Our Paper Today Will Be On Wells Fargo. Wells Fargo Is

Our paper today will be on Wells Fargo. Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees. In 2016, federal regulators caught Wells Fargo creating millions of fake bank and credit card accounts; over 1.5 million bank accounts were created. Furthermore, federal regulators also said that 565,443 credit cards were created, and 1400 of those accounts had been charged over 400,000 dollars in fees. Wells Fargo employees broke many ethical and legal boundaries and engaged in counterproductive work behavior. Counterproductive work behavior has a negative†¦show more content†¦This practice was so common that Wells Fargo employees had several methods for doing this. The first method is sand bagging. Sand Bagging involves failing to open accounts by customers at their requested date, instead accumulating accounts to open in the next sales period to inflate profits. Another practice was called Pinning which was creating pin numbers without customer’s authorization, and attaching them to credit cards. Then employees would impersonate customers on Wells Fargo’s computers and use these pin numbers to create online banking and bills for customers. Finally, a practice called bundling was done where Wells Fargo employees would mislead customers saying that certain banking products were only available in bundles which forced customers to add more products than they wanted. So, one wonders, how could this have happened? Why did high expectations of sales lead to unethical, a lmost criminal behaviour? This is tied to Goal Setting theory. Goal setting theory, created by Edwin Locke, states that employees are motivated by clear goals, and appropriate feedback. Individuals that were given clear, specific and difficult goals had greater performance than individuals given general and easy goals. However, research has shown that setting unattainable and challenging goals can lead to risky or even unethical behaviour. A study done byShow MoreRelatedWells Fargo And Organizational Culture Change1545 Words   |  7 PagesWells Fargo and Organizational Culture Change This report takes a look at the Fortune 1000 company Wells Fargo in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by William George Fargo (1818-81)Read MoreWells Fargo Financial Analysis Essay1139 Words   |  5 PagesIn March 1852 Henry Wells and William Fargo founded Wells, Fargo amp; Co. to serve the West. The new company offered banking (buying gold, and selling paper bank drafts as good as gold) - and express (rapid delivery of the gold and anything else valuable). Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputationRead MoreWells Fargo And Organizational Culture Change1503 Words   |  7 PagesWells Fargo and Organizational Culture Change Wells Fargo, a Fortune 1000 company faced allegations of fraud and unethical behavior. in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by WilliamRead MoreRacial Housing Inequality : The Great Migration1534 Words   |  7 Pagesreal estate association, which advised its members not to sell to â€Å"a colored man of means who was giving his children a college education.† North Lawndale, a poor Chicago neighborhood, is an extreme portrait of the trends that ail black Chicago even today. Such is the size of these ailments that we can say Blacks and Whites do not inhabit the same city. The average income of Chicago’s white neighborhoods is three times that of the black neighborhoods. Robert J. Sampson found one black neighborhood hadRead MoreAre American Companies Becoming Too Large For Fail?1303 Words   |  6 PagesAre american companies becoming too large to fail? In todays economy that is one question that is often asked. Throughout this paper companies will be examined and compared to their companies regulation in the attempt to answer this question. First the big four banks including J.P Morgan Chase and Co, Bank of America, Citigroup inc, and also Wells Fargo. After looking at the banks, the regulations, and oversight towards them will be examined.   The regulation and oversight are a few of the reasonsRead MoreAn Assignment On An Hr Pr ocess2515 Words   |  11 Pages1. An HR process has been revealed to be the source of inefficiency in onboarding new persons served in a Morning Star state. This process touches billing and payroll as well. Describe how you would address the issue in narrative form and provide a brief list of â€Å"do’s† and â€Å"don’ts† related to correcting this process problem. The first thing I would do is set up a meeting with the HR, billing and payroll specialists whose state is being affected by this inefficiency. The primary goal of thisRead MoreCross Cultural Management Research6745 Words   |  27 Pagesfactors such national cultures and subcultures, religious beliefs and traditions, labor laws, and local regulation. These are only a minute number of diversity issues a multinational corporation will face. This paper will highlight several multinational corporations such as Exxon, Wells Fargo, Citi, Bank of America and Hewlett Packard and how they have created strong international management plans to overcome the numerous hurdles involved in cross cultural management to become successful corporationsRead MoreMy First Years Of My Life915 Words   |  4 Pagestime. Little things like that taught me the value of hard work because asking people to buy my stuff I wanted had gotten old quickly. By the time I was fifteen, I was working for a family friend at their office firm in Southeast Atlanta just filling papers. I wasn’t paid hardly anything and the work would bore me to death, but I knew that it would pay off in the end. When payday came, I felt like I had won a million bucks. My mom just gave me a smirk and said, â€Å"Don’t spend it all in one place.† butRead MoreHow Technology Has Shaped The World Of Business We Know Today Essay1379 Words   |  6 PagesIntroduction Technology’s evolution has shaped the world of business we know today. It was absolutely necessary, just a few decades ago, to be present in a physical work place for one’s occupation; being if that occupation involved an office. Today, a company of two hundred people can be run from all remote locations. This is thanks to virtual teams, with the use of varying applications of course. According to Harvard Business Review, a â€Å"virtual team† is a team made up of members all in differentRead MoreHow Social Media Could Rule Banking And Insurance Essay1210 Words   |  5 Pagesnew customers i.e. advertising and to maintain their communication with the already available one. Let’s look into the similarities: 1. Accounts: Just like in case of banks, people nowadays have multiple social media account which people know just as well as they know their bank accounts or insurance policies. 2. Privacy: An avid user of Facebook, LinkedIn and Twitter or any other social media site would know how it feels when the accounts get deleted or hacked. Devastating. Isn’t it? Same goes with