Question

PLEASE EVALUATE THE WELLS FARGO CORPORATION FOR THIS PAPER. 500-600 words is perfect.

MATERIAL AND READING THAT WAS DESCRIBED BEFORE EDITING IS UNNECESSARY. PLEASE JUST DESCRIBE CHANGES WELLS FARGO COULD MAKE AND DEVELOP AN EXECUTIVE SUMMARY. THANK YOU!

Develop an organizational change plan and communicate it to relevant stakeholders in a bulleted executive summary (500‐750 words) composed of the following sections: summary, introduction, method (if applicable), findings, conclusions, and recommendations. The executive summary must that address the following:

1. Need for change, role of management in change, and importance of change to stakeholders.
2. Change agents and their future role in the organization.
3. Identification of area for change and communication of this information from management to employees and change agents.
4. Identification of two proactive steps the organization needs to take today to avert potential change-related problems.
5. Identification and explanation of significant obstacles that could be encountered by each of the following: management, employees, change agents, and two other significant stakeholders.
6. Identification of two potential sacrifices that the organization might need to make to accomplish the goals/objectives of this organization.
7. The three most essential resources the organization needs to sustain the required changes?
8. Explanation of change management strategies that would help the organization integrate change and the impact of these strategies on organizational outcomes.
9. Discussion or revisions that could be made to the vision and mission statements of the organization.
10. Communication plan identifying techniques and channels to be leveraged to effectively influence the change.
11. Summarize the estimated timeline for plan implementation.

PLEASE EVALUATE THE WELLS FARGO CORPORATION FOR THIS ASSIGNMENT

Answer 1

Wells Fargo & Company is an American multinational company of financial services which is headquartered in California with central offices throughout the United States.It is ranked as the world’s fourth largest bank of the US.

It was in the recent times that the company announced for the change in its organizational structure. The company wanted to adopt a flat organizational structure which would make it easier for all the internal stakeholders to function more easily due to the following reasons:

- This would reduce the operational costs for the company because this will help us cut down unnecessary mid-level managers as all the communication between the employees and the higher level executives would be much smoother and direct.

- Due to the same above stipulated point, the communication would also be easier if we are adopting this flatter line of business organizational structure.

- As the employees are communicating directly with the higher level executives of the company and they are not micro managed by many executives, their satisfaction towards the job and motivation would be higher.

For all this the company has divided their whole business into 5 segments namely,

a. Consumer and Small Business Banking

b. Commercial Banking

c. Corporate and Investment Banking

d. Wealth and Investment Management

e. Consumer Lending.

Now for each of these 5 segments the company has assigned the CEO who will be ultimately reporting to the CEO of the whole company. With this, the company will be having the right structure to build the businesses over the long term and increase its ability to successfully execute its top priority, which is the risk, regulatory and control work. The company with this has also gained the confidence that it will be a greater focus and accountability to the company.

As per the company the base reason for taking this step is the scandals that have been reported in the name of the company which has eventually affected various parts of its business, including the wealth management, auto loans and mortgages. And the company had gone through a lot of internal and external investigations. It was these internal investigations made us understand that the structure and the way we function until now were the greatest flaw that we were having and the company should actually start from here to bring in a difference.

The problems that anyone would face with this change would only be the employees who are working with us for the achievement of our goals in unison. But we promise that this change would only be a boon and an up gradation for them. This would also make the functioning easy for them as well the investors who can now get all their information from one source that is the CEO of the company.

We are also creating a strategy, digital platform and Innovation group which would be lined under our CEO and this team would help the bank foresee the technological changes and innovative changes upcoming in the world of finance and bank. With all this we assure all our stakeholders that we would only be moving forward with a better future and never stop.

The major change agents of our company for this change would be the employees and the CEO’s who are heading each of the segments. They should and will be leading each part of the company and in the future also it will be their hard work and thrive that would reflect in each segment around the branches.

And three main resources the company would need to sustain the changes would also be a responsive team of employees and CEO’s, a supporting investors and a digital platform which would integrate all their activities such that it can be viewed by the main CEO of the company.