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  • Essay / Wells Fargo Management - 807

    Although Wells Fargo has handled the recent crisis very responsibly and prudently, it is lumped in with other Wall Street companies and their failure during the crisis. Its reputation, like that of any Wall Street company, suffered. Trust in Wall Street companies is destroyed. The economic crisis is believed to have been triggered by leadership failures; we are in what is called a leadership crisis, which means that the majority of the American public no longer trusts their leaders, and employees no longer trust their managers. This leadership crisis influences the productivity of banks, as shown by the fall in the value of Wells Fargo shares. Therefore, to ensure sustainable productivity, Wells Fargo must adjust some aspects of management, because only strong leadership guarantees a stable future and avoids another crisis. Managers must become leaders who motivate and encourage their employees. This creates a new group dynamic and guarantees passionate workers and therefore increased productivity. When many companies collapsed and suffered high losses, executives received high compensation while employees lost their jobs. Even though Wells Fargo has not been hit by bankruptcy or huge losses, its employees have it in mind that they will be the front men if the company fails. No employee wants to be involved in a company whose management may be unreliable and whose failures are ultimately paid for by the employees. Managers must therefore represent that they are all part of the same group and pulling on the same rope. Wells Fargo must view its employees as individuals and its members as a group, not just workers. To focus on workers and not profit, Wells Fargo must provide empty documents and receive comments on these complaints. This can be done through online surveys or internet platforms, such as a forum. Only if customers feel that Wells Fargo not only cares about its profits, but also about the best solution for its customers, can trust be restored. Once Wells Fargo implements these management changes to its policies, it should launch a marketing campaign to inform customers. public about its new services. However, the best advertising is word of mouth advertising. Wells Fargo must therefore ensure that its employees as well as its customers are satisfied with its service, because only satisfied employees and customers convey a positive image to the public. By establishing its reputation as a reliable bank with strong leadership, Wells Fargo secured its place among Wall Street's leading companies for more than fifty years..