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What Is The Wells Fargo Code Of Ethics

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Well Fargo – Code of Ethics and Business conduct When establishing rules and guidelines for a business, the code of ethics and business conduct is crucial to have in the organization. The code of conduct defines how employees should act daily. These implementations should reflect the company’s core values, daily operations, and the culture environment. It should be also concise, direct, well-organized and easy to understand for everyone to view at. It should also be comprehensive which covers any important events that may arise for employees. The code should also be accessible to everyone. In this essay, we will analysis a publicly traded U.S. company on their Code of ethics and business conduct. We will also look at the infrastructure components, tools available for any ethical dilemma, and how the ethics policy fits to the company. The company that I have chosen is Wells Fargo & Company. I have chosen this company due to a connection that I have personally. I have had a banking relationship with them for about 2-3 years and had an excellent customer service. It is …show more content…

Wells Fargo’s priority is with the customers. They want to exceed customer expectations by building relationship that last a lifetime. For example, being honest and fair by informing financial choices that suit the client needs, always protecting customer confidential information and data, responding complaints at a timely manner and treat complaints fairly. These are some important things that Wells Fargo believes that they should carry to achieve a successful relationship with customers. Wells Fargo emphasizes that customers’ confidentiality is crucial because they want customers to feel safe and secure by trusting them. There is even a security response center to ensure that disclosure of confidential information will remain secure for future unauthorized use. This connects to their vision on how Wells Fargo want to satisfy their

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It provides financial services to California. The Name of initial board of directors of the Company were Wells, Fargo, Johnston Livingston, Elijah P, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. The Company faced the first

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Today, Wells Fargo is widely recognized for its commitment to the Hispanic and Latino community. This commitment however, is not a recent phenomenon and dates back to before the turn of the century. Since its founding in 1852, Wells Fargo had encouraged team members to treat all customers with courtesy and respect. The once informal policy became company standard in 1888 when agents and managers were required to show “proper respect to all. Let them be men, women, children, rich or poor, white or black…”

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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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Morgan Chase & Co. has a strict regulatory for their code of conduct and ethics. Chase continues to embed their values of accountability, integrity to uphold their reputation for being a reliable firm. The purpose of the Code of Ethics is to propose ethical conduct, adherence to the law and honesty. Particularly relating to the maintenance of financial books and record and financial statements. Not compliant with the laws of ethics that the firm holds will result in a significant legal and regulatory exposure to the firm, including a serious reputational harm to the employee and firm which can result in criminal or civil penalties.

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“The name Wells Fargo is forever linked with the image of a six-horse stagecoach thundering across the American West, loaded with gold… Wells Fargo earned a reputation of trust due to

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In the Costco code of ethics, Costco said they conduct their business with the code of ethics. First, it is obey the law. Then, they take care of their members, employees, and suppliers. Last, they reward their shareholders. Law is the most basic need of ethics.

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With all of the fining that the bank has endured, why would anyone want to bank there. A customer has a right to good look their banks history and if the bank has been investigated or fined for fraudulent behavior. I think the bank probably should have fired the former John Stumpf along time ago instead of waiting. The banks culture is showing that at Wells Fargo corruption starts at the top right to bottom of the food change and business as usually.

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Wells Fargo’s “Gutless Leadership” Wells Fargo is one of the largest banks in the United States, with “…more than 8,600 locations [and] 13,000 ATMs” (Wells Fargo Today). Millions of Americans trust them with their finances. However, after a federal investigation, Wells Fargo has admitted to opening up to two million accounts without customers’ permission. While this had financial implications for many customers, this scandal most heavily affected Wells Fargo’s low-level employees.

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The third alternative is for Wells Fargo to focus on compensating stakeholders. First, Wells Fargo should hold a press conference to release a public apology to all their stakeholders. In this statement, there should be admission to wrongdoings and promises of correcting them through compensation. As well, customers should receive an email with a written form of the apology statement. Second, a system will be set up for stakeholders that were negatively impacted, including employees, to file a claim for recompense.

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Under this approach, an action is considered morally bad because of some characteristic of the action itself, not just because the product of the action is bad. Wells Fargo unethical practices demonstrates unethical behavior, under deontological ethical theories as its employees duty to operate in an honest and fair fashion , in providing services to the public. Wells Fargo codes of conduct does not permit sales practices of these sort, therefore the employees who participated in these practices made unethical decisions. Unfortunately there was a wrong-doing on a massive scale. The acts of unethical behavior were conducted by both the employees and management.

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“Ethics”, in an organizational context, comprises a set of behavioral standards, expressed as norms, principles, procedural guides, or rules of behavior, defining what is appropriate (right) and inappropriate(wrong). Grounded in a system of values and moral principles, these behavioral

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Ethical Dilemmas in the Workplace Business ethics issues are evolving. New issues come up and organizations must give guidance to employees about those issues. Ethics starts where the law and regulations end, so individuals are confronting the situation where no regulation or law exists. Moral dilemmas happen around our daily life, in the office, community, and in our society. Within any workplace, the codes of conduct will shape the ethics of the organizations.

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According to Section 1 of the Auditing Profession Act, reportable irregularity is defined as, any unlawful act or omission committed by any person responsible for the management of a corporation, who has caused or likely to cause material financial loss of the entity or stakeholders, fraudulent of amounts to theft, represents a material breach of any fiduciary duty. (independent regularity board for auditors, 2015) Laws and regulations Ethics and business conduct plays a significant role in all professional corporations. In demonstrating the core values, the code of conduct aims to improve the transparency of business processes. The purpose of the code of conduct is to protect the corporation’s reputation in the event of a breach of conduct by the employees of the corporations.

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