Reflection You will submit a report of 5 Takeaways and Reflection (1 page, Microsoft Word, 12-pt font, one-inch margins, single space) summarizing what you

Reflection You will submit a report of 5 Takeaways and Reflection (1 page, Microsoft Word, 12-pt font, one-inch margins, single space) summarizing what you

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Reflection You will submit a report of 5 Takeaways and Reflection (1 page, Microsoft Word, 12-pt font, one-inch margins, single space) summarizing what you learned from the change effort at this particular organization. You will also reflect on what you learned about yourself and career choices during the completion of the assignment and this course. Feel free to also reflect on what you learned about collaboration in teams and within organizations.
Grading Criteria for Part 4 (up to 30 points total). Include the following:

Summarize the existing problem/opportunity area and the change effort.
List up to 5 takeaways from the current processes and/or intentions of the organization (e.g., lessons learned) specifically related to organization design and change.
Write a paragraph answering: Did the analysis and interview give you insight into an important organizational issue? What did you learn about organization design and/or change that you may not have known before?
Write a paragraph answering: Based on this information, what did you learn about yourself and your career goals?
Write a paragraph answering: Based on the project, what did you learn about collaboration in teams and how collaboration occurs within organizations?

This assignment supports Course Learning Objectives 1, 2, 3, 4, 5, and 6.
Rubric
Reflection/5 TakeawaysReflection/5 TakeawaysCriteriaRatingsPtsThis criterion is linked to a Learning OutcomeSummary of Problem/OpportunitySummarize the existing problem/opportunity area and the change effort.5 to >0.0 ptsFull Marks0 ptsNo Marks5 pts
This criterion is linked to a Learning Outcome5 TakeawaysList up to 5 takeaways from the current processes and/or intentions of the organization (e.g., lessons learned) specifically related to organization design and change.10 to >0.0 ptsFull Marks0 ptsNo Marks10 pts
This criterion is linked to a Learning OutcomeInsightsWrite a paragraph answering: Did the analysis and interview give you insight into an important organizational issue? What did you learn about organization design and/or change that you may not have known before?5 to >0.0 ptsFull Marks0 ptsNo Marks5 pts
This criterion is linked to a Learning OutcomePersonal/Career GoalsWrite a paragraph answering: Based on this information, what did you learn about yourself and your career goals?5 to >0.0 ptsFull Marks0 ptsNo Marks5 pts
This criterion is linked to a Learning OutcomeCollaborationWrite a paragraph answering: Based on the project, what did you learn about collaboration in teams and how collaboration occurs within organizations?5 to >0.0 ptsFull Marks0 ptsNo Marks5 pts 1

7

Final Team Project Assignment

Onyinye Ekemezie
University of North Texas Denton
Mgmt 4860
Mariya Gavrilova Aguilar
10/28/2021

Final Team Project Assignment

Part 1 – Organizational Analysis

The company selected for this paper is Wells Fargo. “Wells Fargo & Company” refers to an American multinational financial services corporation that was founded in 1852 and has offices throughout the United States and around the world. Its corporate headquarters are in San Francisco, California, its operational headquarters are in Manhattan, and it has managerial offices throughout the United States and around the world. These companies are currently present in 35 countries, serving a total of over 70 million clients worldwide.
Wells Fargo & Company and the Minneapolis-based Norwest Corporation merged to become the current Wells Fargo & Company in 1998, resulting in the formation of the current Wells Fargo. Norwest survived the merger, but the merged company adopted Wells Fargo’s name and relocated to the company’s headquarters in San Francisco, while its banking subsidiary merged with Wells Fargo’s banking subsidiary in Sioux Falls, South Dakota. Wells Fargo became a coast-to-coast bank in 2008 after acquiring Wachovia, a Charlotte-based financial services company Kostry, Malloy, Wang, & O’Rourke, 2017). Wells Fargo is ranked seventh on the Forbes Global 2000 list of the world’s largest public companies, and it is ranked 37th on the Fortune 500 list of the largest companies in the United States of America. Several investigations by government agencies have been launched against the corporation. Due to the Wells Fargo account fraud incident that broke out on February 2, 2018, the Federal Reserve prevented the bank from expanding its roughly $2 trillion asset base any further unless the business resolved its internal issues to the satisfaction of the Federal Reserve.
Located in 31 countries, Wells Fargo offers a wide range of banking, investment, and mortgage products and services, as well as consumer and commercial finance through more than 7,200 branch locations, more than 13,000 ATMs, the internet, and mobile banking. It also has more than 13,000 ATMs worldwide. The company is engaged in the banking and financial services industry. Approximately 259,196 full-time people work for the corporation in various locations across the world. Wells Fargo appears to have a multi-divisional organizational structure, which is typical of most large financial institutions Kostry, Malloy, Wang, & O’Rourke, 2017). Among the many divisions beneath that are located all over the country are the board of directors, the executive suite, and the corporate headquarters in San Francisco, among other things. Wells Fargo’s culture has evolved over time, as they have grown from a collection of many other banks and mortgage companies over the course of their history (Erbas, 2019). If the only way things are completed is by pushing the boundaries or breaking the rules, then stating generic platitudes about ethics is ineffective. The mission statement of Wells Fargo is “we want to meet the financial needs of every one of our customers.” In the first instance, they want to assist consumers in achieving financial success and “satisfying their financial requirements.” These objectives are being met through a wide range of services provided by the organization. The company’s vision statement is that it wants to be known as a “trusted provider” of “reliable guidance” and that it wants to meet a wide spectrum of financial needs. In addition, the organization believes in the following values: diversity and inclusiveness, as well as leadership and innovation.
The following are some of the company’s biggest weaknesses: In 2016, it was revealed that Wells Fargo employees had opened millions of accounts in customers’ names without their authorization in order to satisfy sales goals. This was considered a major scandal. The bank’s second problem is its aging systems (Fradkin, 2002). For years, Wells Fargo has battled to keep its antiquated banking systems up to date, making it more difficult for the bank to meet regulatory requirements. Negative publicity is the third type of publicity.
In addition to global recession and public opinion, the organization faces threats such as a global epidemic, continued competitiveness, and ongoing investigations, among other things.
Change initiatives now being undertaken by the organization include expanding its operations to as many nations as possible in order to achieve maximum impact.

Part 2 – Interview Summary

a. What does management think the problem/opportunity area is/entails?
b. What has been tried in the past to correct the problem/opportunity area?
c. If there is not a “problem”, what does management want to improve, develop, or implement through a change management effort?
d. How is the change management effort related to the mission, vision, values, strategy?
e. What prior changes have been implemented successfully or unsuccessfully?
f. What is the employees’ perspective of the change?
g. What communication tools are being used to keep employees/stakeholders apprised of the progress during the implementation of the change?
h. How would management and employees know if the change effort is/was successful?

Management of Wells Fargo believes that the greatest opportunity lies in worldwide expansion while also continuing to provide domestic financial services to its customers. In addition to boosting its revenue base, the company will be able to access a larger number of potential clients as a result of its global expansion. Most of the company’s operations currently focus around the provision of wholesale services to other banks and financial institutions, which includes payment processing services. As a result, in order to maximize and exploit its opportunity, the corporation may decide to open Wells Fargo should expand its corporate banking services to other nations, such as the United Kingdom, Germany, the Netherlands, and France, among others, where there is a large market and demand for their products and services, according to the company. The company’s management believes that there is tremendous room for growth.
In fact, the company’s global expansion is conceivable because the process has been made easier by the withdrawal of significant competitors from certain countries, as well as the relative financial weakness of certain competitors in certain areas. Wells Fargo has a distinct competitive edge as a result of these circumstances. This means that the company will be able to profit from the troubles that its competitors, such as Citigroup and Bank of America Merrill Lynch, are currently experiencing. Additionally, in addition to planned development, the company intends to build on its corporate banking successes in the local market, where it is currently a leader in the provision of loans to industries such as agriculture and energy, among others.
The company has attempted to grow its operations abroad in the past; this endeavor is currently underway and is a component of the bigger plan, which, according to the company’s chief operating officer, is developing well. As of right now, the firm has appointed James Johnston to the newly created, London-based post of President and CEO of the Europe, Middle East, and Africa regions of the corporation (Erbas, 2019). Therefore, the company is exerting considerable effort in funding new commercial real estate projects in London, and this work is hastening the company’s worldwide expansion process, which is now underway.
According to the Company’s Chief Operating Officer, one of the primary improvements the management hopes to achieve through the change management effort is the expansion of the company’s activities to a global scale. The fact that management is taking the initiative seriously is due to their belief that they can benefit from their presence in foreign markets by learning about the business environment in the host country, gaining experience, and identifying new business opportunities that go beyond simply serving their existing clients in their home country. The COO explained that the company’s goal statement is to “satisfy all of our customers’ financial demands,” and that its vision is to position itself as a “trusted source” for “reliable assistance” and to fulfill a wide range of financial needs, among other things. Because of this, the company will have an easier time fulfilling its mission and vision as a result of its expansion into new markets. So the recommended modifications relate to the purpose, vision, values, and strategy of the organization because they all serve to motivate the organization to deliver a diverse range of services in order to achieve its goal. Prior modifications that the corporation has successfully made in relation to its worldwide expansion goal include the recent acquisition of numerous portfolios of undesired assets from various banks that are under pressure to reduce their asset portfolios. For example, the company purchased BNP Paribas’ North American energy division, and according to an interview with the company’s chief operating officer, further comparable transactions are expected to follow. This makes it easier for the corporation to carry out its expansion strategy. The COO went on to say that workers are excited about reaching this milestone and are prepared to embrace it.
In order to keep employees and stakeholders informed of the progress during the implementation of the change, a variety of communication tools, including E-mails, telephone calls and messages, video and web-conferencing, and occasionally television, are used. The type of communication tool used will depend on the situation and the nature of the information being communicated. After the company’s activities are observed in several targeted regions and there is also an improvement in performance, the COO stated that both management and staff will know if the adjustment was successful (Erbas, 2019).
· Name and title of interviewee: Scott Powel- Chief Operating Officer (COO) Wells Fargo
· Contact Information: Call through company:
+1 213 253 3379

· Date of interview: October 9th 2021

Part 3 – Consulting Report Recommendations

Revised Organizational Analysis

“Wells Fargo & Company” is the name of an American multinational financial services corporation that was founded in 1852 and has offices throughout the United States and around the world. Its corporate headquarters are in San Francisco, California, its operational headquarters are in Manhattan, and it has managerial offices throughout the United States and around the world. These companies are currently present in 35 countries, serving a total of over 70 million clients worldwide.
Wells Fargo & Company and the Minneapolis-based Norwest Corporation merged to become the current Wells Fargo & Company in 1998, resulting in the formation of the current Wells Fargo. Norwest survived the merger, but the merged company adopted Wells Fargo’s name and relocated to the company’s headquarters in San Francisco, while its banking subsidiary merged with Wells Fargo’s banking subsidiary in Sioux Falls, South Dakota. Wells Fargo became a coast-to-coast bank in 2008 after acquiring Wachovia, a Charlotte-based financial services company. Wells Fargo is ranked seventh on the Forbes Global 2000 list of the world’s largest public companies, and it is ranked 37th on the Fortune 500 list of the largest companies in the United States of America. Several investigations by government agencies have been launched against the corporation. Due to the Wells Fargo account fraud incident that broke out on February 2, 2018, the Federal Reserve prevented the bank from expanding its roughly $2 trillion asset base any further unless the business resolved its internal issues to the satisfaction of the Federal Reserve.
Located in 31 countries, Wells Fargo offers a wide range of banking, investment, and mortgage products and services, as well as consumer and commercial finance through more than 7,200 branch locations, more than 13,000 ATMs, the internet, and mobile banking. It also has more than 13,000 ATMs worldwide. The company is engaged in the banking and financial services industry. Approximately 259,196 full-time people work for the corporation in various locations across the world. Wells Fargo appears to have a multi-divisional organizational structure, which is typical of most large financial institutions. Among the many divisions beneath that are located all over the country are the board of directors, the executive suite, and the corporate headquarters in San Francisco, among other things. Wells Fargo’s culture has evolved over time, as they have grown from a collection of many other banks and mortgage companies over the course of their history. If the only way things are completed is by pushing the boundaries or breaking the rules, then stating generic platitudes about ethics is ineffective. The mission statement of Wells Fargo is “we want to meet the financial needs of every one of our customers.” In the first instance, they want to assist consumers in achieving financial success and “satisfying their financial requirements.” These objectives are being met through a wide range of services provided by the organization. The company’s vision statement is that it wants to be known as a “trusted provider” of “reliable guidance” and that it wants to meet a wide spectrum of financial needs. In addition, the organization believes in the following values: diversity and inclusiveness, as well as leadership and innovation.
The following are some of the company’s biggest weaknesses: In 2016, it was revealed that Wells Fargo employees had opened millions of accounts in customers’ names without their authorization in order to satisfy sales goals. This was considered a major scandal. The bank’s second problem is its aging systems. For years, Wells Fargo has battled to keep its antiquated banking systems up to date, making it more difficult for the bank to meet regulatory requirements. Negative publicity is the third type of publicity.
In addition to global recession and public opinion, the organization faces threats such as a global epidemic, continued competitiveness, and ongoing investigations, among other things.
Change initiatives now being undertaken by the organization include expanding its operations to as many nations as possible in order to achieve maximum impact.

Revised Interview Summary

Management of Wells Fargo believes that the greatest opportunity lies in worldwide expansion while also continuing to provide domestic financial services to its customers. In addition to boosting its revenue base, the company will be able to access a larger number of potential clients as a result of its global expansion. Most of the company’s operations currently focus around the provision of wholesale services to other banks and financial institutions, which includes payment processing services. As a result, in order to maximize and exploit its opportunity, the corporation may decide to open Wells Fargo should expand its corporate banking services to other nations, such as the United Kingdom, Germany, the Netherlands, and France, among others, where there is a large market and demand for their products and services, according to the company. The company’s management believes that there is tremendous room for growth.
In fact, the company’s global expansion is conceivable because the process has been made easier by the withdrawal of significant competitors from certain countries, as well as the relative financial weakness of certain competitors in certain areas. Wells Fargo has a distinct competitive edge as a result of these circumstances. This means that the company will be able to profit from the troubles that its competitors, such as Citigroup and Bank of America Merrill Lynch, are currently experiencing. Additionally, in addition to planned development, the company intends to build on its corporate banking successes in the local market, where it is currently a leader in the provision of loans to industries such as agriculture and energy, among others.
The company has attempted to grow its operations abroad in the past; this endeavor is currently underway and is a component of the bigger plan, which, according to the company’s chief operating officer, is developing well. As of right now, the firm has appointed James Johnston to the newly created, London-based post of President and CEO of the Europe, Middle East, and Africa regions of the corporation. Therefore, the company is exerting considerable effort in funding new commercial real estate projects in London, and this work is hastening the company’s worldwide expansion process, which is now underway.
According to the Company’s Chief Operating Officer, one of the primary improvements the management hopes to achieve through the change management effort is the expansion of the company’s activities to a global scale. The fact that management is taking the initiative seriously is due to their belief that they can benefit from their presence in foreign markets by learning about the business environment in the host country, gaining experience, and identifying new business opportunities that go beyond simply serving their existing clients in their home country. The COO explained that the company’s goal statement is to “satisfy all of our customers’ financial demands,” and that its vision is to position itself as a “trusted source” for “reliable assistance” and to fulfill a wide range of financial needs, among other things. Because of this, the company will have an easier time fulfilling its mission and vision as a result of its expansion into new markets. So, the recommended modifications relate to the purpose, vision, values, and strategy of the organization because they all serve to motivate the organization to deliver a diverse range of services in order to achieve its goal (Chappell et al., 2016). Prior modifications that the corporation has successfully made in relation to its worldwide expansion goal include the recent acquisition of numerous portfolios of undesired assets from various banks that are under pressure to reduce their asset portfolios. For example, the company purchased BNP Paribas’ North American energy division, and according to an interview with the company’s chief operating officer, further comparable transactions are expected to follow. This makes it easier for the corporation to carry out its expansion strategy. The COO went on to say that workers are excited about reaching this milestone and are prepared to embrace it.
In order to keep employees and stakeholders informed of the progress during the implementation of the change, a variety of communication tools, including E-mails, telephone calls and messages, video and web-conferencing, and occasionally television, are used. The type of communication tool used will depend on the situation and the nature of the information being communicated. After the company’s activities are observed in several targeted regions and there is also an improvement in performance, the COO stated that both management and staff will know if the adjustment was successful.

Recommendations

The existing opportunity for Wells Fargo according to the management involves global expansion while at the same time continuing to provide efficient domestic financial services. With global expansion, the company will be able to reach many potential customers in addition to increasing its revenue base (Cooperrider, Whitney, & Stavros, 2003). Prior modifications that the corporation has successfully made in relation to its worldwide expansion goal include the recent acquisition of numerous portfolios of undesired assets from various banks that are under pressure to reduce their asset portfolios. This is a great change effort that will facilitate the change process.
Based on John Kotter’s process for Leading Change, I think Wells Fargo is at stage seven currently because it started this expansion plan a while back and though it has achieved success in expanding to some countries, the company is still pressing on to expand to further more countries across the globe (Kotter & Cohen, 2012). This therefore means that the company is certainly building on the change. Moreover, the change process of the organization is running deep and certainly, the company is recording some wins and not ready to back down. Based on the Kotter’s 2-step change model, Wells Fargo successfully implemented stages one through four. The fifth and sixth stages had some hitches through the organization struggled to ensure that it pass the stages.
According to Kotter, there are eight steps towards leading change successfully, the eights steps include creating urgency, forming a powerful coalition, creating the vision for change, communicating the vision, removing the obstacles, creating short-term wins, building on the change, and lastly anchoring the change in the corporate culture. If Wells Fargo can follow this model, it is certain that the company having already passed the first six stages, it will be able to achieve its aim of expanding its operations globally (Chappell et al., 2016).

Appendix

Chappell, S., Pescud, M., Waterworth, P., Shilton, T., Roche, D., Ledger, M., … Rosenberg, M. (2016). Exploring the process of implementing healthy workplace initiatives. Journal of Occupational & Environmental Medicine, 58(10), e341-e348. doi:10.1097/jom.0000000000000854
Cooperrider, D. L., Whitney, D. K., & Stavros, J. M. (2003). Appreciative inquiry handbook: The first in a series of AI workbooks for leaders of change. Berrett-Koehler Publishers.
Erbas, D. G. (2019). Identification of Wells Fargo bank’s organizational culture and ethics issues. Global Journal of Management and Business Research, 9-12. doi:10.34257/gjmbravol19is12pg9
Fradkin, P. L. (2002). Stagecoach: Wells Fargo and the American West. Simon & Schuster.
Kostry, N., Malloy, T., Wang, M., & O’Rourke, J. (2017). Wells Fargo & company: Accusations of illegal customer account management (B). doi:10.4135/9781526489883
Kotter, J. P., & Cohen, D. S. (2012). The heart of change: Real-life stories of how people changes their organizations. Harvard Business Press.
The three-step change process model to leading personal and organizational change. (2015). The Art of Change Leadership, 183-200. doi:10.1002/9781119176480.ch10 Comment by hp:

Wells Fargo Organizational Chart

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