Background Information About Wells Fargo and Its Operations
Vision Statement of Wells Fargo : “We want to satisfy our customers’ financial needs and help them succeed financially.”. (https://www08.wellsfargomedia.com/assets/pdf/about/corporate/vision-and-values.pdf)
Mission Statement of Wells Fargo : “Our product: SERVICE. Our value-added: FINANCIAL ADVICE. Our competitive advantage: OUR PEOPLE“. (http://www.makingafortune.biz/list-of-companies-w/wells-fargo.htm)
Wells Fargo was founded on March 18, 1852. Throughout history, Wells Fargo established itself among the elite banks and investment firms through their obsession with their customers and their businesses. This constant obsession has brought them instrumental success and made them into the reputable firm which they are today. Even with the recent “phony accounts” scandal, Wells Fargo boasts a large financial power and strength, attracts potential employees, investors, and customers from all over the world, has a large portion of the financial services and investment banking market, and is a Fortune 500 company. Wells Fargo has always been, and always will be, connected and linked strongly with their logo. Their logo is the famous six-horse stagecoach loaded with gold and it represents a lot more than just what the company has been through throughout their rich 160 year history. It represents all the ups and downs the company has been through. It also represent what America has been through over the 160 plus year lifespan of the firm. From the emergence of the Gold Rush era to now, through all the ups and downs, including depression and war, Wells Fargo earned a reputation of trust crediting to its attention and loyalty to customers.
In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the Western region of the world. At the time, the startup offered banking and express delivery. It is vital to know that, at the time, the bank’s services constituted majorly of buying gold and selling paper bank drafts as good as gold. The express delivery option was only available when someone had to send either gold or any other object of significant value in a short period of time. Wells Fargo opened for business in the gold rush port of San Francisco, and soon, began to earn the trust and loyalty of their customers through shrewd and smart banking decisions as well as earning a reputation of trust by dealing quickly and responsibly with people’s money.
Moving on to modern times, Wells Fargo made sure to adapt and change their management style and work ethic upon significant improvements and innovation in the technology sector. They made sure to come up with innovative solutions and bring convenience for their customers every step of the way. Today in the 21st Century, with innovative, diversified, and numerous financial services, the Wells Fargo name does business all over the world by opening multiple offices, branches, and franchises all over the planet as well as doing business and allowing customers to do business online.
In terms of it’s operations, the company decided to categorize its services under three categories for simplicity and convenience. These three categories are : personal, small business and commercial. In the personal category, the Company offers banking, loans and credit, insurance, investing and retirement, wealth management, and rewards and benefits. Banking involves all the basic banking jobs and services such as : checking accounts, savings accounts, debit and prepaid cards, credit cards, foreign exchange, global remittance services,transfers, and identity theft protection. It is important to note that the recent “fake account scandal” has occurred majorly in this section of the bank. It has occurred in sections of all three categories , however, the majority of it happened under the banking section of the personal category. The loans and credit section offers various accounts and services, such as mortgage loans, home equity lines, personal loans, student loans, auto loans and credit cards.
Under small business category, Wells Fargo offers much of the same services as the personal category, but it is more tailored and specialized towards small businesses and startups. Therefore, services include : banking, loans and credit, merchant services, insurance, and payroll and other services.
Under the commercial category, I have associated with selling, selling and selling. I say this because it is this category that brings in a large amount of income and money for Wells Fargo when dealing with other big companies and customers from all over the world. The category includes various products and services, such as commercial financing, commercial insurance, commercial real estate, corporate trust services, institutional investing, international services and investment banking. Big corporations pay big money for trusted services of Wells Fargo. Add that to the fact that Wells Fargo does business all over the world and with big corporations of all sorts, the amount of money that this category brings in for Wells Fargo is huge.
Sources for Part 2: