Wells Fargo Case

new problem: thousands of customers were also enrolled in online bill pay without their authorization. The review found 528,000 potentially unauthorized online bill pay enrollments”.

Timothy J Sloan is the new CEO of Wells Fargo also former Chief Operating Officer. Mr. Sloan is working diligently at getting and gaining Wells Fargo Culture and values back, by installing new management and paying out millions in refunds to consumers that were affected by these phony scandals. According to Stanford.edu website, “Wells Fargo cross-selling scandal was definitely a big problem because employees were engaging in aggressive tactics in order to meet their goals”. Furthermore, while Mr. Sloan was the COO of Wells Fargo he never was aware of any of these

The Five Dysfunction of a team, relate to Wells Fargo, and I quickly realized that the cause of this scandal, was a dysfunction of a team and at the same time the cross-selling tactics and strategies that led to this scandal. It was definitely a big oversight under the companies former CEO Mr. Stump. His lack of leadership put all employees under a lot of pressure to keep their jobs and meet their sales goals. After much analyzation of the organization and the former CEO I concluded this was a very dysfunctional team. I can relate to the culture of Wells Fargo after reading, “The Book of the Five Dysfunction of a Team” by Patrick Lencioni. One dysfunction was the absence of trust which is a human problem as well as a leadership issue. In this case, Mr. Stump former CEO, and his lack of leadership skills with his employees

I can relate this to my class, which is team and group process chapter three “cultures and values” of a team. According to the PowerPoint which explained what does culture look like? One of them was “Value” specifically enacted which reflected in a way how actual people behave as well as another concept that I learned was ‘Ethical Work Climate (EWC), according to chapter three culture and values PowerPoint on page seven, EWC: “Shared concept of right and wrong behavior in the workplace that reflects the values of the team and shapes the ethical decision making of the members”. I can relate to the Wells Fargo Scandal, because the employees of the organization opened hundreds of false accounts without the customer's permission, which led to the firing 5,300 employees, for unethical behavior. Management put all the pressure on the lower levels employees to increase their bottom line while providing incentives for their executives for making their sales goals. The cross-selling strategy at Wells Fargo created an environment for their employees, which was obviously too aggressive and which led to employees unethical behavior. Furthermore, this strategy put employee’s jobs and life’s in jeopardy for the unethical decision to make their sales quotas, because it did not matter how they will do it as long as they meet their