One of the biggest corporate news stories to break in 2016 was the Wells Fargo 'fake accounts' scandal. Many commentators, including me, wrote op-eds. At the time, I wondered whether the company had lost sight of its corporate purpose (reason for being), or if greed and hubris had permeated the corporate culture. These were speculations based on partially formed publicly-available snippets of information. Thankfully, the company initiated a far-reaching review, to try to get to the root of the problem.
Now, six months after the scandal was uncovered, the post-scandal investigation is reportedly wrapping up. Hopefully, the underlying causes will be identified, and credible recommendations to restore customer and market confidence in this once-fine brand will be presented. I look forward to reading the report.
Thoughts on corporate purpose, strategy and governance; our place in the world; and, other things that catch my attention.