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Wachovia Strategic Management
Wachovia Corporation
Wachovia Corporation was created after First Union Corporation and the original Wachovia Corporation merged in 2001. First Union Corporation was the actual purchaser of Wachovia Corporation. First Union had started off as a one man operation operating out of the Buford Hotel in Charlotte, North Carolina. Over the years First Union grew and acquired the reputation as a strong financial performing corporation with superior customer service. Its strong underwriting performance over the years is what kept the bank above water during the 1930’s depression and on into the 21st century. Though its roots lied in general banking the company has diversified into a complete financial service company. During 1999 First Union made a fatal flaw that would lead to its purchasing of Wachovia Corporation. First Union destroyed its reputation for having excellent customer service by forcing all customers coming into the bank to use phones that would put them into contact with a national call center. With customers unable to get service in the banks First Union could not stop the land slide that would ruin their name in the industry. Looking for a quick fix to the problem First Union went on to buy and merge with Wachovia Bank who was the top rated bank in America for customer service. First Union kept their business model intact but quickly went back to in bank support and took on the name of Wachovia Corporation. (Watson, 2007)
Wachovia Corporation as it stands today is one of the top financial service providers in America. Wachovia has some international ties but the company primarily operations within the continental United States. “Wachovia offers commercial and retail banking, mortgage banking, investment banking, investment advisory, asset management, leasing, insurance, retirement services, and securities brokerage services.” (Wachovia.com) With Wachovia’s recent acquisition of Golden West Corporation it now operates in 21 states and has over 3,400 banking centers. It employees over 110,000 people and its headquarters is out of Charlotte, North Carolina. Wachovia Corporation has several subsidiaries that make up its family of financial providers. Its largest subsidiaries include Wachovia Bank, N.
Rexrode, C. (2010, June 16). Former Wachovia exec pleads guilty in embezzling scheme | WCNC.com Charlotte. Charlotte News, Weather, Traffic, Sports WCNC.com. Retrieved January 13, 2012, from http://www.wcnc.com/news/business/Former-Wachovia-exec-pleads-guilty-in-embezzling-scheme-96497129.html
Key stakeholders are owners, directors, employees, and the community that the organization draws it resources businessdictionary.com,2016). Out of the 1000 Wells Fargo customers that were surveyed 3% stated that they were personally affected by the scandal and 14% of them stated that they have changed banks while 30% of them were currently looking to switch. Studies predict that Wells Fargo could lose about $99 billion in deposits and $4 billion in revenue because of customers rejecting to do business. Individual customers weren’t the only ones that were affect by the scandal but similarly 10,000 small businesses (Razin, 2016). I believe that the owners will be affected as well because of profit losses that will eventually affect Wells Fargo shares and the employees were affected after 5,300 of were fired (Razin,
In June 1819, the HBC captured numerous partners and men from NWC which ruined the Nor'westers reputation and their business that year. The NWC were worried about their company's future when major shareholders had different views on the business. The HBC at that time grew more profitable, attaining stronger revenues and reducing the Nor'westers business.
In addition to banks, Wells Fargo also owns the world's largest stagecoach empire and history museums. Wells Fargo has offices in 36 countries
This report is to analyze the financial health of Chevron based upon several different measures including revenue, profit analysis, capital efficiency analysis, liquidity, financial leverage, market-based ratios, and finally the DuPont Analysis. Though a general observation can be made based on numbers/percentages alone, it is important to do a comparison with other companies in the oil and gas industry to get a better understanding of how we rank. In this report, I will use Exxon Mobil, Occidental Petroleum, and Conoco Philips as the peer group.
In March of 1852, Henry Wells and William Fargo established the well-known bank, Wells Fargo. Originating in the West, Wells Fargo offered banking services, such as buying and selling paper banks drafts, which served as a representation of gold during a prime time in the economy. They would also extend a delivery service of customer’s valuables, branding their corporate symbol of a six-horse stagecoach. “From the Gold Rush to the early 20th Century, through prosperity, depression and war, Wells Fargo earned a reputation of trust due to its attention and loyalty to customers.” (“History of Wells Fargo”) With the help of the transcontinental railroad, Wells Fargo exploded across the nation throughout the years and still is considered one of the
Wells Fargo is an extremely popular bank that many people, including me, use. Wells Fargo is an American bank that is the third largest bank in the United States, the first two being JP Morgan Chase and Bank of America respectively. The bank’s headquarters is located in San Francisco and since I am from this city, I would love to intern at the company and maybe work at the bank in the future. There are many things I love about this bank, however, the most enjoyable asset about Wells Fargo is its convenience in both the overall bank and in tracking your purchases and your card by simply putting your username and password onto the Wells Fargo website.
The early decades of the nineteenth century saw the establishment of banks in the Caribbean largely as a convenience for the local governments. Throughout much of the nineteenth century, most Caribbean banks operated as an oligopoly with limited government influence – this directly translated into higher profits. However, over time, the banking environment could best be described as complex and dynamic. Competition increased, resulting into greater need for improved customer service, product innovation and cost reduction strategies. In order to achieve this, the banking sector was undergoing major structural reforms characterized by mergers and acquisitions. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean.
A Review of Management Techniques and Practices at Wells Fargo Bank. Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider.
Santander Bank, N.A. is one of the largest retail banks in the United States by deposits. Its main corporate offices are in Boston and it operates principally in Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.
While Wells Fargo is doing very well and growing financially, it is important to keep in mind how the public sees them. It is necessary for them to keep obtaining new customers, and to continue to create an ethical culture among the employees. It is important for them to not slip back into their old routine, and not become too obsessed with opening new accounts. It is very appropriate that they are shifting their goals toward customer satisfaction in order to please existing and new customers. Overall, Wells Fargo has been fortunate, and has handled the scandal with
...he black in financial statements, they need to work on their strategic plans and controls. They need to deal with their mortgages more ethically and more responsibly. Instead of owning the ignorance of their own customers, they should be more communicative towards them. This will also save them a lot of money on lawsuits and attorney fees. My other opinion as well is that they need to continue in whatever they are doing to be innovative. As history has shown, they are innovative from the beginning. Since they have opened in the 19th century, Wells Fargo has been open to new ways to make business. For example, Wells Fargo has started with a simple mission as delivering new services such as the pony express to now with online banking and mobile deposits. In the next chapter of this capstone research paper, we will discuss recommendations for Wells Fargo stay on top.
The Bank of America, the second largest bank holding company in the United States by assets after JP Morgan Chase (Forbes, 2013) was originally founded in 1904 as the Bank of Italy. The Bank of America is now a multinational and financial services corporations with its headquarters located in Charlotte, North Carolina. In 1998 North Carolina National Bank started a series of acquisitions of several banks (including the Bank of America in 1998). The newly-merged bank took the name Bank of America and maintained its headquarters in Charlotte, North Carolina (Bank of America: Our Heritage, 2014). In the 2000s. Bank of America continued to expand with the acquisition of FleetBoston (2004), MBNA (2006), investment management company U.S. Trust (2007), mortgage company Countrywide (2008), and Merryl Lynch in 2009 (Gupta & Herman, 2012).
Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control (Hunger & Wheelen, 2011). In this report I will do research about the strategy of Marriott International, Inc. I will give advise on how Marriott can improve their strategy and I will come up with an advisory strategy.
Introduction and Background Apple, Inc is a well known name in the computer technology world; Apple, Inc leads the computer industry in innovation thanks to the award winning desktop and notebook computer known as OS X operating system (Yoffie & Slind, 2008). This paper will focus on Apple Inc., strategic management and why is it critical to the success of the organization in meeting its goals and mission. It is therefore important to define strategic management, according to Certo, Peter & Ottensmeyer, (2005), strategic management is a continuous process that directs an organization to be appropriately suited to its internal and external environment. Strategic management benefits organizations by providing personnel, capital, helps to set standards and most importantly activates people. For an organization to have a successful strategic management plan, the mangers must learn to think strategically and have the ability to evaluate their environment and develop new ideas.