Analysis Of Wells Fargo

In 1852, Henry Wells and William Fargo founded Wells Fargo to serve the west to provide banking and selling paper bank drafts. Wells Fargo was opened for business in the gold rush port of San Francisco and soon opened office in other new cities and mining camps of the West. After Wells Fargo became the first nationwide express company, it expressed its company motto through the phrase of “Ocean-to-Ocean” which represents being connected to over 2,500 communities.
In 1905, Wells Fargo survived a major natural disaster that caused it to change its way of portraying itself in the public. Without any concern or having nothing to do with the disaster, Wells Fargo still served as a commercial bank in San Francisco to support the West’s growing

In August of 2017, Wells Fargo disclosed that its fake accounts scandal affected up to 3.5 million customers in total, far more than the previous accounts that were also opened without customer’s knowledge. If it weren’t for the third party review, this scandal would not have come in anyone’s attention. Moreover, the bank has admitted that it erroneously charged over 800,000 customers for car loan insurance that they no longer needed. To stop the matter from getting worse, the bank insisted on firing 5,300 employees to show that the bank does care and will do everything in its power to sort the situation. According to the research, Wells Fargo’s problems are worse than the scandal it disclosed. Wells Fargo’s broken sales culture was found after digging deeper following the disclosing of the millions of fake accounts. Broken sales culture showed that Wells Fargo’s problems were far worse than the bank admitting to the scandal years ago. After creating millions of fake accounts and charging customers credit cards without their knowledge, Wells Fargo says it has found new 3.5 fake bank and credit card accounts up to 2.1 million. Moreover, there are two-thirds more fake accounts than the actual

Regardless of Wells Fargo’s efforts to make things right, the scandalous hitch kept expanding to the point of not returning. After making it known, the bank is having hard time to put the fake account humiliation that began behind it. The critics of Wells Fargo called the scandal of fake accounts an unbelievable act from Wells Fargo. The critics also asked Wells Fargo to remove their board of directors if they want to make things right, however, Wells Fargo did not respond much to this petition but said that they are doing everything in their power to make things right by installing new leadership and making executives accountable for the