Wells Fargo-Presentation To The Board

You’ve done a tremendous amount of planning, research, and strategizing in your role as the task force leader. It’s now time to bring it all together. You will create a presentation in which you synthesize your research and recommendations from the first three assignments.

As you know, the ability to create and deliver strong presentations is a critical skill for all managers, leaders, and employees. You can improve this skill through practice. In this final assignment, you will have the opportunity to hone your presentation skills.

ASSIGNMENT 4 INSTRUCTIONS Create a PowerPoint slide presentation with (8-10 slides recommended) for the Board of Directors of Wells Fargo. Include these components:

1. Assignment 1 Executive Summary Use the executive summary from Assignment 1 to prepare and present the key elements associated with your research and recommendations.

2. Assignment 2 Executive Summary Use the executive summary from Assignment 2 to prepare and present the key elements associated with your research and recommendations.

3. Assignment 3 Executive Summary Use the executive summary from Assignment 3 to prepare and present the key elements associated with your research and recommendations.

4. Speaker’s Notes Include speaker’s notes for each slide (or a bulleted script if using video) to indicate what you will say as you deliver the presentation to the Board of Directors.

PROFESSIONAL AND APA FORMATTING REQUIREMENTS Your assignment must follow these formatting requirements: If slides are used, apply slide design best practices (minimal text, appropriate images/charts, and proper mechanics, grammar, and spelling) for an appropriately professional presentation.

Provide a References List in APA format on the last slide. Include a Word document with a References List in APA format with correct mechanic

Task Force Committee Report

Student’s Name

Institution

Date

Description of the Organization

Wells Fargo and company is an international banking and financial services holding company, headquartered in San Francisco. The organization is the second largest bank by market capitalization. In February 2014, wells Fargo was named the world’s most wealthy and valuable bank for a second year running. By the year 2016, in September, a lot of allegations and scandals emerged involving cross-selling and the creation of fake bank accounts. This scandal made well Fargo be the largest bank ever, to lose its accreditation with the better business bureau. It was then placed under investigation and amended its laws in October 2016 following the scandal (Verschoor, 2016). The roles of the chairman and those of the chief executive officer were then separated. Monitoring restrictions were constituted, and there is a lot of monitoring and scrutiny in hiring company employees, and executives. In the current business arena, Wells Fargo has three segments and works with these categories when reporting organization results; wholesale banking, wealth brokerage and retirement and community banking.

Issue to Resolve

Wells Fargo and company was faced with a major scandal, which broke out in 2016, and led to massive decline in production. The scandal involved fake accounts with customer money, which has since made the company vulnerable and prone to litigation. The scandal at Wells Fargo was remarkably different. The unethical behavior was widespread in the bank. Thousands of employees in the organization engaged in the secret creation of new bank accounts (Verschoor, 2016). Consumers did not know what was going on, and this led to massive overdrafts and other fees. Up to date, more than 5000 wells Fargo personnel have been fired over the scandal which ultimately damaged the reputation of the organization.

Analysis of the Current Corporate Culture

The values of the organization guide every decision at Wells Fargo. The values held in the entity anchor every service and product, which provides channels that the entity operates. Five primary values that the corporate culture at Wells Fargo holds on to include;

a) People as a competitive advantage.

Wells Fargo values the support of all team members. The entity tries as much to attract, develop and retain the most talented workforce. The need to work together as partners is very beneficial. There is a need to provide all tools and training where team members should succeed. Wells Fargo expects the best from team members and appreciates them for their outstanding organization performance (Dayen, 2016).

b) Ethical requirements

Wells Fargo strives to be recognized by the stakeholders, for the efforts it puts regarding setting a standard among the world’s greatest organizations, regarding integrity and principled performance. Ethics is the most crucial value, which led to the scandals experienced at Wells Fargo. The scandal was guided by unethical practices, which most personnel in the organization took part in. Consumers need to trust the management, which was not the case. There is a need to protect the assets, and help every individual affiliated with the organization to achieve their goals. Ethics lacks and needs to be emphasized in the corporate culture of Wells Fargo as a competitive and famous firm (Verschoor, 2016).

c) Diversity and inclusion in the organization

Wells Fargo wants to build a diverse and inclusive workforce and culture, for all team members. This culture will help every member to feel valued and respected for who they are, as well as for their experiences and skills. Wells Fargo is committed to diversity. Inclusion is the primary important factor and helps the entity to take advantage of being creative and innovative in the competitive business world.

d) leadership

Every team member is called to be a leader in the organization. Wells Fargo has a responsibility to act as a link between the vision of the organization, and the consumers in the organization. Leadership at wells Fargo is defined as an act of establishing and sharing, as well as motivating others to understand and embrace the vision (Verschoor, 2016). Management and leadership failed at Wells Fargo, following the scandal which hit the organization. If correct leadership principles were to be followed, wells Fargo would have been at another level, and not among organizations pointed out for dishonest corporate practices.

e) What is right for the consumers?

Everything done in an organization should keep in mind the wellbeing of the consumers. Wells Fargo is keen and proud to compete in the banking industry and believes in doing what is right for communities. The best way is to enable the organization to make a reasonable profit as a go. This corporate value was, therefore, compromised when personnel in the organization resulted to serving their interests first. The top priority should be to protect the confidential information of consumers. Consumers need to trust the entity to use their personal information to provide them with products and services which saves their time, and money and at the same time, guarantee them safety (Dayen, 2016).

Areas of Weakness

Based on the scandal and overwhelming exposure wells Fargo has had to cope up with over the years, it is evident that there are major points of weaknesses. First, the organization lacks a global claim as compared to its competitors. The second point of weakness is the low consumer care and satisfaction. Evidently, the number of consumers that were affected by the scandal wholly lost confidence in Wells Fargo (Verschoor, 2016). The experience and privacy intrusion led to a lot of loss of market share and increased litigation cases spoilt the public image of the entity.

Finally, legal issues, related to the litigation concept highlighted, litigation has cost Wells Fargo a lot, which has led to a destruction of its public image. Consumer loyalty has since been lost, and employees are under constant surveillance. Motivation has been drastically compromised as well. There is a need for Wells Fargo to ensure that such points of weaknesses are highlighted, and solutions sought as soon as possible. Management, leaders and all teams need to be ethical in operations and avoid conflict of interest (Dayan, 2016).

Propose Solutions

Organization practices at Wells Fargo need to be drastically modified. The entity needs to remain on top of the competition, and ensure that its products and services are considered trustworthy by all consumers. Significant practices which need to be modified include the organization hierarchy, communication channels, and roles of personnel. The management in the organization should delegate roles according to skills and interpersonal strengths of their personnel. Another strategy should be to ensure that specialization is embraced (Verschoor, 2016). There is a need to ensure that in the long run, all personnel sign privacy contracts, and vow to safeguard organization and employee information. Consequences and impacts of a breach of these agreements should be adverse to help maintain integrity at Wells Fargo.

Executive Summary

Wells Fargo and Company, just like any other organization, strives to acquire profits and remain on top of the competition in the business industry (Dayen, 2016). Evidently, the scandal that faced the organization ruined the reputation and hard-earned loyalty from the different market share. Wells Fargo should hold on to its strengths, and ensure that fundamental aspects are not compromised in the process of streamlining operations. Wells Fargo management needs to take a keen interest in ensuring that the personnel is well informed and that processes and practices are very well coordinated.

Basing consideration on the weaknesses at Wells Fargo, there is a need to utilize and maximize the strengths to counter the weaknesses. Primary strengths in the organization include; strong brand name, financial strength, high credit rating in the global banking arena, second largest bank in deposits and more so, being the largest recruiter with more than 280000 employees in the world (Verschoor, 2016). Strengths of the organization can serve as a very good and adequate platform to ensure that the standard unethical practices are not repeated, despite the hitches in operations.

The best strategy is to ensure that unethical concerns are not witnessed. This can lead to a downfall for Wells Fargo. At the same time, there is a need to ensure that all parties work in a coordinated manner. The strategists need to liaise with the departmental heads, to ensure that systems are in place. Privacy should not be compromised at any point of the operations in the entity. Established and upcoming firms in the banking industry should imitate the corrective measures which Wells Fargo took to mitigate further impact due to the 2016 scandal. Emphasizing on ethics is what will help Fargo get back on its feet in the industry (Verschoor, 2016).

References

Verschoor, C. C. (2016). Lessons from the Wells Fargo scandal. Strategic Finance.

Dayen, D. (2016). September 13. The real scandal at Wells Fargo: Execs got rich by ‘sandbagging’clients [Opinion]. Fiscal Times.