ipl-logo

Case Study Wells Fargo

1978 Words8 Pages

Wells Fargo & Company Submitted to: Submitted by: Date: Course code: Abstract In these research paper management issues of Wells Fargo & company has been identified. It is observational research study that is based on data collected from different secondary resources.The main objective of this research study is to address the management problem which Wells Fargo & company is currently facing. Research has also proposed a few solutions to overcome the problem and to ensure that such management problem does not take place again. In the end, research has also provided recommendation which includes the involvement of new management techniques in the organization. A separate audit department is also a solution to current problems. …show more content…

Itwill help the organization to improve its reputation. Loss of customers as a result of creating fake accounts is also a matter of concern for the company which should be addressed. Customers should be contacted by the company, and all of their concerns should be removed effectively and promptly. Bibliography forbes.com. (2016, 09 19). Wells Fargo To Nix Sales Goals After Fake Account Scandal. Retrieved 09 19, 2016, from forbes.com: http://www.forbes.com/sites/laurengensler/2016/09/13/wells-fargo-to-end-sales-targets-after-fake-account-scandal/#c41eba622dcd ft.com. (2016, 9 19). Wells Fargo urged to clawback bonuses over fake accounts. Retrieved 9 19, 2016, from ft.com: https://www.ft.com/content/769b5460-790a-11e6-97ae-647294649b28 Levine, M. (2016, 9 19). Wells Fargo Opened a Couple Million Fake Accounts. Retrieved 9 19, 2016, from bloomberg.com: https://www.bloomberg.com/view/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts Rushkoff, D. (2016). Real reason Wells Fargo scandal should scare you. Cable News Network . Singal, J. (2016, 9 19). Why It’s Unlikely Anyone Will Go to Jail Over Wells Fargo’s Massive Fraud Scheme. Newyork times

Show More
Related

Class Action Lawsuit: Wells Fargo By Mike Feuer

1141 Words | 5 Pages

In an attempt to save face Wells Fargo released the statement, “Wells Fargo's culture is focused on the best interests of its customers and creating a supportive, caring and ethical environment for our team members," but in reality is this what Wells Fargo actually stands for? At no point should an employee be threatened by public embarrassment if they do not reach such ridiculous quotas. They seem to have a complete disconnection somewhere along the road between corporate and the actual everyday operations of Wells Fargo. In order to avoid this happening again in the future, they should see to it that they adhere to company culture, and receive input in their decisions further down the chain of command. Running any business should be more than just appeasement of the Board of Directors, because otherwise the ethics of everyday operations are put at risk.

Read More

Wells Fargo Reputation Summary

915 Words | 4 Pages

The scandal will hurt WF’s reputation and their ability to attract or retain customers. But like all scandals with big corporation, it will be a distance memory in another month or so. The tragic truth is, Wells Fargo will always be too big to fail, even if it affects the nation at a macro-level. New rules and regulations will be put in place as a result, but consumers will never even feel the effects. Wells Fargo will walk away the same way BP did.

Read More

Stumpf's Managerial Ethics In Wells Fargo

177 Words | 1 Pages

Wells Fargo shouldn’t be only one having to pay fines; the employees should also be held liable and pay back the profits each of them made in this scandal. Wells Fargo’s current focused is “training, monitoring, oversight, and compensation structuring” its employees. At this juncture, it is

Read More

Wells Fargo: The Scandal Of Wells Fargo

187 Words | 1 Pages

As all this came to fruition, the bank was penalized with $185 million dollars in fines and other penalties by county and federal organizations (Blake, 2016). On top of getting slapped with millions of dollars worth of fines, Wells Fargo fired 5,300 employees that may have been involved in the scandal (Blake, 2016). Some of Wells Fargo’s top executives where asked to step down in court proceedings as well as in other meetings with federal agencies. There have also been several lawsuits filed against Wells Fargo by customers and former employees of the company that feel that they were wronged and bombarded with threats. Thankfully, this scandal did not affect most of Wells Fargo’s clients.

Read More

Wells Fargo Essay

232 Words | 1 Pages

Balance scorecard system is a strategic management and planning system that enables the organizations to monitor the performance against strategic goals by aligning business activities to the organization's mission and vision. Wells Fargo has implemented a balance scorecard system (Banking sector) in its online financial services group (OFS) to track and measure performance .The two variance measures that can be employed by Wells Fargo (the identified Company) are, Customer aspect: The balance scorecard system can be used to check the rate at which the customers have grown over a period of time, what factors have influenced growth and which factors can lead to further increase in customers. Financial aspect: The organization can use the balance

Read More

Wells Fargo Scandal Summary

1237 Words | 5 Pages

Lastly, the SEC will scrutinize any securities fraud that may have been committed as a result of withholding private information (insider trading) to investors due to possible accounting malpractice. Currently, the SEC and Department of Justice results are still pending the ongoing investigation. Tomi Kilgore of MarketWatch reported “Wells Fargo investigation into sales practices should be completed before the April 2017 shareholder meeting.” Likewise, Wells Fargo responded following the mandates of the Office of the Comptroller of the Currency by opening

Read More

Wells Fargo Essay

1171 Words | 5 Pages

Upon John Stumpf’s resignation all of this began to crumble as the stock declined 10% already between September 8th, 2016, and September 20th, 2016, as the pressure from customer and employee lawsuits and congressional investigations began to weigh on the stock. 2.What were the effects of the cross-sell strategy on Wells Fargo’s stakeholders? Wells Fargo’s cross-sell strategy was a cornerstone of the firm’s business strategy and it had important, differing effects on different stakeholders. On shareholders the effect before the scandal was very positive, as Wells Fargo was known as the “King of Cross-Selling”. The bank had the highest cross-sell ratio among large banks, 5.95, which allowed the firm to produce exceptional profits in its Community Banking Division (59% of net income in

Read More

Code Of Ethics And Ethical Issues In Wells Fargo

678 Words | 3 Pages

Internal control is a process which consists of five components designed to provide reasonable assurance on the company objectives’ achievement, such as effectiveness and efficiency of operations, compliance with laws and regulations, the reliability of financial accounting information and safeguarding assets. It is an important business practice as it can help the company to reduce risk by detecting and preventing fraud and protecting the company’s properties and resources. Wells Fargo has poor corporate culture as there is a lack of integrity and ethical values in their internal control. The employees had created about 2 million bank and credit card accounts in the name of their customers without their acknowledgment and consent in order to achieve the extreme sales targets set by the management for the employees to cross-sell additional banking products or services to the existing

Read More

Swot Analysis Wells Fargo

621 Words | 3 Pages

By reviewing their Vision and Values brochure, (https://www08.wellsfargomedia.com/assets/pdf/about/corporate/vision-and-values.pdf) it says “…putting our customers first and helping them succeed financially”, which isn’t in-line with the strategies they have employed. Their top strategy on their brochure says they have unwavering focus on the customer “Deepen relationships and attract new customers”, unfortunately their policies focused on attracting new customers. One of the policies mandated by the company was “cross-selling’ convincing customers to by multiple bank products” (EconMatters, 2016). This cross-selling lifted profits and kept customers more apt to feel they have to stay with the bank. This policy by itself is applauded by many in the industry.

Read More

Case Study: Wells Fargo

990 Words | 4 Pages

Wells Fargo offers a variety of services to their many customers. For the individual the company not only offer the traditional banking services, such as checking and savings accounts, but also offers online bill pay, credit cards, loans, insurance, investment opportunities, retirement planning, and wealth management services. (14) For the small business customer Wells Fargo offers “credit card processing options”, and payroll services” (16). For commercial customers, the company offers the above services plus risk management services, “Corporate Trust Services”, and a variety of industry reports (17).

Read More

Wells Fargo: Explain How The Issues Raised In This Media Report Are Ethical Issues

268 Words | 2 Pages

Case 1: Wells Fargo (a) Explain how the issues raised in this media report are ethical issues “Cheating” or in Wells Fargo’s case, creating fake accounts was aimed to drive their employees financial gain for the organisation or individual benefits. This unethical behaviour was said to be a widespread culture at the bank. A legitimate beneficial business strategy turned into an illegal activity. These could be considered as unethical for various reasons: i. This is not fair for Wells Fargo’s customers as they are fleecing their customer and their customers will be paying for something that they did not signed up for and this might then slowly accumulate and become a liability for them.

Read More

Wells Fargo: Organizational Strategy And Objectives

850 Words | 4 Pages

Organizational Strategy and Objectives The foundation of Wells Fargo’s strategy is its focus on customers. The company’s strategy tends to drive the choices they make and also enable them to prioritize its efforts, differential from peers, and build a lasting value for customers, employees, communities, and shareholders. The diversified business model tends to provide the company with the stability and the strength as it assures communities and customers that it exists to serve them and also the future generations. The objectives of the company are to be the leader in financial services in areas of team member engagement, customer services and advice, shareholder value, innovation, corporate citizenship, and risk management (Wells Fargo n.d).

Read More

Wells Fargo Case Study

867 Words | 4 Pages

In September 2016, Wells Fargo agreed to pay $185M in fines and return $5 million in fees wrongly charged to customers because of unethical sales practices. (Zoltners, Sinha, & Lorimer, 2016). Wells Fargo, over several years, opened over 2 million bank and credit card accounts without customers’ permission, or knowledge. The deception took several years to uncover because these unauthorized accounts generated only small, unnoticeable monthly fees that most people did not recognize or become alarmed over when they were recognized on statements. Over time, however, these fees became more visible as the total value of the fees became large and the scheme was uncovered.

Read More

Wells Fargo's Ethical Ethics Of Wells Fargo Financial Corporation

1347 Words | 6 Pages

When it comes to the Ethical Decision Model, it does not just pertain to the employees who opened these accounts but also leadership who either failed to realize what was going on or decided to sweep it under the rug by just covertly firing some employees. Wells Fargo did take the first step in recognizing the problem but failed to define it, which explains why these unethical behaviors continued for so many years. When the corporation was initially aware of what was going on, they should have acted immediately and strategized a solution that would dilute the possibility of it occurring again. Instead of defining the problem, which would have foster, a proper solution but company decided to just terminate

Read More

Case Study Wells Fargo

476 Words | 2 Pages

Sales employees were faced with unrealistic quotas and enormous pressure from management. In podcast episode “The Wells Fargo Hustle” by Chris Arnold and Robert Smith, former Wells Fargo employee Ashley describes the poor working conditions and illegal activities

Read More

More about Case Study Wells Fargo

Open Document