FD 10 – Ch 24 Forum Discussion – Banking in the Digital Age 66 unread replies.66
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FD 10 – Ch 24 Forum Discussion – Banking in the Digital Age
66 unread replies.66 replies.
Watch the following two (2) videos, then based on the chapter readings, lecture/powerpoint and course materials, answer the questions below:
The Wells Fargo Scandal – A Simple Overview (Links to an external site.)
Senator Elizabeth Warren questions Wells Fargo CEO John Stumpf at Banking Committee Hearing (Links to an external site.)
1) According to the Simple Overview video, “eventually the company took it too far when they became obsessed with selling _______________ _______________ to each customer”. Regarding creating many multiple bank accounts for single customers, John Stumpf was quoted as saying “I’m often asked why we set a cross-sell goal of eight. The answer is, it rhymed with “great.” Perhaps our new cheer should be: Let’s go again, for _______________ .”
2) In Senator Elizabeth Warren’s question ing of Wells Fargo CEO John Stumpf, the Wells Fargo Vision and Values statement which Strumpf frequently cites says “We believe in values _______________ not phrases _______________. ” Later on Senator Warran quotes Fortune magazine regarding senior executive Carrie Tolstedt who ran the community banking division, according to Fortune, “if Ms. Tolstedt had been fired instead of retiring, she would have had to forfeit as much as _______________ of that award.”
3) Do you believe Wells Fargo’s practice of pushing multiple bank accounts on individuals, even to the point of falsifying documents to create accounts without clients’ consent should be considered, and prosecuted as a criminal act? Why or why not? What do you think should happen to CEO John Stumpf and other top executives at Wells Fargo?