The Philosophies Of Wells Fargo

have oversight over the ethics program (McDermid, 2017, p1). John Stumpf was removed from office and a new executive, Tim Sloan replaced him. This was a smart move for Wells Fargo because many people do not trust someone of known misconduct holding a position of authority (Wells Fargo Forms New Stakeholder Relations Group, 2017, p.1) Although immediate action did not occur in the past, Wells Fargo did replace Stumpf with Sloan and has made plans to take immediate appropriate/fair disciplinary actions against direct/indirect offenders in the future. The revised code of ethics work on this specific conduct and how it must be implemented so that similar offenses may be prevented.
Highly Appropriate Responsibilities
Some of the voluntary responsibilities that Wells
One philosophy that was used in a negative way was the idea of utilitarianism, which “defines right or acceptable actions as those that maximize total utility, or the greatest good for the greatest number of people” (Ferrell, 2017, p. 158). This was violated by Wells Fargo and used in a negative way when fraudulent accounts were created. This could be looked at by the employees who committed the fraud as utilitarianism because the employees of Wells Fargo benefitted, the company benefited, and a major of the Wells Fargo customers were not affected. Another philosophy used is business decisions is the philosophy of deontology, which discusses the individual and the intentions of the behavior rather than on the consequences of the behavior (Ferrell, 2017, p. 158). Wells Fargo employees who committed the fraud may have been more focused on making sales goals and trying to reach the number of accounts per customer goals, losing the fact that what they were doing was both unethical and illegal. Overall, Wells Fargo did not have strong use of philosophy in their business