History Of Wells Fargo

2134 Words5 Pages
bulb-icon

Recommended: Introduction of wells fargo scandal

Wells Fargo is an extremely popular bank that many people, including me, use. Wells Fargo is an American bank that is the third largest bank in the United States, the first two being JP Morgan Chase and Bank of America respectively. The bank’s headquarters is located in San Francisco and since I am from this city, I would love to intern at the company and maybe work at the bank in the future. There are many things I love about this bank, however, the most enjoyable asset about Wells Fargo is its convenience in both the overall bank and in tracking your purchases and your card by simply putting your username and password onto the Wells Fargo website.
Since Wells Fargo is the third largest bank in the United States, there are various venders …show more content…

This is obviously not right as innocent people are being charged with payments they didn’t make. The bank tried to help solve this issue and “on September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles City and federal regulators to settle allegations that its employees created millions of fake bank accounts for customers. The bank wanted the issue behind them” (Forbes, “The Wells Fargo Fake Account Scandal: A Timeline”). Wells Fargo claimed that they fired about 5,000 people who helped create these ghost accounts. That is a good sign, but I believe that they should fire everyone who was involved in the scandal. There were more than 5,000 employees present in the scandal, so if you are getting rid of a good amount of people, why not get rid of all the toxic …show more content…

They said to the people who support Wells Fargo, “if you feel like you received an account that you didn’t want, come in and see us and we will make it right” (Peter Conti-Brown, “Why Wells Fargo Might Not Survive its Fake Accounts Scandal”). I believe that Wells should do more than just talk to their customers if they experienced one of the fake numbers. It seems like they were and still are taking about this scandal like it wasn’t a big deal, when the case is still relevant today. Like I briefly mentioned above, the most unethical behavior about this is the fact that not just a couple members were involved. There were a couple thousand employees involved who created new bank and credit card accounts for customers without their

Show More
Related

  • Scandal Wells Fargo Scandal

    980 Words  | 2 Pages

    First of all, they will not be able to buy tangible properties such as house, car and etc. because of that their credit ratings got a huge hit. Moreover, only 5,300 of the employees that were fired from the Bank, 10% were Managers. What could have motivated them to engage in this sham? This is not an attempt to imply all were of malicious but certainly most them led the way. The aggressive sales goals pushed employees to break the rules. “On average one percent 1 percent of employees have not done the right thing, and we terminated them. I don’t want them here if they don’t represent the culture of the company,” says John Stumpf, the company’s longtime chief executive, in an interview with The Washington Post. It is obvious that simple employees and managers could not break the law if someone from the top did not allow them to do so. But the executive board of Wells Fargo claimed that they only fired 1 percent of below employees and some managers for fraudulent accounts, however they also might be involved in that business crime although to build a case against a company executive, prosecutors would have to show “they knew there was a plan to create false accounts to drive up sales,” said Brandon L. Garret, a professor at the University of Virginia School of Law. Even if it appears that the executive purposefully attempted to avoid knowing about the fraud, prosecutors may be able to build a case. Because they don’t have to participate if there is willful

    Read More

  • Wells Fargo Ilunt Fraud Scandal

    1019 Words  | 3 Pages

    As Wells Fargo convicted all the requirements of fraud they are involved to the business crime called fraud, they are liable to their fraud crime. There was a false statement which respectively conducted to the injury to the alleged victim as a result. Wells Fargo has been ordered to pay $185 million in fines, but that's a pittance compared with the $5.6 billion the bank earned in just the second quarter of this year. Meanwhile, the bank's victims weren't just nickel-and-dimed with overdraft and maintenance fees. Many of them took "significant hits" to their credit scores for not staying current on accounts they did not even know about. They will likely have difficulty securing home and car loans at reasonable rates for years to come, simply because their bank decided to defraud

    Read More

  • The Wells Fargo Crisis: The Comptroller Of The Crisis

    1079 Words  | 3 Pages

    One year ago, on September 8, 2016 the Consumer Financial Protection Bureau(CFPB), the Los Angeles City Attorney and the Office of the Comptroller of the Currency (OCC) fined Wells Fargo Bank $185 million, alleging that more than 2 million bank accounts or credit cards were opened or applied for without customers' knowledge or permission between May 2011 and July 2015. This essay will discuss the Wells Fargo scandal by explaining how the event happened and describing how the organization approached handling a response to the crisis. This will be seen, firstly by describing the how the scandal happened, and what were the causes, secondly by discussing the reaction of the company in front of the situation, how they dealt with the crisis and then

    Read More

  • JP Morgan Chase Bank

    1808 Words  | 4 Pages

    JPMorgan Chase is one of the largest and best known banks in the banking industry. JP Morgan Chase is a global financial service firm with operations in over 50 countries. With a CEO who is known as one of the banking industries top leaders it is obvious why they are in the top 10 of the fortune 500. Although JP Morgan Chase bank is one of the leaders in the industry I believe they are a long way away from being the most innovative bank around. Banks can be one of the most targeted locations for robberies which is why I find it important for them to protect their customers and themselves. Utilizing computerized bankers would be a good start to safety within their branches. Money should not be kept on the floor of any bank to avoid unnecessary situations.

    Read More

  • Analysis Of Wells Fargo Scandal

    1308 Words  | 3 Pages

    The Wells Fargo scandal started in 2016 when it came to light that starting back in 2011 employees created over 1.5 million fraudulent bank

    Read More

  • History of Pension Funds

    1728 Words  | 4 Pages

    motivation to work hard and to not quit the job and move on to the

    Read More

  • A Review of Management Techniques and Practices at Wells Fargo Bank

    4101 Words  | 9 Pages

    Wells Fargo provides international banking for several reasons. Wells Fargo Bank has recognized the potential of providing more choices for consumer and business customers.

    Read More

  • Analysis Of Wells Fargo Financial Analysis

    1688 Words  | 4 Pages

    In the year 2008 it was one of the few large banks which was unaffected by the crisis. Analysts are bullish on Wells Fargo since it has strong fundamentals and has a strong brand name. Banking depends a lot on the trust which the customer has on the bank. Wells Fargo is one of the most trusted banks because of its service and its strong customer focus. Also in the last few years it has concentrated more on its core banking solutions giving it edge over its competitors who have been struggling the aftermath of its crisis.

    Read More

  • Wells Fargo Case Study

    542 Words  | 2 Pages

    4. Click on the "Sign On" button to complete the Wells Fargo account login process.

    Read More

  • The World Bank

    3065 Words  | 7 Pages

    and in fact has forgotten them. Although the Bank has the world's cream of the

    Read More

  • Wells Fargo Case Study

    965 Words  | 2 Pages

    During the past year Wells Fargo, a well-recognized bank of the United States, has been trying to clean its name and the mess it got itself into, when it was brought to the public that the bank was involved in generating fraudulent checking and savings accounts for its clients without their knowledge or their authorization. “The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent”

    Read More

  • Sears Social Responsibility Essay

    497 Words  | 1 Pages

    If they wanted to issue out credit cards so bad, they could have just made an advertising plan to suggest customers into getting credit cards with Wells Fargo. The employee's at Wells Fargo were the one making fake accounts and fake emails for online banking. More and more issues keep coming up with this company, for example employs that steal from people and making fake accounts. Something they could do better is do better background checks on their employees. Also, Wells Fargo should constantly be checking up on their customers banking accounts to make sure they don’t get anymore fines or

    Read More

  • Financial Analysis: The Wells Fargo Scandal

    1156 Words  | 3 Pages

    Wells Fargo, which be seated at the 4th largest bank in America with $1.75 Trillion in assets at the time, had a great wealth of capital to distribute to its public relation division. A persistent interest in maintaining a good public belief among both customers and stockholders, it could be anticipated that timely and cautious actions would be taken in light of a scandal. Wells Fargo’s response to the scandal was exactly that, quick, orderly and official. However, despite any preparation a company could devise, it is impossible to predict the scope and impact a scandal such as this could enforce more. To better understand what needed to be done to for restoration of their bank’s function and reputation, The Wells Fargo conducted and did research

    Read More

  • The Reputation Crisis: The Wells Fargo Case

    260 Words  | 1 Pages

    Wells Fargo was recently fined for employees opening accounts without the customer's knowledge. It was a classic reputation management crisis, deserving of a solid reputation management

    Read More

  • Wells Fargo Behavior

    1028 Words  | 3 Pages

    Contrasting this is the scandals that have recently become part of the public ears; it’s here that Wells Fargo has taught other organizations a valuable lesson how not to practice business. In the least the bank giant has made an ethical mistake when employees were encouraged to support cross selling while honoring incentives to the employees who were successful at cross selling. This however, is where things at the bank began to go wrong and business such as this one cannot be allowed to get away with. To make matters worse employees were investigated after many of them identified as creating fake credit cards at the customer’s expense. This event was a very

    Read More

More about History Of Wells Fargo

Open Document