The Corporate Financial Protection Bureau Essay example

The Corporate Financial Protection Bureau Essay example

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Here at Wells Fargo, we have strived to be the best in every aspect. Forbes has personally ranked us 7th globally, 60th in Sales, 8th in overall profit and 43rd in most valuable brand (Forbes, 2016). We are the nation’s largest mortgage lenders, the nation’s largest auto lender, and we have more stores than any other bank in the country (Maxfield, 2013). But now, we are facing one of the largest lawsuits the banking industry has ever seen, along with the largest fine in the entire history of the Consumer Financial Protection Bureau (Askew, 2016). It was all based off of sales practices and the sales culture behind them. Now the question has become, how do we hold those rankings while winning back the trust of the communities that have built us into the company we are today?
To change a sales culture, is more than just changing the way we track sales. It is about getting to the root of the problems, and sticking to what our company believes in. We have been informed that we will be eliminating sales goals all together. That is completely accurate. However, we will be implementing new goals in their place. We will instead be rebuilding our business, and rebuilding the trust we have lost, by strengthening performance measures that are tied to customer satisfaction, loyalty and ethics (Eshet, 2016). We are doing this because the sales goals, and practices, is what has lead us down this path.
The Consumer Financial Protection Bureau’s director, Richard Cordray, has been quoted as saying “Wells Fargo built an incentive compensation program that made it possible for its employees to pursue underhanded sales practices” (Askew, 2016). So despite letting go thousands of employees, it has become common knowledge that the sales culture tha...

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... of the community and put more emphasis on their actions and overall customer service abilities. We will offer opportunities to go on off-sites to local businesses and offer budgeting courses and savings tips that will not only better our reputation with the community, but hopefully increase our customer base as well.
As a company we need to recognize and take ownership of the problems we have seen. Furthermore, we need to do our best to ensure that this never happens again. We failed our customers, and our teams, by placing the importance of sales over the importance of our reputation and our customer’s financial success. In order to correct this we need to get rid of our previous goals, and way of measuring our success. Instead we need to measure that success on our integrity, reputation, and commitment to our customers. These changes will help us do that.

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