CASE 9
The wells fargo case:
I had never heard of this scandal, even though it seemed to have been a huge thing.
The fact that you get very high demands from your mangers about having to meet sales targets is of course putting you as an employee in a problematic situation, and that the managers then just turned a blind eye when ethical and legal lines were crossed was so irresponsible, since everything in life isn't about money (Egan, M. 9.9.2016).
In the wells fargo case the biggest problem according to me, is that they played with other peoples' money, and this can ruin lives.
''Bank workers opened more than two million deposit and credit card accounts without customers' permission.'' (BBC, 2016). This is pretty tricky since it was the workers who did it, but got the pressure about doing it from higher management, and there was an example of an employee who got fired because they called the ethics hot line, which is supposed to be a safe place for employees to report on illegal things happening or dangerous work environments (Egan, M. 21.9.2016).
It was pretty shocking to learn that there were other companies that had pretty intense sales tactics, like, Bank of America, citizens bank, SunTrust and Fifth third (Egan, M. 2016).
It seems pretty sketchy if a company wants to go to court behind closed doors, instead of open court (Egan, M. 25.11.2016).
Sources:
BBC, 20.9.2016. Wells fargo boss urged to resign over accounts scandal. URL: http://www.bbc.com/news/business-37419968 Accessed: 3.5.2018.
Egan, M. 9.9.2016. Workers tell Fargo horror stories. CNN money. URL: http://money.cnn.com/2016/09/09/investing/wells-fargo-phony-accounts-culture/index.html Accessed: 3.5.2018.
Egan, M. 21.9.2016. I called the wells fargo ethics line and was fired. CNN money. URL: http://money.cnn.com/2016/09/21/investing/wells-fargo-fired-workers-retaliation-fake-accounts/index.html Accessed: 3.5.2018.
Egan, M. 22.9.2016. 'Wells fargo isn't the only one': other bank workers describe intense sales tactics. CNN money. URL: http://money.cnn.com/2016/09/22/investing/wells-fargo-fake-accounts-banks/index.html Accessed: 3.5.2018.
Egan, M. 25.11.2016. Wells fargo tries to kill fake account lawsuit. CNN money. URL: http://money.cnn.com/2016/11/25/investing/wells-fargo-lawsuit-forced-arbitration/index.html Accessed: 3.5.2018.
I had never heard of this scandal, even though it seemed to have been a huge thing.
The fact that you get very high demands from your mangers about having to meet sales targets is of course putting you as an employee in a problematic situation, and that the managers then just turned a blind eye when ethical and legal lines were crossed was so irresponsible, since everything in life isn't about money (Egan, M. 9.9.2016).
In the wells fargo case the biggest problem according to me, is that they played with other peoples' money, and this can ruin lives.
''Bank workers opened more than two million deposit and credit card accounts without customers' permission.'' (BBC, 2016). This is pretty tricky since it was the workers who did it, but got the pressure about doing it from higher management, and there was an example of an employee who got fired because they called the ethics hot line, which is supposed to be a safe place for employees to report on illegal things happening or dangerous work environments (Egan, M. 21.9.2016).
It was pretty shocking to learn that there were other companies that had pretty intense sales tactics, like, Bank of America, citizens bank, SunTrust and Fifth third (Egan, M. 2016).
It seems pretty sketchy if a company wants to go to court behind closed doors, instead of open court (Egan, M. 25.11.2016).
Sources:
BBC, 20.9.2016. Wells fargo boss urged to resign over accounts scandal. URL: http://www.bbc.com/news/business-37419968 Accessed: 3.5.2018.
Egan, M. 9.9.2016. Workers tell Fargo horror stories. CNN money. URL: http://money.cnn.com/2016/09/09/investing/wells-fargo-phony-accounts-culture/index.html Accessed: 3.5.2018.
Egan, M. 21.9.2016. I called the wells fargo ethics line and was fired. CNN money. URL: http://money.cnn.com/2016/09/21/investing/wells-fargo-fired-workers-retaliation-fake-accounts/index.html Accessed: 3.5.2018.
Egan, M. 22.9.2016. 'Wells fargo isn't the only one': other bank workers describe intense sales tactics. CNN money. URL: http://money.cnn.com/2016/09/22/investing/wells-fargo-fake-accounts-banks/index.html Accessed: 3.5.2018.
Egan, M. 25.11.2016. Wells fargo tries to kill fake account lawsuit. CNN money. URL: http://money.cnn.com/2016/11/25/investing/wells-fargo-lawsuit-forced-arbitration/index.html Accessed: 3.5.2018.
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