Wells Fargo is a huge company that is engaged in providing diversified financial and insurance services. There are Wells Fargo locations in the United States, Canada, Puerto Rico.
The company was established in 1992 when it was formed by the merger of Norwest and Wells Fargo & Co. And the corporation itself was formed back in 1852. Following the merger of two corporations, it was decided to keep the name Wells Fargo, as it was already well known, and the firm enjoyed great success.
The company has about 23 million customers. The company was among the first offered to its clients access to accounts via the Internet. Since 1995, customers can pay bills, buy and sell securities. In 80 units Corporation, Wells Fargo offers a variety of financial services.
Wells Fargo locations employ 281,000 people as of 2008. The turnover for 2008 dropped slightly to .652 billion and net income for that year amounted to .655 billion. The company continued becoming very popular. Now it is in Fortune 1000 Top, it is respected by many residents and clients for the excellent service and reliability.
Richard Kovatsevich is chairman of the Board of Directors. Because of his ability to build structures and systems to ensure the stability and profitability of the bank, Richard Kovacevich is considered to be one of the best bankers in the United States. However, he is also known as a transformational leader who through several mergers transformed the average size of Norwest Corp. into the fourth-largest assets U.S. banking company (after the last merger it became known as Wells Fargo).
Kovacevic is famous for his radical statements such as "We need Banking, but not the banks." He inspires his subordinates with the concept of the future, intending to organize the national network of Wells Fargo locations (or, as they are called, stores that sell financial instruments). The company is confident in its own way. The average buyer purchases four financial product in Wells Fargo locations: checkbooks, credit cards, home loans and certificates of deposit (though that the average buyer in this industry purchases two products). As a result, Wells Fargo is three times greater than their counterparts on indicators of income. Moreover, Kovacevic plans to increase the number of products purchased by the average buyer to eight.
Kovacevic motivates staff with original slogans such as "Mind + Heart = the market share." Some of such sayings may seem ridiculous, but Kovacevic and his subordinates do not care. The slogans have a deep meaning. Employees are rewarded for giving their job mind and heart. Kovacevic himself spends much time outside the walls of his office, meeting with members of the team (Wells Fargo locations employees) and customers, listening to their views and wishes. He keeps repeating to staff that they are the heart and soul of Wells Fargo locations and that the company can succeed only through their efforts.
Wells Fargo now is the third largest U.S. bank in market capitalization. In 2007 it was the only bank in the U.S. with a rating of AAA, although in 2008 the rating was slightly lowered to AA, because of the financial crisis. Wells Fargo locations have the great value for the citizens of the United States. It is just like the bank, focused on serving retail customers, and is far from investing activities. As of 2009, there are 6,650 retail Wells Fargo locations, 12,250 ATMs, 276 thousand employees and more than 48 million customers. Wells Fargo is in a Big Four of U.S. banks, along with Bank of America, Citigroup and JP Morgan Chase.
The Wells Fargo locations use a business model of services diversification, trying to as much as possible to meet the needs of clients. The Wells Fargo locations offer both banking and financial services and insurance services. This development model is very successful for Wells Fargo: 80% of revenue growth are reached by selling more services to existing customers. Similar models are used by Citigroup, but the company subsequently refused to build this business. Wells Fargo offers a variety of financial services through 80 Wells Fargo locations and departments. Wells Fargo is one of the first banks to provide its customers access to bank accounts via the Internet. Since 1995, customers can check the status of accounts, pay bills, buy or sell securities. Wells Fargo locations actively lobby for repeal of laws that have been accepted during the Great Depression, which restricted the expansion of the company, in particular the Glass-Steagall Act.
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