MGT 2120 Unit 1 Assignment : Wells Fargo Case Study
The College of St. Scholastica
MGT 2120 – Principles of Management
Chapter 2 – Wells Fargo Case Study Analysis (Paragraph Form) – 40 pts
Step 1: Review the FIORD METHOD FOR CRITICAL THINKING
- FACTS – Describe the Situation (Facts only…think objectively)
- ISSUES – What are the Ethical Implications? (List values that might be compromised)
- OPTIONS – Brainstorm all possible options and consequences of each
- RECOMMENDATION – What is your suggestion? (Which Option is best?)
- DECISION-BASIS – Defend your position (Upon what do you base your decision?)
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Step 2: Watch the Wells Fargo Case Study: https://ethicsunwrapped.utexas.edu/video/wells-fargo-fraud
Wells Fargo has a fiduciary duty to treat its customers fairly. The bank offered many different services to its customers. But the bank’s management set unrealistically high sales goals for its employees, encouraging many employees to game the system. If a customer bought one service, employees were urged to “cross-sell” several more. “Eight is great” was the company mantra. The only way that Wells Fargo employees could meet their unrealistic sales targets, and thereby keep their jobs, was to make up accounts that customers had not requested and often didn’t even know they were being charged for. Employees fabricated millions of fraudulent accounts in order to keep their bosses happy and remain employed. It was a classic conflict of interest.
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Step 3: Case Study Analysis Paper: Write in paragraph form – one paragraph for each step of the FIORD METHOD for CRITICAL THINKING
The purpose of this assignment is to help you explain the ethical environments of management which aligns with our Course Outcome #3 apply management skills with ethical decision-making
MGT 2120 Unit 1 Assignment : Wells Fargo Case Study Answer
FIORD Method for Critical Thinking-wells Fargo Case Study Analysis
Facts
Wells Fargo management placed pressure on its employees to open many accounts through cross-selling. The company sales goal were too high for the employees to meet. The set incentives and compensation encouraged the employees to do whatever it took to meet the sales goal. This led employees to play with the system, and open fake accounts for existing customers. This led the customers to be billed for accounts they never knew about, and receive products such as credit cards they never applied…..
