Wells Fargo was the company I have selected for my final project. My rationale for choosing them is slightly beneficial for me because I am a customer and have been since early 2000. As a client, I want see how were going to turn around the public and stakeholders view of their Corporate Social Responsibility after many mishaps in the past few years. One of Wells Fargo biggest mishaps was their unfair lending practices and also a more resent problem were bank employees issuing unwanted credit cards and opened unauthorized accounts that charged customers fees and damaged their credit.
First let’s discuss the history of Wells Fargo as a company. In 1852 Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company …show more content…
going to court, which impact their bottom line. The impact on the economic stakeholders was the lost in confidence because of repeated unfair acts of discrimination or just plan abuse of trust with personal information. Impact on the societal stakeholders such as community, environment, government, or regulators. Was significant after the housing market bubble busted, the government become more involved in the banking industry and issued new government regulations and the government, also had to bail out some of the other lending companies. Another impact on societal stakeholders was the community lost all confidence in Wells Fargo to do responsible banking.
Undoubtedly, Wells Fargo did not have a CSR filters in place until after the housing market burst and they found themselves in so much trouble with the American public and government. They didn’t have a strong risk management to handle possible ethical issues with them supporting the uses of subprime lenders that preyed on Blacks and Hispanics bowers who were trying to reach one of the American dreams, which is …show more content…
They are supporting community investment Wells Fargo are actively support the revitalization and growth of the economy, focusing and affordable housing community service and economic development in low and moderate income areas. They have expanded their efforts to meet the changing financial and social needs of our increasingly diverse customers, workforce and supply chain. Another area is environmental sustainability Wells Fargo are making headway toward our 2020 environment goals to minimizing our energy, water consumption and waste stream. Another part of this is greening their stores and administrative buildings; and financing environmental opportunities for customers. Wells Fargo is practicing conscious capitalism by no longer actively participating in the use of subprime loans; they are following responsible lending and servicing principles. Also they are educating college students on financial responsibilities prior to giving them student loans. Wells Fargo has but in to action that a CSR Initiatives that provided $ 35 million to support military service members and veterans to own property. And also they have an ethical and sustainable supply chain practices, integrating social responsibility factors while deploying a new supplier code of conducts. One more thing their stakeholder goals are to achieve business results while also creating solutions for sustainability and helping solve
First let’s discuss the history of Wells Fargo as a company. In 1852 Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company …show more content…
going to court, which impact their bottom line. The impact on the economic stakeholders was the lost in confidence because of repeated unfair acts of discrimination or just plan abuse of trust with personal information. Impact on the societal stakeholders such as community, environment, government, or regulators. Was significant after the housing market bubble busted, the government become more involved in the banking industry and issued new government regulations and the government, also had to bail out some of the other lending companies. Another impact on societal stakeholders was the community lost all confidence in Wells Fargo to do responsible banking.
Undoubtedly, Wells Fargo did not have a CSR filters in place until after the housing market burst and they found themselves in so much trouble with the American public and government. They didn’t have a strong risk management to handle possible ethical issues with them supporting the uses of subprime lenders that preyed on Blacks and Hispanics bowers who were trying to reach one of the American dreams, which is …show more content…
They are supporting community investment Wells Fargo are actively support the revitalization and growth of the economy, focusing and affordable housing community service and economic development in low and moderate income areas. They have expanded their efforts to meet the changing financial and social needs of our increasingly diverse customers, workforce and supply chain. Another area is environmental sustainability Wells Fargo are making headway toward our 2020 environment goals to minimizing our energy, water consumption and waste stream. Another part of this is greening their stores and administrative buildings; and financing environmental opportunities for customers. Wells Fargo is practicing conscious capitalism by no longer actively participating in the use of subprime loans; they are following responsible lending and servicing principles. Also they are educating college students on financial responsibilities prior to giving them student loans. Wells Fargo has but in to action that a CSR Initiatives that provided $ 35 million to support military service members and veterans to own property. And also they have an ethical and sustainable supply chain practices, integrating social responsibility factors while deploying a new supplier code of conducts. One more thing their stakeholder goals are to achieve business results while also creating solutions for sustainability and helping solve