A Review of Management Techniques and Practices at Wells Fargo Bank

Wells Fargo is an American multinational diversified financial services company. The company operates throughout the world. It is one of the largest banks in the US in the state of assets. Moreover, Wells Fargo is the largest market capitalization bank in the US. It takes the second category in the field of deposits, delivery of home mortgage services, and delivery of credit cards. The company has its headquarters in Francisco, California. The company has coverage of more than twenty-four states in the US. In every state, it has established its headquarters that act as distribution and storage regions for the company's products and services. The company offers insurance, banking, mortgage, and consumer financing through the sale and distribution of its networks across the US. The advantages of Wells Fargo Company are widely distributed: they have helped it realize a stable market in the United States and around the globe.

I've had the misfortune of primarily banking with Wells Fargo since 2007; I wonder why they even bother printing the year you became a customer on the cards, seeing as the amount of years you spend with them means nothing. A couple weeks ago, I walked in their branch on Sunset to pick up a cashiers check for rent; since I never received the checks I've ordered a month and a half prior.

When I went to work for Wells Fargo and Company nearly 16 years ago, I went based on the little I knew of the company at the time. My impression was that Wells Fargo and Company was exactly what I was seeking in a company. I felt they were a company I could build my career with. I saw Wells Fargo as an institution I could join for my personal and professional long-term growth. I knew the company as the image of the stagecoach and I saw what others see when they look at the company. The image of its stagecoach represented an aged and stable company with a strong reputation as a prosperous and growing yet conservative

Wells Fargo is a well known banking company that has recently been in the news for some not-so-good reasons. The Wells Fargo company has been around for a long time and is trusted by their many customers to treat them fairly when it comes to opening new accounts or managing current accounts. However, according to some of Wells Fargo’s team members (what they call their employees), Wells Fargo has “strict mandates to sign existing customers up for additional products,” (Davidson 1). This means that they want their customers to open new accounts, get new credit cards, transfer a 401(k), and/or take out a mortgage. Since most customers refuse to do so, some of the employees thought that they should go ahead and open new accounts without the customers’ consent. This later back fired when the customers received late notices on payments for the accounts they did not agree to open and did not know they had. Similar actions were happening at Wells Fargo banks

fact, when U.S. senators requested the Labor department investigate the matter, they found lawsuits that went all the way back to 1999 for the same type of behavior (Egan, 2016). According to the Fair Labor Standards Act of 1938 the maltreatment behavior of the Wells Fargo managers against their employees was unlawful, this act was created to protect employees from being forced to work extra hours for little or no pay and instead guaranteed time-and-half rates for anything over a 40-hour workweek (Thomas, 2014). In response to these claims Wells Fargo issued a statement that insists they comply with the FSLA and that their employees are paid fairly. However, once again Grourley testified that during his time with the bank, managers would

According to an article on www.housingwire.com, 2017, Wells Fargo CEO, Tim Sloan, made the decision to close over 400 branches in the United States. The fake account scandal fueled this decision because the company lost 746 million dollars in revenue. The closures can save Wells Fargo about 2 billion dollars by the end of

Bank of America thrives off of the premise that they are aiming to enhance the financial lives of their customers. Per the Code of Conduct, Bank of America believes in treating all of their customers equally; they claim to expand beyond expectations to deliver satisfactory customer service; they implement discipline to eliminate financial risks to customers; they pride themselves on acting responsibly; and they strive to help individuals to reach their full financial potential. This company enforces the belief that they honor their ethics fully. This includes making

Mach 18, 1852 the Wells Fargo’s Company was founded by Henry Wells and Williams Fargo’s. Consequently, this new company offers banking and financial services. There headquarter were in San Francisco, California, this banking company became one of the world’s second largest bank. Over the years, Wells Fargo’s became an international company for banking and has one of the larger market capitalization: in the US by their assets. On June 8. 1998, the California-based Wells Fargo and Minneapolis banking company did a merger of equal stock valued at 34. billion. This created the Western Hemispheres for banking and financial services. Furthermore, Wells Fargo employees over 264.7 thousand full-time works in banks all over the US. Years later, Wachovia

Per CFBP, Wells Fargo employees temporarily funded newly-opened accounts by transferring funds from consumers’ existing accounts. The violations committed by Wells Fargo include:

Wells Fargo is a public trading company that was formed in the year 1852 by Henry Wells and William Fargo. The company transcended from a service that transported from a fright from the East Coast to mining camps throughout California during the California Gold Rush old rush in the 1800s (APA, Wells Fargo). At Wells Fargo’s inception it focused on offering banking solutions to the people of California with an established mission and principles that has enshrined in its culture and values that are geared towards the company vision that states “we want to satisfy our customers financial needs and help them succeed financially.” (APA – Wells Fargo VV)

This practice was so common that Wells Fargo employees had several methods for doing this. The first method is sand bagging. Sand Bagging involves failing to open accounts by customers at their requested date, instead accumulating accounts to open in the next sales period to inflate profits. Another practice was called Pinning which was creating pin numbers without customer’s authorization, and attaching them to credit cards. Then employees would impersonate customers on Wells Fargo’s computers and use these pin numbers to create online banking and bills for customers. Finally, a practice called bundling was done where Wells Fargo employees would mislead customers saying that certain banking products were only available in bundles which forced customers to add more products than they wanted.

Wells Fargo founded in 1852 is known for being a financial services company. Wells Fargo provides banking, insurance, investment, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATM’s, online, and mobile devices. Wells Fargo is headquartered in San Francisco, California but has a vision of being decentralized from that location. Being decentralized allows each location to act as a headquarters to provide their customers with specific financial services. Wells Fargo employs approximately 268,000 employees to serve 70 million customers.

In this paper, I will identify security threats that Bank of America faces today. In addition, I will describe the techniques and processes used to identify the vulnerabilities and threats, describe risks to the information and related vulnerabilities within Bank of America when utilizing components of the web. Discussions on BoA safeguard against legal issues will be addressed followed by the types of social data that potentially cause problems for this bank institute. In conclusion, I will explain the legal, ethical, and regulatory requirements Bank of America utilize for the protection of the organization.

Wells Fargo scored high on Strategic Direction due to their clear strategy of focusing on selling new goods and services to their existing customer base, which is called cross selling. Somehow this strategy has worked for Wells Fargo unlike their competitors. The three banks do not seem to have large international recognition, majority of their business is based in the United States.

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.