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Team 1 By:
Martin Anaya. Roxanne Ayala, Jessica Bernal, Gustavo Garcia, Ricardo Gomez, Luis Gonzalez

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

Heritage diversity workforce to better serve communities.

Good management helped the company survive during the great depression,
social changes, technological advances and also during the war and post war.

Tendered to customer needs such as credit cards, ATMs, drive up tellers,

online banking, bank by phone and customer service.

In 1960 Wells Fargo became northern California's regional bank

In the 1980s they expanded state wide and became the 7 th largest bank in

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
It traveled an average of 5 mph
It was made of the finest materials and had a high reputation.

Company goals:

Well Fargo vision: We want to satisfy all our customers financial

needs and help them succeed financially.

"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.

What They Offer:

Checking and Savings accounts

Credit cards

Auto loans

Mortgage loans

Employees goals and quotas:

Wells Fargo employees are required to meet quotas which seem unrealistic:
Quotas and goals PER DAY:

Minimum of four accounts per day which include:

Credit card applications (at least one approved)
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.

When fees on unauthorized
accounts went unpaid, some
customers were placed into
collection while others had
negative information placed
on their credit reports.

The complaint was filed in California Superior Court and there is a

$2,500 fine for every unauthorized opened account plus money that
was taken away from customer.


Customer Reactions

Attorney Mike Feuer

Siham El-Dahan Wells Fargo Business Banker

Frank Ahn unwanted accounts

Contact the City of Attorneys Office

Consumer Protest

Resolution/ Remedies

The Company Wells Fargo resolved the

problem by firing those employees that
were opening the accounts without
permission (30).

Also they are lowering the goals to

make them realistic in regards to
opening accounts at the company.


Two years of ethical reviews for


Customers have not gotten most

questions solved

They have closed account that are not

needed by the customer/opened

Law suit can last a couple years before

anything gets solved.

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.


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

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See more at:

Mark Calvey San Francisco Business Times January 7,2014

Stefanie Mosca December 12, 2013