Business and Society: Wells Fargo's Social Performance Evaluation

This report analyzes the social performance of Wells Fargo & Company, a major American multinational financial services provider. The assignment explores the company's background, including its formation, services, and CEO. It delves into the concept of a supplier code of conduct and Wells Fargo's human rights statement, emphasizing its commitment to ethical practices, employee well-being, and equal opportunity. The report highlights employee empowerment strategies, such as welcoming new hires, offering challenges, investing in training, and fostering open communication. Additionally, it discusses the company's efforts to ensure a safe workplace, including violence, drug, and smoke-free environments, and its provision of employee benefits like counseling and emergency preparedness. The report also addresses Wells Fargo's adherence to high business ethical standards, risk management, and commitment to community involvement, environmental sustainability, and social inclusion. Finally, it examines the impact of primary stakeholders on financial performance and a controversial CSR issue. The report concludes with references to relevant academic sources.

1. Nature of Business: American
Multinational Financial Services.
2. Type of company – Public Company.
3. Formed: 18th March 1852.
4. Founded by: Henry Wells and William
Fargo.
5. CEO: C. Allen Parker.
6. Headquarters: San Francisco,
California.
7. Engaged in: Banking, Insurance,
Investments, Commercial and

A supplier code of conduct refers to how
an organization ensures that its
suppliers are involved into and healthy
and safe working condition and that all
the employees of the company are
treated equally with due respect.

The Human Rights statement of
Wells Fargo states that the vision
of the company is to satisfy the
financial need of all the
customers it serve and to help
them succeed financially with
proper ethics and integrity.
The company believes in protecting the
humans and respect human rights.
It aims in respecting everyone in the
process and throughout the process by
properly treating people consistently.
It looks after employee well-being and
security.
The company tries to maintain cordial
relationship among all the employees and
provide equal employment opportunities
for every qualified members.
Discrimination and harassments are not

Wells Fargo tries to retain its employees and
acquire the best talents from the market.
Lower employee turnover and higher
employee retention is only possible when
there is employee empowerment.
Empowerment of the employees in Wells
Fargo is done in the following manner –
1. Welcoming the talented freshers and the
new hires so that they feel motivated on
the very first day of the job itself.
2. Offering new challenges to the
employees will reduce the monotony of
the work and the employees will feel
more energetic and passionate about
their work.
3. Investing more in training.
4. Informal and open communication

Wells Fargo believes in keeping the
employees, colleagues, customers and the
visitors safe. It tries to provide the
following –
1. Violence free workplace.
2. Alcohol, Drugs and Smoke free
workplace.
3. Illness and Disability compensations
and policies.
4. Medical work accommodations.

1. The company maintains the highest
business ethical standards.
2. It regularly monitors and refine and
regulates the business practices and
the risk management practices.
3. Tries to maintain integrity and
transparency in all the transactions
being done by the company.
4. It encourages stronger communities,
helps in growing greener economy
and tries to reduce the
environmental impact of the
operations of the company.

• By ensuring social inclusion and
diversity
• Economic empowerment
• Environment sustainability

References
 Lakatos, J., Davidson, B., & Sanney, K. J. (2017). Calling Wells Fargo’s CEO:
Drive Widespread Cultural Change via Implementation of the Dynamic
Organizational Model and Permeation of Servant Leadership throughout the
Financial Institution. The Journal of International Management Studies, 12(1).
 Porter, M. E., & Kramer, M. R. (2019). Creating shared value. In managing
sustainable business (pp. 323-346). Springer, Dordrecht.
 Ramirez, S. A. (2018). Diversity and Ethics: Toward an Objective Business
Compliance Function. LOY. U. CHI. LJ, 49, 569-595.
 Tayan, B. (2019). The Wells Fargo cross-selling scandal. Rock Center for
Corporate Governance at Stanford University Closer Look Series: Topics, Issues
and Controversies in Corporate Governance No. CGRP-62 Version, 2, 17-1.