As an example, Wells Fargo experienced significant reputational damage when it was found that its employees had opened accounts for customers without the customer's authorization to meet sales goals that had been established by management. The concept of requiring bank employees to sell new accounts to customers was likely done to improve profits and enhance shareholder wealth. Looking back, it is quite possible that this initiative had the opposite effect. Link the date of this controversy to the company's financials, and analyze what effect it actually had on earnings, stock price, legal costs, reputational harm, etc.
On the other hand, prior to this controversy, Wells had a stellar reputation, Berkshire Hathaway is/was a major shareholder, the company expanded into wealth management, managed the mortgage meltdown better than its competitors, etc. Dig into a specific company Initiative that exceeded expectations and link this back to the financials at the time.
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Wells Fargo & Co. is proud to serve a broad client base through its 8,400 locations, 13,000 ATMs, its Internet and mobile banking infrastructure, and offices in at least 42 countries. The bank serves one in every three households in the U.S. (Macrotrends, 2018). Furthermore, the bank has a set of profitable projects in its portfolio, which include fostering a partnership with Origis Energy USA to produce low-cost, renewable electricity for the Reedy Creek Improvement District (Wells Fargo, 2018), donating at least $250,000 to communities affected by the recent California wildfires (Wells Fargo, 2018), and adopting Exametric’s Impact 360 solution to improve customer service requirements forecast accuracy (Verint Systems, 2008).
With respect to the Impact 360 adoption in 2008, which is one of the bank’s technology investment initiatives since then, the project was undertaken to improve the accuracy of forecasting service requirements by coming up with more accurate...
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