...Wells Fargo Vs. Competitors Amber Andersen Globe University / Minnesota School of Business Wells Fargo Vs. Competitors For this paper I have chosen to pose the question “Who are Wells Fargo’s main competitors and how are they competing? In doing so I will be discussing five different concepts learned through this course. According to the website by “Investopedia” the main competitors of Wells Fargo are the other three of the “big four” major U.S. banks that include: JPMorgan Chase, Citigroup and Bank of America. One way Wells Fargo sets itself apart from its competitors is by their use of Technology to increase profits and revenue. There are several different channels for banking services. According to the website “Market Realist” these channels include: branch, phone, mail, ATM and online banking. Of these different banking services available, servicing customers through branch banking actually costs a bank the most money. Next comes phone banking and then ATMs in terms of their servicing costs. Due to the low maintenance cost, online banking is the cheapest mode for servicing customers in the long run. Wells Fargo looks to optimize its use of technology which will reduce the banks cost of operations therefore increasing its profitability. How does Wells Fargo’s use of product development and business cycle defer from their competitors? “Market Realist” also states that Wells Fargo believes that by creating an enjoyable place of work, their employees in return will...
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...Financial Analysis of Wells Fargo Bank Analyze the company’s mission and vision statements against the performance of the organization. Then, evaluate how well the company lives out its mission and vision statement. Provide support from the organization’s performance in your evaluation. The mission statement of Wells Fargo, like most other banks, centers around getting as much money and financial obligation from each individual as possible. “We want to satisfy all our customers’ financial needs and help them succeed financially.” To further clarify that mission Wells Fargo says, “We believe our customer can save more time and money if--- after carefully shopping around and comparing choices --- they bring all their financial services to one trust provider.” Wells Fargo has lived up to its mission statement by becoming the nation’s largest financial institutions, serving one in three U.S. households and employing over in 500 working Americans. Regardless of the growing size, scope and reach, Wells Fargo common visions and distinct values form the fabric that holds the company together. As a team member of Wells Fargo, I can say it doesn’t matter what my responsibility is, or my titles, the business of the company is what I work for. Wells Fargo is one of the few American companies doing business for longer than 150 years under its founding name and in its original line of business: banking. Banking has changed in many ways through the years...
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...(MAHRM) STRATEGIC HR PLAN AT WELLS FARGO Jimmy Rios HRF7411-Human Resource Planning & Administration PROFESSOR: JIMMIE FLORES August 22, 2014 ONLINE SUMMER II, 2014 Summary The effective organization that I chose is Wells Fargo Bank because of my familiarity in having worked there for the last four years in different capacities. I will focus this paper on the functional HR Strategy towards staffing and retention at the consumer lending group and specifically on the division that I work in the automotive finance group and the Tempe, Arizona national call center. I will give a brief description of the history of Wells Fargo and its core products and services, detail the vision, mission and value statements and how they relate to the strategy that HR uses regarding its staffing and retention. I will delineate the system and metrics system used for their recruiting strategies and how the call center comes to a specific number to decide on how many people to hire. Company Background The Brand Finance Banking 500 in the February 2014 edition of Banker Magazine recognized Wells Fargo as the world’s most profitable bank. (Wells Fargo Tops, 2014) But they weren’t always on top. And to understand the high profit trajectory of a Bank like Wells Fargo, you have to understand their history and background. Wells Fargo has been in business since 1852 when it was founded by Henry Wells and William Fargo. (Wells Fargo Timeline, 2011) During the Gold...
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...1. What were the driving forces that lead Wells Fargo OFS to redesign their strategy and processes? Wells Fargo launched its online financial services much ahead of their competitors and with the astonishing response of the growing customer base, they enhanced the online services with all major banking services like reviewing their accounts and balances, bill payments etc. The OFS primarily focused on the maintaining the high attrition rate of online customers and provide all their customer with a low cost service medium. The OFS group recovered their cost by charging other department within the bank depending on the activity of the customer after logging into the portal. However due to this main the purpose of providing a low cost media to the customer was being lost in the need of generating OFS group revenue. Because of this the OFS had reached a point where the profits and costs were equal. Wells Fargo’s traditional approach to measure performance and strategies using the financial metrics led to poor decision making while the online banking needed a well-planned long term goal as it was one of the driving factor of the business in the coming years. Also, because of the rapidly changing technological trends on a daily basis in the internet media, the OFS had to be upstream in their approach to keep with the latest technologies. This involved new competitive threats and meeting the customer demands became a challenge due to the varied customer base in the online banking...
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...acquisitions, Wachovia has implemented their policies and procedures without taken into account how this would affect the existing employees of the company that was bought. Now for the first time, in company history, Wachovia finds itself on the other side of the table. I’m currently a Business Analyst at Wachovia. I’ve been with the company for almost 2 years, but I’ve been there long enough to understand and adapt to the culture, their policies & procedures, their implementation of diversity within Wachovia and their community involvement. I currently work with employees who have been with the company for over 10, 15, and 20 years. And employee morale for the most part has been fairly high, but due to the recent acquisition of Wachovia by Wells Fargo, I’m starting to see a paradigm shift in the organizational culture. After completing the Organizational Culture Inventory (OCI), it...
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...organizational change In today’s current global competition, it is necessary for organizations to remain competitive when it comes to their organizational change. Two factors play a big role in today’s organizational change, which is globalization and technology. In the world of technology consumers look for convenience, and wants result. Internet, cell phones and social media have increased customers reach beyond humankind could imagine. Changes could occur in a matter of a second in an organization, therefore management always have to be on top of what is best for their organization and implement strategies to deal with the change. According to the article online, How Internal and External Factors Drive Organizational Change here is a brief summary of internal and external change of an organization “The internal environment of an organization refers to events, factors, people, systems,...
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...D Diversity Analysis of Wells Fargo MGMT 360-51 Team - Multiplicity Shannon Willy Darren Cattnach Jeannine Petersen Edward Davis Cindy Sellner Metropolitan State University Summer 2010 Executive Background Introduction Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet across North America and internationally. They are headquartered in San Francisco; however, they’re decentralized so every local Wells Fargo store is a headquarters for satisfying all their customers’ financial needs. This has led to a large customer base, which Wells estimates that one in three households in America does business with them. Wells Fargo has $1.2 trillion in assets and more than 278,000 team members across their 80+ businesses. They ranked fourth in assets, and third in market value of their stock among their U.S. peers as of March 31, 2010 ("Wellsfargo.com," 2010). Wells Fargo’s company vision is stated as, “We want to satisfy all our customers’ financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies.” This statement has led them to have an outstanding reputation in the community. They have been recognized in the following publications: FORTUNE 19th in Revenue among All Companies...
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...Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Currently, Wells Fargo is the fourth largest bank in the United States by assets and the second largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. Overall, Wells Fargo is the 23rd largest company. Wells Fargo has been a company for over a century. It was first established by Henry Wells and William Fargo in 1852. The company was initially providing services to California. Since then, they have grown to be what they are today. Wells Fargo has had a lot of acquisitions. Most were very minor, but some were big mergers. These big mergers include the acquisitions of California-based Wells Fargo & Company by Minneapolis-based Norwest Corporation in 1998 and the 2008 acquisition of Charlotte, NC-based Wachovia. Since the aquisition, the company transferried its headquarters to San Francisco. Since then, Wells Fargo has grown to be known as one of the biggest, and one of the friendlist banks in the United States. In 2010, Wells Fargo had 6,335 retail branches (called stores by Wells Fargo), 12,000 HYPERLINK "http://en.wikipedia.org/wiki/Automated_teller_machines" automated teller machines, 280,000 employees and over 70 million customers. Wells Fargo operates stores and ATMs under the Wells Fargo and HYPERLINK "http://en.wikipedia.org/wiki/Wachovia" Wachovia names. Wells Fargo is...
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...Commercial Bank: Wells Fargo Background: Wells Fargo is the largest bank in terms of market capitalization and the fourth largest bank in the United States in terms of assets. The present Wells Fargo is a result of a merger between San Francisco-based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. Later on October 3, 2008, Wells Fargo acquired Charlotte-based Wachovia for about $15.1 billion in a stock-for-stock transaction. Its headquarters is currently located in San Francisco, California. Wells Fargo is a diversified financial services company that provides credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity, insurance and etc. Wells Fargo and the 2008 Financial Crisis | Before the crisis | During the crisis | After the crisis | Profitability Ratios | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | ROA% (Net) | 1.76 | 1.52 | 0.28 | 0.96 | 0.99 | 1.23 | ROE % (Net) | 19.6 | 17.23 | 3.61 | 11.64 | 10.38 | 11.90 | Net Interest Margin % | 61.88 | 59.62 | 72.05 | 82.32 | 84.77 | 86.54 | Calculated Tax Rate % | 33.45 | 30.70 | 18.48 | 29.62 | 33.36 | 31.47 | | | | | | | | Debt Management | | | | | | | Total Debt to Equity | 9.51 | 11.08 | 12.22 | 10.13 | 8.95 | 8.37 | Equity Multiplier | 10.51 | 12.08 | 13.22 | 11.13 | 9.95 | 9.37 | | | | | | | | Asset Management | | | | | | | Total Asset Turnover | 0.1 | 0.1 | 0.05 | 0.08...
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...Introduction Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet across North America and internationally. They are headquartered in San Francisco; however, they’re decentralized so every local Wells Fargo store is a headquarters for satisfying all their customers’ financial needs. This has led to a large customer base, which Wells estimates that one in three households in America does business with them. Wells Fargo has $1.2 trillion in assets and more than 278,000 team members across their 80+ businesses. They ranked fourth in assets, and third in market value of their stock among their U.S. peers as of March 31, 2010 ("Wellsfargo.com," 2010). Wells Fargo’s company vision is stated as, “We want to satisfy all our customers’ financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies.” This statement has led them to have an outstanding reputation in the community. They have been recognized in the following publications: FORTUNE 19th in Revenue among All Companies in All Industries (2010), World’s 39th Most Admired Company (2010), Forbes One of America’s Best Big Companies (2008), Top 100 Best Companies in the World (2010), Barron’s World’s 50 Most Respected Companies (2010), BusinessWeek Best Places...
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...analyze selected cases from among the following sets: 1. 20 short cases - to be resolved individually (ethical challenges of managers) 2. 15 longer cases –more involved, to be resolved in group discussion (ethical challenges of employers, managers and organizations) A. SHORT CASES 1. You’re the plant manager in one of ABC Company’s five plants. You’ve worked for the company for 15 years, working your way up from the factory floor, after the company sent you to college. Your boss just told you, in complete confidence, that the company will have to lay off 200 workers. Luckily, your job won’t be affected. But a rumour is now circulating in the plant and one of your workers (an old friend who now works for you) asks the question, “Well Pat, what’s the word? Is the plant closing? Am I going to lose my job? The closing on our new house is scheduled for next week, I need to know!” What should you say? What will you say? 2. As an operations professional, you need to be able to interact effectively with many internal customers – from corporate managers to field representatives. One of your peers is Jessica, who is a talented operations professional, but who is downright rude to her internal customers. Her attitude is so bad, that people around your company ask specifically to deal with you instead of Jessica. You’ve heard many tales about her sarcasm and her unwillingness to deliver anything other than the absolute minimum to other employees. You’ve thought about talking...
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...Question 1 Jim Beatty’s claim that no impairment is needed because the overall investment portfolio of public equity securities is in an unrealized gain position is invalid. According to ASC 320-10-35-20, in determining whether an investment is impaired, impairment should be assessed at the individual security level. Instead of assessing the impairment of the portfolio as a whole, Jim Beatty needs to check for impairment of individual securities. However, this also means that the company can evaluate the aggregate investment in Wells Fargo altogether, rather than just the stock that is in a loss position. Question 2 In determining whether these investments are other-than-temporarily impaired, the company should consider the following (SAB 111): • The amount of the loss and the length of time that the investment has been in a loss position. • The financial condition and near-term prospects of the issuer, including any changes or events that could affect the operations of the issuer. • The investor’s intent and ability to hold an investment until fair value recovers. Question 3 Kraft Foods and Sanofi-Aventis: The company should record other-than-temporary impairments for Kraft Foods and Sanofi-Aventis because these investments have had a fair value below cost for 24 and 30 months and the amount of the losses are large. The gross loss for Sanofi-Aventis increased during 2013. Although the gross loss for Kraft Foods decreased during 2013, it remains in a loss position...
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...Investigating employee turnover in a department or division Wells Fargo Bank Introduction Wells Fargo is a public organization having expertise in financial products. The company has expanded across different regions thereby trying to attain globalization. It has been offering advices on investments, loans, insurance and several other business products. The company believes that their strong commitment towards work along with commitment by every employee had enabled them to reach great heights. Wells Fargo bank has large number of customers getting served financially on a daily basis. However, they have experienced financial issues recently which forced them to poor management of employees. Ultimately, the customer reactions were worst and they have suffered as much. The low employee morale in turn revealed the poor economic status prevailing in the organization and this indeed reflected their efficiency in operations management. Wells Fargo’s expansion indicates a large size of the company and they have been operating in various market segments satisfying the demographical changes. It is the consultant of Wells Fargo bank being used here to gather relevant points for the research paper. Customer satisfaction is believed to be their strength but this was once their issue. Still, this has not been fulfilled completely. The impact of recession on Wells Fargo bank was relatively high such that they had faced worst situations where they lost clients and customers. The employee...
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...my current work place; I work at Wells Fargo Bank. The company has a mission statement that every customer counts, and that customer service satisfaction is the number one priority of the company. Wells Fargo started back in 1852 more as a delivery company of goods for individual customers, and companies back in the day; their purpose was to service all around the country, from their base in San Francisco all the way to the east coast in New York. The company took a big hit when the government took the bank and left them only with one branch, their base in San Francisco, so they basically had to start again from zero; but as a company they pulled through and Mr. Wells and Mr. Fargo took the company back into great business. One of the organizational strengths that I see with this company today is the strength to be always prepared for what is coming, they will be able to manage disturbing situations that come to them, from tough economical times. We can take the example of the great recession that we are just getting out from 2008 and 2009, as a bank with strengths it was able to stay a float, to still buy another big bank Wachovia, and become the largest retail bank in the United States, now being in 39 states of the Country, and having plans to start opening branches in the other 11 states that have not yet being conquered by Wells Fargo. This makes it distinctive from other companies because most people can have services with Wells Fargo, and right now literally can get service...
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...how has the unethical behavior affected the organization, the individual, and society, and how could the unethical behavior be avoided or resolved. After a 28 month investigation led by the Securities and Exchange Commission (SEC) where their findings were that Wachovia Capital Markets cheated investors by charging inflated prices on securities tied to home mortgages (David S. Hilzenrath, 2011). Hefty penalties were handed down such as 22 million dollars in penalties along with pay 3 million dollars towards educating investors in spotting the wrong investments. Wachovia will also pay 25 million in settlement fees to the people that were cheated out of their money. After this incident happened, Wells Fargo has taken over the reins of Wachovia but the fines kept going, Wells Fargo agreed to pay more fines of almost 4.5 million dollars along with they had to give up gains that were acquired from the bad investments adding up to almost 7 million dollars. Patricia D. Struck, the association's president and the Wisconsin securities administrator, said in a press release that the settlement "is a positive step in our ongoing efforts to strengthen investor confidence and foster fairness in our capital...
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