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Profits, Profits, Profits

This is a solid example when I say, CFOs need to have a change in paradigm. When everything is on the line, quarterly profits is still on the CFOs mind.

According to the article...

"But warns not to publicize as that could attract more bad PR.
Wells Fargo chief financial officer said efforts by states to penalize its business over an unauthorized-accounts scandal would not affect third-quarter earnings “much,” the Wall Street Journal reported, citing a recording of an internal call.

John Shrewsberry was recorded as saying the bank would only take “some legal set-asides” but publicizing this “might incentivize people to do more, to make it tougher on Wells Fargo …,” the Journal reported.

http://fortune.com/2016/10/11/wells-fargo-scandal-bottom-line/?xid=soc_socialflow_twitter_FORTUNE

Answers

Steve Sheridan
Title: Associate
Company: Dean Lewis Associates
(Associate, Dean Lewis Associates) |

My thought was to make all involved in the scam to personally have to call those affected, or if possible, to personally meet the customer at a branch to apologize and explain how WFB is rectifying that individual's situation. I would think when the WFB employees talked to or met the people they affected, it would give them a good perspective on what their bad decisions did. Perhaps it would even deter other companies from doing something similar.

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