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Read the ethics case at the end of Chapter 1 titled “Incentives And Ethics: Cross-Selling at...

Read the ethics case at the end of Chapter 1 titled “Incentives And Ethics: Cross-Selling at Wells Fargo” on page 1-27.

  • What do you think is the root cause of the opening of those unauthorized accounts?
  • Do you think it was the right move for the CEO to resign?
  • If you were the CEO of Wells Fargo, and this occurred, would you step down as CEO? Or would you take action to address what occurred? Please explain.
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Answer #1

1. The Aggressive sales strategy of wells Fargo and an unending desire to maximize profits even by fraudulent means of wells Fargo led to opening such unauthorised accounts. They setup unrealistic targets to be achieved by employees and employees in return didn't care about anything being legit either.

2. Yes, it was a right move by CEO to resign as he was the head and must be accountable for such fraudulent practices.

3. I would have resigned as I was the one responsible and I would have provided my best support to persons who were carrying on with the investigation to find out details and overcome to regain the trust of consumer

I would have helped an independent committee but only after I would have resigned that doesn't still keep me as a relative party and it would have made me prejudiced with my own self.

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