Today, Wells Fargo is widely recognized for its commitment to the Hispanic and Latino community. This commitment however, is not a recent phenomenon and dates back to before the turn of the century. Since its founding in 1852, Wells Fargo had encouraged team members to treat all customers with courtesy and respect. The once informal policy became company standard in 1888 when agents and managers were required to show “proper respect to all. Let them be men, women, children, rich or poor, white or black…”
The last point in this article explains how Wells Fargo has added questions to its annual employee survey. They have done this to try to “understand whether employees refer the bank’s products to friends and family, and decipher the confidence in the
Wells Fargo has been in business for over 160 years and was founded on March 18, 1852, by Henry Wells and William Fargo. The company opened its first office, in San Francisco, on July 1852. Wells Fargo served the West with banking needs, which included gold and paper bank drafts, and offered quick delivery of gold or other valuables. In1855, the first of many financial dilemmas took place when a drought made it impossible to mine for gold, and this caused almost 200 businesses in San Francisco to fail, but Wells Fargo didn’t fail, they prospered. In the early1860s, Wells Fargo acquired almost all the stage lines from the Missouri River to California, giving them a monopoly on transcontinental delivery services.
Wells Fargo is an American based company in the international banking and financial services industry. Henry Wells and William Fargo founded Wells Fargo in 1852 (History of Wells Fargo, n.d.). Wells Fargo has its headquarters in San Francisco, California but still has other sub headquarters all around the United States. Over time, Wells Fargo became one of the largest banks in the United States. Following a couple years of great success, the bank found itself entrenched in one of the biggest bank scandals in history.
After hearing the Attorney Generals Office (AGO) entered into an agreement with Wells Fargo (WF) to provide modifications for borrowers in need financial assistance, with the assistance of Salvatore Gulino I applied for a loan modification. WF repeatedly mis- handled my loan modification request by losing my paperwork in part or in whole, miscalculated my income and switching case managers which forced me to reapply all over again several times. To add insult to injury after several years WF finally calculated all of my income correctly, WF stated due to the program no longer existed,we can not modify your loan (please review doc A ) showing despite WF assertion I did apply in time or I didn 't repeatedly give them a full modification
Not only am I drawn to Wells Fargo’s rich history and comprehensive reach in the financial services industry, its highly collaborative and caring culture offers me the opportunity to make a real impact. When I first became interested into wealth and investment management, I reached out to many professionals but Wells Fargo advisors were one of the few to response. Not only were they willing to offer valuable, they also connected me with their colleagues and invited me to tour their offices. Through the phone calls and tours, I got to experience the Wells Fargo difference: a team-oriented culture of caring and helping others. Being a part of Wells Fargo and the WIM program gives me the unparalleled opportunity to gain hands-on experience and
are not uncommon as employees often feel pressure to succeed and meet goals that have been established. The issue arises when employees start to make unethical decisions that are in their personal best interest at the time. The goals set may have been steep and the employees may have felt they were unachievable. This did not provide the employees an excuse to truly sabotage the company as well as the name of Wells Fargo Co.
“The most polite and gentlemanly treatment of all customers, however insignificant in their business, is insisted upon. Proper respect must be shown to all- let them be men, women, or children, rich or poor, white or black- it must not be forgotten that the company is dependant on these same people for its business.” When Henry Wells was alive, there were 8,000 workers at Wells Fargo. Today, there are 150,000 or more employees at Wells Fargo. There are 6,000 branches and from 1990-1998, their stock went up 1,197% (Smith).
Currently, the stagecoach has given way to trends in Twitter, Facebook, and LinkedIn, social channels are fast becoming the means by which customers communicate, connect and exchange views. The Wells Fargo executives innovators have always been among the first to use these social channels to help tighten and strengthen customer relationships. "We are a relationship-based bank," said Steve Ellis, the visionary responsible for wholesale services group Wells Fargo. "Many of our customers have the services of several banks, so our goal is to be the leading bank in all markets in which we operate".
Wells Fargo's in the first place, and potentially most essential, operational system is concentrating on cross-offering. Dick Kovacevich, previous executive and CEO of Wells Fargo, is regularly credited with building up the bank's successful cross-selling system. As per Wells Fargo, cross-selling is a great strategy to implement because is a process to offer clients products and services that is needed and by offering these services and products to the clients its helps them succeeds financially. For Wells Fargo, cross-selling is a part of the hierarchical DNA. It's the most vital mainstay of its operational methodology.
Well Fargo is the financial institution which has accomplished more with its marketing strategy; even though, it does not mean is has been completed success to target all the U.S Hispanics. Well Fargo's strategy consisted in research about the U.S Hispanic culture and provide
Wells Fargo banking operations is divided into three segments – Front office, Middle Office and Back end office. At Wells Fargo, front office operations deal with communicating directly with the client, cross sell, provide service, build relationship and enhance business for the bank. Middle office operations deal with supporting the front office operation by providing and booking deals for the transactions. Back-office deals in processing transactions and requests of the customer. Front office generally helps in account opening, account maintenance and account closure processes.
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).
Wells Fargo’s “Gutless Leadership” Wells Fargo is one of the largest banks in the United States, with “…more than 8,600 locations [and] 13,000 ATMs” (Wells Fargo Today). Millions of Americans trust them with their finances. However, after a federal investigation, Wells Fargo has admitted to opening up to two million accounts without customers’ permission. While this had financial implications for many customers, this scandal most heavily affected Wells Fargo’s low-level employees.
Your customers must be seen as individuals and treated in that manner with all interactions. They must be recognized when they walk thru the door or participate in the same Twitter conversation. Not just the sales staff of the department they shop in the most but the whole organization must recognize them as much more than their billable account number for maximum efficiency.
