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Essay Available:
Pages:
2 pages/≈550 words
Sources:
Check Instructions
Style:
MLA
Subject:
Business & Marketing
Type:
Case Study
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:

Ethical Problems in Wells Fargo Bank

Case Study Instructions:

Written Assignment – Your Protagonist Role
You are Tim Sloan, newly appointed CEO of Wells Fargo Bank during early October 2016. Wells Fargo is embroiled in a deep & spreading scandal and is under intense Congressional scrutiny. As Tim Sloan, you now need to determine a course of action to address this crisis based on the below questions and time is of the essence as you expect to confront this matter over the next few days:
A. You need to draft a maximum 2 page Word document (Arial & font size 12; Single Spaced) with effective business writing & grammar for your Board of Directors for items #2 thru 5 below.

B. What is the Ethical Problem that confronts Wells Fargo Bank?
C. What are your takeaways based on the 3 Ethical Principles (Utilitarian, Duty Based and Virtue), just the most critical issues, not a comprehensive 5 step ethical decision making process (due to limited time)? Of the critical issues you derive, please explain why? 【Integrity & Ethical Principles: 3 Categories
Utilitarian (Focused on Consequences or Outcomes of Actions)Duty Based (Focused on Intentions rather than Consequences)3. Virtue ((Focused on the ethical status of the person)】
D. What will be the ethical principle you will be applying & why? What is your relevant analysis to support (include simple calculation & sources) ?
E. For your plan, what are the high priority actions (up to 3) that you must address? What is your relevant analysis to support (include simple calculation & sources)?
Articles to Read:

1: Associated Press article + Video (5 minutes) https://losangeles(dot)cbslocal(dot)com/2016/09/29/rep-maxine-waters-calls-for-wells-fargo-to-be-broken-up/

2: Wall Street Journal - Tim Sloan, the CEO Replacing John Stumpf https://www(dot)wsj(dot)com/articles/tim-sloan-the-ceo-replacing-wells-fargos-john-stumpf-1476363053?emailToken=e40abf0e1cbe8965684cd085e0653111wyPkmyTu78LaJMfJEBuuwH8+3P0jwjR0fprEM14JHfusG+ZmVOV/BzgLnKneC4WXGqlY6iiTsEtgbwTn25YXawQJeaHRfbd/xGrXmu92Xx0%3D&reflink=article_email_share

Note: Based on the above 2 articles & 1 embedded 5 minute video, there should be sufficient information for you but you may Google / research for other pertinent information you need. However, I can care less about what actually happened and reciting what actually happened merits no grade. Your grade will be earned based on your original insights and business writing. Just reciting comments would earn no points and may have negative implications due to plagiarism.

Point Grading on Deliverable:
0.5 Point for reasonably clear & grammatically sound Business Writing, along with using Word document, Arial & font size 12. Note: After I return your paper and you want to followup on business writing, please review first with Baruch’s Writing Center for improvements before requesting a session with me.
0.5 Point for effectively meeting A, B & C above
1 Point for effectively meeting #D & E above

Case Study Sample Content Preview:
Wells Fargo
Board of Directors
From CEO
Dear Board of Directors,
Well Fargo Course of Action
Wells Fargo bank is currently facing a scandal due to its unethical problems arising from the business practices. Our fraudulent sales resulted in a scandal that negatively affected our finances, competitive position, and reputation. The scandal resulted in losses that amounted to billions of dollars, and we also lost customers (The Associated Press, 2016). We were also fined for the actions, and a large number of employees have stopped working for us.
Based on the utilitarian ethical principle, the focus of the critical issues is on the results. My key takeaway is that we need to make decisions that have the best overall results. The customers will not trust us if our actions do not benefit them (Kim, 2016). An action is judged based on its utility, and if it maximizes utility, then it is the best option. The problem arose when we imposed goals that should be met by employees as a differentiation strategy, but this influenced the personnel to act in an unethical manner to achieve their objectives (The Associated Press, 2016). A critical issue, according to the duty-based ethical principle, is that as a financial institution, we are expected to behave in a particular manner with customers. However, we failed to do so. The duty-based approach emphasis that other individuals should not be regarded as a means to an end. My key takeaway is that as a company, we also have to consider that we are humans that that means we have a rational duty to each other, and this also suggests respecting the other person’s humanity, which consists of our customers. We have specific human values that are right or wrong, and in this regard, we should be doing the right thing (Misselbrook, 2013). For instance, our employees did not respect the customers, and they have been creating fake credit or bank accounts for customers without their knowledge. The third principle is virtue, which focuses on the ethical status of the individual. My key takeaway is that the decision to create the customer accounts was based on the individual characters of the employees as the main element of ethical thinking, instead of the policies that guide the actions themselves, such as finance legislations. Our decision to encourage employees to improve their productivity resulted in the development of new habits. Our policies have instilled and cultivated a new tradition that is not moral.
I wi...
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