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Wells Fargo fires workers over fake keyboard activity
(www.bbc.com)
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this post was submitted on 14 Jun 2024
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Wells Fargo (and Boeing) largely illustrate Goodhart's Law; they don't use metrics correctly. But more than anything else, those companies are demonstrations of the risk of having only one metric that supersedes all others: short-term profit.
The fact that a company uses metrics doesn't prove they're doing the right thing. They have to use good metrics well, have good practices and processes around metrics, understand them, and not using them as targets. Wells Fargo's troubles mainly stemmed from violating Goodhart's Law.
True, having the right metric is important. But having no metric might be an overreaction to the crisis caused by bad metrics.