Effects of Quality Management on Domestic and Global Competition Paper

MGT/449

Wells Fargo versus Wachovia

From the beginning in 1852, then titled Wells, Fargo & Co., the new banking and express delivery company became a well-known and trusted place to buy gold, bank, and sell paper drafts (which were as good as gold) (Wells Fargo, 1999). Since then, Wells Fargo has moved East through the United States, and has globalized. In 1929, Wachovia was incorporated as South Carolina National Bank. While the history of the banks founders date back to the late 1790’s Wachovia gained its reputation as a trustworthy Southern bank that handled all forms of banking needs including but not limited to checking, mortgage loans, securities, and insurance (The Gale Group, Inc., 2006). It was not until the 1990’s that Wachovia branched out of the South, and tailored to London, and Japan customers with that limit, the bank remained primarily domesticated. While Wells Fargo is a domestic bank their lending and financial practices have primarily become global. This paper will discuss the difference between the companies’ different versions of strategy, and customer service. Focusing on globalization and domestication, how quality management affects the position of the companies in the domestic and global market.
Community Banking Versus Global Banking When guiding your business toward success, you may come across many different aspects where a decision is needed. In the banking industry there are global banks and community banks. These institutions vary in many ways while they carry several similar qualities. When trying to figure which path to take a business owner or owners need to refer to their vision and mission statement to make clear their understanding of what is expected of them and their customers; future and present. Analyzing Wells Fargo and Wachovia will