Professional Documents
Culture Documents
Team 1 By:
Martin Anaya. Roxanne Ayala, Jessica Bernal, Gustavo Garcia, Ricardo Gomez, Luis Gonzalez
History
Established on March 18, 1862 by Henry Wells and William Fargo
Opened during the gold rush port of San Francisco
Quickly earned a reputation of trust
Delivered business the quickest way possible
1869 they became the 1st nationwide express company
Offered basic financial services
By 1910 they opened 6,000 locations
Good management helped the company survive during the great depression,
social changes, technological advances and also during the war and post war.
In the 1980s they expanded state wide and became the 7 th largest bank in
America.
11 history museums filled with exhibits to display their history and progress
throughout the years.
The red ad gold stagecoach has become the company's corporate symbol
The stagecoach helped provided a fast service across the country during the 19 th
century.
It traveled an average of 5 mph
It was made of the finest materials and had a high reputation.
Company goals:
"Our average retail banking household has about six products with
us," the brochure, titled "The Vision & Values of Wells Fargo" says.
"We want to get to eight ... and beyond.
Credit cards
Auto loans
Mortgage loans
Checking
Savings
Credit card applications (at least one approved)
Mortgage
Auto loan
Ethical Violation:
Wells Fargo employees were accused of opening accounts and credit cards for
existing customers without their permission.
They also transferred money from customers' authorized accounts to pay fees
on the unauthorized accounts.
Consequences:
When fees on unauthorized
accounts went unpaid, some
customers were placed into
collection while others had
negative information placed
on their credit reports.
Video
Customer Reactions
Consumer Protest
Resolution/ Remedies
Resolution/Remedies
When you are one of the biggest banks in the country, chances are you are spending
more time focused on your financial concerns than ethical ones. However, Wells
Fargo will be spending the next two years preparing to conduct an internal review
of its ethics due to lawsuits that have been sweeping the financial industry as of late.
According to a JournalNow report, the firm's employees already are held to a 24-page
code of ethics that includes workers being barred from investing in or making a loan to a
Wells Fargo customer or vendor unless it meets certain requirements. Employees also
aren't allowed to accept gifts valued at more than $200 from customers.
The
review is a self-initiated effort that builds on our strong track record of ethics and
integrity to assess our current approach and make recommendations for continuous
improvement. Mary Eshet, Wells Fargo spokeswoman
We're delighted to see Wells Fargo taking proactive steps to create a strong ethical culture,
along with preventing unlawful behavior.
Cited Sources
(wellsFargo.com/personal/creditcards, n.d.)
(wellsfargo.com/personal/homemortgage, n.d.)
(wellsfargo.com/personal/autoloans, n.d.)
(www.glassdoor.com/reviews/wellsfargo, n.d.)
http://www.upi.com/Business_News/2015/05/05/Wells-Fargo-accused-ofopening-fraudulent-accounts-to-meet-quotas/7661430851784/
http://money.cnn.com/2015/05/05/news/companies/wells-fargo-customer-accou
nts
/
Video: https://www.youtube.com/watch?v=RMV1SQEVHjg
http://www.bizjournals.com/sanfrancisco/blog/2013/10/wells-fargo-fired-emplo
yees-los-angeles.html
http://www.insidecounsel.com/2013/12/12/wells-fargo-prepares-for-two-year-et
hics-review-to
http://www.bigclassaction.com/lawsuit/wells-fargo-consumer-banking-fraud-c
lass-action.php
http://www.stockwatchweekly.com/daily-news/all-eyes-on-wells-fargo-wfc-a-val
ue-buy-or-short-sell/