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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

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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.

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1440 Words | 6 Pages

But in late 2016, according to news reports and testimony before the U.S. Congress, company representatives publicly conceded that the incentive resulted in disaster. Over a period of at least five years, Wells Fargo employees created more than 1.5 million unauthorized deposit accounts, and at least 500,000 unauthorized credit card

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457 Words | 2 Pages

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1347 Words | 6 Pages

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