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Please answer the below questions Rebuilding Wells Fargo Wells Fargo needs a new CEO and a new culture. The bank had a sterling reputation and
Please answer the below questions
Rebuilding Wells Fargo Wells Fargo needs a new CEO and a new culture. The bank had a sterling reputation and had avoided a number of the negative consequences of the financial crisis. However, then the \"fake accounts\" scandal emerged, where, under pressure to sign up new customers, personal bankers began creating accounts for customers without their knowledge. As a result, the reputation of the firm has been in tatters and former CEO John Stumpf was under pressure to resign. Tim Sloan took over for Stumpf as the CEO of Wells Fargo, but recently resigned after two years in the job. He had been under pressure from regulators in Washington to get the bank's numerous problems under control and was quoted as part of his resignation saying, \"it has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEQO and fresh perspectives.\" Now the bank's board of directors will seek an outsider to fill the CEO role, as Chairman Elizabeth Duke told investors it would be \"the most effective way to complete the transformation at Wells Fargo.\" The new CEO will have a tremendous challenge ahead. The reward system created pressures for employees to serve themselves rather than the customers. It also created a culture focused on achieving results rather than satisfying customers. Thus, the next CEO will need to have an HR function that can help transform Wells Fargo into a bank that again has the respect of customers and industry competitors. Clearly Wells Fargo has a number of challenges to address. Their workforce has lost its pride. The culture needs to change. Its reputation must be repaired. And customer trust must be rebuilt. The fact that Wells Fargo got to this point suggests that the HR function was lacking in skills, capabilities, and/or credibility. Thus, part of rebuilding Wells Fargo will require rebuilding the HR function. Questions 1. In what ways do you think HR's lack of effectiveness contributed to the problems at Wells Fargo? 2. What do you think HR needs to be doing to help rebuild Wells Fargo? 3. What will the HR function need to look like to be able to deliver this transformationStep by Step Solution
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