Page 84 - Flip Banks TG

What Went Wrong

What went

wrong?

The Wells Fargo story is not a

unique one but it is a despicable

one, encompassing immense

proportion. Many organisations, not least the banks, have

succumbed to corporate malfeasance through the hubris

and greed of senior management. The Wells Fargo story is a

narrative that has ensnared many CEOs and their strategic

leaderships and one where courage to take responsibility

for ones’ actions are sadly in short supply.

For Wells Fargo management expressed dismay over the

lapses, and investigations ended up blaming the employees
and company “culture” for the situation.

“Many of Wells Fargo's problems in the past few years

have been over fraudulent practices in its retail banking

segment, whether through credit cards, insurance,

checking and savings accounts, or asset management.”

(4)

The question is how such a toxic culture developed in Wells

Fargo. How was it diametrically opposed to everything

leaders said and stood for and articulated in their

statements on mission and values? The answer lies in the