Wells Fargo Powerpoint 215t6o
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WELLS FARGO Team 1 By: Martin Anaya. Roxanne Ayala, Jessica Bernal, Gustavo Garcia, Ricardo Gomez, Luis Gonzalez
History Established on March 18, 1862 by Henry Wells and William Fargo Opened during the gold rush port of San Francisco Quickly earned a reputation of trust Delivered business the quickest way possible 1869 they became the 1st nationwide express company Offered basic financial services By 1910 they opened 6,000 locations
•
Heritage diversity workforce to better serve communities.
•
Good management helped the company survive during the great depression, social changes, technological advances and also during the war and post war.
•
Tendered to customer needs such as credit cards, ATM’s, drive up tellers, online banking, bank by phone and customer service.
•
In 1960 Wells Fargo became northern California's regional bank
•
In the 1980’s they expanded state wide and became the 7 th largest bank in America.
11 history museums filled with exhibits to display their history and progress throughout the years. The red ad gold stagecoach has become the company's corporate symbol The stagecoach helped provided a fast service across the country during the 19 th century. It traveled an average of 5 mph It was made of the finest materials and had a high reputation.
Company goals: •
•
Well Fargo vision: “We want to satisfy all our customers financial needs and help them succeed financially.”
"Our average retail banking household has about six products with us," the brochure, titled "The Vision & Values of Wells Fargo" says. "We want to get to eight ... and beyond.“
What They Offer: •
Checking and Savings s
•
Credit cards
•
Auto loans
•
Mortgage loans
Employee’s goals and quotas: Wells Fargo employees are required to meet quotas which seem unrealistic: Quotas and goals PER DAY: •
Minimum of four s per day which include:
Checking Savings Credit card applications (at least one approved) Mortgage Auto loan
Ethical Violation: •
Wells Fargo employees were accused of opening s and credit cards for existing customers without their permission.
•
They also transferred money from customers' authorized s to pay fees on the unauthorized s.
Consequences: When fees on unauthorized s went unpaid, some customers were placed into collection while others had negative information placed on their credit reports.
The complaint was filed in California Superior Court and there is a $2,500 fine for every unauthorized opened plus money that was taken away from customer.
Video
Customer Reactions
•
Attorney Mike Feuer
•
Siham El-Dahan Wells Fargo Business Banker
•
Frank Ahn unwanted s
•
the City of Attorneys Office
•
Consumer Protest
Resolution/ Remedies •
The Company Wells Fargo resolved the problem by firing those employees that were opening the s without permission (30).
•
Also they are lowering the goals to make them realistic in regards to opening s at the company.
Resolution/Remedies •
Two years of ethical reviews for employees.
•
Customers have not gotten most questions solved
•
They have closed that are not needed by the customer/opened improperly
•
Law suit can last a couple years before anything gets solved.
When you are one of the biggest banks in the country, chances are you are spending more time focused on your financial concerns than ethical ones. However, Wells Fargo will be spending the next two years preparing to conduct an internal review of its ethics due to lawsuits that have been sweeping the financial industry as of late.
According to a JournalNow report, the firm's employees already are held to a 24-page code of ethics that includes workers being barred from investing in or making a loan to a Wells Fargo customer or vendor unless it meets certain requirements. Employees also aren't allowed to accept gifts valued at more than $200 from customers.
“The
review is a self-initiated effort that builds on our strong track record of ethics and integrity to assess our current approach and make recommendations for continuous improvement.” Mary Eshet, Wells Fargo spokeswoman We're delighted to see Wells Fargo taking proactive steps to create a strong ethical culture, along with preventing unlawful behavior.
Cited Sources •
(wellsFargo.com/personal/creditcards, n.d.)
•
(wellsfargo.com/personal/homemortgage, n.d.)
•
(wellsfargo.com/personal/autoloans, n.d.)
•
(www.glassdoor.com/reviews/wellsfargo, n.d.)
•
http://www.upi.com/Business_News/2015/05/05/Wells-Fargo-accused-ofopening-fraudulent-s-to-meet-quotas/7661430851784/
•
•
http://money.cnn.com/2015/05/05/news/companies/wells-fargo-customer-accou nts / Video: https://www.youtube.com/watch?v=RMV1SQEVHjg
•
See more at: http://www.scu.edu/r/ethics-center/ethicsblog/business-ethicsnews/18377/THE-GOOD-NEWS:-Wells-Fargo-Initiates-Proactive-EthicsReview#sthash.65ruAHbc.dpuf
•
Mark Calvey San Francisco Business Times January 7,2014
•
Stefanie Mosca December 12, 2013
•
•
•
•
http://www.bizjournals.com/sanfrancisco/blog/2013/10/wells-fargo-fired-emplo yees-los-angeles.html http://www.insidecounsel.com/2013/12/12/wells-fargo-prepares-for-two-year-et hics-review-to http://www.bigclassaction.com/lawsuit/wells-fargo-consumer-banking-fraud-c lass-action.php http://www.stockwatchweekly.com/daily-news/all-eyes-on-wells-fargo-wfc-a-val ue-buy-or-short-sell/
History Established on March 18, 1862 by Henry Wells and William Fargo Opened during the gold rush port of San Francisco Quickly earned a reputation of trust Delivered business the quickest way possible 1869 they became the 1st nationwide express company Offered basic financial services By 1910 they opened 6,000 locations
•
Heritage diversity workforce to better serve communities.
•
Good management helped the company survive during the great depression, social changes, technological advances and also during the war and post war.
•
Tendered to customer needs such as credit cards, ATM’s, drive up tellers, online banking, bank by phone and customer service.
•
In 1960 Wells Fargo became northern California's regional bank
•
In the 1980’s they expanded state wide and became the 7 th largest bank in America.
11 history museums filled with exhibits to display their history and progress throughout the years. The red ad gold stagecoach has become the company's corporate symbol The stagecoach helped provided a fast service across the country during the 19 th century. It traveled an average of 5 mph It was made of the finest materials and had a high reputation.
Company goals: •
•
Well Fargo vision: “We want to satisfy all our customers financial needs and help them succeed financially.”
"Our average retail banking household has about six products with us," the brochure, titled "The Vision & Values of Wells Fargo" says. "We want to get to eight ... and beyond.“
What They Offer: •
Checking and Savings s
•
Credit cards
•
Auto loans
•
Mortgage loans
Employee’s goals and quotas: Wells Fargo employees are required to meet quotas which seem unrealistic: Quotas and goals PER DAY: •
Minimum of four s per day which include:
Checking Savings Credit card applications (at least one approved) Mortgage Auto loan
Ethical Violation: •
Wells Fargo employees were accused of opening s and credit cards for existing customers without their permission.
•
They also transferred money from customers' authorized s to pay fees on the unauthorized s.
Consequences: When fees on unauthorized s went unpaid, some customers were placed into collection while others had negative information placed on their credit reports.
The complaint was filed in California Superior Court and there is a $2,500 fine for every unauthorized opened plus money that was taken away from customer.
Video
Customer Reactions
•
Attorney Mike Feuer
•
Siham El-Dahan Wells Fargo Business Banker
•
Frank Ahn unwanted s
•
the City of Attorneys Office
•
Consumer Protest
Resolution/ Remedies •
The Company Wells Fargo resolved the problem by firing those employees that were opening the s without permission (30).
•
Also they are lowering the goals to make them realistic in regards to opening s at the company.
Resolution/Remedies •
Two years of ethical reviews for employees.
•
Customers have not gotten most questions solved
•
They have closed that are not needed by the customer/opened improperly
•
Law suit can last a couple years before anything gets solved.
When you are one of the biggest banks in the country, chances are you are spending more time focused on your financial concerns than ethical ones. However, Wells Fargo will be spending the next two years preparing to conduct an internal review of its ethics due to lawsuits that have been sweeping the financial industry as of late.
According to a JournalNow report, the firm's employees already are held to a 24-page code of ethics that includes workers being barred from investing in or making a loan to a Wells Fargo customer or vendor unless it meets certain requirements. Employees also aren't allowed to accept gifts valued at more than $200 from customers.
“The
review is a self-initiated effort that builds on our strong track record of ethics and integrity to assess our current approach and make recommendations for continuous improvement.” Mary Eshet, Wells Fargo spokeswoman We're delighted to see Wells Fargo taking proactive steps to create a strong ethical culture, along with preventing unlawful behavior.
Cited Sources •
(wellsFargo.com/personal/creditcards, n.d.)
•
(wellsfargo.com/personal/homemortgage, n.d.)
•
(wellsfargo.com/personal/autoloans, n.d.)
•
(www.glassdoor.com/reviews/wellsfargo, n.d.)
•
http://www.upi.com/Business_News/2015/05/05/Wells-Fargo-accused-ofopening-fraudulent-s-to-meet-quotas/7661430851784/
•
•
http://money.cnn.com/2015/05/05/news/companies/wells-fargo-customer-accou nts / Video: https://www.youtube.com/watch?v=RMV1SQEVHjg
•
See more at: http://www.scu.edu/r/ethics-center/ethicsblog/business-ethicsnews/18377/THE-GOOD-NEWS:-Wells-Fargo-Initiates-Proactive-EthicsReview#sthash.65ruAHbc.dpuf
•
Mark Calvey San Francisco Business Times January 7,2014
•
Stefanie Mosca December 12, 2013
•
•
•
•
http://www.bizjournals.com/sanfrancisco/blog/2013/10/wells-fargo-fired-emplo yees-los-angeles.html http://www.insidecounsel.com/2013/12/12/wells-fargo-prepares-for-two-year-et hics-review-to http://www.bigclassaction.com/lawsuit/wells-fargo-consumer-banking-fraud-c lass-action.php http://www.stockwatchweekly.com/daily-news/all-eyes-on-wells-fargo-wfc-a-val ue-buy-or-short-sell/
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