Case Study: Wells Fargo – how long can you ignore ethics?
Here are some “interesting” facts as a result of Wells Fargo’s abuse of customers:
- Fake accounts: 2 million +
- Fines: $185 Million
- Fired: 5300 managers
- Resigned: Two CEO’s, John Stumpf and his successor Tim Sloan
- Legal fees: $40 – $50 million per quarter (gosh, if you only gave us that money for professional development – oh the places we could go!)
- Branch closings: 400 by 2019
So many questions! If you use this case study in a discussion with your leadership tip you’ll contemplate questions such as:
Was it fair that 5000+ low-level managers were fired or should only the senior executives have been held accountable?
Warning signs – such as customers failing to fund the accounts they “recently opened” – were evident but ignored. What kinds of early warning systems are in place in your organization? How are they monitored?
You can access the complete case study – suitable for printing, here.