Wells Fargo & Company : An Institution That Facilitates Financial Transactions Between The Parties Essay

The banking industry is highly competitive. The financial services industry has been around for hundreds of years. Wells Fargo has many competitors itself. In this paper, I will be doing a comparison of Wells Fargo & Company (WFC) and one of its biggest competitors, Bank of America Corporation (BAC). By analyzing looking at the financial ratios, one can see whether the company is successful or not. In the following, I will try to analyze and make a comparison of Wells Fargo’s and Bank of America’s recent performance in growth, income, and efficiency. Using a these criteria, I will determine which bank is the better buy according my analysis. My analysis of WFC & BAC’s performances

In the year eighteen fifty-two, two men by the names of Henry Wells and William Fargo chose to establish a monetary administrations organization that we particularly know today to be Wells Fargo (Wells Fargo, 2017), which actually is quite significant. Before establishing the organization, Mr. Wells and Mr. Fargo chose to ground their organization in five standards which generally turned into their five very essential esteems. Their first standard being "individuals as an aggressive esteem" which implies an association with a colleague will literally prompt a definitely superior association with the clients, or so they particularly thought. Second "morals" Wells Fargo prides its self on being a straightforward organization and

Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.

In the year eighteen fifty-two, two men by the names of Henry Wells and William Fargo chose to establish a monetary administrations organization that we know today to be Wells Fargo (Wells Fargo, 2017). Before establishing the organization, Mr. Wells and Mr. Fargo chose to ground their organization in five standards which turned into their five essential esteems. Their first esteem being "individuals as an aggressive esteem" which implies an association with a colleague will prompt a superior association with the clients. Second "morals" Wells Fargo prides its self on being a straightforward organization and having nothing to cover up. Third, "what's ideal for the clients" as indicated by the Wells Fargo Website this esteem is characterized as ensuring clients' private data (Wells Fargo, 2017). The fourth esteem is "assorted variety and incorporation" which implies Wells Fargo advances the enhancement of its organization and customers while including pioneers all through the organization to decide. The last guideline is "administration" which implies learning and serving their vision.

Currently Wells Fargo ranks as the No. 1 or 2 bank in 24 of the 39 states that it operates in. Wells Fargo is also the number 1 U.S. small business lender (in dollars, per 2014 Community Reinvestment Act government data). Wells also is the number lender to small businesses in dollars and units (2015 Small Business Administration federal fiscal year-end data).

Since 2011, Wells Fargo employees across the United States have been opening millions of fraudulent accounts in their customer’s names. (Egan, Matt) Combine the credit accounts with the deposit accounts you get about 2.1 million fake accounts of which 100,000 incurred fees totaling 2.4 million dollars. (Levine, Matt) Through multiple customers filing complaints and Wells Fargo “whistleblowers” the fraudulent accounts were brought to light and Wells Fargo was taken to court in Los Angeles by the Los Angeles prosecutor and federal regulators in the middle of 2016. (Reuters) Whistleblowers are those who expose misconduct of organizations and their members. (Exploring Management) As a result of the federal investigations and the lawsuit

Bruce worked for Wells Fargo for five years where he began as a Loan Document Specialist and moved up to Loan Servicing Specialist. He is very passionate about working in funding and finance and is looking for a position where he can continue to grow and learn in the industry. Any gaps in employment history have been due to job seeking.

For this project, we researched Wells Fargo?s performance in the last couple of years as a way to check on its progress to greatness. What we found was an overwhelmingly charismatic company that not only puts down its values in ink, but also strictly abides by them. Much to our surprise, a huge chunk of their thick annual report for 2002 was an honest listing of all the threatening factors that stand in the company?s way rather than its exceptional rankings in its sector. In this paper, we will focus specifically on Wells Fargo?s leadership, company culture, SWOT analysis, and financial performance analysis. We will try to link our findings to Jim Collins?s book as a way to prove that the company has

Wells Fargo is known to be a very strong financial lending company. Their strengths is the high cash volume of over $500 billion in assets as well as being a powerful distribution in the banking industry. Another strength is that they have relationships to serval different industries such as real estate, technology, media, financial services, retail, and many others. Since the 1800’s they have main their roots into the mind of individuals of being a strong and trustworthy company. Wells Fargo is a well-known name and so is their marketing strategy. The company is fundamentally base on hardworking and smart employees from all over types of diverse lifestyles. Being considered America largest bank ranking at number twelve in the most admired companies worldwide. A strategy that I believe Wells Fargo should take maximum advantage of its strength will be there market strategy. Wells Fargo is well recognize for their marketing strategy in the banking industry, so by marketing well their services is a way of building strategy like a bridge. It help deliver these services nationwide and reach the company goals by using various means available. Overall Wells Fargo strengths is the reason why they are top competitors. Now like any other company Wells Fargo has their weaknesses, these weaknesses include confusion or large scale activity. Being such a large company it is hard to personally know all individuals within the community. By being so large they become targets of fraud and

The article starts by giving the example of Wells Fargo recent problems of protecting client information. In the case of Wells Fargo, employees where using private client information to open credit card and savings accounts without their clients knowing about the accounts. The article explains things that an individual can do to help prevent this type of activity in the future. “Use technology to your advantage” (White). How checking of your credit report and recognizing what abnormal activity on your bank accounts help protect your personal information.

The banking industry builds and sustains Financial relationships with its consumers of all sizes to supply Financial products and services to stimulate economic growth. The industry participants produced a variety of services from savings accounts to home and business loans mortgages checking accounts and

Wells Fargo, the world’s most valuable retail bank, has been fined to pay $185 million dollars after the exposure of schemes that defrauded customers in line with a business model, organized from the highest levels of the company, to boost its profits and growth (Beams). According to the US Consumer Financial Protection Bureau (CFPB), the bank opened 1.5 million store records and more than a large portion of a million accounts without clients ' authorization. Bankers moved assets from clients ' records into newly made accounts without their insight. The CFPB said that it resulted in customers being charged for insufficient funds or overdraft fees because the amounts that they were charged were not in their accounts. The bank also created more than 565,000 credit card accounts, of which 14,000 credit cards totaled more than $400,000 in fees and interest charges (Beams).

Wells Fargo is an international banking company that provides financial services to its customers. As an international, well known company, Wells Fargo is among the many that follow basic business management aspects. For one, Wells Fargo has a competitive advantage over some of the other companies in this type of business. For one, Wells Fargo major advantages is in the retail banking stores. It has one of the highest numbers in stores/spaces and it’s due to its large network allowing Wells Fargo to be a leader in retail banking. Another advantage this company has is the fact that is has had some changes in regulation which has allowed it to increase profits.

Financial statements for banks have uniquely different analytical problem than statements for manufacturing, service and most companies in general. Therefore this analysis of JPMorgan and Chase 's financial statements requires a different approach in order to recognize the banks worth as an investment.

The banking industry is a huge sector of business and finance that has existed in human civilization in some form for thousands of years. In the modern world, banks/financial institutions have become foundations of our economy for several reasons. They transfer risk, provide liquidity, facilitate both major and minor transactions and provide financial information to individuals and organizations.