Essay On Wells Fargo Bank

I – TITLE OF THE CASE
Wells Fargo Scandal

II – TIME CONTEXT
Between May 2011 and July 2015.

III – VIEW POINT
Wells Fargo Bank got bad reputation due to the employees in the Bank opened account without known from the customers’ authorization and the CEO, MR John Stumpf faced an investigation with the Senate for Bank’s misconduct and ask him to resign from his position while the CEO didn’t accept what they want and he wanted to face the criminal charges.

IV- AREAS OF CONSIDERATION
This case study is about the Wells Fargo Bank, this bank is one of huge banks in USA but in the 21s caught with misconduct from the employees. Then the (CFPB) discovered offences on the bank which let the (OCC) judge the bank to pay $ 185 million as a fine because

Also make a separate account saving the money without an ATM cards and give them award if the name selected. • Economic Trends: The economics of the Well Fargo Bank rely on stocks. The use the income of the clients to increase the profit of the Bank and in the same time increase the income of the income of each client. Also they take the profit from loans and credit cards.

• Political/Legal Environment: The Bank should follow the rule of the country but in this case the Well Fargo Bank didn’t follow the rules and misbehavior with the client by open accounts without known from the customers’ authorization.

• Socio-Cultural Environment: The cultural of Well Fargo Bank is more modern and it is in USA. And USA is a good cultural environment and the society of America is more development which make the Bank get more income.

• Global Environment: Well Fargo is an international Bank not local Bank which let them to make a transaction money from USA to any other country.
2. Industry

2- Increase and upgrade the monitoring system and methods.
3- Change the policies of any transaction by adding a term which requires the clients finger stamp to use it as evident for his/her approval.

VII – ALTERNATIVE EVALUATION
From the above alternative the best on is:
To innovate the system by Restrict access for the personal information of the client. Also the advantages and disadvantages are:

- Advantages: limited access for the confidential information such as: customer ID, signature, E-mail address and receivable billing address.

- Disadvantages: this could delay the transaction approval and it might upset some customers because it will take a long period of time to have his/her personal information from the integrated system

- The Recommendation from this alternative is Well Fargo makes sure to have a contract with one of the prestigious company to provide a custom software that will fulfill the bank needs to the security of the personal information of their respective clients and to give an excellent security value to value