ipl-logo

Class Action Lawsuit: Wells Fargo By Mike Feuer

1141 Words5 Pages

In May of 2015, Wells Fargo faces a class action lawsuit, led by Mike Feuer, lawyer of the city of Los Angeles, for the dishonest and complete disregard to the treatment of its workers and clients. As far as the case goes, Wells Fargo has been blamed for setting unrealistic goals for its workers, actuating them to use deceitful means for meeting the set standards. Wells Fargo has basically set itself up for a classic case of “Ill-Conceived Goals, where such high pressures are set onto the workforce, to the point where they are willing to break their own integrity and furthermore the law in order to meet such ridiculous standards as stated above. Los Angeles attorney Feuer started exploring the bank in the wake of a report, in which a few previous …show more content…

In an attempt to save face Wells Fargo released the statement, “Wells Fargo's culture is focused on the best interests of its customers and creating a supportive, caring and ethical environment for our team members," but in reality is this what Wells Fargo actually stands for? At no point should an employee be threatened by public embarrassment if they do not reach such ridiculous quotas. They seem to have a complete disconnection somewhere along the road between corporate and the actual everyday operations of Wells Fargo. In order to avoid this happening again in the future, they should see to it that they adhere to company culture, and receive input in their decisions further down the chain of command. Running any business should be more than just appeasement of the Board of Directors, because otherwise the ethics of everyday operations are put at risk. Look what happened with Sears when they tried to increase their mechanic’s sales goals, it was …show more content…

Wells Fargo has taken extra time to invest in training to give skill-sets needed to push sales, and leadership workshops. I believe this is an excellent route to take, considering more companies are pouring more funding into these types of avenues to not only increase the productivity of its company, but to ensure things like this can be prevented in the future. I also think that Wells Fargo should go deeper than they already have, and work to establish a healthy company culture, such as with Google and Facebook, where everyone feels as if they have an input. With good company culture brings a good set of morals and ethics that can go further than just within the small confounds of Wells Fargo, but can also transfer into their own daily lives, which is great to

Show More
Related

  • Wells Fargo Research Paper

    754 Words  | 4 Pages

    Wells Fargo has been in business for over 160 years and was founded on March 18, 1852, by Henry Wells and William Fargo. The company opened its first office, in San Francisco, on July 1852. Wells Fargo served the West with banking needs, which included gold and paper bank drafts, and offered quick delivery of gold or other valuables. In1855, the first of many financial dilemmas took place when a drought made it impossible to mine for gold, and this caused almost 200 businesses in San Francisco to fail, but Wells Fargo didn’t fail, they prospered. In the early1860s, Wells Fargo acquired almost all the stage lines from the Missouri River to California, giving them a monopoly on transcontinental delivery services.

    Read More

  • Case Study: Mcfadden V. Seagoville State Bank

    498 Words  | 2 Pages

    The regulation states, an employee must be restored to a position that is geographically proximate to their previous position. Furthermore, it is an interference of an employee’s right, to which he or she is entitled under FMLA, by failing to restore him or her to an equivalent position upon return to work. 29 C.F.R. § 825.215. In the case of McFadden v. Seagoville State Bank, the employee’s previous job before taking FMLA leave required a seven mile commute one way, which takes ten minutes to drive.

    Read More

  • Walgreen Company Case Summary

    578 Words  | 3 Pages

    Gatzke worked at Walgreen Company as a district manager. He was called to temporarily relocate to Duluth, Minnesota to supervise the opening and preliminary operations of a Walgreen-owned restaurant. The company was paying for Gatzke to live at an Edgewater Motel, where he set up a temporary workspace. Gatzke and some employees had dinner at the new restaurant and then continued their night to a bar for several drinks while discussing the restaurant. Gatzke went back to his room at the Edgewater motel and began to fill out an expense report.

    Read More

  • Wells Fargo: Commitment To The Hispanic And Latino Community

    911 Words  | 4 Pages

    Today, Wells Fargo is widely recognized for its commitment to the Hispanic and Latino community. This commitment however, is not a recent phenomenon and dates back to before the turn of the century. Since its founding in 1852, Wells Fargo had encouraged team members to treat all customers with courtesy and respect. The once informal policy became company standard in 1888 when agents and managers were required to show “proper respect to all. Let them be men, women, children, rich or poor, white or black…”

    Read More

  • During The Great Recession Wells Fargo

    128 Words  | 1 Pages

    1) -During the Great Recession Wells Fargo targeted black people and convinced them to take out subprime loans. Such actions lead to the result of Wells Fargo being sued in 2010 for discrimination and a year later settling the suit paying more than 174 million. -The early economy was built on slave labor. Not only did slaves build the Capitol building, but they built the White House too.

    Read More

  • Pisciotta V. Old National Bancorp Case Analysis

    907 Words  | 4 Pages

    In Pisciotta v. Old National Bancorp, the Seventh Circuit analogized the harm stemming from a data breach to the “increased risk” theory of harm that some courts utilize in the toxic tort context. In Pisciotta, a hacker improperly accessed the computer system of a financial services provider, exposing the plaintiffs ' personal information but resulting in no realized financial loss or identity theft. In analyzing whether there had been an injury-in-fact, the court analogized the case at hand to environmental exposure tort cases, which granted plaintiffs standing upon demonstration that the act “increase[d] the risk of future harm that the plaintiff would have otherwise faced, absent the defendant 's actions.” The court granted standing

    Read More

  • Arthur Andersen's Fraudulent Accounting Practices

    852 Words  | 4 Pages

    Andersen’s audit of Sunbeam’s financial statements failed to address numerous fraudulent accounting practices by the company. In fact, The Securities and Exchange Commission accused Arthur Andersen, of authorizing clean or “unqualified” opinions on Sunbeam’s 1996 and 1997 financial statements in spite of awareness of many of Sunbeam’s accounting and disclosure improprieties (Icmrindia.org, 2015). • The Securities and Exchange Commission filed a case against Waste Management. The case charged Waste Management with executing a massive financial fraud over a significant period of time. According to the filing, senior management at the company engaged in accounting malpractices and violations of federal securities laws to overstate earnings by $1.4 billion dollars.

    Read More

  • Wells Fargo Research Paper

    917 Words  | 4 Pages

    Also they had lots of other big competitions which they had to focus on. They need to get consumers in order to have a proper company. Wells Fargo competition between other banks helps get them more consumers toward their banks. Also buying Wachovia National Banks helps impact their bank because they expanded. It also helped spread banks across the U.S. which helped make them a major bank in America.

    Read More

  • Nordstrom: Dissension In The Ranks

    1072 Words  | 5 Pages

    Due to decentralization the top management also lost sight of their stores and employees, and only tracked them through their sales figures. The managers were expected to announce their yearly goals with much fanfare and pomp and it is possible that they inflated their goals and then pressured their employees to achieve their goals. Public sales contests, awards, and recognition also pressured the employees to focus on the SPH figures and feel pressured. Despite all these issues the top management didn’t acknowledge them for a long time leading to increased pressure on the

    Read More

  • Wells Fargo's Ethical Ethics Of Wells Fargo Financial Corporation

    1347 Words  | 6 Pages

    When it comes to the Ethical Decision Model, it does not just pertain to the employees who opened these accounts but also leadership who either failed to realize what was going on or decided to sweep it under the rug by just covertly firing some employees. Wells Fargo did take the first step in recognizing the problem but failed to define it, which explains why these unethical behaviors continued for so many years. When the corporation was initially aware of what was going on, they should have acted immediately and strategized a solution that would dilute the possibility of it occurring again. Instead of defining the problem, which would have foster, a proper solution but company decided to just terminate

    Read More

  • Case Study Fresh To Table

    821 Words  | 4 Pages

    Esther Matz Dr. Emmanuele Archange Bowles MAN 4301 Assignment 3 Case Study – Fresh to Table Fresh to Table, a company that was created by Mossberger, is a company that serves restaurants. It helps restaurants find appropriate resources to minimize their expenses and losses and maximize their benefits and freshness. In just four years Fresh to Table built itself up and had employed 120 employees.

    Read More

  • Wells Fargo: Organizational Strategy And Objectives

    850 Words  | 4 Pages

    Organizational Strategy and Objectives The foundation of Wells Fargo’s strategy is its focus on customers. The company’s strategy tends to drive the choices they make and also enable them to prioritize its efforts, differential from peers, and build a lasting value for customers, employees, communities, and shareholders. The diversified business model tends to provide the company with the stability and the strength as it assures communities and customers that it exists to serve them and also the future generations. The objectives of the company are to be the leader in financial services in areas of team member engagement, customer services and advice, shareholder value, innovation, corporate citizenship, and risk management (Wells Fargo n.d).

    Read More

  • Wells Fargo Ethical Theories

    468 Words  | 2 Pages

    Under this approach, an action is considered morally bad because of some characteristic of the action itself, not just because the product of the action is bad. Wells Fargo unethical practices demonstrates unethical behavior, under deontological ethical theories as its employees duty to operate in an honest and fair fashion , in providing services to the public. Wells Fargo codes of conduct does not permit sales practices of these sort, therefore the employees who participated in these practices made unethical decisions. Unfortunately there was a wrong-doing on a massive scale. The acts of unethical behavior were conducted by both the employees and management.

    Read More

  • Walmaart Balance Score Card Case Study

    1539 Words  | 7 Pages

    Balanced score Card?: WalMart Balanced Score Card?: WalMart University of Maryland University College By Robert T. Jordan Professor Smith DMBA 620 March 9, 2018 Introduction Balance score card (BSC) is a strategic tool used to enhance the performance management of a company. The BSC is very popular and it is widely used by companies and organizations throughout the world. A BSC helps companies set targets, set organizational goals, and achieve organizational goals.

    Read More

  • Competitive Advantage Of Starbucks

    832 Words  | 4 Pages

    1) Starbucks is a company that has been in the coffee industry for a long time. It continues to enjoy a leading position in the United States, which is its home country where it sells approximately 50% of the specialty coffee that is sold in the United States for many years. The company has continued to dominate the industry as well as its local competitors. Its generic competitive advantage emanates from its high-quality coffee, which helps to differentiate it from its competitors. The company is very keen on ensuring that its coffee is different from the rest of the competitors.

    Read More

More about Class Action Lawsuit: Wells Fargo By Mike Feuer

Open Document