Rebuilding Reputation and Addressing Ethical Dilemmas: The Wells Fargo Case.Evaluate what Wells Fargo has done to repair the damage to their reputation. What should they still do?

QUESTION

Case Assignment

Address the following in a 3- to 4-page essay demonstrating your critical-thinking skills. It should be written for an audience of business owners. As an ethics expert working for a national ethics association, you have been asked to address the following:

  • 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 assignment should include third-person voice, in-text citations, and a reference list. It should be evident that you followed some of the basics of APA formatting. Write a well-integrated paper with a strong introduction and conclusion, and use a few section headings (e.g., do not simply follow a Q & A format).

Don't use plagiarized sources. Get Your Custom Essay on
Rebuilding Reputation and Addressing Ethical Dilemmas: The Wells Fargo Case.Evaluate what Wells Fargo has done to repair the damage to their reputation. What should they still do?
Get a plagiarism free paperJust from $13/Page
Order Essay

Bring in subject matter expert viewpoints (authors or speakers) to validate and support your writing. Utilize at least 3 sources that are not included as background readings in this course and use ones that are new to you. These sources, for example, can be found by searching the Trident Online Library databases (such as Academic Search Complete, Business Source Complete, Skillsoft Books 24×7, and/or ProQuest Central).

few seconds ago

ANSWER

Rebuilding Reputation and Addressing Ethical Dilemmas: The Wells Fargo Case

Introduction

As an ethics expert working for a national ethics association, I have been asked to address the steps taken by Wells Fargo to repair the damage to their reputation and provide recommendations for further actions. Additionally, I will discuss the responsibility of top leaders for the behaviors of customer-facing employees and analyze why the Wells Fargo situation can be classified as an ethical dilemma. Drawing from the philosophies learned in this module, this essay aims to demonstrate critical-thinking skills while providing insights for business owners.

Repairing Reputation

Wells Fargo has implemented several measures to repair its damaged reputation, such as leadership changes, employee terminations, and monetary settlements. The company has emphasized accountability and introduced stricter internal controls and oversight mechanisms. They have also increased transparency by providing regular updates on their progress and engaging in public relations campaigns aimed at rebuilding trust. To further repair their reputation, Wells Fargo should prioritize ongoing ethical training, establish an independent ethics committee, and actively engage with stakeholders to demonstrate their commitment to ethical conduct.

Responsibility of Top Leaders

Top leaders bear the responsibility for the behaviors of their customer-facing employees. As representatives of the organization, leaders set the tone and expectations for ethical conduct. They must establish a culture that prioritizes ethical behavior, provide clear guidance on ethical standards, and ensure that employees are equipped with the necessary training and resources to uphold these standards. When leaders actively demonstrate their commitment to ethics, it cascades down to employees, fostering a culture of integrity. Holding leaders accountable for the actions of their teams reinforces the importance of ethical conduct throughout the organization.

The Wells Fargo Situation as an Ethical Dilemma

The Wells Fargo case presents an ethical dilemma due to conflicting ethical principles at play. One relevant philosophy is consequentialism, which focuses on the outcomes of actions. Wells Fargo’s employees engaged in unethical behavior, such as opening fraudulent accounts, driven by aggressive sales targets and incentives. From a consequentialist perspective, the unethical actions were deemed acceptable if they resulted in meeting sales goals. However, these actions violated principles of honesty, integrity, and customer trust.

Furthermore, the deontological perspective, which emphasizes adherence to ethical rules and duties, is also relevant. Employees had a duty to act honestly and maintain customer trust, yet they prioritized meeting sales targets over ethical conduct. This conflict between duty and consequences creates the ethical dilemma in this situation.

Recommendations for Ethical Resolution

To address the ethical dilemma, Wells Fargo should focus on three key aspects: ethics training and education, ethical incentive structures, and whistleblower protection. Providing comprehensive ethics training will ensure that employees understand the importance of ethical conduct and the potential consequences of unethical behavior. Implementing ethical incentive structures that reward behavior aligned with ethical principles will shift the focus from mere sales targets to customer-centric practices. Additionally, establishing strong whistleblower protection mechanisms will encourage employees to report unethical behavior without fear of retaliation, allowing for early detection and mitigation of ethical breaches.

Conclusion

In conclusion, Wells Fargo has taken steps to repair its damaged reputation, but further actions are necessary. Top leaders should be held responsible for the behaviors of customer-facing employees as they play a pivotal role in setting the ethical tone within the organization. The Wells Fargo situation qualifies as an ethical dilemma due to the conflicting ethical principles of consequentialism and deontology. By emphasizing ethics training, ethical incentives, and whistleblower protection, Wells Fargo can address the ethical dilemma, rebuild trust, and establish a culture of integrity. As business owners, it is crucial to recognize the significance of ethical decision-making and foster an ethical environment within organizations to prevent similar ethical dilemmas in the future.

Homework Valley
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.

Free Revisions

All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.

Title-page

A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.

Bibliography

Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.

Originality & Security

At Homework Valley, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.

24/7 Customer Support

Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work around the clock to see best customer experience.

Pricing

Flexible Pricing

Our prices are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.

Communication

Admission help & Client-Writer Contact

When you need to elaborate something further to your writer, we provide that button.

Deadlines

Paper Submission

We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.

Reviews

Customer Feedback

Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.