Ethics in an organization (Wells Fargo)
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Select an event that deals with one or more ethical dilemma. Compose an essay that addresses the ethical factors from an organizational perspective. National examples may include Department of Defense contracting events, Hurricane Katrina (or similar catastrophic events), election campaign funding, BP oil spill, or lobbyist operations.
Local or state events may include nonprofit or public organizations. You may also use international events. Be sure to address the following requirements in your essay:
Identify the key stakeholders, and introduce the organization.
Summarize the context of the ethical dilemma with specific facts (who, what, where, when, why).
Using Svara's (2007) problem-solving model as a point of reference, identify the selected ethical decisions and obligations. Be specific if the actions resulted in best consequences or a full, open and honest process projected to the public.
Identify implications that resulted in successful or unsuccessful future operations.
Summarize what you have learned from an analysis of this event.
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Solution Summary
A review of ethics for an organization and its failures is provided, using Wells Fargo as the example.
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I have provided you with an overview of an ethical problem at Wells Fargo. You will need to review and revise as per your class requirements and the model noted in the request.
Wells Fargo
Recently, Wells Fargo was required to pay $100 million to the Consumer Protection Agency as fines for the fraudulent activities the bank's employees were involved with concerning opening fraudulent accounts. The bank was also required to pay fines to "the comptroller of the currency and the City and County of Los Angeles " (Fox, 2016) totaling another $85 million. Wells Fargo Bank had made some serious errors in both judgment and addressing a known problem. These were not only errors on the part of employees, but also the CEO and board of directors. Ethics from the top down were not the norm at Wells Fargo.
As far back as 2009, the company was aware there were issues with an incentive program for cross selling. Sales of products from debit and credit cards to home and auto loans were part of the aggressive sales incentive program. More importantly, this simple sales plan, was tied to employee compensation and to their employment in general. In other words, an employee's job depended on their ability to cross sell and ...
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