Wells Fargo : Ethics And Values

Wells Fargo’s second part of their mission statement is “Our value added is financial advice and guidance” which is complementary to their vision statement “We want to satisfy our customers’ financial needs and help them succeed

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

Wells Fargo offers many different types of insurance through WFIS, Wells Fargo Insurance Services, as well as other companies that are owned and operated by Wells Fargo. Most of which are not available through other insurance brokerages. To achieve this Wells Fargo has purchased many companies and had many mergers and acquisitions. All this has this has made Wells Fargo very successful at managing and implementing organizational changes. During the 2000’s they continued to both experience growth and setbacks but have continued to endure and, as of last year, are ranked number 61 on the Fortune 500

Wells Fargo has a number of facets that give it is a stable state in the market. The company has been doing well in the market for a number of years. For instance, the company has been ranked as one of the best companies in the US. With delivery of services throughout the country, with significant evidence gained in the North America, Wells Fargo has managed to be one of the best companies in the world. The company has a wide distribution

If an assessment of the culture of Wells Fargo could have been evaluated, the assessor could have

Wells Fargo has a social responsibility to its customers to fulfill their economic, legal, ethical, and philanthropic needs. The scandal has presented numerous legal issues. It was negligent of the bank's executives and managers by placing impossible sales goals on lower level employees then encouraging, and pressuring them to meet these goals. The use of customer's information for fraudulent purposes was an invasion of customers privacy. Wells Fargo has violated the Federal Trade Commission Act which protects customers from unfair practices and has also violated the Sarbanes-Oxley Act (Thorne, 2011).

Thank you for contacting us to look into whether you might be able to bring an individual claim for telephone calls you received from Wells Fargo. As this point we have to decline representing you in this matter.

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

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

On September 8 2016, the Consumer Financial Protection Bureau (CFBP) announced that it was taking an enforcement action against Wells Fargo Bank . Wells Fargo is a Fortune 100 company and one of the "Big Four Banks" of the United States. Investigations conducted by the Bureau revealed that employees of the bank created unauthorized deposit and credit card accounts across the country to meet sales goals. Over the years, the bank’s employees opened over 1.5 million fraudulent bank accounts and 0.5 million fake credit card accounts for customers, to meet sales targets and obtain bonuses. The affected consumers, were being harmed by the associated charges and fees for these accounts. The fees include insufficient funds or overdraft fees for the deposit accounts and annual fees for credit card accounts.

Over the few decades, Wells Fargo had built up a reputation detaching itself from the likes of Wall Street by putting their customers first before money. However, one cannot help but think that Wells Fargo put money before customers as their aggressive sales goals led to the opening of unauthorized accounts without customer knowledge. During this fiasco, which dates back to 2011, Wells Fargo employees had opened as many as 2 million of false accounts in real customer’s names without the proper consent. An integral part of the problem were senior executives and management staff involved. Either they overlooked this growing scandal by turning a blind eye, or partook in it themselves, but both ways there is responsibility to be claimed, and guilt to be measured here.

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)

Wells Fargo is a well-known bank that many people and merchants do business with. Whether it is personal, business, or merchant account Wells Fargo provides services for these and many others. Which means that many of the compliance laws and regulations need to be met by Wells Fargo. Wells Fargo deal with highly sensitive data, which they need to ensure that security is up kept and no data is compromised. The security and compliance policies that apply to this organization are the following; Gramm–Leach–Bliley Act (GLBA), Sarbanes–Oxley Act (SOX), and Payment Card Industry Data Security Standard (PCI DSS). Each one play a part in ensuring that the organization meets IT security compliance policy.

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.

Thirdly, they should place new plans. If Wells Fargo wants to promote itself again, it should come up with new plans and more strict policies so that the new customers would feel safe and comfortable. Well Fargo should also offer more benefits than its competitors in order to attract more customers. It should also be more careful this time and not let anything like the scandal take place again, because it would be a disaster for the company people won’t trust them again.