April 24‚ 2007 Wells Fargo & Co. is a diversified financial services company in the United States with consumer finance subsidiaries doing business in Canada and Puerto Rico. Headquartered in San Francisco‚ California‚ Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo‚ to capitalize on the 150 year history of the nationally recognized Wells Fargo name and its trademark
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Currency risk: Finance committee should assess interest rate risk‚ market risk‚ and currency risk by using hedge derivatives. Wells Fargo recorded derivatives on balance sheet at fair value‚ and volume measured in terms of notional amount. Wells Fargo enters into cross-currency swaps‚ cross-currency interest rate swaps and forward contracts to hedge Wells Fargo’s foreign currency risk and interest rate risk associated with the insurance of non-U.S. dollar denominated long-term debt. Likelihood of
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Objective This objective of this report is to analyse and evaluate the financial data of Merrill Lynch through 2006‚ 2007 and 2008. It also looks at the developments in the financial markets during these years and its impact on Merrill Lynch‚ a what-if analysis of the possible financial performance that might have existed had the economic downturn not occurred and in the end summary and conclusions based on the findings. Introduction to Merrill Lynch Merrill Lynch is one of the world’s premier
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Wells Fargo Corporation Wells Fargo has a strong foundation of corporate culture that is embedded in the vision. It states that its service‚ financial advice‚ and employees are the strengths of the business. It focuses on every aspect of the corporation’s stakeholders: team members‚ customers‚ communities‚ and shareholders. It focuses on how employees are able to adhere to the highest standard of efficient and ethical business practices. What Wells Fargo lack is the future vision of the company’s
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The fired employees of Wells Fargo are now suing the company for $2.6 billion dollars. For the past 10 years numerous employees had been fired for not meeting sales quotas that were seen as “unrealistic”. These workforce policies led to employees opening over 2 million unauthorized bank accounts. The company has recently settled with Consumer Financial Protection Bureau for $185 million in fines and $2.6 million to the charged customers. Executives and higher ups profited off this fraud‚ the company’s
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Social Responsibility CSR can be defined as the continuing commitment by businesses to contribute to economic development while improving the quality of life of the workplace as well as the community and society at large. Examples of CSR include environmental practices‚ philanthropy work‚ and ethical labor practices. Wells Fargo has identified nineteen key goals‚ some of which include environmental finance‚ community development‚ foreclosure prevention‚ supplier diversity‚ and community service. The
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Financial Statement Analysis of Bank of America Group 1 Chen‚ Yelin Dong‚ Xiaoxu Gransbach‚ Jennifer Shuai‚ Wang Weiss‚ Charles 1 Financial Statements of Bank of America 1 1.1 Balance sheet 1 1.2 Income statement 2 1.3 Regulatory capital ratios 2 1.4 Investment portfolio 2 1.5 Impact of the FSP FAS 115-2 and FAS 124-2 on OTTI 3 1.5.1 Bank of America 3 1.5.2 JP Morgan Chase 3 1.5.3 Citi Group 3 1.6 Netting Financial Instruments 3 1.6.1 Bank of America 4 1.6.2 Comparable
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With pressure to speak up coming from many different places‚ Wells Fargo CEO John Stumpf finally gave his thoughts on why illegal practices were happening within his company. His response? It was the employees’ fault. He reiterated that efforts had been made to stop the behavior‚ and that there were no incentives to do bad things. However‚ the bank ended up removing branch-level sales goals that encouraged employees to cross-sell products to consumers. This practice was the reason for the controversy
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Wells Fargo OFS Case Write-Up Shi Xu (Nick) * Wells Fargo Online Financial Services Overview: * Wells Fargo Online Financial Services provide financial services to its customers via World Wide Web. * Value Chain: Capital suppliers | Products/Services | Distribution | End users | Technological Development | Human Resources | Infrastructure | Risk Management Guidelines | * Porter’s Five Forces: * SupplierOverall: Low
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Consumer Financial Protection Bureau that Wells Fargo created more than 2 million fake bank accounts or credit cards by inputting real customer information without their consent. The Consumer Financial Protection Bureau along with the Los Angeles City Attorney and the Office of the Comptroller of the Currency‚ have fined Wells Fargo $185 million dollars. Federal banking regulators state that Wells Fargo has been committing this fraudulent activity since 2011. Since the scandal made headlines‚ Wells Fargo
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