Wells Fargo Bank’s Products, Services, and Operations

Wells Fargo Bank’s Products, Services, and Operations The company that an individual selected for this assignment is Wells Fargo Bank. In particular, Wells Fargo Bank is a multinational financial services firm with corporate headquarters located in San Francisco, California. Indeed, it was established in 1852, by Henry Wells, William Fargo, and John Butterfield. The bank’s operational headquarters are in Manhattan. Wells Fargo Bank ranks fourth in total assets in the United States of America (USA). The financial institution has also the largest market capitalization and bank deposits in the USA. Wells Fargo Bank's primary competitors are Citigroup, JPMorgan Chase, and Bank of America. In addition, it has managerial offices in the USA and globally. Being one of the biggest banks in the USA, Wells Fargo has over 12,000 automated teller machines (ATMs) and 8,050 branches (Wells Fargo, 1). The bank operates in about thirty-five countries and has more than 70 million clients internationally. The products and services that Wells Fargo Bank deals with include investment banking, asset management, credit card, equities trading, mutual funds, wealth management, global market, insurance, mortgage loans, investment management, risk management, and private equity. The bank also provides savings plans, personal loans, commercial finance, and treasury management. The paper focuses on a financial risk mitigation plan for Wells Fargo Bank. When Wells Fargo Bank was founded, the primary objective was to offer banking or financial services in California. However, its diversification in various financial services made the financial institution grow and expand to what it is today. Currently, Wells Fargo & Company has about $1.92 trillion in total assets (Wells Fargo Bank, 2). The bank’s vision is to satisfy its clients’ financial needs to make them succeed financially. Wells Fargo Bank operations entail providing swift financial services to its customers, may it be savings, loans, and investment opportunities. Today, Wells Fargo Bank provides both mobile and online banking. That way, its customers can get flexibility and accessibility of using their funds at any time they want. One in every three households in the USA uses Wells Fargo banking services. Wells Fargo Bank serves retail, institutional, and commercial clients within the USA and outside. Being among the top five banks in the USA, Wells Fargo Bank must have an effective financial risk mitigation plan. Specifically, the firm deals with money, which is a motivation for numerous risks from both inside and outside the company. On that note, Wells Fargo Bank has a steady financial risk mitigation plan, but that does not mean that it is not tested regularly.
Three Types of Financial Fraud Common to Wells Fargo Bank and Their Detailed Descriptions
Wells Fargo Bank is in the banking or financial industry. This sector is targeted by numerous criminals whose primary motivation is money. In that light, the three primary types of financial fraud common to Wells Fargo Bank are accounting fraud, fraudulent loan applications, and Internet or phishing fraud. Notably, accounting fraud refers to the intentional alteration of a firm’s financial statements so that it can cre...