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Wells Fargo Fake Essay

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Recommended: Corporate Social Responsibility and Ethics

The Wells Fargo Fake Accounts Scandal: Implications for Business Environment and Financial Scandals Your Name Department of ABC, University of ABC – Whitewater ABC 101: Course Name Professor (or Dr.) Firstname Lastname Date Introduction Financial scandals have long-lasting effects on both individuals and the broader economy. This research paper explores the Wells Fargo fake accounts scandal as a recent example of a financial scandal and examines its implications within the current business environment. The paper also highlights the significance of financial scandals and the need for stringent regulations and oversight to prevent fraudulent activities. The Wells Fargo fake accounts scandal, which emerged in 2016, revealed that …show more content…

This environment presents both challenges and opportunities for businesses. Key factors impacting the business landscape include the rise of digital technology, globalization, and increasing demand for social responsibility and transparency. Implications of the Business Environment: Technological Advancements: The rise of digital technology and the internet has led to the emergence of new business models and industries. Companies that fail to adapt to these changes risk losing their competitive advantage and market share. Globalization: Globalization offers opportunities for businesses to expand into new markets but also presents challenges such as supply chain disruptions, political instability, and geopolitical risks. Social Responsibility and Transparency: Growing public awareness and demand for social responsibility and transparency place an emphasis on ethical practices, social and environmental impact, and stakeholder engagement. Companies prioritizing these aspects can enhance their reputation and gain a competitive advantage.

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Ms. Tolstedt decided to retire in July, 2016 when the investigation was moving toward finality. Wells Fargo allowed Ms. Tolstedt to retire and take with her around $125 million in stock options while around 5300 of her former employees are getting fired for their part of the fraudulent activities. The author feels Wells Fargo did an injustice to society and Ms. Tolstedt’s former employees by allowing her to retire and take all of her stock options with her, since she should have been

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Modern day businesses have to be socially responsible; actions are taken to satisfy customers who might have a cause that they care deeply. Social responsibility occurs when a person or a company acts in an ethical and sensitive way towards important social issues of the day such as economic, environmental, and cultural concerns. Many businesses have a section of their website or business literature dedicated to social responsibility. Companies proudly detail the steps they are taking to address concerns that people have with the environment and economic issues. Having companies act in a socially responsible way is necessary because their actions have a tremendous positive impact on society.

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Wells Fargo has been in business for over 160 years and was founded on March 18, 1852, by Henry Wells and William Fargo. The company opened its first office, in San Francisco, on July 1852. Wells Fargo served the West with banking needs, which included gold and paper bank drafts, and offered quick delivery of gold or other valuables. In1855, the first of many financial dilemmas took place when a drought made it impossible to mine for gold, and this caused almost 200 businesses in San Francisco to fail, but Wells Fargo didn’t fail, they prospered. In the early1860s, Wells Fargo acquired almost all the stage lines from the Missouri River to California, giving them a monopoly on transcontinental delivery services.

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Embracing global markets require organizations to look at the opportunities to maintain corporate responsibility while being diverse and culturally engaged at the same time. Some of the principles that are used in global scenarios will help companies to provide their foundational beliefs in a global business world. The Monsanto Company will be able to apply the Caux Round Table Principles for Business to illustrate the mission, goals, and strategies that will be used in the organization to achieve global corporate responsibility. The Caux Round Table (CRT) works to improve our global community through a network of business leaders that design strategies and practices centered around kyosei and human dignity (Goodpaster, Maines & Weirmerskirch,

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Based on information provided by the financial institution, one could infer that Wells Fargo has a corporate culture that empowered its employees to put their own interests ahead of its customers and a “sales at all costs” culture provided the backdrop for the deed. It seems the underlying cause for the unauthorized accounts with customers’ monies was a sales culture that provided an incentive structure that rewarded employees on the more products they sold. Some employees did not open accounts requested by customers and, instead, accumulated a number of account applications to be opened at a later date. This is called “sandbagging.” Another example is some employees would tell customers that certain products were only available as a package

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As all this came to fruition, the bank was penalized with $185 million dollars in fines and other penalties by county and federal organizations (Blake, 2016). On top of getting slapped with millions of dollars worth of fines, Wells Fargo fired 5,300 employees that may have been involved in the scandal (Blake, 2016). Some of Wells Fargo’s top executives where asked to step down in court proceedings as well as in other meetings with federal agencies. There have also been several lawsuits filed against Wells Fargo by customers and former employees of the company that feel that they were wronged and bombarded with threats. Thankfully, this scandal did not affect most of Wells Fargo’s clients.

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As employees faced pressure to reach quotas, they found ways to cheat the system. If a customer came in to open an account, the employee would simply make it two or three. The intense pressure placed on employees created an environment that not only rewarded dishonesty and malpractice, but made it necessary to maintain employment. Many employees attempted to report these illegal practices to the Wells Fargo ethics line, but action was never taken and the problem escalated.

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