Every business has six critical elements called Morphemes. Morpheme #1 is the Premise (covered in PhilTakes #16-20). Morpheme #2 is the Promise (covered in PhilTakes #21-25). In PhilTakes #26-30, we discussed Morpheme #3, Sidelines: restrictions or limitations put on the organization by external forces.
Wells Fargo’s new account scandal (covered in PhilTake #35) is an example of stepping outside the Sidelines that damaged both the company and its customers.
Per the San Francisco Business Times, “Wells Fargo agreed to pay $185 million to settle charges that as many as 2 million unauthorized bank and credit card accounts were opened for customers by employees aiming to make sales goals. The bank fired about 5,300 employees over three years for engaging in the fraudulent activity and the scandal led to the ouster of CEO John Stumpf.”