I’m stuck on a Business question and need an explanation.
– “WellsFargo’s history with the scandal was an ethical issue and break of trust. It is since then trying to make up to the lost reputation and annoyed consumers. I really hope that Mr. Scharf as the new CEO of WellsFargo turn things around and help organization achieve its stability and its old brand value. With the impact of COVID on almost all industries, did you experience any changes in the business operations that you are part of?
With a lot to tackle and still adjust to the COVID impact, how is the new CEO communicating the message to stay on top of things? Can you share any of his leadership traits that he is using to make the employees feel secure and healthy in these tough times? I think that truly resembles the uniqueness of a leader to make a difference and be a servant leader.
for the professor first question, I would say that at the beginning of the spreading of the virus. They closed out the small branches. they closed the lobby (in branch). work hours got reduced ( I am not sure if it is got to normal now since I don’t work there anymore. they mostly operate through the drive through. if a costumer wants to meet with a banker you have to make an appointment online. Also, I want to mention that for our branch. they splits us (teller and bankers) into two teams. and we work every other week.
for his second question,
at the beginning of the crisis, they provided masks and hand sanitizer although there was a lack of masks and hand sanitizer in the markets. at the drive through room there is 6 feet distance between each employee.
in our branch, they splits us into two teams tellers and bankers. each team works only every other week. (two weeks total in a month) and if you work full time 40 hours, you will get paid for 40 hours even if you are schedule for less hours, you are still going to get paid for 40 hours. same for part time employee.
Also, each employee got paid extra $200 for five pay check
-“The famous Wells Fargo scandals… I didn’t know they hired a new CEO in 2019. They certainly have had so many issues. Netflix talks about them in a documentary, its pretty good. One thing that has always annoyed me about Wells Fargo is actually their customer service, I felt it was over the top. You would walk into a branch and they want to strike up a lengthy conversation with you. “How are you?”, “Anything exciting happenings today?”, “Are you doing anything fun later tonight?”, etc. Maybe I am of the old school mentality but I am just here for a money transaction and I don’t want to be in the bank for 30 mins, lets make it snappy. haha. With the new CEO, and focus on customer service more. Is this more from the financial perspective to build back more trust, or more of the personal interactions? “
This is my classmates Comment
let me know if there was anything not clear or you have more details or questions