on the right track for restoring its reputation and trust. Through appointing a new CEO, publicly apologizing, paying back customers the money from setting up fake bank accounts, and paying the fines that Wells Fargo owed, the company is starting to get back on its feet. The role of the five dysfunctions: absence of trust, fear of conflict, lack of commitment, avoidance of accountability, and inattention to results, helps us understand the underlying problems at Wells Fargo because Wells Fargo can be considered a dysfunctional team after dealing with this scandal, which helps us realize the ways that a team could become dysfunctional. In the case of the Wells Fargo scandal, the company is considered dysfunctional because all five of these dysfunctions were present through the problems that led up to the