Interclean
Introduction
Team's Overall Analysis (could this be the introduction)
Wachovia (Marlene Dawdy)
Wachovia Corporation is a diversified financial services company that provides a broad range of products and services including retail banking, asset management, wealth management, as well as corporate and investment banking and retail brokerage through separate non-bank affiliates. The organization is one of the largest providers of financial services in the United States with retail and commercial banking operations in 21 states and nationwide retail brokerage and mortgage lending. Wachovia purchased A.G. Edwards in May 2007 for $6.8 billion, creating the nation's number two retail brokerage. The combined organization will manage over $1 trillion in client assets and 15,000 financial advisers. "Wachovia has been on an acquisition binge in an attempt to grab small investors, especially the boomers looking to stash his or her retirement nest eggs" (Newser, 2007). Retail brokerage operations will be under the Wachovia Securities name that manages client assets through offices in the United States, Latin America and Europe.
Issue Identified in Scenario
In the scenario, the CEO, Dave Spenser sent a memo to Sam Waters stating that in order to meet the needs of the compliance-related services business, restructuring the organization was necessary along with increasing staff to support the business. The restructuring process should streamline operations and reduce costs. Before embarking upon the change, it was necessary to start with an accurate picture of the culture of the organization. Building a picture of the core values resulted in a deeper understanding of current behaviors and lead to a clearer picture of what had to change and what should remain the same. Merging corporate cultures is a complex process. Early retirement and severance packages along with targeted layoffs are options that can be used to help identify employees who...
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