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Ethical Practices In Wells Fargo

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Wells Fargo Unethical News Wells Fargo was founded in 1852 and are widely known and is one of the banks with the most branches nationwide I think it would be safe to assume that they should be one of the most trusted as well, but unfortunately that is not the case after the huge scandal they have recently faced. In recent news Wells Fargo is facing a huge scandal after confirmation of unethical practices since 2011Wells Fargo employees have secretly opened millions of unauthorized bank and credit card accounts without customers knowing it these unauthorized accounts were made in order to hit sales targets and receive bonuses says Richard Cordray, director of the CFPB. (Egan). Wells Fargo confirmed to CNN that they indeed did fire 5,300 employees over the last few years because of unethical behavior they admitted that employees even assigned fake pin numbers and emails to register clients in online banking services. After investigation it was clear that employees opened 1.5 million unauthorized deposit accounts, employees moved funds from customers’ existing accounts into newly-created ones without them knowing or approving these actions regulators say. Customers were also being charged for insufficient funds or overdraft fees if they …show more content…

Wells Fargo Code of Ethics clearly states that customers should always be top priority; they want all employees to ask themselves Is it legal? Does it comply with our policies? Is it consistent with our values? Is it consistent with our long-term goals and interests? Would I be comfortable with my decision, if it’s made public? (Fargo), After conducting this research it really makes you think of why would huge company with such a high code of Ethics decide to push those standards to the side for company

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Wells Fargo commenced an extensive television advertisement campaign to reestablish confidence and its public image. It intensified its ads in newspapers and established a presence in major sporting events showcasing its signature horse-drawn carriage ad. According to Mark Folk, a Wells Fargo spokesman, “the advertising reiterates Wells Fargo’s commitment to customers and the steps we are taking to move forward and make things right.” Class action lawsuits have erupted across the country from enraged customers; however, these have been quickly struck down due to mandatory arbitration clauses Wells Fargo customers are required to sign as part of new account opening agreements. Wells Fargo has filed motions for courts to defer any class action lawsuits to arbitration since these arbitration agreements are typically binding and are resolved on a case by case

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