Preview

Wells Fargo Ethical Banking Behavior

Satisfactory Essays
Open Document
Open Document
85 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Wells Fargo Ethical Banking Behavior
I believe Wells Fargo unethical banking behavior is the most outrageous practice I have heard of and they may not be the only ones. Their unethical behavior of opening secret accounts for their customer without their consent violate the consumer financial protection act. As a result of this violation, they will be fine millions of dollars as punishment for the behavior. According to Glazer, 2017), illegal activity was widespread across many Wells Fargo locations and was extensive over a few years. They have terminated. Trust

You May Also Find These Documents Helpful

  • Good Essays

    Ethics play a role in everyday business. Many company executives in an attempt to build a profitable organization and build individual wealth are confronted with ethical decisions daily. Penn Square Bank and Dow Corning have both made decisions in their business that started out making millions of dollars but ultimately cost them more than could have been imagined. Unethical decisions cause more than just cash to an organization, the loss of reputation could be even more detrimental.…

    • 850 Words
    • 4 Pages
    Good Essays
  • Good Essays

    The article reported how representatives at Wells Fargo received false strategies to accomplish the sky-scratching deals targets, including the opening of unapproved and…

    • 522 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    The auditors should have raised concerns over several fraud risk factors that were present. There was a perceived ethical disconnect between JP Morgan’s Code of Conduct and the “tone at the top” that upper management created. Jamie Dimon built an environment that allowed employees to do practically anything to achieve more impressive earnings. A special group was permitted to function outside the established business standards. According to Spoehr (2012), this group included individuals with strong personalities and significant clout, and these employees were excluded from ordinary review, oversight, and approval practices in place.…

    • 330 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The purpose of the study is to examine the correlation between job performance and job satisfaction as it relates to bankers who were hired directly in to Premier sales (external) versus those who were hired with previous experience from the Consumer sales department (internal). The primary question to be answered is: Is job satisfaction a major contributing factor to employee performance? In addition to answering this question, the correlation between job satisfaction and job performance could aid investigating employee retention within Wells Fargo Sioux Falls Premier sales. It can also answer the secondary question: Does satisfied, well-performing bankers come from the internal or external candidate pool?…

    • 568 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The Better Business Bureau (BBB) is a trade association, which creates regulatory requirements for those who participate in membership (O’Brien, 2012). Ultimately, their primary goal is to ensure organizations are accountable and are acting in a socially responsible way. Thus, they inform consumers of any violations and recognize businesses who perform well. Historically, they have been performing these services since in 1912 as the National Vigilance Committee, but later changed their name to the BBB in 1921 (Ferrell, Fraedrich, & Ferrell, 2011).…

    • 597 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Unit 37 D1

    • 2293 Words
    • 10 Pages

    As a financial institution it is necessary that RBS think and plan carefully before they make any decision or take any action in the business. They are dealing with financial products and service so they really need to focus on being ethical and behaving in a way that crime is not involved. Regulatory bodies work very hard to prevent any unethical behaviour that will not be tolerating by the authorities in charge for banking behaviour. Regardless regulatory bodies monitoring banking activities and putting laws and procedures in place for banks to abide by; unethical behaviour still takes place in banks often by individuals or groups or the bank as a whole.…

    • 2293 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Among the ethics, there are ethical principles for helping an anthropologist to get solution their works. The first ethical principle is that according to the AAA, “A primary ethical obligation shared by anthropologists is to do no harm.” (AAA, 2012) That means that before conducting any research an anthropologist should consider the possible ways that their research may cause harm. especially among vulnerable populations, it is significant to avoid harm to dignity and to bodily and material well-being. In Teller’s case, several harm could avoid in decision in Teller. For example, Teller refused to take Joe to the bus station, so the danger to which harm comes decreased. If Joe cannot go out of the town, FBI also tends to find Joe. If Joe can…

    • 271 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Tmn Memo

    • 1093 Words
    • 5 Pages

    I have been a Team Member of Wells Fargo for 5 years and realize there is a definite…

    • 1093 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    The Wells Fargo Merger

    • 257 Words
    • 2 Pages

    During the years 2009 thru 2015, Wells Fargo has had to participate and defended a plethora of legal issues that were filed against them or their subsidiaries. Throughout these years Wells Fargo was involved in a total of 28 different legal issues. Many of the lawsuits main contributor were Wachovia. These legal issues ranged from violations to bankruptcy laws, wrongful termination to contracts, documents containing untrue statements, targeting and steering minorities into high-cost mortgages, additional mortgage lawsuits, breach of contract with Visa/Master…

    • 257 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Ethics or the lack thereof, in business, is a very hot topic in our society today. It seems as if, a person cannot turn on the evening news or pick up a newspaper without seeing a story centered on unethical business practices in the workplace. With that being said, an individual might ask the following questions: “Why are so many organizations resorting to unethical business practices and what is fueling these new behaviors”? More importantly, is human resources aware of what is transpiring within their own company?” Additionally, what level of involvement does human resources have in these often highly public but sensitive situations? During my research, pertaining to businesses in the news for unethical behavior I found a very interesting article about Wells Fargo & Company. I found this article particular interesting because I do much of my personal banking at Wells Fargo bank.…

    • 489 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Wells Fargo History

    • 878 Words
    • 4 Pages

    Another significant event in Wells Fargo history is in 1981 a Wells Fargo employee, specifically a Wells Fargo Operating officer, embezzled $21.3 million, which was reported the largest embezzlement ever. The employees plead guilty to writing phony debit and credit receipts to his friend’s accounts, while receiving a $300,000 cut.…

    • 878 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    When it comes to similarities, like for every company, their main goal is to make profit and increase their market shares. A successful business is one where one of their main goals is to please the customers. Therefore, with Intel, they want to create the best microchips and processors out there so that customers will always be in demand for these especially for personal computers. Consequently, with Wells Fargo, they want to create a community where customers are happy with their service and their fees and the opportunities that can be obtained. When it comes to management, it is going to be similar in any business. Thus, for every department they will have a manager or supervisor that overseas daily operations and are there for any escalations…

    • 131 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Based on the recent reports by CNN the Better Business Bureau may be facing even more problems with its reputation (Ellis & Hicken, 2015). The Better Business Bureau’s reputation and ethics are vital to the longevity of the organization. If the Better Business Bureau faces any deterioration in the standards or the ethics it holds itself to then it will never be able to hold businesses accountable.…

    • 337 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Ethics represents and individual morality, in order words, it represents the reasoning of what is good and bad. With the history of fraud in banking and business, ethics may seem as a surprise for some people. Ethics is key in any type of company. Following the ethics principles will help banks and business to keep far away from the risk of being fined for any kind of poor behavior. A poor behavior in global banking and business can mean the crash of an economy worldwide as it happened in 2008 with the collapse of Lehman Brothers.…

    • 2298 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    This analysis is to explain how ethics plays a role in financial decision-making. This analysis will explain how ethical considerations are involved in decision-making as pertains the article found on the Internet; will name the objectives of the organization, and describe how these objectives could influence the financial reporting decisions.…

    • 515 Words
    • 3 Pages
    Good Essays