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Wells Fargo Management Essay

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Although Wells Fargo has maneuvered the recent crisis very responsibly and prudent, it is lumped together with other Wall Street firms and their failure during the crisis. Its’ reputation, as the reputation of any firm on Wall Street, has suffered. The trust in Wall Street firms is destroyed It is believed that the economic crisis was triggered by failures in leadership; we are in a so-called leadership crisis, meaning that the majority of the American public doesn’t have trust in their leaders anymore, and neither do employees trust their managers. This leadership crisis influences the productivity of banks, as can be seen at the falling stock value of Wells Fargo. Therefore, to guarantee enduring productivity, Wells Fargo has to adjust …show more content…

For example, to represent that managers and workers are one group and work together towards the same goals, the managers’ offices should be located close to the worker’s offices. Avoiding spatial distance avoids emotional distance. Also, an open door policy is important, so that employees can share their complaints, suggestions, and ideas. Therefore, they feel included in the working and decision-making process. Esteeming the employees’ input and providing regular feedback ensures that managers give credit instead of taking it. This should not only be implemented in the headquarters’ of Wells Fargo, but also in its branches all over the world. It is important that every worker in the branches is satisfied with working for Wells Fargo, because only a content worker is an engaged worker, that increases productivity and contributes to a good atmosphere. This atmosphere then conveys positive connotations to the American public that visit the branches. The trust of American public also has to be restored by changes in management. According to the National Leadership Index, an annual survey taken by the Center for Public Leadership of Harvard University, Americans trust the Wall Street at least of all sectors, namely “Not at all.” Although the percentage of people that trust in Wall Street has increased since 2009, it is still only one fourth of what it used to be before the crisis. The trust has to be established because the American public is the customer of

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