Posts tagged "Wells Fargo"

Can the Wells Fargo Brand Recover from a Tarnished Ethical Lapse?

The Truth always comes out.  That is an easy statement to make and one that I have lived over and over – especially when it comes to dumb stupid choices that I’ve made that have come back to bite me.  Wells Fargo, as a company, can certainly identify with it’s share of “in the media” challenges since the truth of millions of phony accounts, fake bank card PIN’s and fake email accounts came to the surface.  It seemed that Wells Fargo’s culture of ethics was lacking.

Wells Fargo fired some 5,300 employees and has paid well over $185 million in penalties and fines – and of course, apologized.

With all the negative publicity which has created costs and consequences well beyond what most folks could envision for Wells Fargo – where do they go now moving forward?

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Posted by Chuck Gallagher in Banking Ethics and tagged , ,

Have We Gone Full Circle Ethics at Wells Fargo?

Feel free to call the recent class action lawsuit against Wells Fargo full circle ethics, or even more to the point: “What comes around, goes around.”

No matter how you want to call it, Wells Fargo is about to pay customers $110 million as part of a class action lawsuit resulting from its fake-accounts scandal.

You may recall that Wells Fargo employees were literally forced by management to open up fake bank accounts for customers who never wanted them. The $110 million to resolve the class action lawsuit comes on top of the $185 million in fines brought against Wells Fargo by the city and county of Los Angeles for its sales practices.

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Posted by Chuck Gallagher in Banking Ethics and tagged , , , ,

Banking Ethics: What Can We Learn from the Wells Fargo Disaster?

Wells Fargo was caught red-handed when their bank employees were pressured to open as many as two million banking and credit card accounts without customers’ knowledge. The pressure was applied directly from above to the retail banking employees with threats that if they didn’t produce, they would be out of jobs.  Banking ethics are at the forefront of this scandal and not likely banking-ethics-wells-fargosomething that Wells Fargo thought much about when the actions of the retails banking folks were cranking fake sales.

In an industry marked by mistrust and misdeeds, the Wells Fargo scandal set a new low for unethical behavior and fraud.

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Posted by Chuck Gallagher in Articles, Banking Ethics and tagged ,

Wells Fargo’s Ethics: What Can We Learn?

No company wants to be in the news for negative publicity, especially publicity that was generated from what most would describe as unethical activity by its employees.  Yet that is exactly what Wells Fargo has been facing for the past several weeks and it’s not getting better.  But this isn’t about Wells Fargo – those facts are well known now.  The question is what can we learn from this debacle?

what-can-we-learnActions Speak Louder than Words – What Can We Learn?

Wells Fargo’s vision and values states:

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Posted by Chuck Gallagher in Banks, Business and Personal Ethics and tagged , ,

5,300 Fired at Wells Fargo for Unethical Behavior – Lives out of Balance

It is a fraud so massive that it is staggering in dimension. 5,300 Wells Fargo employees were fired for opening false accounts. In fact, 2 million false accounts!

Wells FargoWhat led this fraud to happen? It was pressure. Who applied the pressure? It was the executive who led the Wells Fargo new account unit, a woman named Carrie Tolstedt.

Ms. Tolstedt has been fired for pressuring thousands of retail banking people to “aggressively” sell multiple accounts to its millions of customers; accounts that no one needed and no one wanted. Here is the punchline to the highly unethical joke: for her unethical actions, the bank has awarded Tolstedt 124 million in bonuses.

According to the CEO of Wells Fargo:

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Posted by Chuck Gallagher in bank fraud, business ethics and tagged , , ,