Wells Fargo faced a major scandal in 2016 when it was revealed that employees had opened millions of fake bank accounts without customers' consent. The bank was fined $185 million and an investigation found pressure from sales goals had led to the fraudulent accounts. Over time, the scandal grew as more details emerged, criminal investigations were launched, and the CEO was fired. The bank worked to restore trust by ending sales goals, improving oversight, and focusing on customer service.
Wells Fargo Fake Accounts Scandal – Who Should We Blame?Zoran Temelkov
The Wells Fargo fake accounts scandal is one of the most popular topics in in the past couple of weeks. There are many issues and concerns that have come to the surface as result of the scandal. Everyone is blaming the internal culture, internal control, auditors, executives, etc. But are they the only one to be blamed. What about the customers, should we also put the blame on them?
Wells Fargo is one of the largest banking and financial service providers in the US. However, the company has recently been accused of staggering fake accounts scam, which has put the company in deep trouble. Find the details about the scandal and the SWOT analysis of the company in this presentation.
In this Closer Look, we examine the tensions between corporate culture, financial incentives, and employee conduct as illustrated by the Wells Fargo cross-selling scandal. In 2016, Wells Fargo admitted that employees had opened as many as 2 million accounts without customer authorization over a five-year period. We discuss the factors that contributed to the scandal, the repercussions for the bank, and its response.
We ask:
• How did the company’s incentive system contribute to the scandal?
• Would the system have worked better if coupled with additional metrics or controls?
• What systems should have been put in place to identify and escalate potential problems earlier?
• What steps should senior management have taken to better contain the fallout?
• Is an inside or outside CEO successor better positioned to help the bank recover?
• How do you maximize the positive contribution that incentives make to culture while minimizing potentially negative outcomes?
“Greed” typically is at the forefront.
It is unfortunate that Frauduent activities often start at the top of an organization with its culture.
It really is tragic how some companies conduct their activities to deceive people and regulators in such fraudulent methods. And, these are all examples of the lack of effective internal control activities and processes in these organizations. Interestingly, history seems to repeat itself as the same thing occurred here that previously stunned the business world internationally thus enhancing SOX with the activities at Enron, WorldCom, Adelphia, Global Crossing, Arthur Andersen, etc.
Wells Fargo Fake Accounts Scandal – Who Should We Blame?Zoran Temelkov
The Wells Fargo fake accounts scandal is one of the most popular topics in in the past couple of weeks. There are many issues and concerns that have come to the surface as result of the scandal. Everyone is blaming the internal culture, internal control, auditors, executives, etc. But are they the only one to be blamed. What about the customers, should we also put the blame on them?
Wells Fargo is one of the largest banking and financial service providers in the US. However, the company has recently been accused of staggering fake accounts scam, which has put the company in deep trouble. Find the details about the scandal and the SWOT analysis of the company in this presentation.
In this Closer Look, we examine the tensions between corporate culture, financial incentives, and employee conduct as illustrated by the Wells Fargo cross-selling scandal. In 2016, Wells Fargo admitted that employees had opened as many as 2 million accounts without customer authorization over a five-year period. We discuss the factors that contributed to the scandal, the repercussions for the bank, and its response.
We ask:
• How did the company’s incentive system contribute to the scandal?
• Would the system have worked better if coupled with additional metrics or controls?
• What systems should have been put in place to identify and escalate potential problems earlier?
• What steps should senior management have taken to better contain the fallout?
• Is an inside or outside CEO successor better positioned to help the bank recover?
• How do you maximize the positive contribution that incentives make to culture while minimizing potentially negative outcomes?
“Greed” typically is at the forefront.
It is unfortunate that Frauduent activities often start at the top of an organization with its culture.
It really is tragic how some companies conduct their activities to deceive people and regulators in such fraudulent methods. And, these are all examples of the lack of effective internal control activities and processes in these organizations. Interestingly, history seems to repeat itself as the same thing occurred here that previously stunned the business world internationally thus enhancing SOX with the activities at Enron, WorldCom, Adelphia, Global Crossing, Arthur Andersen, etc.
Harvard Business School Case Study on Mountain Man Brewing Company by Shashank Srivastava, IET Lucknow under the guidance of Prof. Sameer Mathur, IIM Lucknow.
Corporate Governance at Martha Stewart Living OmnimediaRohan Bharaj
This presentation explains the Corporate Governance at Martha Stewart Living Omnimedia.
It also gives us a glimpse of the personality of Martha Stewart.
Cola Wars - Coke Vs Pepsi Harvard Business School Case StudyMohan Kanni
A brief presentation on case study Cola Wars where we try to analyse the past history and predict the future of their business and growth opportunities from a Marketing Management Perspective.
Harvard Business School Case Study on Mountain Man Brewing Company by Shashank Srivastava, IET Lucknow under the guidance of Prof. Sameer Mathur, IIM Lucknow.
Corporate Governance at Martha Stewart Living OmnimediaRohan Bharaj
This presentation explains the Corporate Governance at Martha Stewart Living Omnimedia.
It also gives us a glimpse of the personality of Martha Stewart.
Cola Wars - Coke Vs Pepsi Harvard Business School Case StudyMohan Kanni
A brief presentation on case study Cola Wars where we try to analyse the past history and predict the future of their business and growth opportunities from a Marketing Management Perspective.
Support for small businesses: Identifying the needs of minority-owned firms -...OECD CFE
Robin Newberger, Senior Business Economist, Community Development and Policy Studies, Federal Reserve Bank of Chicago, US at the OECD Conference on SMEs and the Urban Fabric, 15-16 April 2019, OECD Trento Centre, Italy.
Full event info: https://oe.cd/SMEs-Cities
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
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Download a copy of the Las Vegas Chamber of Commerce Business Voice. This monthly news magazine is distributed to nearly 10,000 local business professionals every month.
Social selling in financial services, presented by Brendan KenaltySocialMedia.org
In his Brands-Only Summit presentation, Manulife's Brendan Kenalty gives a case study on social selling.
He shares how, as a financial company, they're activating social media selling and employee content sharing in a regulated industry.
The Intermediary which I chose was Charles Schwarb. Because the co.docxjmindy
The Intermediary which I chose was Charles Schwarb. Because the company is famous for its electronic trading platform, investor education, and discount brokerage services, especially discount and free trading commission fees. The Credit Suisse Financial Group is a financial services company established by an American multinational company, San Francisco Jiaxin is the 14th largest financial institution in the United States with more than the US $ 3.3 trillion in client assets (as of 2019). It is the third-largest asset management company in the United States, after BlackRock and Pioneer.
I learned from this company how to ride through the ups and downs of the market. The founder of this company is an 82-year-old broker billionaire who feels he can seize the opportunity, even the imperfect opportunity. Patience is not a virtue. When opportunities arise, seize them. In 1975, when Schwab planned to open the company's first branch, his uncle provided a sum of money on hand. The only gain? The location must be in Sacramento near his uncle's house. Schwab said: "I think of the city of Sacramento much earlier." But why should I consider it? Schwab reached a deal, and the success of the proving ground convinced him to open more offices. Branches became the main growth engine for the business and kept the company ahead of Internet-only competitors after many years. "Sometimes the trick is to make the most of the necessity, and when they hit you in the face, don't miss the opportunity," Schwab advised.
I also learned to know your limits. You do n’t have to be Superman to succeed. Schwab suffered from dyslexia, a learning disability, which inhibited his reading ability, but he did not know this until he became an adult. When he struggled at school, he attributed it to inferior intelligence. Schwab said: "I think I'm just stupid, I believe for nearly 40 years."
It is left to entrepreneurs to turn weaknesses into advantages. Schwab learned to delegate tasks and give people around him autonomy.
Liz Ann Sonders, the chief investment strategist at Schwab, said: "Until the new COVID-19 case begins to slow, stocks cannot continue to rebound. Jeffrey said that in terms of the global recession, this May be short-lived. During market volatility, I hope that all investors can consider resisting the urge to sell based only on recent market trends, reassess your risk tolerance and risk tolerance, and ensure that your investment portfolio is properly dispersed, as needed Measures such as rebalancing your portfolio.
Charles Schwab has released more detailed information about some of its new investment features, which are reported to debut on June 9.
An investor named Schwab Stock Slices will be able to buy and sell any S & P 500 company's fractional stock, starting at $ 5 per share.
Traditionally, to buy a single stock, you need to pay at least one share price, depending on the company, the price may be between a few dollars to thousands of dollars. This prevents many .
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
2. WELLS FARGO
World's second largest bank by
market capitalization and the third
largest bank in the U.S. by assets.
In September 2016, the culture and
large success that Wells Fargo
thought they had strongly created,
came to a crashing halt!
Introduction
3. On September 8, 2016, Wells Fargo
announced that it was paying $185
million in fines to Los Angeles city
and federal regulators to settle
allegations that its employees
created millions of fake bank
accounts for customers.
The bank wanted the issue behind
them. But instead, the settlement
sparked a firestorm.
Background
4. The cause
The fraud appears to have stemmed from CEO John Stumpf’s mantra to
employees: “eight is great.” Meaning: get eight Wells Fargo products into the
hands of each customer. But this directive proved burdensome for bank
employees as they struggled to meet demanding quotas and satisfy even more
demanding managers.
5. How the reveal went down
On October 3, 2013, E. Scott Reckard wrote an article in The Los Angeles Times
about Wells Fargo firing 30 branch employees, “Who the bank said had opened
accounts that were never used and attempted to manipulate customer-
satisfaction surveys”
6. How the reveal went down
On December 21, 2013, another article written by E. Scott Reckard again broke in
the Los Angeles Times. The new article presented personal stories from
employees and manager about how the Wells Fargo company visions and values
had been manipulated into creating a concerning level of pressure for
employees. “To meet quotas…[we] have opened unneeded accounts for
customers, ordered credit cards without customers’ permission and forged client
signature on paperwork. Some employees begged family members to open
ghost accounts.”
8. Timeline
May 2011 - July 2015 2 million bank accounts or credit cards were opened or applied for without
customers' knowledge or permission.
September 08, 2016 The alleged misconduct was revealed.
September 13, 2016 The bank announced that it would be ending its controversial employee
sales goals program effective Jan. 1, 2017.
September 14, 2016 It was announced that the FBI and federal prosecutors in New York and
California were probing the bank over the alleged misconduct.
September 16, 2016 The House of Representative's Financial Services Committee opened an
investigation into the bank's alleged misconduct.
May 2011 - July 2015 | Sept. 08, 2016 | Sept. 13, 2016 | Sept. 14, 2016 | Sept. 16, 2016
Sept. 20, 2016 | Sept. 22, 2016 | Sept. 26, 2016 | Sept. 27, 2016
Sept. 29, 2016 | Oct. 05, 2016 | Oct. 12, 2016
Oct. 19, 2016 | Oct. 24, 2016 | Oct. 03, 2016
9. Timeline
September 20, 2016 Stumpf appeared in front of the Senate Banking Committee.
September 22, 2016 A group of Senate Democrats asked the DOL to open an investigation into
whether Wells Fargo violated the Fair Labor Standards Act (FLSA).
September 26, 2016 Two former Wells Fargo employees filed a lawsuit against the bank.
September 27, 2016 The bank's independent directors announced that Stumpf will forgo $41
million worth of promised compensation as well as his usual salary as they
launch an independent investigation.
May 2011 - July 2015 | Sept. 08, 2016 | Sept. 13, 2016 | Sept. 14, 2016 | Sept. 16, 2016
Sept. 20, 2016 | Sept. 22, 2016 | Sept. 26, 2016 | Sept. 27, 2016
Sept. 29, 2016 | Oct. 05, 2016 | Oct. 12, 2016
Oct. 19, 2016 | Oct. 24, 2016 | Oct. 03, 2016
10. Timeline
September 29, 2016 Stumpf went back to Capitol Hill, for hearing with House Financial Services
Committee.
October 05, 2016 Fourteen senators sent a letter to AG Loretta Lynch urging the Justice
Department to "thoroughly investigate the culpability of senior executives"
at Wells Fargo
October 12, 2016 Shortly after markets closed, word came that Stumpf was out. The bank
said he would retire as CEO and Chairman effective immediately.
May 2011 - July 2015 | Sept. 08, 2016 | Sept. 13, 2016 | Sept. 14, 2016 | Sept. 16, 2016
Sept. 20, 2016 | Sept. 22, 2016 | Sept. 26, 2016 | Sept. 27, 2016
Sept. 29, 2016 | Oct. 05, 2016 | Oct. 12, 2016
Oct. 19, 2016 | Oct. 24, 2016 | Oct. 03, 2016
11. Timeline
October 19, 2016 California AG Kamala Harris launched a criminal investigation into whether
Wells Fargo employees committed false impersonation and identity theft as
part of the accounts scandal.
October 24, 2016 Wells Fargo began running television ADs in an effort to restore trust in its
brand.
October 03, 2016 The bank disclosed in regulatory filings that the U.S. Securities and
Exchange Commission (SEC) was investigating its sales practices.
May 2011 - July 2015 | Sept. 08, 2016 | Sept. 13, 2016 | Sept. 14, 2016 | Sept. 16, 2016
Sept. 20, 2016 | Sept. 22, 2016 | Sept. 26, 2016 | Sept. 27, 2016
Sept. 29, 2016 | Oct. 05, 2016 | Oct. 12, 2016
Oct. 19, 2016 | Oct. 24, 2016 | Oct. 03, 2016
13. The Lessons of an Ethics Failure
Every manager should study the Wells Fargo case for the valuable lessons to be learned.
Some of the simplest and most effective are:
★ If employees raise their hands to speak up, they must be taken seriously.
★ Letting any problem, no matter how insignificant or non-material, fester over many years is a
recipe for disaster and may well also draw increased regulatory scrutiny.
★ Design incentives with care; the company will get the behavior it incentivizes.
★ Risk management is an ongoing, not an annual or one-time, process.
★ It is not simply tone at the top but also tone in the middle and at the bottom that drive culture.
14. How did the market react? Wells Fargo & Co | NYSE: WFC
The 5 year span
.
The 2016s
Source: Google Finance - Yahoo Finance - MSN Money
15. Tim Sloan the new CEO
Some excerpts from the new CEO's prepared remarks in a company wide address from Charlotte on Oct. 25, 2016.
Sloan: ‘My primary objective is to restore trust’
“Our senior leadership is committed — and I am personally committed — to taking the decisive
actions and to learning the necessary lessons to ensure our company and our customers are never
susceptible to the kinds of behaviors and failures that got us to where we are today.”
Things went wrong. Problems need to be fixed. Customers and team members were harmed and
need to be cared for. And a better and stronger Wells Fargo must emerge out of all of this.
16. Tim Sloan the new CEO
Some excerpts from the new CEO's prepared remarks in a company wide address from Charlotte on Oct. 25, 2016.
We need to recognize the following:
● There are things that need to be fixed within our culture. There are weaknesses within it that we
must change.
● There are ways in which we behaved and did business that did not serve our customers, or our
team members, or our investors or the many institutions and communities that rely on us to get
things right.
17. Tim Sloan the new CEO
Some excerpts from the new CEO's prepared remarks in a company wide address from Charlotte on Oct. 25, 2016.
Here are two ways you can help immediately — because I know many of you are eager and ready to
help.
● First, take care of our customers. Understand their needs. Address their concerns and provide
great service and advice. Done ethically and with their interests at heart, it’s the most important
work we can do to restore trust in our company.
● Second, get engaged in understanding our reality and how we’re moving forward.
18. Tim Sloan the new CEO
Some excerpts from the new CEO's prepared remarks in a company wide address from Charlotte on Oct. 25, 2016.
We have also changed the retail bank’s risk management processes. This is consistent with the reorganization of
enterprise functions we have conducted across the company to create a stronger risk and control foundation that
allows senior team members across the bank to provide more independent, credible challenges to how we operate.
We’ve recommitted ourselves to our customers’ overall experience, eliminating product sales goals for all retail
banking team members.
Next year, we’ll introduce a new performance plan for retail bankers that will be based on customer service, growth,
and risk management. Our goal: “We want nothing to get in the way of doing what is right for customers”.
19. The Conclusion
Externally, the best thing Wells Fargo can do is to get in front of the issue with the public and their
customers. They need everyone to feel as though they are taking this with all due seriousness and
believe that their customers truly are the heart of their business. They need to do this by reaching out
to their customers and making them feel comfortable to ask any questions they might have.
It has been approximately five months since the Wells Fargo scandal details were fully revealed and
in our opinion, we think they are dealing with the aftermath considerably well.
