Topic > Wells Fargo - 996

Internal Weaknesses and StrengthsWells Fargo has proven to be strong and manageable. One of the management factors that caught my attention is their transparency. According to John Stumpf, CEO of Wells Fargo, if an employee wants to say it, just say it! Stumpf said managers have learned to disagree without being disagreeable. The fact that they care so much about their customers, they tend to care about their employees too. Leadership is probably the pinnacle of Wells Fargo. When it comes to leading, he shows how employees are cared for by his supervisors. The control aspect of Wells Fargo is probably one of the company's internal weaknesses. Wells Fargo made bad profits. In August 2010, the New York Times reported that a federal judge ordered Wells Fargo to refund its California customers $203 million. The judge found that Wells Fargo created a disruption in the way the transactions were made. Instead of receiving transactions in the order they were received, Wells Fargo distributes them from smallest to largest. The judge wrote that Wells Fargo made these profits by maximizing the amount of profits and squeezing out as much as possible. Another aspect of Wells Fargo's poor governance is bad mortgages. Wells Fargo is under investigation by 50 attorneys general for shoddy foreclosure practices. His shoddy practices consisted of robo-signing mortgages. The design aspect of Wells Fargo is great as I see they are innovating the banking industry in new technologies. They are becoming more transparent in technology with products like mobile check deposit. The organizational aspect of Wells Fargo is good, however when one becomes a cashier at Wells Fargo they will learn that the b...... middle of the paper... the black in the financial statements, they have to work on their strategy plans and controls. They need to manage their mortgages more ethically and responsibly. Instead of taking on the ignorance of their customers, they should be more communicative towards them. This will also save them a lot of money in lawsuits and legal fees. My other opinion is also that they need to continue whatever they are doing to be innovative. As history has shown, they are innovative from the start. Since its opening in the 19th century, Wells Fargo has been open to new ways of doing business. For example, Wells Fargo started with a simple mission: to provide new services like pony express with online banking and mobile deposits to date. In the next chapter of this key research paper, we will discuss recommendations for Wells Fargo to stay on top.