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I agree that Wells Fargo probably has really low organizational ethics considering what happened. Actually, some former Wells Fargo employees have filed a lawsuit against the company just several days ago. Those former employees are seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. The lawsuit filed states that wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts. According to Marianne Jennings, the first sign of a culture at risk for ethical collapse occurs when there is not just a focus on numbers and results, but an unreasonable and unrealistic obsession with meeting quantitative goals, and that is exactly what happened at Wells Fargo. Moreover, the interviews that CNNMoney conducted with former Wells Fargo workers revealed that retaliation against whistleblowers might exist in the company. Several former employees claimed that they got fired after they tried to put a stop to the company’s illegal tactics. In response to CNNMoney’s report, a Wells Fargo spokeswoman said: ”We do not tolerate retaliation against team members who report their concerns in good faith.” However, while those fraudulent tactics have been used for so many years, I find it hard to believe that nobody has ever called the ethics line. The reason why the fraudulent action existed for so long must be because the management tolerant it and in this case encourage it. Fear of Reprisals is also another indicator of ethical collapse. Employees of Wells Fargo probably became reluctant to raise issues of ethical concern after they know they may be ignored and even treated badly. To sum up, I also feel like having low ethics is already part of Wells Fargo’s Corporate Culture. According to information on CNNMoney, Although Wells Fargo fired 5300 employees; it hasn’t fired any senior executives who oversaw the fraud. I think in order to have a meaning change about the company’s culture, Wells Fargo needs to do a lot more than they have done. Resources: 1.Marianne M. Jennings, the seven signs of Ethical Collapse: How to Spot Moral Meltdowns in Companies Before It’s Too Late (New York: St. Martin’s Press, 2006). 2. Matt Egan, I called the Wells Fargo ethics line and was fired (CNNMoney, 2016)
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Sep 28, 2016