What course of action would you suggest that the company take?
My suggestion to Wells Fargo is to stay calm, tank the heat, and do whatever they have to do to deal with this scandal as fast and efficiently as possible. If they stay calm and collected, then they can deal with all the repercussions faster. They are going to have to deal with the consequences and repercussions, this is a fact, anyone is their position will have to, it’s how they deal with it that will help them show the world that they are still part of the elite class of financial institutions and banks. I would suggest to first deal with the scandal. Employ a special team of investigators and auditors that will go through all the branches and ranks and completely sweep through every single Wells Fargo institution. After doing this, clean and eliminate all remnants of the scandal. Then, reorganize their employees and ranks, starting with the CEO. Replace the CEO and upper management, then, debrief all existing employees of change of management. Hire new employees to replace the ones that were fired. Fix their image which has been stained by the scandal. Work hard to create a new improved image of who they are and what they stand for. One guarantee is that they will have to spend a lot of money on marketing, promotions and rehiring, a lot of money. Fix their spoiled relations with their customers, both past customers and present customers. Offer incentives for people so they can come back to the bank and give Wells Fargo another chance. Lastly, rehire employees which they lost as a result of the scandal. These are a few of the many courses of action they should take to fix their corporate structure and image.
Personally, I believe that my reasons and recommendation is to follow a Deontological Framework, mainly Libertarianism. By following and adopting a Libertarianism approach and lifestyle both within and outside the workplace, they will be able to show the world that they are a changed firm who is still as effective and strong as they were before but just more ethical than before. It will show that they have the ability to change and to learn from their mistakes. Libertarianism focuses on free will, or liberty, of the individual. For me, the “individual” is the customer. In the fake account scandal, the bank pressure and forcefully opened multiple accounts of customers without their consent. Sometimes, creating fake email accounts to open accounts just so targets could be met. This is restricting and taking away customers freedom and knowledge about what account belongs to them and what account does not belong to them. In layman terms, by creating accounts for customers without their knowledge or consent is a breach of their rights, freedom and identity. By adopting a Libertarianism approach and lifestyle, it will fix and improve everything. Instead of Libertarianism, they could also adopt a virtue ethics approach and lifestyle, again, both within and outside the workplace. The problem is that in order to do that, they will have to act ethically in every single work or piece of action that they do. This also means that every single employee has to act ethically otherwise the entire system will collapse. I say this because virtue ethics is building character and acting ethically by constantly acting ethically over and over again. By making sure that everything and everyone within the corporation acts ethically, they will end up having a total and complete ethical character. However, even though they can do this. I still prefer the Libertarianism approach as it is easier and will be able to focus on the free will and freedom of their customers. It will be quicker and easier to implement. Also, since the products and services which Wells Fargo sell and provide is more centered, dependent, and revolved around the customers. Libertarianism lifestyle and approach would be better. My solution is adopting a Libertarianism approach and lifestyle.