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Wells Fargo Case Study Homework | Assignment Helpers Online

Wells Fargo was accused of using employees to secretly issue credit cards and open fake bank accounts as a way of proving what they had met the sales targets. This was done without the consent of the consumers. The employees created fake email accounts, where they signed up customers for online banking services for the bank (Michael, 1). Customers only learned about this after they started accumulating fees. This was an area of concern, which was later detected by the relevant forces, leading to huge penalties to the Wells Fargo bank and firing of over 5300 employees from the company (William 1).  Through these false applications, employees were able to generate $ 2.6, million in fees and as a result, qualified for extra bonuses (Michael and Stacy 2).  However, this was not conducted by all the employees but by a fraction, where a high number of them got fired.

 Question 2: Explain why the act by Wells Fargo was immoral from the perspective of a Consequentialist/ Utilitarian view

The premise of the utilitarian ethical theory involves the notion that a person needs to maximize the overall happiness and minimize the pain. In this case, the actions committed tended to create overall happiness for the majority of the people. The most affected persons were direct customers since they got unnecessary fees and were forced to deal with this issue of fake accounts. Others who were made unhappy by the actions include other employees and the management involved in the process since there were negative effects on the brand name of the company and some were fired. Greater unhappiness was reflected the government agencies and the societies that were hot by the real issue of fake accounts among financial institutions. The scandal has resulted in a high mistrust, more so from the public to the financial banking industry.

Question 3: Explain why the act by Wells Fargo was immoral from the perspective of a Kantian   view

The Kantianism principle states that one should act a way where humanity is treated in your person or the person of another and not simply as a means”. The; principle means that persons ought to never get used or explored just as a method of achieving or attaining a given result. In this Well Fargo study, it is apparent the company used and exploited customers by the creation of fake accounts, unnecessary fees and undertaking unauthorized transactions as a way of achieving maximum profits. The management and other penetrators were conversant with their actions since they constantly were committed and encouraged fraud. The firms did not follow Goodwill, which entails the idea of seeking what is right since it is the right thing to do. This proves the wrongdoing of the company.

Question 4: Explain why the act by Wells Fargo was immoral from the perspective of a Virtue theory / Aristotelian view

The virtue theory involves the idea that a person ought to evaluate action to understand whether this action contributes to the virtues, or whether the action contributes to voices. The four key virtues in business include honesty, justice, courage, and temperance. In this particular case, the actions by Wells Fargo were unethical since the key primary virtues are violated. This ranges from the leadership of the company to the junior members who failed to act in accordance to set code of conduct and in line with the four virtues. The employees feared to lose their jobs and hence did not have courage in their decision making. These unethical behaviors continued for years, where it was only shed in the limelight after the actions of the company were detected.

 Question 5: Who to blame; customer service personnel or the management?

The blame for this Scandal lies at both the management and customer service personnel. This is since the two parties failed the customers by allowing for an uncouth and unethical act that had negative impacts on their livelihoods, privacy, and finances. Both parties were conversant with their cations, where the management pressured the workers to look for more enrollments of customers and the workers faked the numbers for the fear of getting fired by the managers. The answer is informed by the Utilitarian view which states that people should work towards making others happy, where the two parties in this case completely failed., and instead brought sadness and distress to the consumers and other stakeholders of the company. The Kantianism principle is also applied in these questions since the management and the customer service personnel using the customers for their good as a way of attaining their projected means without projecting the harm.

Question 6: What should wells Fargo do?

Wells Fargo needs to concentrate more on its ethics in its future transactions and operations. This is to avoid future scandals, where the management and workers work together to maximize their own needs without considering the wellbeing of the consumers.  The firm needs to work towards ensuring that it encourages virtues and is against any given vices.

This answer is defined by the virtue theory, where Wells Fargo ought to consider actions that contribute to virtues rather than vices. The key virtues to be considered based on this theory should include honesty, justice, courage, and temperance, which were earlier never considered, leading to the huge scandal. Failure to observe these virtues will lead to undisciplined and unethical workers, who will ultimately make some decisions that are not in line with the required virtues. Consequently, such actions would have negative effects on the brand name and efficiency of the company.

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Wells Fargo Case Study Homework | Assignment Helpers Online . (2022, October 22). Essay Writing . Retrieved February 04, 2023, from https://www.essay-writing.com/samples/wells-fargo-case-study-homework/
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Wells Fargo Case Study Homework | Assignment Helpers Online . [online]. Available at: <https://www.essay-writing.com/samples/wells-fargo-case-study-homework/> [Accessed 04 Feb. 2023].
Wells Fargo Case Study Homework | Assignment Helpers Online [Internet]. Essay Writing . 2022 Oct 22 [cited 2023 Feb 04]. Available from: https://www.essay-writing.com/samples/wells-fargo-case-study-homework/
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