Stock Market Symbol: WFC (NYSE)
Industry: Banking, Lending, Finance
Primary Competitors: Bank of America, Citigroup, JP Morgan Chase, U.S. Bank, Smaller and local credit unions and banks.
Management Team:
John G. Stumpf, Chairman, President and Chief Executive Officer
Timothy J. Sloan, Senior EVP, Chief Financial Officer
Patricia R. Callahan, Senior EVP, Chief Administrative Officer
Kevin A. Rhein, Senior EVP, Chief Information Officer
Michael J. Loughlin, Senior EVP and Chief Risk Officer
Richard D. Levy, EVP, Controller
James M. Strother, Senior EVP, General Counsel
David M. Carroll, Senior EVP, Wealth, Brokerage & Retirement Services
Michael J. Heid, President, Home Mortgage and EVP, Wells Fargo & Company
David A. Hoyt, Senior EVP, Wholesale Banking
Avid Modjtabai, Senior EVP, Consumer Lending
Carrie L. Tolstedt, Senior EVP, Community Banking
Employee Recruitment and Development
Training for low-level employees begins with working at the counter as tellers, but WFC is committed to giving its low-level employees a chance to become brokers because this builds a successful wealth management business. There is little in the way of recruitment except for higher-level employees then training is conducted in-house for all employees. As is the case with most banking organizations, there is also no union labor at Wells Fargo. Research reveals that there is no unionization of U.S. banking employees, but it seems to...
The primary purpose for an IT department in banking is security. As has happened many times in the past, a hacker can get past fire walls and gain access to customer information and, sometimes, funds. It is the function of the IT department to stay ahead of possible break-ins by acquiring new technology that will allow the bank to keep its customer's accounts safe. Wells Fargo has been one of the leaders in new information technology in the industry.
2011 Profit Level: $15.87 billion.
The company has had a large increase in deposits in the last year due to the increasing viability of the economy. Thus, Wells Fargo is forecasting 2012 to be an even better year financially.
Company Strategy:
Wells Fargo grows its business by convincing people to deposit their money with the bank, and most expect some return on that money. The primary strategy that Wells Fargo uses is to make safe investments with the capital entrusted to the company in bonds and securities. Customers are also given the choice of investing in riskier ventures in money market accounts and other mutual fund-type vehicles. Also, Wells Fargo invests extensively in the real estate market (as the largest home loan originator in the U.S.), which has become a safer investment over the past year. This has allowed the company to increase fourth quarter earnings from $3.41 billion in 2010 to $4.11 billion in 2011.
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