Wells Fargo Proves Corporate Culture Can Also Be A Competitive Disadvantage

In the case of Wells Fargo, a culture that exhibits disdain for employees and leadership practices that encourage power, competition and the setting of impossible performance targets. Just this week in an interview with the Wall Street Journal, Wells Fargo CEO, John Stumpf, seemed to lay blame specifically on rogue employees, not the organization itself. Stumpf slyly suggested that the 5,300 employees that were terminated as a result of the scandal failed to put customers first or honor the vision and values of the bank. “If they’re not going to do the thing that we ask them to do — put customers first, honor our vision and values — I don’t want them here,” Stumpf acknowledged. “I really don’t.” Not once did Stumpf insinuate that there was a corporate culture issue at Wells Fargo. Not once did he or his C-Suite take responsibility for the unethical behaviors.

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