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October 12

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Stumpf announces he will be stepping down from his positions as CEO and Chairman.

Tim Sloan becomes CEO and Stephen Sanger becomes Chairman.

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The Players and

Their Punishments

Who are the leaders?

Who are the followers?

September 27

The bank's independent directors announce that Stumpf will forgo $41 million worth of promised compensation, his bonus, and his usual salary as they launch an independent investigation.

•Wells-Fargo customers

•branch employees

•executives and the CEO

•firm as a financial institution

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September 22

Who is culpable?

September 29

A group of Senate Democrats ask the U.S. Department of Labor (DOL) to open an investigation into whether Wells Fargo violated the Fair Labor Standards Act (FLSA).

Stumpf resigns from his position on the Federal Advisory Council

Stumpf begins a hearing with the House Financial Services Committee

over the

scandal.

September 26

Two former employees of the bank file a lawsuit against the bank to represent employees, who have worked for the bank during the last ten years and who suffered for not meeting “impossible” quotas the bank set.

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September 16

The House of Representatives' Financial Services Committee opens an investigation into the bank's alleged misconduct.

September 14

September 20

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FBI and federal prosecutors in New York and California begin to probe the bank over the alleged misconduct.

This development opens the possibility of criminal charges.

Stumpf appears in front of the Senate Banking Committee.

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Elizabeth

Warren

(D-Mass.)

calls for his

resignation.

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September 8

September 13

The Consumer Financial Protection Bureau (CFPB), the Los Angeles City Attorney, and the Office of the Comptroller of the Currency (OCC) fines Wells Fargo $185 million.

The Ethics of Incentives

The bank announces it will be ending its controversial employee sales goals program effective Jan. 1, 2017.

Stumpf appears on CNBC, stating that he will not resign.

When does goal-setting go beyond transformational leadership?

The "Gr-eight" Fall

of Wells Fargo

Are incentives a form of trade, or an exercise of power?

  • serve a legitimate purpose
  • voluntary in nature
  • effect on character of individuals

Doing vs. allowing to happen

What Would Do?

Erin Dunstan & Megan Hill

•Confucius •Lao Tzu •Aristotle

•Plato •Kant •Rand •Mill

For...

  • CEO John Stumpf

  • Regional/Branch Managers

  • Bank Tellers

1) Timeline of Events

2) Circumstances

3) Ethical Analysis

What do you think?

Who is responsible?

Before the 2016 Scandal

1999 "Gr-eight Initiative" is introduced

2005 John Stumpf named President

2006 Stumpf joins Board of Directors

2007 Stumpf becomes CEO

2008 Wells Fargo acquires Wachovia Bank

and is accused of using abusive mortgage loan servicing practices

2010 Stumpf is named Chairman

Aug: Gutierrez v. Wells Fargo Bank

2011 Wells Fargo begins firing employees for

engaging in unethical sales practices

2015 Morningstar names Stumpf the

CEO of the Year

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