Wells Fargo

For a considerably long time, Wells Fargo has managed to cultivate an excellent reputation as one of the most efficiently managed banking institutions in the United States. However, this immaculate reputation has been tarnished in the wake of the recent fake accounts scandal. Since the beginning of the decade, the employees of the bank have created millions of fake credit cards and bank accounts. From 2011 to 2016, this banking institution has managed to collect a staggering $2.6 million in…

On that same hand employee retention consistently remained low for over six years until this past quarter where Wells Fargo saw the lowest level of turnover. This could very well be because of the drastic changes occurring within the company because of the scandal. No longer are employees required to hit unrealistic sales goals or be pitted against one another in order to receive bonuses. Also doing what is truly right by their customer probably feels good after so long of working against the…

account, than fees, rates, or convivence (Global Consumer Banking Survey, 2014). Consumers often choose a company based on how they feel treated rather than the rates they might receive. Unethical decisions destroy the reputation of the company, as well as people feelings about it. Working as an intern at a local bank, it was clear that if a customer felt welcomed and appreciated than they were much more likely to do business even if they could make more or save more money at a different…

ASSIGNMENT REPORT ON FAKE BANK ACCOUNTS SCAM IN WELLS FARGO BANK USA 1. Describe what happened. The case in discussion here is opening of unauthorized and fake bank accounts by employees of Wells Fargo Bank all over US. Various employees in Wells Fargo Retail stores all over the country signed up customers for various products like a new checking accounts, debit accounts, credit card accounts without their approval or consent. The employees then used to transfer money from the customers…

A Risk Assessment Plan plays a big role in any company, whether it is big or small company. The risk assessment will help identify the vulnerabilities and threats to the Wells Fargo IT resources. Which will help determine the impact of those vulnerabilities, threats, and unauthorized access. Having some knowledge of what type of risks expect will help mitigate them faster. There are a several steps needed for a good risk assessment plan, which will essentially help the company be in compliance…

significance of making an ethics-focused decision with its ethics parameters. On May 5, 2015, Wells Fargo Bank is sued…

provider” (Farfan, 2016, para. 1). Wells Fargo’s mission and vision provide its employees with clear cut directions and desired outcomes in which the founder and stakeholders which to take it (Parnell, 2016). With such a clear vision, no one would expect reports of former Wells Fargo workers participating in unethical sales activities (Egan, 2016). Even more so, today’s news of John Stumpf, stepping away from his dual roles as Chairman and Chief Executive of Wells Fargo (Glazer, 2016). The…

Wells Fargo is an American international banking as well as a service holding company whose headquarters are in San Francisco, California. The economy of California had boomed following the discovery of gold at Sutter’s mill in the year 1849m, an attribute that lead to a huge demand for shipping. Henry Wells and William Fargo joined other investors to create Wells Fargo and company that were meant to serve and profit following this demand. In July 1852, the company had started the transportation…

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…

In the year, 2005 a Wells Fargo employee by the name of Julie Tishkoff came in contact with the Human Resources Department of Wells Fargo and she had claimed to see employees opening up fake accounts, illegally forging signatures and sending out “unsolicited” credit cards. As a result this woman was fired for revealing this information. On the 8th of September Wells Fargo made the promise that they would pay $185 million in fines that resulted…