Wells Fargo Case Analysis

I. Company Overview
About Wells Fargo
In 1852, as a response to the California Gold Rush, Henry Wells and William Fargo created Wells Fargo & company. Initially, the purpose of the company was to provide express and banking services to California. Shortly thereafter, Wells Fargo experienced rapid growth and unpredictable changes. Today the company is viewed as a nationwide, diversified, community-based financial services company with over $1.8 trillion in assets. Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations and 12,800 ATMs.
In addition to banks, Wells Fargo also owns the world's largest stagecoach empire and history museums. Wells Fargo has offices in 36 countries

Their entire vision statement is based upon a very simple premise that states, “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs” (Wells Fargo: Leadership, 2017). Their goal was to become the financial service leaders in customer service and advice, team member engagement, innovation, risk management, corporate citizenship, and shareholder value. The bank was moving in a very good direction until they made headlines for opening a large number of unauthorized fraudulent accounts (Corkery,

Organizational Structure
Wells Fargo will also be streamlining its functional organizational structure in order to make efforts towards improving their business. A functional organizational structure is a structure that consists of activities such as coordination, supervision and task allocation. The organizational structure determines how the organization performs or operates. Each board member is held accountable for a certain area of business. These areas could be either production, marketing, human resources, accounting, etc.
Wells Fargo’s organizational structure has eleven Officers, and sixteen Board of Directors. There are seven committees set in place that each of the Board of the Directors are a part of (See Appendix A.) Each committee is in charge of a certain sector of the company. The seven committees are the Audit and Examination, Corporate Responsibility, Credit, Finance and Governance and Nominating