Introduction
American Express is a worldwide, trusted, reliable company with an amazing history and founders. The company was an express delivery business, which grew to become one of the largest companies we know today. According to research, an express company was responsible for transporting valuable goods and money. American Express is world’s #1 travel service organization. They serve customers all over the globe with approximately 1,800 offices worldwide. American Express distinguishes themselves from other companies with their unique charge cards and well-known Traveler’s Cheques. The company has made it possible for customers to be able to go “anywhere and spend money without actually carrying a single dollar in your pocket.” (Advameg)
This paper will highlight the history of the company, followed by HR policies & practices that stand out and implications of HR policies when comparing to other companies. The paper will also explain why the HR policies and practices chosen are important.
Overview of the Company
The Beginnings
Henry Wells & William G. Fargo founded American Express in 1841. The company began in Buffalo, New York and was one of the first express delivery businesses, which later grew to what we know now: “a multibillion-dollar company whose subsidiaries provide travel and financial services worldwide.” (Advameg) Together, competing businessmen took three companies and combined them to make “one grand line.” (Advameg) Advances in the shipping, banking, and telecommunications industries were brought on by the company’s founders through their hard work and founding of other companies throughout the years. At the time, the postal service was very slow and expensive; deliveries were usually lost or stolen while e...
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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
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While Wells Fargo is doing very well and growing financially, it is important to keep in mind how the public sees them. It is necessary for them to keep obtaining new customers, and to continue to create an ethical culture among the employees. It is important for them to not slip back into their old routine, and not become too obsessed with opening new accounts. It is very appropriate that they are shifting their goals toward customer satisfaction in order to please existing and new customers. Overall, Wells Fargo has been fortunate, and has handled the scandal with
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The company had to be the second largest retailer shop in the US; it has many advantages that come along. The customers well acknowledge the company and its brand have been well established.
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American Express has been known as a commodity to most business travelers. In order to build its customer base, other consumers need to see the card as an indispensable convenience in their lives. American Express offers convenient methods to obtain account information, pay bills, find discounted products, and even make travel plans via the Internet. The Internet site offers these options, as well as other services, such as on- line help and assistance for small businesses. American Express realizes the need for many consumers to save time and money, but to still feel important and respected. The ingenuity and thought put into the services offered on the web site shows that American Express is genuinely concerned with the satisfaction of its customers.
In 1905, Wells Fargo survived a major natural disaster that caused it to change its way of portraying itself in the public. Without any concern or having nothing to do with the disaster, Wells Fargo still served as a commercial bank in San Francisco to support the West’s growing
When the scandal of American express came to light. Warren Buffet believed American express shouldn’t have to pay the sixty million it offered to pay but rather they should have to accept blame and admit to. Buffett even at his own expense offered to testify describing how management was trying to plan to settle. American express ended up paying out large amounts of money; however, was able to bounce back and get its company’s stock back up by 1964. Many were surprised when Buffett wanted to testify because even though he was notorious for being honest just like his father but he had never tried to turn his investments into a place where all their secrets were out in the open.
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
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In August of 1971, Smith started his venture by buying controlling interest in Arkansas Aviation Sales. While operating his new firm, Smith recognized the tremendous difficulty in getting packages delivered within one- to- two days. This dilemma motivated him to do the necessary research for resolving the current inefficient distribution system. Thus, the idea for Federal Express was born: a company that revolutionized global business practices and now defines speed and reliability1.
UPS was founded in 1907 as a messenger company in the United States and now
To start off, American Express is an international corporation that provides charge and credit payment card products and travel related service to consumers and businesses. Our company currently consists of four operating divisions. These four divisions are US card services, international card services, global commercial services, and global network and merchant services. US card services provides services to patrons within the US while our international card services provide business to patrons all around the globe. Our Global commercial services provides expense management business to companies worldwide and our last division, global network and merchant services helps card owners and cards under global network service businesses.
They are: Frederick W. Smith (Chairman, President, and CEO), Alan B. Graf Jr. (Executive Vice President and CFO), Christine P. Richards (Executive Vice President, General Counsel and Secretary), Robert B. Carter (Executive Vice President, FedEx Information Services, and CIO), and T. Michael Glenn (Executive Vice President, Market Development and Corporate Communications. Each bring unique experience and leadership skills to FedEx thus helping to shape and guide FedEx. Smith, as CEO of a multi-billion company provides the strategic direction for all of FedEx’s subsidiaries. For instance, since the company’s inception, Smith has been active in lobbying for free trade and regulatory reform. He strived for “open skies agreement” worldwide. By engaging in such activities, Smith is guiding and shaping FedEx’s long-term goals. Furthermore, Smith has experience with different transportation services through service on the board of governors for different air transport associations. This knowledge gives FedEx first-hand knowledge of how to operate in just one segment of its business. Christine Richards, on the other hand equally guides the corporate strategy of the company. She earned her juris doctorate from Duke University. Therefore, as General Counsel and Secretary, her educational background is imperative in leading FedEx to achieve the company’s goals and objectives. She must ensure that compliance with federal, state, local, and