In an article from the Washington Post in October 2017, the company’s profits were reported to have fallen almost 19% which resulted in revenue falling 2% over the past year. In contrast, other banking institutions were showing a double-digit increase in profits over the same time period.
Wells Fargo chief executive Timothy Sloan said the bank is making progress in key areas, but he acknowledged its continuing struggles. "Over the past year, we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank," (Merle, 2017). One can assume that it will take several years for Wells Fargo to recover from their ethical debauchery. However, they will forever be known for their failure to conduct business in an ethical and moral …show more content…
C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases [9th edition]. Mason, OH: Cengage Learning. Retrieved from https://www.betheluniversityonline.net/cps.
Merle, Renae. "Wells Fargo's profits tumble as mega bank struggles to rebound from sales scandal." Washington Post, 13 Oct. 2017. Opposing Viewpoints in Context, link.galegroup.com/apps/doc/A509395076/OVIC?u=tel_a_bethelc&xid=4b0253a7. Accessed 12 Nov.