Wells Fargo is One of America’s Largest Corporations

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2022/06/30
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Wells Fargo Professor:
Dr. Sarita Ness and Society Carolyn Saylon October 28, 2018 Wells Fargo & Company

1. The nature, structure, and types of products or services are key factors in the organization’s external environment that can affect its success: competition, economy, weather, technology. Wells Fargo & Company is a banking institution that provides customers with their financial needs. The bank is a diversified, community-based financial services company. According to Wells Fargo’s 2nd Quarterly Fact Sheet for 2018, the company has $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

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The company offers a range of services, including pricing, underwriting, sales, trading, distribution, execution, and structuring. They provide banking products, investments, mortgage products, securities market services, foreign exchange facilities, and services in thirty-eight countries to enable customers to conduct business on a global scale.

Wells Fargo creates lasting value for customers and increased efficiency for operations. There is a keen focus on innovation and leading technology, with the company willing to update and test progress continually. Risk management measures are in place to avoid and minimize loss for the company. In 2018, Wells Fargo ranked number twenty-six on Fortune’s list of America’s largest Corporations. The services offered include checking and savings accounts, certificates of deposits, credit, debit and prepaid cards, loans and credit services, merchant services, trust services, investments, insurance, retirement accounts, mortgage services, currency exchange, online banking, mobile features, internet services, ATM’s, and fraud protection. Wells Fargo operates 8,600 banking locations, with 13,000 ATMs and 265,000 team members. The company’s headquarters is in San Francisco, California. Wells Fargo purchased Wachovia Bank in 2008.

The organizational structure of Wells Fargo includes a banking President, regional President Managers, three District Managers, a Branch Manager, Assistant Managers, Service Managers, Personal Bankers, Trust Officers, Small Business Bankers, Investment Bankers, and Mortgage Loan Bankers. The Service Managers oversee the tellers, training, and coaching them in banking procedures and policies to succeed and grow within the company. Great leadership is essential to the company’s continued growth and success. All team members work together to reach the company’s goals and meet customer expectations. The bank is structured by departments. The first department is retail banking, the department handles new account opening such as checking accounts, savings accounts, certificates of deposit, investment sales, personal and business loan applications, mortgage applications, and credit card applications.

The tellers are there to assist the personal bankers and accept deposits from customers. The next department is the investment department, where they deal with stocks, bonds, brokerage services, and securities. The Trust services department includes real estate investment trusts. Other departments are Merchant Services, Treasury Management, Corporate Banking, Retirement & Employee Benefits, Commercial Financing, Equipment Financing, Asset Management, Insurance Department, and International Banking Services. Wells Fargo watches the economy closely. When the economy slows down, this leads to slower consumer spending, which subsequently affects economic growth. This causes an increase in unemployment and a decrease in business growth. Higher gasoline prices also lead to less consumer spending. When the economy is uncertain, people begin to cut back on spending just about everything. If people are unemployed, they cannot meet their bank obligations to make their loan payments or deposit those extra funds in the bank. There has been an account scandal with some Wells Fargo employees opening fraudulent accounts without customers’ knowledge.

This scandal has caused Wells Fargo to lose customers to its competitors. With all the bad publicity about the scandal, it’s easy for the company to lose customers and see their bank deposits decrease. Customers are transferring their extra funds to other banks. They have lost their faith and trust in Wells Fargo, and non-account holders will think twice before opening an account with the bank. Their competitors have an advantage over them right now. Wells Fargo’s revenue has decreased since the scandal. Hence, the company has changed their sales goals to focus more on customer service to win back their trust and respect from their customers. One of the bank’s competitors is Bank of America. Wells Fargo’s bank deposit has since declined.

2. Here are 2-3 suggestions on how the primary stakeholders – employees, consumers, suppliers, stockholders – can influence the organization’s profitability. The stakeholder theory carries significant impact on the business environment. A stakeholder is a person or an organization that has an interest, stake or concern in a business operation. Examples of stakeholders include owners, customers, government, employees, lenders, suppliers, community, and society. Shareholders, who own stock in the company, are recognized as stakeholders. The engagment by stakeholders can impact a business’s performance. Stakeholders participate in the decision-making process for the business or company, and their decisions affect them. The stakeholders build trust, communicate, handle social issues, listen, and devise solutions to protect the employees and the company from going out of business. That involves handling dispute resolution and legal and ethical issues. Stakeholders ensure the proactive integration of feedback from those impacted by the company’s operations, and ensure the customer and employee satisfaction.

3. Let’s discuss the controversial question of corporate social responsibility. Wells Fargo’s Corporate Social Responsibility revolves around rebuilding trust with all stakeholders. The company’s top priorities include diversity and social inclusion. Wells Fargo ensures that all staff feel respected and have equal access to resources and opportunities to succeed. They strive to ensure that everyone across the workforce, communities, and supply chain feels valued and respected, and have equal access to resources, services, and products that present them with opportunities to succeed. Following the account scandal, the company made many changes for the employees’ benefit. The aggressive sales goals have been deleted, and the employees can now focus on providing excellent customer service to rebuild customers’ trust in Wells Fargo.

References:

  1. C. Holke, Investment Strategy Analyst, Global Perspectives, October 23, 2018 Wells Fargo Clearing Services, LLC All. Rights reserved from: https://www.wellsfargoadvisors.com
  2. https://www.citizenpolity.com/2010/07/22/defining-corporate-social-responsibility Code-of-Business-Conduct_7397/http://www.brainkart.com Corporate social responsibility, Financial, Trium Global Executive MBA, (Financial Times 2017) Lexiconft.com Corporate Social Responsibility-Wells Fargo, 1999-2018 Wells Fargo, All Rights Reserved. NM ID 399801, https”//www.wellsfargo.com
  3. https://www.lumenlearning.com/suny-hccc-introbusiness/chapter/putting-it-together-6/Definition of corporate social responsibility, ©2018 Mallen Baker. All rights reserved. Mallenbaker.net G. Morgenson, “Wells Fargo Board, Now in Spotlight, Recalls It’s Role”, The New York Times (September 28, 2016) Stakeholder Engagement from: https:// www.linkedin.com
  4. https://opemtextbc.ca/projectmanagement/chapter/chapter-5-project-stakeholders-project-management Wells Fargo Announces ,1999-2018, Wells Fargo, All rights reserved. NMLSRID399801 from: https://www.newsroom.wf.com Wells Fargo Competitor, Owler, from: https://www.owler.com Wells Fargo’s Plan to fix Its Culture Scandal, 2017 Time Inc. All Right Reserved. Fortune, From: htpp://www.timeinc.net

References:

  1. https://www.wellsfargo.com/about/corporate-responsibility/economic-empowerment/ https://www.mallen.baker.net/article/clear-reflection/definitions-of-corporate-social-responsibility-what-is-csr 
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Wells Fargo Is One of America’s Largest Corporations. (2022, Jun 30). Retrieved from https://papersowl.com/examples/wells-fargo-is-one-of-americas-largest-corporations/