Analyzing Ethical Scandals in Business: A Case Study of Wells Fargo

Ethical Scandal and Implications Discussion in Business Field

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The Implications of Ethical Scandals in Modern Businesses

Introduction

The financial services provider corporation Wells Fargo, with its headquarters in California, is involved in the ethical scandal in business that I will be outlining. The business offers a range of financial services, including business bank accounts, investment advice, mortgage services, and home loans. In 2016, Wells Fargo was charged with publishing over 1.5 million fictitious bank accounts. Additionally, the business participated in unethical cross-selling and early coverage. Selling products and account holders to bank clients was known as cross selling. As a result, the company’s staff created fictitious accounts in order to cross-sell. Wells Fargo’s senior management has been charged with orchestrating the cross selling of phony accounts. The business did not ask clients’ permission before creating the fictitious…