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Wells Fargo
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Wells Fargo
 

Blue Ribbon Listing

615 N 7th Street

Minneapolis, Minnesota 55401

Wells Fargo & Co. (NYSE: WFC) is a diversified financial services company in the United States with operations around the world. Wells Fargo is the 5th largest bank in the US by assets and the 9th largest bank in the world by market cap.[1] It is the

t: view phone(800) 869-3557

w: http://www.wellsfargo.com


Wells Fargo offers the following products and/or services:
» Banks (4)

Headquartered in San Francisco, California, Wells Fargo is a result of an acquisition of California-based Wells Fargo & Co. by Minneapolis-based Norwest Corporation in 1998.[3] The new company chose to keep the name Wells Fargo, to capitalize on the long history of the nationally-recognized Wells Fargo name and its trademark stagecoach (the company's slogan, "The Next Stage," is a nod to the company's wagons-west motif). After the acquisition, the parent company moved its headquarters to San Francisco.

As of 3Q07, Wells Fargo has 5,928 retail branches (stores), over 23 million customers, and 160,000 employees.

Wells Fargo offers a range of financial services in over 80 different business lines. In addition, the company claims to be one of the most "integrated" of financial services companies. For example, Wells Fargo investment employees sit in retail locations.

Wells Fargo delineates three different business segments when reporting results: Retail Banking, Wholesale Banking, and Consumer Finance. This is unlike many other financial services companies which provide more detail about particular businesses or product lines.

Community banking
The Community Banking segment includes Regional Banking, Wealth Management Group, Diversified Products and the Consumer Deposits groups. Wells Fargo consumer clients are encouraged to purchase multiple-product packages offering preferred client discounts. Examples of such packages are:

"Wells Fargo Premium Membership Account" tied to payroll direct deposit from a participating employer; "Wells Fargo Complete Advantage Account" tied to balances in multiple deposit accounts, loans, or a home mortgage; "Wells Fargo Portfolio Management Account" tied to balances in brokerage accounts, IRAs, deposits, and loans.

Wells Fargo also has around 9,400 stand alone mortgage branches throughout the country. It also does mortgage wholesale lending through independent mortgage brokers.

Internet services
Wells Fargo launched its PC banking service in 1989 and was the first bank to introduce access to banking accounts on the web in May 1995. Using Wells Fargo's Online Banking, consumers can pay bills to anyone in the U.S., trade securities, view their account information, and transfer money between their Wells Fargo accounts or to other Wells Fargo account holders. In addition to banking and trading online, the online service lets customers apply for new accounts and products, find the nearest ATM or store/branch, change their address, view canceled checks, deposits and statements, enroll in account alerts, track their spending habits through Wells Fargo's "My Spending Report" and set and track savings goals with "My Savings Plan". To protect customers from fraud, Wells Fargo introduced e-mail sent to your online banking or personal e-mail and send wireless alerts if high-risk transactions are detected.

Wells Fargo's Business Online Banking gives small business owners all the services available to consumers, plus access to reporting tools and services to help them manage their business finances. New offerings, such as account-based alerts, check images, spending reports, delegation, and payment suite functionality have been designed specifically for businesses.

Wells Fargo has also released a virtual community called "Stagecoach Island" This online community appears to be very similar to the wildly popular "Second Life" produced by Linden Lab[citation needed]; however no mention of Second Life is made on the Stagecoach island website.

Wholesale
The Wholesale Banking segment contains products sold to large and middle market commercial companies, as well as to consumers on a wholesale basis. This includes lending, treasury management, mutual funds, asset-based lending, commercial real estate,corporate and institutional trust services, and investment banking through Wells Fargo Capital Management. Wells Fargo historically has avoided large corporate loans as stand-alone products, instead requiring that borrowers purchase other products along with loans-- which the bank sees as a loss leader. One area that is very profitable to Wells, however, is asset-based lending: lending to large companies using assets as collateral that are not normally used in other loans. This can be compared to subprime lending, but on a corporate level. The main brand name for this activity is "Wells Fargo Foothill," and is regularly marketed in tombstone ads in the Wall Street Journal. Wells Fargo also owns Eastdil Secured, which is described as a "real estate investment bank" but is essentially one of the largest commercial real estate brokers for very large transactions (such as the purchase and sale of large Class-A office buildings in central business districts throughout the United States).

Consumer finance
Wells Fargo Financial is the consumer finance segment. It engages in lending through over 1,000 branches throughout the U.S. and in certain other countries. This division also engages in "indirect lending" for such organizations as furniture retailers. This business is based out of Des Moines, Iowa. Norwest purchased DIAL Finance before its acquisition with Wells Fargo. The Home Mortgage group is based out of West Des Moines, Iowa.

Business model
The present business model of Wells Fargo is summed up in its vision statement: "We want to satisfy all of our customers' financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies.

Wells Fargo's goal is to encourage its customers to buy all their financial products through Wells Fargo: "We want to earn 100 percent of our customers' business. The more products customers have with Wells Fargo the better deal they get, the more loyal they are, and the longer they stay with the company, improving retention. Eighty percent of our revenue growth comes from selling more products to existing customers. Our goal: sell at least eight products to every customer."

This is a concept known as "cross-selling," or as Wells Fargo refers to it, "needs-based selling," which is popular in the financial services industry. While earlier companies, such as Prudential, pioneered the concept of selling a variety of products, they acted merely as holding companies and each product was sold through its own distribution channel. However, predecessor Norwest pioneered selling all its products through all its channels, with discounts given to those who purchase a larger variety.

The average "cross-sell ratio" for a financial institution is two (based on an average American consumer owning sixteen different financial products from eight different institutions). Wells Fargo purports to have a cross-sell ratio of 5.5 (2007 data) products per Community Banking household (almost one in five have more than eight), 6.1 (2007 data) for Wholesale Banking customers, and the average middle-market commercial banking customer has more than seven products, which is among the highest in the country.[7] (Washington Mutual was beating them at the end of 2003 with a 5.59 ratio.[8]) Achieving such a high cross-sell ratio would result in a financial services version of the "agglomerator" business model, most popular among the big-box retailers, such as Home Depot, Office Depot, and Wal-Mart. In order to facilitate achievement of this goal, Wells Fargo lobbied hard for deregulation of the banking industry, and for repeal of many of the laws that were passed during the Great Depression like the Glass-Steagall Act

Hours of work

Monday-Friday 7:00AM-6:00PM

Saturday - Hours vary, call for times.

Locations

Minneapolis/St. Paul
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