...Wells Fargo Corporation Industry Analysis Wells Fargo is a $1.3 trillion diversified financial services company providing banking, insurance, trust and investments, mortgage banking, investment banking, brokerage and consumer finance through retail banking stores, the internet, worldwide. Wells Fargo has a strong foundation of corporate culture that is embedded in the vision. . It focuses on every aspect of the corporation’s stakeholders: team members, customers, communities, and shareholders. It focuses on how employees are able to adhere to the highest standard of efficient and ethical business practices. Wells Fargo strives to be number-one financial services provider in each of their markets. What Wells Fargo lacks is the future vision of the company’s operations. The revised mission statement of Wells Fargo Corporation is as followed: We are a bank that focuses on providing services that satisfy customer’s financial knowledge by providing our hard-working people. We will be the change of how financial institutions can play efficient roles in the community and individual’s businesses. Strategic Issues that Wells Fargo face is to whether it will focus on becoming a national/global bank or a local coast-to-coast bank that will deal with the local communities. These two business types can be harmful to the strategic implementation because of the questions of how it can market two banking segments and how it can compete with different types of banks: local and national/global...
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...Investigating employee turnover in a department or division Wells Fargo Bank Introduction Wells Fargo is a public organization having expertise in financial products. The company has expanded across different regions thereby trying to attain globalization. It has been offering advices on investments, loans, insurance and several other business products. The company believes that their strong commitment towards work along with commitment by every employee had enabled them to reach great heights. Wells Fargo bank has large number of customers getting served financially on a daily basis. However, they have experienced financial issues recently which forced them to poor management of employees. Ultimately, the customer reactions were worst and they have suffered as much. The low employee morale in turn revealed the poor economic status prevailing in the organization and this indeed reflected their efficiency in operations management. Wells Fargo’s expansion indicates a large size of the company and they have been operating in various market segments satisfying the demographical changes. It is the consultant of Wells Fargo bank being used here to gather relevant points for the research paper. Customer satisfaction is believed to be their strength but this was once their issue. Still, this has not been fulfilled completely. The impact of recession on Wells Fargo bank was relatively high such that they had faced worst situations where they lost clients and customers. The employee...
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...STRATEGIC MANAGEMENT CSEB3101 GROUP 1 WELLS FARGO CORPORATION PRESENTED BY : AMANINA BT MOHAMMAD ASRI NORASYIDAH BT RAMLI ZURHANIM BT AMER AZIDEN PRESENTED TO : DR. TEY LIAN SENG CEB 120002 CEB 120044 CEB 120070 INTRODUCTION • Wells Fargo is a stable and long term company providing financial products such as banking, mortgages, credit cards, insurance, and investment services to consumers and business client. • Wells Fargo has been in business since 1852. • Their first office opened in San Francisco during the gold rush. • The stage coach was used to transport gold and other valuables. • Wells Fargo helped establish the Great Overland Mail service continuing to use the stagecoach but also adding steam ship, rail road, pony rider, and telegraph. • From their humble beginnings they expanded from California to the rest of the nation. CORE PRODUCT BANKING MORTGAGE CREDIT INSURANCE INVESTMENTS • • • • • • Online ATM Business Wholesale Government and Institutional • • Home equity Mortgage • • • Debit & consumer credit card • Personal credit management • Auto dealer service Education financial service • Well Fargo insurance Rural community insurance service • • • • • Retail brokerage Wealth management Retirement Norwest equity & venture partners Lowry hill Capital markets VISION “We want to satisfy all our customers’ financial needs and help them succeed financially” MISSION “Our Product: SERVICE. Our value-added: FINANCIAL ADVICE...
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...Term Paper: Wells Fargo in Ireland | | | | | | Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo and opened for business in the gold rush port of San Francisco. Wells Fargo offered banking (buying gold and selling paper bank drafts as good as gold) and express delivery of the gold and anything else valuable. By the 1860s, Wells Fargo earned everlasting fame and its corporate symbol, the stagecoach. In 1888, Wells Fargo became the country’s first nationwide express company. By 1918, Wells Fargo was part of 10,000 communities across the country, however that year the federal government took over the nation’s express network as part of its effort in the First World War and Wells Fargo was left with just one bank in San Francisco eventually expanding in 1923 to two banking halls. In the 1980s, Wells Fargo expanded into a statewide bank, became the seventh largest bank in the nation, and launched its online service. In the 1990s, Wells Fargo returned to its historic territory throughout the Western, Midwestern and Eastern states. Today, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. According to Forbes.com, as of May 2013 Wells Fargo’s market cap was $201.35 billion. Wells Fargo’s global...
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...ETHICS IN BUSINESS AND GOVERNMENT CASES (Various sources) ETHICS IN BUSINESS AND GOVERNMENT - CASES – In this course we will discuss and analyze selected cases from among the following sets: 1. 20 short cases - to be resolved individually (ethical challenges of managers) 2. 15 longer cases –more involved, to be resolved in group discussion (ethical challenges of employers, managers and organizations) A. SHORT CASES 1. You’re the plant manager in one of ABC Company’s five plants. You’ve worked for the company for 15 years, working your way up from the factory floor, after the company sent you to college. Your boss just told you, in complete confidence, that the company will have to lay off 200 workers. Luckily, your job won’t be affected. But a rumour is now circulating in the plant and one of your workers (an old friend who now works for you) asks the question, “Well Pat, what’s the word? Is the plant closing? Am I going to lose my job? The closing on our new house is scheduled for next week, I need to know!” What should you say? What will you say? 2. As an operations professional, you need to be able to interact effectively with many internal customers – from corporate managers to field representatives. One of your peers is Jessica, who is a talented operations professional, but who is downright rude to her internal customers. Her attitude is so bad, that people around your company ask specifically to deal with you...
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...[Caption] Now comes Defendant, Wells Fargo Bank, N.A. ("Wells Fargo"), and moves this Court for judgment on the pleadings, pursuant to Civil Rule 12(C). In light of this Court's January 22, 2009 Decision and Entry Granting Defendant Wells Fargo N.A.'s Partial Motion to Dismiss, the only remaining claim asserted against Wells Fargo by Plaintiff, Apex Restoration, LLC ("Apex"), is its second claim, alleging unjust enrichment. However, construing all material allegations in the Complaint as true, Wells Fargo is entitled to judgment against Apex as a matter of law because Apex did not confer the benefit by which Apex claims Wells Fargo was unjustly enriched. The grounds for this motion are more fully set forth in the attached Memorandum. [Respectfully submitted,] MEMORANDUM I. STATEMENT OF THE CASE On May 30, 2008, Apex filed its Complaint in this case. The Complaint alleges three claims for relief--conversion, unjust enrichment, and breach of contract. Of these claims for relief, only the first and second--conversion and unjust enrichment--are pled against Wells Fargo. On January 22, 2009, this Court entered its Decision and Entry Granting Defendant Wells Fargo N.A.'s Partial Motion to Dismiss, thereby disposing of Apex's conversion claim for relief against Wells Fargo. Therefore, the only remaining claim for relief against Wells Fargo is for unjust enrichment. II. STATEMENT OF FACTS The following facts are taken exclusively from Apex's Complaint. They are presented...
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...Wells Fargo and the No Good, Horrible, Very Bad Deed Wells Fargo, one of the highest ranking among banking corporations, revealed a scandal in late 2016 that affected millions of customers and destroyed the corporation’s brand. The extent of the internal corruption continues to baffle citizen worldwide. Wells Fargo employees created 3.5 million fake accounts, charged 190,000 accounts unwarranted fees and enrolled 528,000 customers in an online bill pay system without their consent. 5,300 employees have been fired in relation to the scandal, and management is being restructured (Egan, “5,300). Wells Fargo claims they hold themselves and their employees accountable for the scandal and has agreed to pay restitution to all victims and almost $350 million in lawsuits and fines (Egan “5,300”). The most important loss for Wells Fargo, however, is the trust of their customers and investors....
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...Waste at Wells Fargo Waste at Wells Fargo Introduction: Headquartered in San Francisco, Wells Fargo, a diversified financial services company, is one of the few American companies that are still operating under its founding name as well as in its original business for longer than 150 years. It has always strived to help its customer achieve financial success by provides banking, insurance, and mortgage finance, just to name a few. In addition, it has always contributed to communities across the North America and internationally. We intend to demonstrate how Wells Fargo is promoting waste with its current policies and have mapped out a plan to get them back on track and more profitable. History: The company's history goes back to 1852, when Henry Wells and William Fargo created Wells, Fargo & Company in New York City during the West’s gold rush. They provided banking and express services to Golf Rush pioneers. Banking services included buying gold, and selling paper bank drafts. Express services, on the other hand, consisted of the rapid delivery of gold, mail and valuables from1852 to 1918. Wells Fargo used back then stagecoaches, steamships, the Pony Express, and railroads to deliver customers’ business. In 1860s, the firm earned a reputation for trustworthiness by dealing rapidly and responsibly with customers’ money. It earned everlasting fame with the overland stagecoach line by meeting the demand for rapid delivery, from the coast to the mountains; Stagecoaches...
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...(MAHRM) STRATEGIC HR PLAN AT WELLS FARGO Jimmy Rios HRF7411-Human Resource Planning & Administration PROFESSOR: JIMMIE FLORES August 22, 2014 ONLINE SUMMER II, 2014 Summary The effective organization that I chose is Wells Fargo Bank because of my familiarity in having worked there for the last four years in different capacities. I will focus this paper on the functional HR Strategy towards staffing and retention at the consumer lending group and specifically on the division that I work in the automotive finance group and the Tempe, Arizona national call center. I will give a brief description of the history of Wells Fargo and its core products and services, detail the vision, mission and value statements and how they relate to the strategy that HR uses regarding its staffing and retention. I will delineate the system and metrics system used for their recruiting strategies and how the call center comes to a specific number to decide on how many people to hire. Company Background The Brand Finance Banking 500 in the February 2014 edition of Banker Magazine recognized Wells Fargo as the world’s most profitable bank. (Wells Fargo Tops, 2014) But they weren’t always on top. And to understand the high profit trajectory of a Bank like Wells Fargo, you have to understand their history and background. Wells Fargo has been in business since 1852 when it was founded by Henry Wells and William Fargo. (Wells Fargo Timeline, 2011) During the Gold...
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...Wells Fargo Bank & Co. Henry Wells and William Fargo founded Wells Fargo & Company (WFC) in 1852. Wells Fargo (WFC) is a diversified financial services company and one of the United States' top-40 largest private employers. Headquartered in San Francisco, Wells Fargo is decentralized so that every local Wells Fargo store is the headquarters for their customers. The vision of Wells Fargo is to satisfy all their customers' financial needs, while helping them succeed financially, Wells Fargo desires to become known as one of America's great companies and the number one financial services provider in each of their markets. Today Wells Fargo is the only Moody's "Aaa" rated bank in the United States as well as one of the industry leaders in financial services competing in virtually every segment of the financial industry. Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. Wells Fargo is a distributor of financial service products via the Internet and other distribution channels across North America and elsewhere internationally. With 11 Executive Officers and 14 Board of Directors, Richard Kovacevich Chairman, President and CEO continues to lead the company into the 21 century by connecting to the past while focusing on the future. The company is a $420 billion dollar financial services company providing banking, insurance, investments, mortgage and consumer finance to the United States and abroad. WFC strives to provide its customer...
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...UNETHICAL CONDUCT For the topic of exploring the ethical conduct in the world of business, we are encouraged to discuss a legal case that includes with it the court proceedings and the punishment that was dished out. For the sake of intrigue, I chose a case in which a very controversial punishment was given by federal prosecutors. In the wake of the 20 year surge in white collar crime…and after the dust settled from the Enron scandal & the Sarbanes-Oxley Act of 2002…there lies a handful of businesses that don’t seem to mind being unethical in a myriad of ways. The majority of the businesses in that group are in the banking business. My subject is Wachovia Bank, formerly one of America’s six largest banks by assets. In 2012, Wachovia completed what amounted to a year-long probation arising from a March 2010 settlement deal with federal prosecutors who were pursuing criminal proceedings against Wachovia for its facilitating of illegal money transfers from Mexico totaling $378 billion. To put that number in perspective…that is more than the annual budget of the Pentagon, the world’s headquarters of military operations for the U.S. Anyone interested in the happenings of the U.S. congress can research the percentage of U.S. dollars appropriated by our nation’s congress and see that military funding makes up, on average, over 50% of the federal budget. Conversely, an average of less than 10% is spent on education, job training, employment and social services combined! The...
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...stock market for at least fifteen years; then at a transition point began to pull away from the competition, and sustained returns of at least 3 times the general market for the next fifteen years. They started with a list of 1,435 companies that appeared on the Fortune 500 list from 1965 to 1995 and ended up with only 11 that made the cut. These eleven companies produced, on average, a return of 6.9 times the general stock market during the 15 years following the transition points. Collins chose a 15-year span to avoid "one-hit wonders" and lucky breaks. The companies that were selected were Abbott Laboratories, Circuit City, Federal Home Loan Mortgage, Gillette, Kimberly-Clark, Kroger, Nucor, Philip Morris, Pitney Bowes, Walgreens, and Wells Fargo. In the book, Collins highlights some important factors which are the result of the research. Although there are several factors involved for taking a company from good to great', what these great companies turned out to have in common was a particular kind of leader during the transition period, called Level 5 leaders. These top executives "possess a paradoxical mixture of personal humility and professional will" In Good to Great Collins classifies leaders into five levels. A level 1 leader is a highly capable individual. He plays an important role in the success of his organization through his own talent, knowledge, skills, and good work...
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...1. What were the driving forces that lead Wells Fargo OFS to redesign their strategy and processes? Wells Fargo launched its online financial services much ahead of their competitors and with the astonishing response of the growing customer base, they enhanced the online services with all major banking services like reviewing their accounts and balances, bill payments etc. The OFS primarily focused on the maintaining the high attrition rate of online customers and provide all their customer with a low cost service medium. The OFS group recovered their cost by charging other department within the bank depending on the activity of the customer after logging into the portal. However due to this main the purpose of providing a low cost media to the customer was being lost in the need of generating OFS group revenue. Because of this the OFS had reached a point where the profits and costs were equal. Wells Fargo’s traditional approach to measure performance and strategies using the financial metrics led to poor decision making while the online banking needed a well-planned long term goal as it was one of the driving factor of the business in the coming years. Also, because of the rapidly changing technological trends on a daily basis in the internet media, the OFS had to be upstream in their approach to keep with the latest technologies. This involved new competitive threats and meeting the customer demands became a challenge due to the varied customer base in the online banking...
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...Running head Wells Fargo 1 Wells Fargo Deanna Hammond Professor McMullen Business 499 December 11, 2015 Running head Wells Fargo 2 Determine the impact of the company’s mission, vision, and primary stakeholders on its overall success. Wells Fargo’s vision “Our progress has not been perfect. The expectations of others, and the even higher expectations we have of ourselves, have not always been met. When we make mistakes, we admit them, we learn from them, and we keep moving forward with even more understanding and a deeper commitment to doing what’s right.” Wells Fargo wants to make sure the financial needs of its customers are met and to help them in anyway financially. Wells Fargo feels that if the customer does there homework and shops around and compares all the financial institutions it will be happy with the choice it makes to come or to stay with Wells Fargo. In the 1990’s Wells Fargo came out with a Vision and Values book but under Norwest Corporation at that time they were a small regional bank now Wells Fargo is a well known bank with a large global presence. Going back and keeping the traditions of each company they brought into make Wells Fargo what they are today is how the vision and values have all come about. Those beliefs are just as...
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...CEO and chairman of Wells Fargo’s ------------------------------------------------- 2) Company Profile of Related Case Study * History: Origins Soon after gold was discovered in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits. Vermont native Henry Wells and New Yorker William G. Fargo watched the California boom economy with keen interest. Before either Wells or Fargo could pursue opportunities offered in the West, however, they had business to attend to in the East. Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo and Company, were major figures in the young and fiercely competitive express industry. In 1849 a new rival, John Butterfield, founder of Butterfield, Wasson & Company, entered the express business. Butterfield, Wells, and Fargo soon realized that their competition was destructive and wasteful, and in 1850 they decided to join forces to form the American Express Company. Soon after the new company was formed, Wells, the first president of American Express, and Fargo, its vice-president, proposed expanding their business to California. Fearing that American Express's most powerful rival, Adams and Company (later renamed Adams Express Company), would acquire a monopoly in the West, the majority of the American Express Company's directors balked. Undaunted, Wells and Fargo decided to start...
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