The Wells Fargo recent crisis over mismanaging customer relationships, fraudulently implementing illegal and unethical sales practices with trusted clients, has cost the company in fines, lost business, and the resignation of the CEO. The following online sources offer a narrative and factual source of what happened, when, to whom, and why. Use these sources to answer and provide evidence to the following questions to present to the class:
Critical Thinking Questions (Site Sources)
- What were the sources and causes the problems in the first place? Explain.
- Who were some of the primary decision makers that led to the illegal sales activities?
- What were these individualsâ€™ motives and motivations?
- How were the illegal and fraudulent activities discovered?
- Who was to blame?
- What unethical activities occurred before the illegal actions took place?
- What would you have done, if anything, had you been one of the sales professionals pressured to engage in unethical, illegal practices there?
- How would a stakeholder approach, if taken by the companyâ€™s top leaders and board of directors, have possibly prevented the crisis?
Sources: Comrie, Harley, â€œWells Fargo Fake Accounts Scandalâ€, Seven Pillars Institute, March 15, 2017, http://sevenpillarsinstitute.org/case-studies/wells-fargo-fake-accounts-scandal ; â€œWells Fargo Banking Scandal a Financial crisis We Can Finally Understandâ€, The Guardian, accessed January 2, 2019, https://www.theguardian.com/business/us-money-blog/2016/oct/07/wells-fargo-banking-scandal-financial-crisis; Glazer, Emily, â€œWells Fargoâ€™s Textbook Case of Botched Crisis Managementâ€, The Wall Street Journal, October 13, 2017, https://www.wsj.com/articles/wells-fargos-textbook-case-of-how-not-to-handle-a-crisis-1476380576.