The Wells Fargo Fiasco: Faulty Leadership Skills or Faulty Incentives?

The incredulous news story of how fake customer accounts were created by Wells Fargo employees to bolster revenues and profits at the expense of unsuspecting and loyal customers is a disgrace.  The fact that more than 5,300 employees have been fired tells you that this was more than just an isolated incidence of an overzealous small group of employees but rather a global and systemic culture that illustrates a serious lack of credibility and business ethics.  In a world where pharmaceutical companies are unnecessarily ridiculed for doing small things such as oh, curing cancer and hepatitis C, I am stumped as to why there isn’t more outrage about this brazen and disgusting situation.  This is not only stealing and deception, but it breaks every confidence and trust a bank stands for between itself and its customers.

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