The Conceptual Frame On Well Fargo

This report discusses moving from words to action and how Wells Fargo can generate buy in throughout the changes discussed. This report will discuss the option of bringing in a consultant and phase in of proposed changes. Change is ongoing and even after implementation, there is a need for review and follow-up. Wells Fargo has begun to make changes which will be reviewed for effectiveness and efficiency throughout the sections of this paper.

Bank of America is the largest US bank founded in 1904, it has expanded through several acquisitions. By the end of 2009, Bank of America was the market leader serving 82% of the US population and over 53 million customers. They are positioned as number one in online and mobile banking. Their mobile banking services were launched in 2007 and have gained 4 million customers in less than three years. Acquisitions made by Bank of America prior to the financial crisis caused a very strong drop in their stock price.

Commonwealth bank competes with foreign banks, building societies, mutual banks and smaller regional banks. Growing innovation and technological advancements has lead to increased emergence of new competitors and competition within the Australian banking and financial services sector.

This article discusses an incident that happened outside of Fargo, North Dakota in 1955. On June 12, a grain elevator that was being steadily filled for the first time collapsed. The collapse was not due to a weakness in the structure itself, but the weakness of the soil upon which it was built.

leader in cross-selling banking products and services to its existing customers, and therefore, set sales

The Bank of America Corp dominates the market in the United States and also uses different strategies to gain a competitive advantage over it

Focused on building lifelong relationships that satisfy the customers ' financial needs, Community Banking is one great team that "out-locals the nationals, out-nationals the locals" striving to earn our customers ' business and deliver a world-class, seamless Omni-channel experience every day with high performance accountability and balanced results. (Wells Fargo Intranet 2016)

Like many retail banks it offers a great variety of checking and savings accounts; CDs; ATM, debit and prepaid products; Online Banking and Bill Pay; and remittance products. The complete product offering at Wells includes the Distribution Strategies and Services Group; Regional Banking; Deposit Products Group; Wells Fargo Virtual Channels, including digital, contact centers, and other emerging technologies;

The largest liability for the three financial institutions are interest bearing deposits. Wells Fargo holds the largest proportion at 50.14% followed by US Bank at 47.70% and then Bank of America at 32.40%. US Bank holds and Wells Fargo have similar proportions of this liability. While these liabilities accrue interest the banks do have to expect frequent cash outflows from this. The three banks third largest liabilities are noninterest-bearing deposits with US Bank having the largest proportion of 23.36%, followed by Wells Fargo at 21.93% and Bank of America at 18.97%. These proportions seems relatively similar to each other but with US Bank’s higher proportion they should be weary. These noninterest bearing accounts are likely to be checking outs and while they do not accrue interest you can expect frequent withdrawals from customers which should keep them weary of loaning out too much money. Finally all three banks have listed other borrowed money as their third largest liabilities. This includes mortgage indebtedness and obligations under capitalized leases. Bank of America has the largest proportion of 14.24%. Next is US Bank with 13.66% and then Wells Fargo with 9.62%. These proportions also seem quite similar too each other.

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.

Bank of America focuses on 3 customers. They focus on the people, companies, and institutional investors. They are the leading provider of checking, savings, credit and debit cards, and home equity lending. Bank of America is the nation’s largest loan servicer offering numerous different home mortgage options. Bank of America is a strong hold in Global Corporate and Investment banking. The Bank also has a strong focus on financial advising and wealth management. The addition of Merrill Lynch has put Bank of America as the leader in Financial Services.

In the year 2007, there is a drop in financial performance within the company. Earnings have dropped

JPMorgan Chase & Co. is one of the oldest and well-known financial institution since its founding in New York in 1799 by Aaron Burr (The History of JP Morgan Chase & Co., 2008, p.2). As of beginning of 2015, Chase has more than 5,600 branches and 18,000 ATMs in 60 countries (Annual Report, 2014, p 42). For the year, the bank reported net income of $6.9 billion on net revenue of $34.6 billion (Annual Report, 2014, p 48). JP Morgan Chase stands as the leader of the pack among the “Big Four” banks along with Bank of America, Citibank, and Wells Cargo (King, 2015).

In 2008, Bank of America gained Merrill Lynch which made it the world's biggest riches director and principle organization in the venture managing an account business. Because of different acquisitions, mergers, and joint ventures the organization has a solid position and nearness in residential market.

Wells Fargo was founded in 1852 by Henry Wells and William Fargo to offer banking and express services in the Gold Rush port of San Francisco, California. Soon thereafter, Wells Fargo agents begin opening offices throughout various towns and mining camps all up and down the west. By the year of 1856, we were effectively running well over 2000 + stage coaches across the western United States. Then came the railroads of which changed the entire operation. With this type of transformation, we aided in Americans growth and expand across the continent. We have been there when others have not as we survived the San Francisco of 1906,