Will a $1 Billion Fine Change Wells Fargo? A mere fine may not be a deterrent.
Wells Fargo needs a significant culture change that makes top executives more accountable. It is common for big banks (too big to fail!) to take such aggressive calls, pay fine and move on. For the financial benefit (also non-financial benefits) are far bigger than the fine payable. A small fine is not treated by some of the bankers as a ‘punishment’ either?
‘once you are in, no matter how mad they make you, you are stuck with your bank?!’
Wells Fargo is merely a metaphor. These are applicable to all in banking, BFSI and corporate world. Even not-for-profit and governments?