Wells Fargo Essay

Wells Fargo has been in business for more than 160 years, being one of only a dozen U.S. public companies still in its founding business under its founding name. Since the early 1990s, Wells has grown from a network of small Midwestern banks into a national company with a growing global presence (Stumpf, 2012). Wells is domestically well known for having thousands of products to offer and more than 80 businesses standing. The products and services they offer is centered on the idea and intentions

Recently, Wells Fargo was fined $185 million for opening up nearly 2 million accounts without permission of the account owners. The pressure to raise the average number of accounts began as early as 2009, employees who did not meet the sales targets were fired. Wells Fargo overlooked the fraud committed in order to meet those numbers. Since the exposure, Wells Fargo has fired roughly 5,300 employees. Though the effects on Wells Fargo go beyond the fine, this example shows how large banks and businesses

WELLS FARGO The bank relied on customer service representatives to cross sell its products and hit sales quotas. Because there was much demand on the representatives, they began fraudulently opening customer accounts. (Fortune) Though the accounts were closed before customer realized, some customers were charged fees or their credit was affected by the situation. (Fortune) The bank was forced to return $2.6 million in fees and had to pay $186 million in fines to the government. (Fortune) Wells Fargo

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

To solve the unethical dilemma at Wells Fargo, we must look at the dilemma in a systematic approach and solving the problem by following the five steps to making a better ethic decision at Wells Fargo. What is systemic approach and how it is define, “a process used to determine the viability of a project or procedure based on the experiential application of clearly defined and repeatable steps and an evaluation of the outcomes” (InvestorWords.com, 2017). The steps to make the decision making. The

Wells Fargo Stumbled by Its Cross-selling Culture because Of an Abortive Management System caused by Unethical Behavior The Financial sector is confronted with high rate of competition. Getting new customers, increase turnover, integrating with new and existing information technology changes. A banking institution will not be left out of the contest to become the highest performing unit in the sector. Wells Fargo bank cross-selling culture which helps them to gain a lot of new customers by opening

Paper 2: Who Knew? Wells Fargo CEO John Stumpf had to recently resign as illegal banking practices cost his bank $185 million in fines as Wells Fargo employees opened nearly 1.5 million fraudulent bank accounts and applied for 565,000 credit cards that were not authorized by customers. The Wells Fargo board of directors rightly allowed John Stumpf to resign instead of taking a more aggressive action of dismissing him. An employer may want to allow an employee to leave the company with a greater

The Perfect Match: Wells Fargo vs. Bank of America 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

Wells Fargo’s scandal of involving the sales of credit and debit cards, and traditional banking services which have led to the payment of million fines to the U.S. Consumer Finance Protection Board in 2016. The fiasco was caused by the fraudulent cross-selling of employees which have violated consumers' trust. Valuable lessons to be learned from the scandal including taking employees seriously and designing incentives with care are also offered for the future. For every company, the clear message

I've had the misfortune of primarily banking with Wells Fargo since 2007; I wonder why they even bother printing the year you became a customer on the cards, seeing as the amount of years you spend with them means nothing. A couple weeks ago, I walked in their branch on Sunset to pick up a cashiers check for rent; since I never received the checks I've ordered a month and a half prior. As soon as I spoke with a teller, I was informed that a hold has just been placed on my account, and to contact