Careers at Wells Fargo

Mission

Wells Fargo provides a range of banking products and services to general consumers, as well as to commercial entities, public bodies and high-net-worth clients, with a view to helping its customers secure and grow their finances.

Business segments

Wells Fargo organises its business activities into three operating segments:

  • Community Banking, which provides full suite of diversified financial products and services for consumers and small businesses, including checking and savings accounts, credit and debit cards, and auto, student, and small business lending services;
  • Wholesale Banking, provides financial solutions to businesses globally, including business banking, middle market commercial banking, government and institutional banking, corporate banking, commercial real estate, treasury management, and insurance services;
  • Wealth and Investment Management, which provides a full range of personalised wealth management, investment management, credit, fiduciary, and retirement products and services to high-net worth and ultra-high-net worth individuals and families.

History

Wells Fargo was founded in 1852 by Henry Wells and William Fargo in the gold rush port of San Francisco, initially buying and delivering gold and selling paper bank drafts. The Company soon gained a reputation for delivering business quickly, utilising stagecoaches, steamships, the railroad, pony rides, and the telegraph.

It also began providing basic financial services, such as money orders and fund transfers, through a network of agents. By 1910 Wells Fargo’s network connected 6,00 locations across the US, and by 1918 the Company was established in more than 10,000 communities nationally.

Throughout the 20th Century Wells Fargo began to formalise its banking services, establishing itself as a leading commercial bank. The Company has expanded its presence across the US and diversified its service offerings through a number of acquisitions. Today, the Company is among the largest banking groups in the world, ranked 7th in the Forbes Global 2000 list and 27th in the Fortune 500 list.

Wells Fargo trades shares on the New York Stock Exchange. It currently has a market capitalisation of $252.23 billion.

Benefits at Wells Fargo

Business model of Wells Fargo

Customer Segments

Wells Fargo serves a variety of customers across its three operating segments:

  • Community Banking, which principally serves general consumers and small and medium-sized business across multiple sectors;
  • Wholesale Banking, which serves a range of small and medium-sized businesses, multinational enterprises, government and public bodies, and real estate investors; and
  • Wealth and Investment Management, which serves corporations, high-net-worth individuals, and high-net-worth and ultra-high-net worth individuals and families.

Wells Fargo principally serves customers in its home market of the US. However, it also provides services to multinational US corporations with operations.

Value Propositions

Wells Fargo provides value to its customers in the following ways:

  • Its reputation and industry standing, with the Company established as one of the largest, most well-respected, and most ubiquitous banking groups in the US;
  • Its track record for providing reliable and responsible products, with the Company having provided a broad range of high-quality products and services to its customers over a period of many years;
  • Its accessibility, with the Company operating a wide-reaching US branch network and offering online, mobile, and telephone banking services; and
  • Its industry experience and technical expertise, with the Company employing highly-trained personnel across its three operating segments, as well as experienced industry executives.

Channels

Wells Fargo operates a website at www.wellsfargo.com, through which it provides information on its various products, services, and activities. The Company offers an online banking service, through which customers are able to manage their accounts, set up payments and apply for financial products. Much of this functionality is also available through the Company’s mobile app.

Wells Fargo operates a network of more than 6,000 retail banking stores across the US, as well as 13,000 automated teller machines. The Company also operates a number of international locations – including across Canada, Latina America, Europe, Asia Pacific, and Africa – through which it provides businesses with international operations services via local relationship managers.

Customer Relationships

Wells Fargo offers a range of services to its customers on a self-service basis through its online banking platform and mobile application. Through these services customers are able to move money, set up regular payments, manage account details, and apply for financial products without interacting with members of the Wells Fargo team.

The majority of the Company’s services are provided either in person, through the Company extensive branch network, or over the phone. These channels enable customers to access a greater degree of personal care, with Wells Fargo representatives working with them directly. Wells Fargo also works closely with its commercial and institutional clients, providing bespoke services with a view to establishing longstanding client relationships.

Wells Fargo provides ongoing support to its customers, operating a 24/7 customer service teams that can be contacted by customers over the phone or by email, as well as through formal in-person appointments. The Company also provides a range of online resources, including FAQs and guides, as well as offering a range of financial education resources that cover financial health more generally.

Additionally, Wells Fargo operates social media accounts – including with Twitter, Facebook, and LinkedIn – through which it can interact with customers directly.

Key Activities

Wells Fargo is a banking holding company. Through its subsidiary companies, Wells Fargo provides a range of banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance service.

The Company has three operating segments: Community Banking, which provides financial products and services to consumers and small businesses, such as checking and savings accounts, credit and debit cards, and various lending products; Wholesale Banking, which provides financial services to larger businesses; and Wealth and Investment Management, which provides bespoke wealth management, investment advisory, and other private banking services.

Key Partners

Wells Fargo collaborates with a range of partners throughout the development and provision of its services. These partnerships include:

  • Supplier Partners, comprising suppliers of tools, technology and services that support the Company in the development and provision of its services;
  • Strategic and Alliance Partners, comprising a range of companies, principally banking and technology companies, with which the Company shares resources and collaborates on joint-venture projects; and
  • Banking Partners, comprising banking and financial institutions that support or supplement the Company’s own banking services.

Wells Fargo has recently agreed a number of partnerships, including an agreement with Bank De Oro Unibank to provide remittance services; a financing deal with education organisation Hispanic Scholarship Fund; and a data-sharing tie-up with software firm Xero.

Wells Fargo also has a number of supplier diversity partnerships, including with National Minority Supplier Development Council, Women’s Business Enterprise National Council, and National Gay and Lesbian Chamber of Commerce.

Key Resources

Wells Fargo’s key resources are its financial resources, its branch network and sales infrastructure, its technology and communications infrastructure, its partnerships, and its personnel.

Wells Fargo has a branch network spanning more than 6,000 individual branches, in addition to more than 13,000 automated teller machines. The Company also maintains a physical presence in a number of international markets.

Searches of records published by the US Patent and Trademark Office identified 14 patent application filed in the name of Wells Fargo, including applications entitled ‘System and method for a mobile wallet’, ‘Fingerprint check to reduce check fraud’ and ‘Financial services store’. The Company, however, does not depend materially on any one patent.

Cost Structure

Wells Fargo incurs costs in relation to the operation of its branch and automated teller machine network, the maintenance of its technology and communications infrastructure, the implementation of advertising and marketing campaigns, the management of its partnerships, the payment of professional and banking fees, and the retention of its personnel.

In 2015 Wells Fargo accrued total non-interest expenses in the amount of $49.97 billion. The Company’s largest expense related to the payment of salaries to its more than 265,000 employees, which totalled $15.88 billion. It also accrued substantial commission and incentive, and employee benefit costs, in the amount of $10.35 billion and $4.45 billion respectively, and external professional services and occupancy costs amounting respectively to $2.67 billion and $2.89 billion.

Revenue Streams

Wells Fargo generates revenue through the provision of various consumer commercial and private banking services, deriving revenue principally from the collection of fees and commissions.

In 2015 Wells Fargo generated $86.06 billion
 in revenues, up 2 percent on the $84.35 billion recorded by the Company in 2014. The Company attributed this small increase to higher net interest income, gains on sale of debt securities, debit and credit card fees, and trust and investment fees.

In 2015 Wells Fargo derived the majority of its revenue from the activities of its Community Banking segment, which accounted for $49.34 billion in revenue, derived largely from card fees, lending fees, and service charges. This was followed by the Wholesale Banking Segment, which generated $25.90 billion, with the Wealth and Investment Management segment generating $15.78 billion.

Our team

John Stumpf,
Chairman and Chief Executive Officer

info: John (“Stumpf”) was appointed Chairman of Wells Fargo in 2010, and has served as the Company’s Chief Executive Officer since 2007. He also serves on the Company’s Board of Directors. Stumpf joined Norwest Corporation, a predecessor of Wells Fargo, in 1982, serving in the Loan Administration department for a time, before being appointed Senior Vice President and Chief Credit Officer for Norwest Bank. He went on to hold a number of regional management positions at Norwest Bank, before joining Wells Fargo in 1998 when it acquired Norwest Corporation, serving initially as Head of the Southwestern Banking Group. He has since held a number of roles at the Company, including spells as Group Executive Vice President of Community Banking and President.

Timothy Sloan,
President and Chief Operating Officer

info: Timothy (“Sloan”) was named President and Chief Operating Officer of Wells Fargo in 2015. He also heads the Company’s Wholesale Banking segment and serves on the Wells Fargo Operating and Management Committees. Sloan has been with Wells Fargo for more than 29 years. He joined the Company in 1987 as a Vice President within the Company’s Loan Adjustment Group. He joined the Company’s Wholesale Banking segment in 1991, in which he held a number of leaderships roles, including Head of Commercial Banking, Real Estate and Specialised Financial Services. He went on to hold senior leadership roles such as Chief Financial Officer and Chief Administrative Officer, before assuming his current position. Prior to joining Wells Fargo, Sloan worked for three years at Continental Illinois Bank in Chicago.

John Shrewsberry,
Senior Executive Vice President and Chief Financial Officer

info: John (“Shrewsberry”) has served as Senior Executive Vice President and Chief Financial Officer since 2014. He also serves on the Wells Fargo Operating, Management, and Market Risk Committees. Shrewsberry joined Wells Fargo in 2001 as Group Head of Wells Fargo Commercial Capital. He served in this role for close to five years before being appointed Head of the Securities Investment Group. He went on to serve as the Company’s president for more than five years before assuming his current role. Shrewsberry worked at Credit Suisse from 1992 to 1997, when he joined Goldman Sachs as Vice President of the Securities division. He co-founded American Commercial Capital in 1998, which was acquired by Wells Fargo in 2001.

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