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Corporate Culture: Wells Fargo

397 Words2 Pages

Every organization is founded on its corporate culture, and this corporate culture is the heart and soul of its operations. It constitutes the values, missions, conduct, beliefs and ethical issues that govern the human resources (workforce) and business operations (Ferrel, Fraedrich & Ferrel, 2009). Wells Fargo is among the most prominent and most established banks in the United States of America, and it has a majority of shares in the US market. Wells Fargo is based on five core values that conduct all the operations within the entity. They include ethics, what's right for customers, diversity and inclusion, leadership, and people as a competitive advantage (Ferrel, Fraedrich & Ferrel, 2009). One of the scandals includes the bank staff opening over two million unauthorized bank and credit card accounts. People as a competitive advantage are among its stated values, which give priority to the customers over organizational objectives. However, the staff focused on getting huge bonuses while committing fraudulent practices against their customers, e.g., opening fake accounts (Ferrel, Fraedrich & Ferrel, 2009). …show more content…

Practices such as overcharging the credit transactions, posting payments through ledgers first to charge overdraft fees; is unethical conduct since it doesn't benefit the consumers and it is a form of theft. What's right for customers is also another critical aspect of their code of ethics. Actions such as charging auto-insurance on mortgages that are not defaulted for charges, closing and freezing of bank accounts without proper investigations; deprived the customers of their full access to their accounts (Tayan, 2016). Wells Fargo had the mandate to increase the financial capacity of its clients; however, overcharging diminishes their financial resources. These conducts do not meet the needs of their

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