Wells Fargo & Company: Competition, Economy, Technology

Introduction

Wells Fargo & Company is a banking institution that provide customers with their financial needs. The bank is a diversified community-based financial services company. According to Wells Fargo, in today’s world in the 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.” Wells Fargo provides the full spectrum of services, pricing, underwriting, sales, trading with distribution, execution, and structuring. The company provides banking products, investments, mortgage products, securities market, foreign exchange, and services in thirty-eight countries so that customers may conduct business in the global economy. Wells Fargo creates lasting value for customers and increases efficiency for operations. Innovation thinking, leading in technology and the company is willing to update and test the progress. Risk Management is to avoid and reduce the loss for the company. On Fortune’s 2018, Wells Fargo ranks number twenty-six of America’s largest Corporations on their list.

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Services 

The services offered to the clients and the community are checking and savings accounts, certificate of deposits, credit cards, debit and prepaid cards, loans and credit, merchant services, trust, investments, insurance, retirement accounts, mortgage, buying and selling of foreign currency, online banking, mobile features, the internet services, merchant services, use of ATM’s, and fraud protection. According to Wells Fargo, they have 8,600 banking locations, 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 has a banking President (CEO), and each region has President Managers, three District Managers, Branch Manager, Assistant Managers, Service Managers, Personal Bankers, Trust officers, Small Business Bankers, Investment Bankers, and Mortgage loan Bankers. The Service Managers oversees the tellers by training and coaching them in banking procedures and policies to succeed and grow within the company. Great Leadership is important to the company for continued growth and success. All team members work together to reach the company’s goals and customer expectations and success.

Structure

The bank is structured by departments. The first department is the retail banking where the company has personal bankers to open new accounts such as checking, savings accounts, open certificate of deposits, sell investments, accept loan applications for personal and business, accept 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 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 will cause a slow down in consumer spending which will affect the economic growth. This will cause an increase in unemployment and this will cause a decrease in business growth. Higher gasoline prices will cause less consumer spending. When the economy is uncertain people began to cut back on spending on 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. The account scandal with some of the Wells Fargo employees open fraudulent accounts without the knowledge of the customers. This has caused Wells Fargo to lose customers to their competitors. With all the bad publicity about this scandal it will be easy for the company to lose customers and decrease their bank deposit. Customers are moving their extra funds to other banks. Customers have lost their faith and trust in Wells Fargo.

The non-account holders will think hard before they open an account with Wells Fargo. Their competitors have an advantage over them right now. Wells Fargo revenue has decreased since the scandal. Wells Fargo has since changed the way they conduct business. The company have changed their sales goals to focus on customer service to gain their trust and respect from the customers. One of the banks competitors is Bank of America. Wells Fargo’s bank deposit has since declined. 2. Suggest 2-3 ways in which the primary stakeholders (employees, consumers, supplies, stockholder, can influence the organizations profitability. The stakeholder theory has the most impact on the business environment. Stakeholder is a person or organization that have an interest, stake or concern in a business operation. Examples of stakeholders include owners, customers, government, employees, lenders, suppliers, community, and society. Shareholders are owners of the business and is recognized as a stakeholder. Shareholders own stock in the company. The stakeholder engagement can impact a business performance. Stakeholders participate in the decision making for the business or company. This decision affects the stakeholders. The stakeholders build trust, communicate, handle social issues, listen, and come up with a solution to protect the employees and company from going out of business, handle dispute resolution, legal and ethical issues. Stakeholders engage in the proactive integration of feedback from those impacted by the organization’s operation. Stakeholders engage in ensuring the customers and employees are satisfied. 3. Controversial corporate social responsibility. Wells Fargo Corporate Social Responsibility is rebuilding trust to all the stakeholders. The company top priorities are in diversity and social inclusion. Wells Fargo ensures all people feel respected and have equal access to resources and opportunities to succeed by helping ensure that all people across the workforce, communities, and the supply chain feel valued, respected and have equal access to resources, services, products, which allow them the opportunities to succeed. With the account scandal the company has made many changes for the employees. The aggressive sales goals have been deleted for the company. The employees can concentrate in giving excellent customer service in building back the customers trust in Wells Fargo.

References

C. Holke, Investment Strategy Analyst, Global Perspectives, October 23, 2018 Wells Fargo Clearing Services, LLC All.
Rights reserved from: https://www.wellsfargoadvisors.com 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 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 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: 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 & Company: competition, economy, technology. (2021, Mar 28). Retrieved December 1, 2022 , from
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