Wells Fargo

years, Wells Fargo has been a lead provider of both personal and business banking. Financial services including insurance, credit cards, mortgage and investments are offered through the company. According to the 2015 Wells Fargo CSR plan, two of their core principles include putting customers first and valuing their team members. However, in 2011, allegations against Wells Fargo began to accumulate that employees were reportedly opening fraudulent accounts and credit cards against customer’s knowledge and consent. Minimal efforts were taken to immediately address the situation, and it continued to occur for an additional four years. In September of 2016, the Consumer Financial Protection Bureau (CFPB) imposed the largest…

Wells Fargo Scandal Wells Fargo founded, in 1928, is currently one of the World’s largest financial institutions. The company had a stellar reputation in the financial industry, known to be an honest and ethical organization. Wells Fargo is under investigations by the Senate Banking Committee and Federal Officials to determine the level of participation of its senior leadership. The investigations will determine that Senior Leadership played a major role in creating an environment and…

For more than 160 years, Wells Fargo has been in the risk management business and risk has been very important to its success. They are guided by a statement of risk appetite and are willing to take while operating in a safe and sound manner. The statement of risk consist of seven core principles. First Wells Fargo is focused on relationship. Which means they will take only as much risk necessary to efficiently, effectively and prudently to serve the consumer, small business, commercial and…

To address the issues and rebuild trust with the customers, Wells Fargo took actions in three primary ways: assisting customers, strengthening operations, and enhancing government practices. Wells Fargo abandoned its sales goals, assigned new management and paid back millions in refunds to ensure their reputation. Total of $6.1 million they paid to refund customers for its fraudulent bank accounts. The bank also paid $910,000 to refund customers for the improper online bill enrollments.…

On September 8th, 2016 Wells Fargo announced it would be paying 185 million dollars in fines to settle the dispute it’s employees caused among customers. Employees in the lower division banks were offered incentives based on their sales progress. “Eight is great” was what the employees were bribed with. Entice eight Wells Fargo products to their customers and receive a cash bonus. This demanding quota urged employees to cut corners and create fake credit card and checking accounts; two million…

As a top national bank, Wells Fargo would seem like a reasonable choice but after recent discoveries it should have people question the safety of their accounts and the lack of ethics within this company. Wells Fargo is a national bank found in almost every state, offering over 6,000 retail banks and 13,000 ATMs (Wells Fargo). With its easy accessibility and well-known name, Wells Fargo ranks among the most popular banking institutions use in the United States. Wells Fargo offers a wide…

“Corporate governance is the process by which organizations are directed and controlled” (2014, p. 94). When Wells Fargo employees opened accounts for customers without their consent, their actions violated customer’s trust, shareholder’s standards, and employees’ loyalty. Moreover, the unethical behavior lay within the framework of Wells Fargo’s corporate culture, thus influencing employees’ behavior and leaderships’ incompetence. The reaction from leadership was to address unethical behavior…

Wells Fargo When speaking of Wells Fargo, there was not just one man who made it, but multiple businessmen in New York. It then made its way in to the west becoming a leading freight and bank company in the West. Wells Fargo was founded by several investors Henry Wells and Williams Fargo, hence the two last names combined, Wells Fargo. They both sought to profit off the huge demand of gold in 1849, so then the company in 1852 starting transporting their first loads of freight between mining…

AN ANALYSIS OF THE WELLS FARGO ACCOUNT SCANDAL INTRODUCTION Paying bank fees may be one of the most annoying, unwanted situations customers experience in the banking system. Imagine the fees paid suddenly becoming multiplied, and you were paying for accounts you didn’t even sign up for. For Wells Fargo customers, this nightmare became a harsh reality. The 185 million dollar Wells Fargo Bank account scandal began in 2011 and was revealed to the public five years later after…

The Wells Fargo fraudulent account case started forming during September 8th of 2016. Wells Faro Bank was accused by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Los Angeles City Attorney. The firms claimed that Wells Fargo during 2011 and 2016 created additional fraudulent bank accounts for pre-existing customers. Signing up over 2 million customers for new credit cards and fees that they were unaware of. The fraud allegedly resulted from our…