Taking A Look At Wells Fargo

Wells Fargo - Setting the Stagecoach Thundering Again - Zeller.

Issue and Considered Values The Wells Fargo cross-selling strategy as well as the employee incentive program has led to unethical business practices targeting disadvantaged communities. Wells Fargo encounters a moral dilemma involving its obligation to provide financial services to all segments of society while avoiding damaging behaviors, particularly in vulnerable neighborhoods. The problem emerges when the bank must decide whether to prioritize profit-driven expansion methods that may unintentionally affect disadvantaged communities or to take more cautious approaches that may limit these communities' access to financial services. Two alternatives can be presented, such as

Moving forward with this option rebuilds trust and establishes long-term sustainability. Rebuilding trust with the customers of Wells Fargo after previous scandals can show the genuine commitment to the bank, regaining credibility. Focusing on ethical conduct is an essential aspect of a business trying to achieve long-term sustainability. By prioritizing the integrity of the business instead of quick profits, Wells Fargo can eliminate future scandals and penalties from occurring, as well as safeguard its reputation. Implementing Option B also ensures that Wells Fargo is compliant with regulations and can avoid costly fees relating to unethical practices, saving the company money. Choosing Option B aligns with the social responsibility principle, as well as solidifies Wells Fargo's commitment to ethical business practices and integrity within all aspects of business

Educating employees through training sessions and workshops about the importance of ethical behavior within the company will ensure all employees implement ethical strategies within their day-to-day. An email or memo does not guarantee that employees will receive the message and are implementing it immediately. External communication would work best in terms of customers of Wells Fargo. Utilizing vast amounts of channels to communicate to customers is an effective strategy to ensure these messages are received. A few examples of these channels could be social media, community events, as well as website updates. These channels offer the ability for Wells Fargo to distribute information about their ethical standards to all customers of the bank. Communicating this decision to investors can be impactful through annual reports, presentations, and shareholder meetings. This guarantees that Wells Fargo’s investors will be informed about the decision that has been made in hopes of increasing Wells Fargo’s ethical perception. Another strategy could be to provide data and analytics on the effectiveness of detecting unethical behavior within the bank, to show that the decision is indeed