General
How did Wells Fargo generally defraud their customers?
Creating Fake accounts
What Wells Fargo executive resigned due to the scandal?
John Stumpf
All Banks were engaged in crosselling. True or False?
True
Setting harsh quotas also hurt the community of employees at Wells Fargo, and only benefited the top executives of the company.What ethical lens is being used here?
Common Good
What actions did executives initially take?
Fired low level employees
Why did low level employees engage in fraud?
Culture
Is Wells Fargo a money center?
Yes
While faking these corporate accounts may have increased profits in the short run, the aftermath led to customers being hurt, employees losing jobs, and the company’s overall reputation being hurt. What ethical lens is being used here?
Utilitarianism
How many consent orders were placed against Wells Fargo?
14
How did Wells Fargo retaliate against employees?
Fire them without warning
What was the total asset cap placed against Wells Fargo?
$1.95 trillion
Wells Fargo was unfair in two key aspects: lying and misleading their customers and setting strict quotas and aggressive sales targets for employees. Which ethical lens is being used here?
Justice lens
What was the most important change to Wells Fargo after the scandal?
The changed executive leadership