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Wells Fargo's Leadership And Organizational Behavior

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Wells Fargo’s Leadership and Organizational Behavior
In order to have any kind economic position in the United States, an individual must possess a checking or saving account. The most common way of establishing an account is through a financial institution; more specifically, banks and credit unions. There are thousands of financial institutions for individual choosing, such as, Bank of America, US Bank, JP Morgan and Chase, Navy Federal Credit Union, et cetera. Wells Fargo & Company, one of the most popular financial institutions in the US, “is a nationwide, diversified financial services company with $1.7 trillion in assets. Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,700 locations, 12,800 ATMs, online (wellsfargo.com), and mobile devices. They do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 266,000 team members in 36 countries with more than 90 businesses. Their vision: “We want to satisfy all our customers’ financial needs and help them succeed financially” (Wells Fargo, 2015). As a prospective customer, this …show more content…

Wells Fargo, 2015). Los Angeles City Attorney Mike Feuer, who is representing Californians, says “the largest California-based bank encouraged its employees to engage “in unfair, unlawful and fraudulent conduct” through a pervasive culture of high-pressure sales” (Reckard, 2015). Wells Fargo reputable organizational behavior is being tested with allegations that jeopardize the institution’s ultimate vision, value, and goals. Wells Fargo’s strict and unrealistic sales quota forced employees to engage in unethical and illegal practices to meet the standards and expectations of the

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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…”

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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.

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Cross-selling: Credit unions can increase customer happiness and profitability by cross-selling additional products and services by having a thorough awareness of the financial requirements and preferences of each customer segment. 2) What products / services would you think about promoting? A detailed examination of Riverside Credit Union's consumer categories, market trends, and competitive environment would be required to decide which goods and services should be promoted. These potential goods and services could be promoted as a result of this analysis, including: 1) Savings and checking accounts: Savings and checking accounts are the main deposit products that the majority of credit unions provide, and they are crucial for luring and keeping customers.

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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).

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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

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