Guidelines For The Ethical Analysis And Evaluation Assignmen ✓ Solved

Guidelines for the ethical analysis and evaluation Assignment

In addition to the Research Paper requirement, each class member is to select, analyze, evaluate, synthesize and create a report on a 6-8-page Word document an ethical violation case (scandal); and if presented to the class, PowerPoint slides are to be prepared and submitted with the presentation. The cases must be recent and which have been settled. Please search for cases in the Enforcement Actions sections of the following websites: Federal Deposit Insurance Corporation (FDIC), Financial Crimes Network (FinCEN), Federal Reserve Bank (FED/FRB), Office of the Comptroller of the Currency (OCC), Office of Foreign Asset Control (OFAC), Securities and Exchange Commission (SEC), US Attorney's Office/Department of Justice (DOJ), Florida Office of Financial Regulation (OFR), Office of the New York State Attorney General, Florida State Attorney’s Offices, or in periodicals such as the Wall Street Journal, South Florida Business Journal, BSA Global Radar, Artic Intelligence, Miami Herald, Sun Sentinel.

Your Analysis and Evaluation report must cover the following nine (9) points which headings are to be clearly shown on the report: 1. What are ethics and their importance in global banking and business today? 2. What was the case about? (summary of the case) 3. Who was (were) the individual(s) and company (ies) involved? 4. When did it happen, where did it occur and how much money was involved? 5. Why did it happen? 6. How did it come to the attention of the media? 7. What was the outcome of the case? 8. How could this case have been avoided? 9. What can we learn from the case?

The cover page for this Ethical Analysis and Evaluation Report should follow the same format as that used for the comparison of the two banks research report. The research report must also contain footnotes, in-text, or end-notes and a bibliography. It is your responsibility to read all prior Ethical Analyses request postings to determine that you are the first and only class member selecting that particular case. If this guideline is not followed, and two Ethical Analyses reports on the same case exist, the first posting has the exclusive right. The class member submitting the second report will receive a zero for the assignment upon submission. In submitting requests for approval of the case, you are certifying that you have reviewed all prior postings and no other class member has requested the same country in this class during this term.

It is a serious academic ethical violation to fail to give credit to the authors and sources from where you obtained the information. Please present both the footnotes or in-text or end notes citations and bibliography in accordance with an acceptable manual of style. Internet addresses by themselves are not acceptable. You must write the name of the source and then insert the web URL locator. It is very important to show the dates on all information presented along with the date of the particular publication. Please refer to a Manual of Style tab for guidance in properly inserting foot/end notes and bibliography. Each page number should be shown on the bottom center or right side of the report. The Ethical Analysis and Evaluation Report is due as specified. Reports will not be accepted after the Turnitin drop box has been closed. If any of the guidelines stated above are not followed, including the sample cover page, your grade will drop by twenty (20) points. This Ethical Research Report assignment has a value of 10% of your final course grade.

Paper For Above Instructions

Title: The Ethics of Banking: Analyzing the Wells Fargo Scandal

Introduction

The importance of ethics in global banking cannot be overstated, particularly in light of various scandals that have come to light in recent years. This paper analyzes the Wells Fargo scandal which erupted in 2016 when it was revealed that the company had opened millions of unauthorized accounts in the names of its customers. Through an ethical lens, this case presents significant lessons about corporate governance, accountability, and the necessity for ethical standards in banking practices.

Understanding Ethics in Banking

Ethics in banking refers to the moral principles that guide the actions and decisions of financial institutions. In the ever-evolving landscape of global banking and finance, maintaining strong ethical standards is critical. Ethics play a significant role in securing consumer trust, ensuring compliance with regulations, and fostering a culture of accountability within organizations. The consequences of ethical violations can lead to severe repercussions, including financial penalties, loss of consumer confidence, and reputational damage.

Summary of the Case

The Wells Fargo scandal involved the creation of around 2.5 million unauthorized accounts by employees to meet aggressive sales targets. Customers, often unaware of these accounts, began receiving fees and charges for services they never authorized or used. The scandal ultimately led to substantial financial penalties and a profound impact on the company’s reputation.

Individuals and Companies Involved

Key players in the Wells Fargo scandal included top executives such as former CEO John Stumpf and other senior officials who were aware of the aggressive sales culture that was promoted throughout the organization. The company itself, Wells Fargo & Co., faced intense scrutiny from regulators and the public.

Timeline and Financials

The scandal surfaced publicly in September 2016, although the unethical practices reportedly began as early as 2002. The amount of money involved in the fines alone exceeded $3 billion, not including the financial implications of customer reimbursements and lost business.

Reasons Behind the Scandal

The primary reason for the scandal stemmed from a toxic corporate culture that prioritized sales over ethics, leading employees to engage in unethical practices to meet unreasonable sales goals. The pressure to succeed created an environment where employees felt compelled to act unethically.

Media Attention

The case came to the media's attention thanks to an investigative report by the Los Angeles Times. The reporting brought to light the internal practices at Wells Fargo, prompting investigations from regulators and intense media scrutiny.

Outcome of the Case

The outcome of the case resulted in significant financial consequences for Wells Fargo, including fines and the resignation of several top executives. The bank also implemented changes to its sales practices and corporate governance, aiming to restore consumer trust.

Avoiding Future Cases

This case could have been avoided if the bank had fostered a culture emphasizing ethical behavior over aggressive sales tactics. Proper training, transparent communication, and a robust reporting system could have helped prevent employees from feeling pressured to engage in unethical behavior.

Lessons Learned

The Wells Fargo scandal serves as a stark reminder of the potential consequences when ethics are overlooked in favor of profit. It highlights the importance of cultivating ethical cultures within organizations and underscores the need for regulatory oversight in the banking sector.

Conclusion

In conclusion, the Wells Fargo scandal is a critical case for analysis in the context of ethics in banking. By examining the failures that led to this scandal and the lessons learned, we can better understand the importance of ethical standards in the financial industry and work toward preventing similar occurrences in the future.

References

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