Case summary:
Bank WF is the one among the largest banks in Country U. The Consumer Financial Protection Bureau charged fine of $185 million for opening a 2.1 million of unauthorized accounts and services for the clients. The bank fired 5,300 employees for the false and illegal opening of accounts. These ethical issues are because of the pressure of the organization. This shows that these illegal activities are arises to achieve the sales target. Evidence proved that these were also approved my many managers. Bank WF fired all these employees without being investigated. An investigation special board committed investigated all the Bank WF employees and the result found that the target can be achieved only by way of cheating. They used whistle blower retaliation to investigate and fire the employees. Late, the CEO of the bank was resigned and replaced by Person T.
Because of all these activities the trust among the customers were reduced and it will take time to rebuilt it again by Bank WF. To patch up all these the bank formed all new employees with best internal control and many risk management policies. The bank came up with more innovative services focusing the customer satisfaction.
Characters in the case:
- Bank WF
To discuss: The way how the sales division can operate different from the ethical subculture.
Ethical subculture refers to the division of a large culture with ethical values and norms.
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Chapter 4 Solutions
Marketing
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Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning