Wells Fargo Ethics

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Recommended: What controls should have been in place to prevent the scandal at Wells Fargo

One of the most recent stories involving white-collar crimes in the United States involves the Wells Fargo. Wells Fargo is banking and a financial institution that offers financial services to very many people in the United States as well as around the world. As reported by the Washington Post, Wells Fargo as banking and a financial institution was involved defrauding its customers millions of dollars through their employees. It was reported that the employees were involved in the opening of close to 2 million bank accounts with Wells Fargo and proceeded to offer credit cards towards the same as a way of attracting the huge bonuses that were being offered (Merle, 2017). The white-collar crime perpetuated by Wells Fargo falls under the Corporate …show more content…

This involved sacking of all the employees who had involved themselves in the scam and ensuring that they faced the full force of the law as it is required under the law. A back with such kind of reputation to be implicated in a huge scandal like the one it was involved cannot be looked upon lightly. The news posts suggest that such acts and those who were involved should not be left to go scot free as they have gained a lot from the scandal. The news post also questions the code of ethics in operation in the bank. Ideally, bank staffs are supposed to observe high levels of disciplines especially when the customers are involved. The employees’ actions were a manifestation of how weak the code of conduct with which the bank is applying is and therefore needs a lot of …show more content…

(2016, September 29). Wells Fargo Crooks Stole from Customers, Reaped Obscene Rewards—and Stuck Us with the Bill. The Nation. Retrieved 1 June 2017, from https://www.thenation.com/article/wells-fargo-crooks-stole-from-customers-reaped-obscene-rewards-and-stuck-us-with-the-bill/
Brodwin, D. (2016, November 2). The Big Wells Fargo Picture. US News. Retrieved June 1, 2017, from https://www.usnews.com/opinion/economic-intelligence/articles/2016-11-02/what-the-wells-fargo-scandal-teaches-us-about-deterring-white-collar-crime
Merle, R. (2017, March 30). What Wells Fargo dodged by agreeing to pay $110 million to settle fake accounts case. Washington Post. Retrieved 1 June 2017, from https://www.washingtonpost.com/news/business/wp/2017/03/30/what-wells-fargo-dodged-by-agreeing-to-pay-110-million-to-settle-fake-accounts-case/?utm_term=.64ee8223e583
Wells Fargo branch boss linked to scam exited with $125M. (2017). New York Post. Retrieved 1 June 2017, from http://nypost.com/2016/09/12/wells-fargo-branch-boss-linked-to-scam-walked-away-125m/
Wells Fargo exec who headed unit involved in scandal due $125 million in retirement. (2016). Fox News. Retrieved 1 June 2017, from

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