The Impact of Big Business
Evaluate what Wells Fargo has done to repair the damage to their reputation. What should they still do?
Should top leaders be responsible for the behaviors of its customer-facing employees? Why or why not?
In your judgment, why is this Wells Fargo situation an “ethical dilemma”? Bring in a philosophy (or philosophies) that you have learned about in this Module.
This Case 3 focuses on how a large, well-respected financial institution can seriously put its reputation at stake and what happened to bring that about.
Begin by watching the following series of videos:
WatchMojo.com. (2016, September 15). Wells Fargo scandal: 5 things you need to know! [Video file]. Retrieved from https://youtu.be/zLm9c9rdrfQ.
Senator Elizabeth Warren. (2016, September 20). Senator Elizabeth Warren questions Wells Fargo CEO John Stumpf at Banking Committee hearing [Video file]. Retrieved from https://www.youtube.com/watch?v=xJhkX74D10M.
CBS News. (2018, August 3). Wells Fargo whistleblower on fraudulent banking practices [Video file]. Retrieved from https://www.youtube.com/watch?time_continue=309&v=mua-_cQOC5Q.
Pope, K. (2017, April). How whistle-blowers shape history [Video file]. Retrieved from https://www.ted.com/talks/kelly_richmond_pope_how_whistle_blowers_shape_history.
And finally, read the follow-up:
Flitter, E. and Cowley, S. (2019). Wells Fargo says its culture has changed. Some employees disagree. The New York Times. Retrieved from https://www.nytimes.com/2019/03/09/business/wells-fargo-sales-culture.html
These optional sources might also be useful to you:
Armstrong, R., and Noonan, L. (2019). Wells Fargo: repairing a damaged brand. FT.Com, Retrieved from ProQuest in the Trident Online Library.
Forbes (2014). 10 simple ways to improve your reputation. Retrieved from https://www.forbes.com/sites/yec/2014/01/28/10-simple-ways-to-improve-your-reputation/#6cd6373e6b9f
Iraci, J. (2017). The complex process of managing reputation risk. The RMA Journal, 99(10), 40-43. Retrieved from ProQuest database in the Trident Online Library.
MarketingWorks (2014). 6 ways to rebuild reputation with PR after a crisis. Retrieved from https://marketingworks360.com/2014/03/marketing-tips/6-ways-to-rebuild-reputation-with-pr-after-a-crisis/