Directions: Go to:https://ethicsunwrapped.utexas.edu/(Links to an external site.)and click on "CASES" tab. Choose one of the scenarios listed and answer the questions provided for discussion. In...

Case of Wells Fargo and Moral Emotions
Case of Wells Fargo and Moral Emotions
Please Add Your Name Here
1st August, 2021
1
Agenda
About the Case
Our Story
Mission
Philosophy
Products and Services
Key Achievements
The Cause
Performance
Results
Highlights /Lowlights
Ethical Analysis
Case Analysis
Application of Ethical Principles
Key Insights
Recommendation
Best Practices
Employees Connect
Closing
Questions and Answers
Wells Fargo and Moral Emotions
It is second largest bank globally with respect to market capitalization
Well Fargo is third most largest bank in the USA with reference to Assets.
In the FY2016, the culture as well as large success that bank had established hit rock-bottom
On 8th September, 2016, Wells Fargo had announced that they were shedding $185 million as fine paid to the city of Los Angeles as well as Federal Regulators in order to settle allegations that employees of the bank had created millions of fake accounts for the customers
3
The Cause
Organization focus on bottom-Line irrespective how one achieves it
Mission of eight is great
Excessive Pressure on employees
8 Products and Services in the hand of each customers
Rewarding the number not the intent or efforts
Case Analysis
5
On 3rd October, 2013, famous author E. Scott Reckard researched on the bank and reviewed the knowledge in Los Angeles Times.
Report was unethical firing of 30 branch employees by the management of Well Fargo.
Bank fired the employees who had opened the fake accounts that were never utilized or perhaps attempted to manipulate the customer-satisfaction surveys
Case Analysis
6
On 21st December, 2013, another article surfaced by E. Scott Reckard expressing the personal testimonial and stories from employees and managers about how the Wells Fargo values and vision were dubious and manipulative for the employees.
The company had created a culture of excessive pressure for the employees to either perform or get hit in their salaries. In order to meet quotas one had opened excessive accounts for the customers, ordered the credit cards without permission of the customer and even forged the signature of the customers
Some employees even begged the family members to open accounts in the bank which were regarded as the ghost accounts.
Ethical Lessons from the case
7
Employee Dialogue is essential for the success of the business. If employee raise their hands to speak up,...