Please help, I will rate. Locate and research a news article \"Wells Fargo\" cov
ID: 346162 • Letter: P
Question
Please help, I will rate. Locate and research a news article "Wells Fargo" covering a business activity with ethical implications. Sources can include major newspapers, business or trade magazines, or information from the internet (in its original form). It should contain the date and source of the article, a summary of the relevant facts contained in the article (you should also point out any facts that you do not know and any assumptions that you are making, the article must describe business decisions, practices, strategies, policies, or institutions, and address the ethical dimension of those decisions, practices, strategies, policies, or institutions (i.e. whether they are morally right or wrong or whether they produce morally good results) rather than the implication they might have for some other aspect such as economic or political, an analysis of the ethical dimensions of the issue (kant theory), an explanation as to why you believe the solution to the ethical problem taken by the company in your article was the correct one, or a suggested solution if you believe the approach taken was incorrect. Answer Date of the article: 10th April 2017 Source of the article: abc News. Retrieved from http://abcnews.go.com/Business/wells-fargo-publishes-sales-scandal-findings-seizing-75/story?id=46703038 Summary of relevant facts: The company has been involved in an unethical sales practice scandal. The management of the company had encouraged its employees to follow an aggressive sales policy and this led many employees to open accounts without the permission of the customers. During the period 2011 to 2015 the employees of the company had opened more than 2 million accounts with the bank’s deposit and card division without seeking proper authorization of the customers. The dimension of the aggressive sales policy that was being followed by Wells Fargo was clearly an unethical dimension as the policy flouted the banking sales norms. Moreover the accounts were opened without the consent of the customers and this was clearly an unethical practice. The above sales policy of the company was morally wrong and produced results that were not morally good. Suggested solution: The top management and Board of Directors at Wells Fargo should have ensured that proper internal control measures should have been put in place at the bank. With proper internal control measures it would have been impossible for the employees to open any new account without following the established guidelines and set of procedures. Internal control helps in risk mitigation by detecting and preventing fraud. The top management and the Board of Directors should have discouraged the aggressive sales policy and instead should have focused on developing a control environment, a proper risk assessment tool and should have had proper monitoring.
Question remaining Please with this I need the analysis of the ethical dimensions of the issue (just using Kant theory view in short points. The course is applied ethics and we haven't learnt beneficence and benevolence.) in applied ethics and an explanation as to why you believe the solution to the ethical problem taken by the company in your article was the correct one, or a suggested solution if you believe the approach taken was incorrect.
Explanation / Answer
Wells Fargo have been largely involved in blunder which is directly against the ethical business but it has been turning the business into the ethical business while running this is specific use Blender. Foreign specific example Wells Fargo avoided specific pitfalls as well as other risk investment that directly plagued bad banks in 2008 and 2009.
Wells Fargo is very well known for developing a strategy for Cross selling. Cross selling can be defined as a customer who used specifically one service to use there other services. Wells Fargo have been ethically decide to tell its customer about their services and made it mandatory into the branches.
Wells Fargo also provided incentives to their employees to support the specific program and to increase overall level of effort put in by the employees for succeeding in cross-selling. This is specific term was misused by employees and they developed fake account by using the existing Wells Fargo customer. Most of the customers were not aware of the specific things and they ended up paying huge amounts to the company.
Overcoming this is specific problems company has shown unethical example to the society by firing 5300 employees and also firing the CEO John stumpf.
Wells Fargo abundantly involved in this is a specific mistake and does not acknowledge the specific problem very soon because it have an inadequately strong strategy which is not capable of analysing the specific situation. Wells Fargo have been teaching a clear lesson to other companies for maintaining a clear and transparent profile structure while maintaining the overall strategic implementation and duration of the specific field.
By creating an ethical culture inside an organisation these specific problems can be avoided and Wells Fargo teachers are to be fair and ethical towards the job by firing the large amount of employees. My having inability to easily understand as well as determine the specific problem and analyse the situation would definitely increase the overall level of implementation towards the organisation in the specific terms.
Pay for performance ethics are directly implemented into the organisation of
which field by a huge margin but this show how well this specific program work and if this program is properly curated then it would definitely create a difference in the society as well as the organisational segment in which the company is dealing in.