Please conduct background research on the Wells Fargo Scandal. This scandal involved the bank’s fraudulent generation of checking and savings accounts for its customers without their knowledge or consent. In addition, bank employees were told to transfer money between customers’ accounts to set up the new accounts. Credit cards were also pre-approved for clients without their knowledge or approval.
The scandal at Wells Fargo highlights numerous underlying issues related to dysfunctional management and a culture that supports such unethical activity. Lencioni’s Five Dysfunctions of a Team may offer some insight as to how such a culture emerged in the organization and how teams of sales representatives and employees across the bank’s locations could be led to the engagement of this fraudulent activity.
For this paper, you will analyze the Wells Fargo case through your own research on the topic, and identify issues and problems consistent with concepts from the Five Dysfunctions. As you are conducting your research, consider the following:
What were the underlying key symptoms at the bank related to these dysfunctions?
Should these dysfunctions have been apparent or recognizable to management? Why do you think this crisis become so widespread within the organization?
What recommendations or advice might you have for Wells Fargo in relation to minimizing the symptoms/dysfunctions you have identified?
The structure of your paper should be as follows:
Introduction (~ 1 page)
Background/Overview: Provide a background of the case, using valid source material to support your information. Be sure to cite your sources appropriately in your paper. Focus on the activities that were going on at Wells Fargo that directly related to the fraud.
Body (~ 2 pages)
Conduct an analysis of the events, focusing on the following:
Problem: What was the actual problem (or problems) that led to the scandal?
Evidence: What evidence do you have to support the identification of such issues?
Analysis: How do the Five Dysfunctions of a Team relate to the culture at Wells Fargo? Be specific here, and write about one or more dysfunction(s) AND the associated key symptom(s).
Solution: How should Wells Fargo address the scandal and resolve the issues? You may use existing information and research to examine Wells Fargo’s reaction and response. However, you may also offer your own recommendations or solutions, as if you were on the Wells Fargo management team at the time of the scandal. Either way, you must be able to support your recommendation/analysis with adequate research, either from the application of class concepts or from independent external research on the case.
Conclusion (~ ½ page)
Conclusion/Summary: Offer an effective summary, highlighting the case and the role of the Five Dysfunctions in helping us understand the underlying problems at Wells Fargo.
Use APA formatting for your paper. This includes having…
A properly formatted cover page.
A properly formatted references page.
Properly formatted in-text citations.
Prepare your paper in WORD, using 12-point Times New Roman font.
Use appropriate headings in your paper, as indicated in the recommended structure above.
Use double-spacing with one-inch margins.
In addition to Lencioni’s Five Dysfunctions of a Team, utilize at least four additional valid sources related to either the Wells Fargo Case or to concepts/theories from our class.
Papers should be a minimum of three pages, not including the cover page or the reference page.