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Relevant Ethical Values The scandal had a far-reaching impact on Wells Fargo.Due to public perception and weight on credibility, arguably the scandal could be more destructive to Wells Fargo than a business in a different industry.Thus, when a bank puts the company's interests above the interests of its depositors, consumer trust rapidly shatters.The scandal also cast significant doubt as to whether Wells Fargo believed in the vision and values it claimed to hold so dear.While ultimately the underlining goal for banks is to make a profit, the financial services industry has a duty to responsibly man- age their clients' assets.The banking and financial services industry depends on a public perception of trustworthiness for its success.
Relevant Ethical Values
The scandal had a far-reaching impact on Wells Fargo.Due to public perception and weight on credibility, arguably the scandal could be more destructive to Wells Fargo than a business in a different industry.Thus, when a bank puts the company's interests above the interests of its depositors, consumer trust rapidly shatters.The scandal also cast significant doubt as to whether Wells Fargo believed in the vision and values it claimed to hold so dear.While ultimately the underlining goal for banks is to make a profit, the financial services industry has a duty to responsibly man- age their clients' assets.The banking and financial services industry depends on a public perception of trustworthiness for its success.
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