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Wells Fargo & Company is an American international banking and financial services holding company. t is the world's second-largest bank by market capitalization and the third largest bank in the U.S. by assets.
Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia.

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The Wells Fargo employees had opened savings and checking accounts unauthorised by their clients. They charged the customers

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Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning".

By setting the client's pin to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking

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In 2011 the Wall Street Journal had started documenting the selling practices of Wells Fargo. By 2013 the Los Angeles Times revealed the intense pressure cooker style of selling the products.

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New account openings have dropped

According to
released by Wells Fargo last week, the number of new accounts being opened at the bank has plummeted. New consumer checking accounts were down 41% in November compared to the same month last year. And applications for consumer credit cards dropped by nearly half, or 45%.

Loss of Customers
Wells Fargo has 27.4 million active digital customers, 18.8 million of which use its mobile app. Consequently, while the number of customers visiting Wells Fargo branches fell 14% in November compared to 2015, a portion of the difference is captured by the growth of digital banking. Online and mobile banking sessions increased 10% over the same stretch.

in September of 2016, California suspended its relationship with the bank.[65] John Chiang, the California State Treasurer, immediately removed the bank as bookrunneron two municipal bond issuers, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the state of California

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Egoism theory

Manager’s at Wells Fargo thought cross selling and opening fake accounts will not only benefit them but their organization too in long term as they were getting monetary rewards and  the organization was  also benefited through cross selling  but as the fraud came to light it not only affected the employees ,managers, organization but also customers. The ego or one’s own interested harmed the reputation of the organization and also made customers to lose their trust in the banks operation.

Virtue ethics

Ex-CEO of Wells Fargo  John Stumpf who was the ceo of the bank when the scandal took place admitted that he  knew that his employees were violating the bank's ethics rules, and perpetrating fraud, and did nothing to stop it. He turned a blind eye in the name of extra profit. According to me he was not acting with integrity and any honest person with integrity at that position should have taken action immediately to stop the fraud. Some Investigation as also released that employees who were not happy with fraud taking place had reported to John Stumpf but in reply had lost their jobs which I consider most wrongful thing done by a CEO .

Moral Impulse and emotions

The employees at Wells Fargo were pressurized and bribed with financial incentives to complete their targets of cross selling and new account openings. This sales culture which was practiced by the managers was the driving force of this scandal. So the employees started to open fake accounts and cross selling without the knowledge of the customers which became the culture among the employees and each and every employee in the organization felt it was perfectly ok and every person working at the bank does it without any guilt. The employees who felt that they are doing wrong or going to do something wrong contacted HR helpline but didn’t get any response and were forced to quit the job or were thrown out .When the scandal was busted many employees who were involed in the scandal were thrown out by the institution.

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Separating Chairman and CEO roles to ensure a more independent Board of Directors.

Board of Director replaced CEO   John Stumpf with COO Tim Sloan

Carrie Tolstedt, who oversaw community banking during the time of the fraud, has had $19 million in stock options clawed back, and been stripped of severance and retirement benefits.

Reaching out to 43 million retail and small business account holders to make sure that all of their accounts were properly opened.

Contacting customers with improperly opened accounts.

$2.6 million was refunded to customers for fees associated with those accounts. 5,300 employees were terminated over a five-year period

Contacting credit bureaus on behalf of customers with unauthorized credit cards to help restore FICO score.

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As of 4th September 2017 , the number of false accounts opened by Wells Fargo went from the previously expected 2.1 million to now 3.5 million.

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September of 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million. The fines received substantial media coverage in the following days, and triggered attention from further interested parties.

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Board report ‘offers lessons that will influence how we continue to build a better Wells Fargo’

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CEO Tim Sloan addresses Wells Fargo team members on April 10, 2017, after the Board of Directors released the findings of its independent investigation into sales practices within the Community Bank.

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Khush Gosrani- 30
Tarun Vanvari - 64
Rahul Masand - 44
Raghav Dusad - 43
Jenil Vira - 26