Wells Fargo Organizational Culture

“Culture consists of the symbols, rituals, language, and social dramas that highlight organizational life, including myths, stories, and jargon. It includes the shared meanings associated with the symbols, rituals, and language. Culture combines the philosophy of the firm with beliefs, expectations, and values shared by members. It contains the stories and myths about the company's founder and its current leading figures. Organizational culture consists of a set of shared meanings and values held by a set of members in an organization that distinguish the organization from other organizations. An organization's culture determines how it perceives and reacts to the larger environment (Becker, 1982; Schein, 1996). Culture determines the nature

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

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 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.

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).

According to Emily Glazer of the Wall Street Journal, Wells Fargo’s Sales Practice Scandal is a result of their corporate culture. The upper level executives could be getting nothing as their bonuses this year as the board continues to decide. This is because those men and women are responsible for the actions of those who they employ/supervise Making money has been the firm’s primary goal for many years and the higher up’s all the way down to the lower managers are responsible for creating this type of environment. According to the Wall Street Journal “One manager…in an email peppered with exclamation points and capital letters…urged her employees to ignore the bosses and get sales up at any cost, says someone who saw the email.” This is a perfect example of terrible managing. Throwing ethics and good conduct out the window just so that a few of the staff get bonuses at the year’s end is just wrong. In class, we constantly discuss the ethics involved in business and recently we’ve spent a lot of time on corporate culture. Shockingly enough, in last year’s annual report the company

Wells Fargo offers a wide range of financial services, claiming in its investor presentations to operate more than 80 divisions while still being able to stand for more then one thing. In addition, the company claims to be one of the most "integrated" of financial services companies. For example, instead of running a stock brokerage with separate branches and different customers, Wells Fargo stock brokers sit in retail branches, and generally only serve banking customers. (wellsfargo.com)

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

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.

The article “Wells Fargo leadership under scrutiny as review dredges up more issues” written by Valerie Bolden-Barrett. Is about how the Wells Fargo saga uncovered 1.4 million more fake credit cards and bank accounts in customers' names, creating the total number to 3.5 million. Also, they charged a total of 800,000 customers insurances that they did not need when they took loans to buy automobiles. Last year, the bank agreed to pay $185 million dollars to reconcile accusations that it encouraged employees to open the unauthorized accounts to meet sales quotas. But now Well Fargo will be required to pay $6 million to customers in refunds. Moreover, ethics scandals not only generate bad headlines, but they have a direct impact on employees and on a company's ability to attract and retain talent.

In September of 2016, it was revealed that there was alleged misconduct at one of the largest and safest banking institutions in the United States. Wells Fargo Bank was ranked among the nation’s safest financial institutions according to an analysis done by Global Financial, (Inside Tucson Business, 2009). Alleging that between May 2011 and July 2015, there were more than 2 million bank accounts or credit cards opened for customers without their knowledge or permission (Blake, 2016). Clients started complaining the they were receiving debit/credit cards from the bank that they had not ordered. Wells Fargo employees also started complaining that about the unethical behaviors they witnessed or were asked to participate in to the Human Resource Departments, the bank’s internal ethics hotline, branch’s individual managers and supervisors. All which led to the discovery of the fraud scandal.

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.

We have seen for a couple of years that Wells Fargo goes under a lot of pressure and unrealistic sales target to built on selling as many products to customers as possible and to where we see employees committing fraud. “Former employees of Wells Fargo said that is what they face on the job,” (Matt Egan). And now the bank is struggling to rebuild trust in an industry already fighting banker reputation. Wells Fargo found 2 million fake accounts were opened by bank workers without customer’s authorization and secretly 5,300 hundred employees were fired, Wells Fargo finds $185 millions of dollars. Wells Fargo is taking stronger steps to address the scandal”, (Matt Egan).

Wells Fargo would be an incredible company to work for and represent. The company’s distinct values and culture make it an excellent work environment for team members and leaders. This company may have its up and downs, but it still displays true passion for putting customers first and team