What Is The Wells Fargo Code Of Ethics
Well Fargo – Code of Ethics and Business conduct When establishing rules and guidelines for a business, the code of ethics and business conduct is crucial to have in the organization. The code of conduct defines how employees should act daily. These implementations should reflect the company’s core values, daily operations, and the culture environment. It should be also concise, direct, well-organized and easy to understand for everyone to view at. It should also be comprehensive which covers any important events that may arise for employees. The code should also be accessible to everyone. In this essay, we will analysis a publicly traded U.S. company on their Code of ethics and business conduct. We will also look at the infrastructure components, tools available for any ethical dilemma, and how the ethics policy fits to the company. The company that I have chosen is Wells Fargo & Company. I have chosen this company due to a connection that I have personally. I have had a banking relationship with them for about 2-3 years and had an excellent customer service. It is …show more content…
Wells Fargo’s priority is with the customers. They want to exceed customer expectations by building relationship that last a lifetime. For example, being honest and fair by informing financial choices that suit the client needs, always protecting customer confidential information and data, responding complaints at a timely manner and treat complaints fairly. These are some important things that Wells Fargo believes that they should carry to achieve a successful relationship with customers. Wells Fargo emphasizes that customers’ confidentiality is crucial because they want customers to feel safe and secure by trusting them. There is even a security response center to ensure that disclosure of confidential information will remain secure for future unauthorized use. This connects to their vision on how Wells Fargo want to satisfy their
Wells Fargo Research Paper
754 Words | 4 PagesWells 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.
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337 Words | 2 PagesIt provides financial services to California. The Name of initial board of directors of the Company were Wells, Fargo, Johnston Livingston, Elijah P, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. The Company faced the first
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575 Words | 3 PagesWells Fargo Code of Ethics clearly states that customers should always be top priority; they want all employees to ask themselves Is it legal? Does it comply with our policies? Is it consistent with our values? Is it consistent with our long-term goals and interests? Would I be comfortable with my decision, if it’s made public?
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1001 Words | 5 PagesWith all of the fining that the bank has endured, why would anyone want to bank there. A customer has a right to good look their banks history and if the bank has been investigated or fined for fraudulent behavior. I think the bank probably should have fired the former John Stumpf along time ago instead of waiting. The banks culture is showing that at Wells Fargo corruption starts at the top right to bottom of the food change and business as usually.
Wells Fargo's Leadership And Organizational Behavior
627 Words | 3 PagesWells Fargo & Company, one of the most popular financial institutions in the US, “is a nationwide, diversified financial services company with $1.7 trillion in assets. Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,700 locations, 12,800 ATMs, online (wellsfargo.com), and mobile devices. They do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 266,000 team members in 36 countries with more than 90 businesses. Their vision: “We want to satisfy all our customers’ financial needs and help them succeed financially” (Wells Fargo, 2015).
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457 Words | 2 PagesThe Wells Fargo Fake Account made national headlines in mid-2016 different from other historical scandals such as Enron and Volkswagen engineers and their emissions “workaround.” The Wells Fargo scandal did not include a few wrongdoers within the organization, instead the unethical behaviors was widespread at the bank with thousands of employees being involved. According to a lawsuit filed by the state of California against Wells Fargo in May 2015, it claims employees engaged in “unlawful and fraudulent conduct, including opening customer accounts and issuing credit cards without authorization” and the bank “has known about and encouraged these practices for years.” The suit also cites “the results is that Wells Fargo has engineered a virtual fee-generating machine, through which its customers are harmed, its employees take the blame, and Wells Fargo reaps the profits.” The shocking scandal of 2016 is employees of Well Fargo secretly created over 2 million new bank and credit card accounts for over 15,000 customers without their knowledge, resulting in overdraft and other fees.
Wells Fargo Ethical Theories
468 Words | 2 PagesUnder 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.
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Wells Fargo: A Case Analysis Of Wells Fargo
200 Words | 1 PagesThe third alternative is for Wells Fargo to focus on compensating stakeholders. First, Wells Fargo should hold a press conference to release a public apology to all their stakeholders. In this statement, there should be admission to wrongdoings and promises of correcting them through compensation. As well, customers should receive an email with a written form of the apology statement. Second, a system will be set up for stakeholders that were negatively impacted, including employees, to file a claim for recompense.
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Transnet's Code Of Conduct Analysis
798 Words | 4 PagesAccording to Section 1 of the Auditing Profession Act, reportable irregularity is defined as, any unlawful act or omission committed by any person responsible for the management of a corporation, who has caused or likely to cause material financial loss of the entity or stakeholders, fraudulent of amounts to theft, represents a material breach of any fiduciary duty. (independent regularity board for auditors, 2015) Laws and regulations Ethics and business conduct plays a significant role in all professional corporations. In demonstrating the core values, the code of conduct aims to improve the transparency of business processes. The purpose of the code of conduct is to protect the corporation’s reputation in the event of a breach of conduct by the employees of the corporations.
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