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Wells Fargo Competitor Profile

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Industry Research and Competitor Profile Name: Internship Company: Purpose: The purpose of this assignment is to familiarize you with research on the larger industry as a whole as well as a specific competitor within the industry. Competitor awareness will allow you to further your knowledge of the industry and make you a more competitive job candidate. Briefly describe your industry: Wells Fargo is a financial services company. They have three main operations that include: community banking, wholesale banking, and wealth and investment management. The Company provides retail, commercial and corporate banking services through banking locations and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. Top 3 leaders in the industry (Nation Wide): 1. Chase 2. Bank of America 3. Wells Fargo Number of people employed by the industry: 273,000 (as of 1st Quarter 2017) Annual industry revenue: $2.0 Trillion Describe the top challenges faced by this industry and how is the organization you are working for addressing those challenges: …show more content…

A few months ago, Wells Fargo was caught for employees opening up fraudulent accounts to meet a sales quota. Wells Fargo is address these challenges by eliminating their old product goals and focusing on the customers only. They also are rebuilding their brand by making employment changes across all sectors. Aside from this issue, Wells Fargo also faces the challenge of being beat out by the top competitors. They are addressing the challenge by building stronger relationships with customers so that they can earn their trust and

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