DOCSLIB.ORG

Wells Fargo & Company Business Standards Report: Learning From

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Wells Fargo & Company Business Standards Report: Learning From Learning from the past, transforming for the future Business Standards Report Wells Fargo & Company A message to our stakeholders Wells Fargo is pleased to share this comprehensive Business Standards Report, which discusses our business practices and the many fundamental changes we have made — and continue to make — as we transform our company. While we have a long and proud history, in September 2016 we announced settlements with the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Office of the Los Angeles City Attorney over unacceptable retail banking sales practices that harmed customers. We acknowledge and apologize for these and other mistakes and have taken significant actions to improve our culture, make things right for customers who were harmed, transform our organizational structure and business practices, increase transparency, and strengthen risk management and controls. A key part of our work has involved reviewing our businesses, functions, and practices; identifying the root causes of issues; making changes where needed; and — importantly — remediating customers for financial harm. We are putting the lessons we have learned into practice as we move forward. Wells Fargo’s top priority continues to be rebuilding trust with our team members, customers, community partners, shareholders, regulators, government officials, and other important stakeholders. We care deeply for all our stakeholders and are committed to building a better Wells Fargo for the future. Of course, as has been the case for many years, everything Wells Fargo does starts with our vision — which is to satisfy our customers’ financial needs and help them succeed financially. Our five values are enduring: what’s right for customers, people as a competitive advantage, ethics, diversity and inclusion, and leadership. In 2017, we introduced six aspirational goals for our future — to be the financial services leader in customer service and advice, team member engagement, innovation, risk management, corporate citizenship, and shareholder value. We have established specific behavioral expectations, which are consistent with our values, that guide team members in going about their work — and we evaluate team members on how well their performance matches what we expect. All of the actions described in this report are grounded in the recognition that our company has a responsibility to operate our business in an ethical and responsible manner. Wells Fargo is a strong company with a history dating back to 1852, and we have overcome many challenges during that time. Today we are proud to build on that solid foundation, having learned from our mistakes and made fundamental changes as we continue our work. We have exceptional businesses and leaders supported by talented, dedicated team members. In short, we are a better company today, and we will be an even better company in the future. Elizabeth A. Duke Timothy J. Sloan Chair, Board of Directors CEO and President Dec. 31, 2018 1 Wells Fargo Business Standards Report HOW WELLS FARGO MAKES A DIFFERENCE Wells Fargo understands the impact we have — and the important role we play — in the success of our customers, our communities, and our own team members. Here is a brief snapshot of our presence and some of the ways we make a difference. Customers Bank branches Serve as Provide corporate Serve in more primary bank banking services states, and Largest Largest home to nearly for 1 in 3 loan originator 11%* U.S. 2x lender of U.S. 3 out consumer as many to small to minority middle­ households. markets, businesses.(2) (3) market of 4 borrowers. Fortune 500 as our peers.(1) customers.(4) companies.(5) *More than any other bank. Communities Largest U.S. Team Spent Power Largest Second workplace members One of the volunteered $1.27 100% corporate largest employee of our largest more than cash donor corporate giving billion global corporate among U.S. cash donor campaign 2 with electricity income diverse financial among U.S. for 9th million needs with taxpayers (6) suppliers. institutions. companies.(6) consecutive renewable in the U.S. .(7) hours. (2017) energy. year (2017) **2017 Team members Invest Human Rights Employ approximately Health care Campaign approximately 44% 57% benefits Corporate of U.S. of $13,000 cover Equality Index: in per team 1 workforce is U.S. approximately Perfect score ethnically/ workforce member 600 annually working racially is female. 500,000 (100%) in benefits for 15 Americans. diverse. individuals. program. consecutive years. Data as of Dec. 31, 2018, unless otherwise noted. Sources: Wells Fargo Today Quarterly Fact Sheet, 2017 Corporate Social Responsibility Report Data as of Dec. 31, 2018, unless otherwise noted. (1) U.S. markets defined as the largest Core Based Statistical Areas (CBSAs) by population. Metropolitan and Metropolitan statistical areas (metro and micro areas) are geographic entities delineated by the Office of Management and Budget (OMB). Major Metro internally defined as Metropolitan markets with more than 1 million population. Rural internally defined as counties within unassigned CBSAs. Counts as of 06/30/2017. (2) Community Reinvestment Act government data, U.S. in dollars, loans under $1 million 2017. (3) Home Mortgage Disclosure Act data, 2017. (4) Barlow Research Middle Market Data (4Q2016­ 3Q2018). Barlow Research determines primary bank market share by asking survey respondents the name of their primary bank. (5) Wells Fargo internal analysis, 12 months from March 2017 – February 2018. (6) The Chronicle of Philanthropy (2017 data). (7) United Way Worldwide (based on 2017 donations). 2 Wells Fargo Business Standards Report Table of contents Message from Betsy Duke and Tim Sloan 1 Executive Summary 4 I. Introduction 6 II. Identifying issues and addressing root causes 7 III. Our culture 13 IV. Our goals 31 V. Leadership and corporate governance 48 VI. Commitment to customers 54 VII. Risk management and controls 82 VIII. Our relationships with investors, communities, and other stakeholders 92 IX. Our focus on continuous improvement 98 Measuring our progress 99 Appendix 100 Index 100 Resources 102 IN THIS REPORT Wells Fargo’s Business Standards Report discusses our business practices and changes we’ve made to rebuild trust and transform our company. The report is divided into nine chapters that represent key focuses for our company. We also include specific examples of our business practices in the form of 21 case studies. These case studies represent: • New business practices added during the past two years, labeled “Taking action on what we learned.” • Existing business practices we are continuing to enhance, labeled “Building a better company.” We understand that our work is not done, and you can continue to track our progress and obtain other information through our public filings and other disclosures and the many resources linked throughout this document. A listing of key Wells Fargo resources can be found on page 102. 3 Wells Fargo Business Standards Report EXECUTIVE SUMMARY Please find below a summary of key highlights of the Business Standards Report. • Wells Fargo has a long history of serving customers through trusted relationships and products and services that help customers succeed financially. We clearly broke that trust through unacceptable sales practices in our Community Bank and issues in other businesses. Our actions resulted in customer harm and caused significant damage to our reputation. We are sorry and are working hard to make things right. • Through an independent investigation led by our Board, as well as third-party and other reviews conducted by the company, we identified root causes that contributed to retail banking sales practices issues and other matters. • The causes included performance management and incentive programs and a high-pressure sales culture in the Community Bank that drove behaviors that were both inappropriate and inconsistent with our values; a decentralized business model that granted too much authority and autonomy to the Community Bank’s senior management, de-emphasized corporate oversight, and encouraged deference to individual businesses; and certain control functions that often adopted a narrow “transactional” approach to issues as they arose. • We’ve worked hard over the past two years to address the root causes of our mistakes, make things right for team members and customers, and lay the foundation for a better company. We understand that we have more work to do, and we’re fully committed to rebuilding trust with all of our stakeholders. Addressing root causes • We eliminated product sales goals for retail bankers in our bank branches and call centers and changed their incentive, performance management, and recognition programs to focus on the customer experience and team (rather than individual) incentives, and the programs are governed by stronger oversight and controls. • We centralized many control functions such as Corporate Risk, Human Resources, Finance, Technology, and Data to provide greater corporate oversight and consistency. • We strengthened our overall focus on risk management, especially compliance and operational risk, through a more defined risk management organizational structure and framework, additional resources, and greater clarity on roles and responsibilities across our three lines of defense. • Our Board of Directors has taken significant steps to strengthen and enhance its governance oversight and practices. These include changing
Load more

Recommended publications
  • Wells Fargo & Company
    No. 15-5059 IN THE UNITED STATES COURT OF APPEALS FOR THE FEDERAL CIRCUIT WELLS FARGO & COMPANY, Plaintiff-Appellee v. UNITED STATES, Defendant-Appellant ON APPEAL FROM THE ORDER OF THE UNITED STATES COURT OF FEDERAL CLAIMS No. 11-808-T, Judge Nancy Firestone CORRECTED BRIEF FOR THE APPELLANT CAROLINE D. CIRAOLO Acting Assistant Attorney General DIANA L. ERBSEN Deputy Assistant Attorney General GILBERT S. ROTHENBERG (202) 514-3361 JONATHAN S. COHEN (202) 514-2970 ELLEN PAGE DELSOLE (202) 514-8128 Attorneys, Tax Division Department of Justice Post Office Box 502 Washington, D.C. 20044 May 13, 2015 12695276.1 TABLE OF CONTENTS Page Table of contents ......................................................................................... i Table of authorities .................................................................................. iii Statement of related cases ........................................................................ xi Glossary ...................................................................................................xiii Jurisdictional statement ......................................................................... xiv Statement of the issues .............................................................................. 1 Statement of the case ................................................................................. 2 A. Procedural History ................................................................... 2 B. Factual Background ................................................................
    [Show full text]
  • The California Numismatist
    Numismatic Fall 2008 California State Association of V. 5, No. 3 Numismatic Southern California $5.00 Association The California Numismatist The California Numismatist Offi cial Publication of the California State Numismatic Association and the Numismatic Association of Southern California Fall 2008, Volume 5, Number 3 About the Cover The California Numismatist Staff Images from our three main Editor Greg Burns articles grace our cover against a P.O. Box 1181 backdrop relating to a surprising de- Claremont, CA 91711 velopment in the printing of our little [email protected] journal: color! This is the fi rst issue Club Reports Virginia Bourke with the interior pages printed in color, South 10601 Vista Camino though the cover has been in color Lakeside, CA 92040 since the inception of TCN in 2004 [email protected] (starting in 2002 The NASC Quarterly, one of our predecessor publications, Club Reports Michael S. Turrini also started having color covers). North P.O. Box 4104 Please do write and let us know Vallejo, CA 94590 what you think about the new look. [email protected] While the expense is a bit more, Advertising Lila Anderson there’s such an improvement in aes- P.O. Box 365 thetics we’re inclined to keep it up. Grover Beach, CA 93483 [email protected] Visit Us on the Web The California Numismatist has a Web site at www.CalNumismatist.com. You can fi nd the offi cial scoop there in between issues. Also, both CSNA and NASC main- tain their own Web sites at: www.Calcoin.org www.NASC.net 2 The California Numismatist • Fall 2008 Contents Articles Wells Fargo & Company Jim Hunt ............................................................................................................10 Through the Numismatic Glass: This 19th Century Cent Design Lasted for Only One Year Dr.
    [Show full text]
  • Temple R. Hollcroft Collection
    Temple Hollcroft Collection WELLS COLLEGE ARCHIVES AND SPECIAL COLLECTIONS TEMPLE R. HOLLCROFT COLLECTION Quantity: 5 Linear Feet Containers: 5 Archival Boxes Date Processed: Fall 2010 Processed by: Kathryn McNamara Finding Aid: December 12, 2010 / Amended October 22, 2019 By: Kathryn McNamara / Amended by Robyn Fordyce Edited by: Molly Brown / Tiffany Raymond Prepared for Web: By: Access: There is no restriction on access to the Temple Hollcroft Collection for research use. Particularly fragile items may be restricted for preservation purposes. Copyright: Requests for permission to publish material from the Temple Hollcroft Collection should be directed to the Archives and Special Collections. It is the responsibility of the researcher to identify and satisfy the holders of all copyrights. Page 2 Temple Hollcroft Collection INTRODUCTION Biographical Note/Background: Temple Rice Hollcroft was born in Indiana in 1889. He was a Mathematics Professor at Wells College beginning in 1918 and stayed for 36 years. After his tenure as a faculty member, he was named as the Wells College Historian in 1953, and his interest in history served the college well. He was thorough and dedicated to the position, and a series of his short pieces of historical interest appeared in the Alumna News. He was interested in statistics and intent on accuracy and correct presentation. He died in New York, September of 1967. Related Material: Hollcroft, Temple. A History of Wells College. (3 copies) Hollcroft, Temple. Wells Fargo History. Manuscript (ribbon copy), 1968. Hollcroft, Temple. Salem Town: Partial Autobiography and Masonic Biography. New York: American Lodge of Research, Free and Accepted Masons, 1951. Print.
    [Show full text]
  • Coen Brothers' Fargo in the Noir Melting Pot of Genre Patterns
    Acta Universitatis Wratislaviensis • No 3869 Literatura i Kultura Popularna XXIV, Wrocław 2018 DOI: 10.19195/0867-7441.24.4 Kamila Żyto ORCID: 0000-0003-2822-8341 University of Łódź Detours of absurdity: Coen brothers’ Fargo in the noir melting pot of genre patterns Keywords: film noir, film history, film genres, cinema of Coen brothers Słowa kluczowe: film noir, historia filmu, gatunki filmowe, kino braci Coen The long-lasting debate over whether film noir should be seen as a genre, a cycle or a tendency in the history of cinema remains unsettled. No definitive solution has been found, nor any consensus reached, owing to the fact that the film noir phenomenon is particularly complex and convoluted. Much of the debate revolves around questions of approach and genre. But many movies, both those released in the 1940s and 1950s (the classical period) and those released in the following decades (the neo-noir, or postclassical, period), do not obviously fit any genre pattern or other ordering scheme. The diversity among films that are now unquestionably classified as noir, provokes controversy and raises numerous questions. What does Sunset Boulevard (dir. Billy Wilder, 1950) have in common with The Killers (dir. Robert Siodmak, 1946)? The first one is simultaneously a crime story, melodrama and horror. The second one is, without a doubt, a gang- ster movie. Do all noir films really constitute a single genre? I will leave this question unanswered, as to support any of the various opinions about the generic identity of film noir is not the main aim of this paper.1 From my perspective, there is little utility in joining this on-going debate, which has reached a standstill some time ago.
    [Show full text]
  • Fargo Police Department Policy Manual
    Fargo Police Department Policy Manual CHIEF’S PREFACE The primary purpose of this policy manual is to provide all members of the Fargo Police Department, regardless of their rank, title, position, or status as a sworn officer or civilian employee, with the guidance that allows each employee to perform their duties in the most professional manner possible. Therefore, it is important to recognize the development of this policy manual is an ongoing process and is intended to not only serve the department’s interests, but the interests of department personnel and the community as well. This manual also exists to establish the department’s leadership and management principles and to set the standards and expectations all department employees are held to. The department’s policies and procedures should elevate the standards of our profession as well as strengthen the community’s confidence in our organization. Every member of this department must be encouraged, both individually and collectively, to realize the responsibilities associated with their position. Everyday they must continuously strive to earn the support, respect, and cooperation of the citizens we serve. Above all else, the men and women who collectively define this organization must recognize the very basis for the existence of the Fargo Police Department is the law. The credibility of our organization and the law enforcement profession in general, is ultimately enhanced by our understanding of and self-adherence to the law and by how we contribute to the welfare of our community. The policies contained within this manual reflect the goal of maintaining that credibility to the best of our ability.
    [Show full text]
  • COVER ART by JEFF KNIGHT 1 Film Festival Goer, Treasure Hunter
    COVER ART BY JEFF KNIGHT 1 Film Festival Goer, Treasure Hunter There are times when we walk into a cinema knowing exactly what to expect. We know that Nicolas Cage will deliver an awesomely bad punchline after riding a motorcycle through the flaming hull of a downed jetliner, Colin Firth will make us swoon in that totally respectable way, and Meryl Streep will meryl as only Meryl can. The familiar can be a lovely warm blanket, the White Hat saving the day, and an excellent night at the movies. But there are times when we feel a bit more adventurous – times when we seek art that grabs us by the collar Emily Beck and shakes us awake. These are the times when we are treasure hunters, boldly going beyond to find something FARGO THEATRE Executive Director of inmeasureable worth. If you are craving an adventure, then you are in the right place. A film festival is a wonderful place to explore. At any given moment may see something that leaves you scratching your head OR you may discover That Film (written in Denmark, shot in Rio, starring Nobody You’ve Ever Heard Of) that speaks to you in conversation, leaves you breathless, and reminds you why you struck out into the wild in the first place. On behalf of the entire team, it is my pleasure to welcome you to the 15th annual Fargo Film Festival. We welcome you aboard and are grateful to share the journey. Thank you for coming and enjoy the show! DAN FRANCIS PHOTOGRAPHY FARGO THEATRE STAFF: FARGO THEATRE BOARD FESTIVAL COMMITTEE AND VOLUNTEERS: Emily Beck, Executive Director Greg Carlson, President
    [Show full text]
  • Case 2:20-Cv-08466 Document 1 Filed 09/16/20 Page 1 of 300 Page ID #:1
    Case 2:20-cv-08466 Document 1 Filed 09/16/20 Page 1 of 300 Page ID #:1 1 DEBORAH CONNOR, Chief Money Laundering and Asset Forfeiture Section (MLARS) 2 MARY BUTLER, Chief, International Unit WOO S. LEE, Deputy Chief, International Unit 3 BARBARA Y. LEVY, Trial Attorney JOSHUA L. SOHN, Trial Attorney 4 JONATHAN BAUM, Trial Attorney Criminal Division 5 United States Department of Justice 1400 New York Avenue, N.W. 10th Floor 6 Washington, D.C. 20530 Telephone: (202) 514-1263 7 Email: [email protected] 8 Attorneys for Plaintiff 9 UNITED STATES OF AMERICA 10 UNITED STATES DISTRICT COURT 11 FOR THE CENTRAL DISTRICT OF CALIFORNIA 12 13 UNITED STATES OF AMERICA, No. CV 2:20-cv-8466 14 Plaintiff, VERIFIED COMPLAINT FOR 15 v. FORFEITURE IN REM 16 ALL FUNDS HELD IN ESCROW BY [18 U.S.C. § 981(a)(1)(A) and (C)] 17 CLYDE & CO. IN THE UNITED 18 KINGDOM AS DAMAGES OR [F.B.I.] RESTITUTION IN PETROSAUDI V. 19 PDVSA UNCITRAL ARBITRATION, 20 Defendant. 21 22 The United States of America (the “government”) brings this complaint against 23 the above-captioned asset and alleges as follows: 24 PERSONS AND ENTITIES 25 1. The plaintiff is the United States of America. 26 2. The defendants in this action are all funds held in escrow by Clyde & Co. in 27 the United Kingdom as damages or restitution in the 2017 UNCITRAL arbitration 28 Case 2:20-cv-08466 Document 1 Filed 09/16/20 Page 2 of 300 Page ID #:2 1 between PetroSaudi Oil Services (Venezuela) Ltd.
    [Show full text]
  • 2001-Annual-Report.Pdf
    Connected to our past, focused on our future. Wells Fargo & Company Annual Report 2001 1 Connected to our Past, Wells Fargo & Company (NYSE:WFC) is a Focused on our Future diversified financial services company— From the 1850s to the 2000s, our values providing banking, insurance, investments, are the same. Sixteen of our team members tell you how. mortgage and consumer finance from more than 5,400 stores, the industry’s leading 17 To our Owners Chairman and CEO Dick Kovacevich internet site (wellsfargo.com) and other reports on 2001, and our progress in distribution channels across North America. market share growth and service quality. Our corporate headquarters is in San Francisco 24 Serving our Communities: but we’re decentralized so all Wells Fargo “The Good We May Render” “convenience points”—stores, ATMs, We contribute an average of $175,000 Phone BankSM centers, internet and direct a day to non-profits across the USA. mail —are headquarters for satisfying all our Our goal: help all our communities grow and prosper. customers’financial needs and helping them succeed financially. 29 The Businesses of Wells Fargo We’re one of North America’s largest, Assets: $308 billion most diversified financial services Rank in size among U.S. peers: 5th companies. Here’s how the pieces fit. Market value of stock: $74 billion 31 Board of Directors, Corporate Officers, Rank by value of stock among U.S. peers: 3rd Senior Business Officers Fortune 500 rank: 62 33 Financial Review Team members: 120,000 54 Financial Statements 97 Independent Auditors’ Report 100 Shareholder Information FORWARD-LOOKING STATEMENTS In this report we make forward-looking statements about our company’s financial condition, results of operations, plans, objectives and future performance and business.
    [Show full text]
  • “Waiting for Dutch” Episode #201 Script by Noah Hawley
    Executive Producer: Noah Hawley EPISODE: #201 Executive Producer: Warren Littlefield SCRIPT: #201 Executive Producers: Joel & Ethan Coen PRODUCTION: #2001 Executive Producer: John Cameron “Waiting For Dutch” Episode #201 Script by Noah Hawley PINK PRODUCTION DRAFT – FULL – 9/26/14 26 Keys Productions The Littlefield Company Nomadic Pictures MGM Television FX Networks MGM Television Entertainment Inc. 245 North Beverly Drive Beverly Hills, CA 90210 © 2013 MGM Television Entertainment Inc. All Rights Reserved. Episode #201 “Waiting For Dutch” PINK DRAFT – 9.26.14 REVISION HISTORY PINK DRAFT 9/26/14 BLUE REVISION PAGES 9/11/14 PRODUCTION DRAFT 8/7/14 NOTES: PINK PINK DRAFT REVISIONS - Sc. 24 dialogue change - Sc. 39 description change - Sc. 40 has been ADDED PINK DRAFT REVISIONS – ADDITIONAL NOTES: All scenes have been renumbered for clarity Character JOE BULO has been added to this episode Character MIKE MILLIGAN has been added to this episode Character THE KITCHEN BROTHERS have been added to this episode BLUE REVISION PAGES - Sc. 1 description, dialogue change - Sc. 3 description, dialogue change - Sc. 6 has been OMITTED - Sc. 7 has been OMITTED - Sc. 8 has been OMITTED - Sc. 9 description change - Sc. 12 description change - Sc. 13 location name change - Sc. 15 location name, description, dialogue changes - Sc. 16 location name change - Sc. 18 description change - Sc. 20 description change - Sc. 22 dialogue change - Sc. 23 description change - Sc. 24 dialogue changes - Sc. 25 description, dialogue changes - Sc. 25A has been ADDED - Sc. 25B has been ADDED Episode #201 “Waiting For Dutch” PINK DRAFT – 9.26.14 - Sc. 26 location name, description, dialogue change - Sc.
    [Show full text]
  • 2016 Fargo‐Moorhead Metropolitan Bicycle and Pedestrian Plan
    2016 Fargo‐Moorhead Metropolitan Bicycle and Pedestrian Plan Adopted February 16, 2017 Prepared by the Fargo‐Moorhead Metropolitan Council of Governments 2016 Fargo‐Moorhead Metropolitan Bicycle and Pedestrian Plan Prepared by: The Fargo‐Moorhead Metropolitan Council of Governments Case Plaza, Suite 232 One Second Street North Fargo, ND 58102 Phone: 701‐232‐3242 Website: www.fmmetrocog.org Email: [email protected] The preparation of this document was funded in part by the Unittexted States Department of Transportation with funding administere box??? d through the North Dakota & Minnesota Departments of Transportation, the Federal Highway Administration and the Federal Transit Administration. Additional funding was provided by the Minnesota Department of Transportation and through local contributions from the governments of Fargo, West Fargo, and Cass County in North Dakota; and Moorhead, Dilworth, and Clay County in Minnesota. The United States Government and the States of North Dakota and Minnesota assume no liability for the contents or use thereof. This document does not constitute a standard, specification, or regulation. The United States Government, the States of North Dakota and Minnesota, and the Metropolitan Council of Governments do not endorse products or manufacturers. Trade or manufacturers' names appear herein only because they are considered essential to the objective of this document. The contents of this document reflect the views of the authors, who are responsible for the facts and the accuracy of the data presented herein. The contents do not necessarily reflect the policies of the State and Federal Departments of Transportation. RESOLUTION 2017-0313-P Resolution to Support 2016 Fargo-Moorhead Metropolitan Bicycle & Pedestrian Plan WHEREAS, the Moorhead City Council is the duly elected governing body responsible for the planning and development of safe and functional transportation systems including bicycle and pedestrian facilities.
    [Show full text]
  • Johnson, Thomas C. Vitae
    Thomas C. Johnson Communication Studies Luther College 700 College Drive Decorah, IA 52101 563.387.1091 P 612.877.1062 C [email protected] Academic Record Ph.D., University of Minnesota, July 2010 Program: Communication Studies Emphasis: Critical Media Studies G.P.A.: 3.7/4.0 Dissertation: NFL Films and the Re-Production of Pro Football Advisor: Edward Schiappa Committee Members: Laurie Ouellette, Douglas Hartmann, Mary Vavrus M.A., University of Minnesota, June 2006 Program: Communication Studies Emphasis: Critical Media Studies G.P.A.: 3.8/4.0 Thesis: Relationships Between Televised Sports Viewing Habits and Attitudes About Masculinity Advisor: Edward Schiappa Committee Members: Donald Browne, Michael C. Rodriguez B.A., Saint John’s University, May 2002 Major: Communication Minor: Political Science G.P.A.: 3.5/4.0 Abroad, University of Notre Dame Australia, June 2001 Concentration: Media Production G.P.A.: 3.7/4.0 Academic Appointments Associate Professor, Department of Communication Studies, Luther College (February 2017 – ). Assistant Professor, Department of Communication Studies, Luther College (August 2013 – January 2017). Post-doctoral Teaching Fellow, Department of Communication Studies, Luther College (August 2011 – July 2013) Lecturer, Department of Communication Studies, University of Minnesota, College of Liberal Arts (August 2010 – August 2011) Graduate Teaching Assistant, Department of Communication Studies, University of Minnesota, College of Liberal Arts (September 2004 – June 2010) Honors and Distinctions Old
    [Show full text]
  • Bad Apple’ Behavior Or a Spoiled Barrel
    Source: Erik M./Pacific/Barcroft Images ‘Bad Apple’ Behavior or a Spoiled Barrel: An Analysis of Wells Fargo’s Crisis Response to Alleged Culture Flaws Submitted to the 2017 Arthur W. Page Society and Institute for Public Relations Case Study Competition Abstract Who’s held accountable when deceptive practices are revealed in a company’s operations – those conducting the unethical behavior or company leadership? Wells Fargo continues to publicly grapple with this question as it mitigates damages from a fraudulent account scandal. Initial leadership response seemingly laid blame on a few ‘bad apples,’ but former employees pointed to a cross-sell-driven culture breeding bad behavior. The disparity between these viewpoints resulted in a controversy that gained intense stakeholder attention. This case study examines Wells Fargo’s crisis response to the scandal, as well as impacts to its financials, reputation and character. 1 Table of Contents Overview………………………………………………………………………………………..... 3 Company Background………………………………………………………………………... 3-6 1. Wells Fargo History……………………………………………….………………….... 3-5 2. Corporate Reputation…………………………………………………………………….. 5 3. Corporate Culture……………………………………………………………………… 5-6 Fraudulent Account Activity Timeline (2011 to 2016)…........................................................ 6-7 Wells Fargo’s Actions and Response……………………………………………………….. 7-10 Cultural Disconnect………………………………………………………………………… 10-14 1. Employee Response in the Media…………………………..………………………. 10-12 2. Corporate Values and Character………………………………………………….....
    [Show full text]