I need help to write an effective formal report on a current business issue (occurred within the 6 months from now). The instructions and an example are in the attachment.

Business Report Instructions 1. Title page (Stands alone) 2. Executive Summary (Stands alone) - minimum at least 5 sentences (Ex: what your manager needs to know) 3. Table of Contents - Topics with Page Numbers (Do not include Title Page) 4. Body (Purposes of this paper) - introduction, body and conclusion - 3 to 5 Key Points (3-5 pages) Not including the title page, table of contents, executive summary, and reference page. 5. in-text Graphic (Occurred within last 6 months from present) 6. At least 5 references 7. MLA Format Institution Name Wells Fargo Business Report Name Class Professor Name Date Table of Contents Executive summary Introduction 1 Overview of the case 1 Wells Fargo under criminal investigation The scandal exposed 2 2 The need for tougher regulations 2 The boss resigns after scandal ghost accounts Fig 1. 3 The benefit of Wells Fargo down References 5 4 3 Executive summary In this report our aim was to understand what led one of the biggest bank in the world to commit such a big fraud risking the trust of its shareholder. The largest US bank Wells Fargo, by market valuation has illegally opened 1.5 million accounts and provided over 500,000 credit cards without the knowledge of its customers, in order to achieve sales targets set by management. The bank has even create fake email addresses to register customers to its online services. Costs associated with the operation of these accounts were then removed. Practices that have persisted from 2011 to 2016, until Wells Fargo is done sanction. On 8 September, the San Francisco group was sentenced to pay a fine of $ 185 million ( 164.4 million) to the US Bureau of Consumer Protection (CFPB), the OCC, one of banking regulators, and the city of Los Angeles for illegal business practices. The beginning of the end for Mr. Stumpf. Implicated in the scandal of fictitious accounts, CEO John Stumpf US bank announced his departure Wednesday. It is replaced by an insider, Tim Sloan. Title: Wells Fargo Scandal US bank Wells Fargo been criticized for opening fake accounts on behalf of clients, practices that reignite debate about the probity of banks less than ten years after the financial crisis. Wells Fargo was sentenced late last week to a fine of $ 185 million, imposed by the US Office of Consumer Protection for wrongdoing committed by its customer's advisors. They opened two million unauthorized bank accounts on behalf of clients for five years to achieve business goals and earn bonuses and bonuses. Approximately 5,300 employees were made redundant, provides Wells Fargo, which has 40 million bank accounts held by individuals in the United States and grant a mortgage in. The Senate, through its Banking Committee, has announced plans to hear CEO John Stumpf. Three senators also called for an investigation. To extinguish the fire, the facility, which is based in San Francisco, California and has as shareholder billionaire Warren Buffett, agreed to remove the commercial objectives to customer advisors as of 1 January 2017. "We remove the objectives related to the sale of commercial products because we want to ensure our customers have complete confidence in the fact that our consultants are primarily concerned in their interest," says Stumpf. If the case will not have a material impact on profits, it tarnishes the reputation however Wells Fargo, the only major US bank that had been spared by the crisis of toxic mortgages "subprime" because it is not present in speculative activities. It is mainly financed by deposits from customers and makes money by paying and passed handily stress tests since 2011. Its capital levels are well above the requirements of the Basel III reform. Cross-selling, which is to suggest to a client one or more complementary products that he is about to buy, is considered the traditional strength of Wells Fargo. This trading technique it has for example allowed to profit from the market explosion of refinancing home loans in the United States. On Wall Street, some, such as the expert Mike Mayo at CLSA, enjoined Wells Fargo to recover bonuses and bonuses paid to the former boss of retail banking, who retired in July after 27 years on the institution to make her pay the cost of the scandal. Carrie Tolstedt, 56, had received total compensation of $ 9.05 million in respect of 2015. In total, she received options to purchase shares of a total value of $ 124.7 million, according to SEC filings. This case reinforces the camp of supporters of tougher regulations against Wall Street, whose greed is one of the themes of the current campaign for the White House. \"It gives further ammunition to those who advocate the division of the big banks," suggests Jaret Seiberg, expert at Cowen. The CFPB director Richard Cordray, tried to reassure people indicating that the illegal practices of Wells Fargo were not generalized to the entire banking industry. This is a case that is not going to improve the image of US banks. Wells Fargo, the largest bank capitalization of the country, based in San Francisco (California), was sentenced Wednesday, September 8, to pay a fine of 185 million dollars (164.4 million euros) to the US Bureau of protection consumer (CFPB), the OCC, one of the bank regulators, and the city of Los Angeles for illicit commercial practices. The bank is accused of illegally opened two million accounts and credit cards without the knowledge of customers in order to meet aggressive business goals. These accounts were supplied by levies on existing accounts without the clients have given their permission. More than 565,000 credit cards in their name, and the corresponding use codes have been created without touching a word to beneficiaries. The bank has even create fake email addresses to register customers to its online services. Costs associated with the operation of these accounts were then removed. Fig. 1. \"Wells Fargo stock market after the fake account scandal during the month of September 2016.\" The departure of John Stumpf, who led the third US bank deposit, was asked publicly by several members of Congress, after two humiliating public hearings in Washington. John Stumpf is no longer head of Wells Fargo. The man who ran the third deposit bank in the United States has announced his resignation a little over a month after the outbreak of a scandal revealing incredible shortcomings in its control procedures. It is known since early September that two million accounts were opened without the knowledge of the bank's customers for the sole purpose of generating commissions. 565.000 credit cards that were never requested were also issued. The reason for the massive fraud perpetrated by some 5300 employees, was to fulfill the ambitious quotas set by management for the purpose of selling multiple products to customers of Wells Fargo. The resignation of John Stumpf was requested publically by several members of Congress, after two humiliating public hearings in Washington. "You should resign. You should return the money you earned while the fraud was carried out and you should be prosecuted by the Justice Department and the Securities and Exchange Commission "and had demanded Elizabeth Warren, the Massachusetts Democratic Senator. The impact of the case is huge, on the campaign trail. It brings the water mill of those who, left and right, believe that large banks have become too complex and impossible to monitor. Wells Fargo, US number 1 of the mortgage, has 8,700 branches, and employs 268,000 people. The fine paid to date by Wells Fargo because of this fraud is only $ 185 million. Is peanuts for a bank that gives off nearly $ 6 billion in profits after a strong quarter. But the most shocking perhaps is that Carrie Tolstedt, directly responsible for teams charged with fraud, has still not been returned to the bank, while the 5300 employees involved in fraud are already for weeks. Fraud certainly did not question the financial soundness of the bank, although it has damaged its image among the general public. To calm the furors over the scandal, John Stumpf late September had finally give up $ 41 million of stock options and a large part of his salary of $ 19 million. His apology and financial sacrifice nevertheless seemed too late. An independent investigation, too late commissioned by the board of directors, will soon make its findings on the responsibilities and circumstances of fraud. As many anticipated, Tim Sloan until now number two Wells Fargo, John Stumpf succeeds. He was previously responsible for investment banking activities of the California institution. As such, it is in no way implicated in the scandal. Works Cited "California Launches Criminal Probe into Wells Fargo ..." N.p., n.d. Web. 20 Oct. 2016. "Timeline of the Wells Fargo Accounts Scandal - ABC News." N.p., n.d. Web. 20 Oct. 2016. "5,300 Wells Fargo Employees Fired over 2 Million Phony ..." N.p., n.d. Web. 20 Oct. 2016. "Wells Fargo under Criminal Investigation in California ..." N.p., n.d. Web. 20 Oct. 2016. "Wells Fargo & Company | Keskustelufoorumi | Shareville." N.p., n.d. Web. 20 Oct. 2016