During the fall of 2016, a significant portion of the media was focused on the scandal surrounding the unethical practices of the American bank, Wells Fargo. In summary, the scandal was a result of Wells Fargo CEO, John Stumpf, strongly encouraging employees to sell eight Wells Fargo products to each customer. This mantra, “eight is great,” placed a significant burden onto the working environment of the bank’s employees as these demanding quotas were practically unattainable.1 Although this work structure may be goal-oriented, it pushed bank tellers to find a way to cut corners in order to avoid criticism from overbearing managers; this resulted in unethical solutions such as opening accounts and credit cards for customers without their knowledge or permission. To work in such a toxic reflects on the corrupt values of Wells Fargo, and it is a poor display of how higher-level executive view their employees.
Wells Fargo went on to receive further criticism by U.S. Senator, Elizabeth Warren, as she pointed out that the fault was not with the bank tellers. Contrarily, Senator Warren argued the blame should be placed higher up Wells Fargo’s hierarchy of power. In retaliation, the bank claimed that it had fired approximately 5 300 people for creating the fake accounts. However, public scrutiny has made it clear that the individuals who should be held responsible and accountable for the fraudulent behaviour are those who established it. Furthermore, under the office of President Donald Trump, the U.S. Department of Labor had removed a special website that was created as, “a resource for current and former Wells Fargo employees on workplace issues, including whistleblower retaliation complaints.”2 The removal of this website leads to even more mistreatment of employees as this enables Wells Fargo to escape the responsibility that they owe to their employees.
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References:
- McGrath, Maggie. “Wells Fargo Closes Its Troubled 2016 By Whiffing On Fourth Quarter Sales, Earnings.” Forbes. Forbes Magazine, 13 Jan. 2017. Web. 05 Feb. 2017.
- Lynch, Sarah N. “As Trump takes office, Wells Fargo website to aid employees vanishes.” Canadian HR Reporter. N.p., 27 Jan. 2017. Web. 05 Feb. 2017.