Wells Fargo: A Multinational Bank Serving Diverse Customers
Wells Fargo is a multinational bank with headquarters in San Francisco and branches throughout the United States. It provides a wide range of goods to its employees, including financial and consulting services. Its mission is to provide high-quality products while also assisting consumers in reaching their financial objectives. Its aim is to assure client pleasure by offering quality, fulfilling their interests, and building trust as their strategy. Because of its global operations and diversified employees from various cultural and ethnic origins, the company serves a diverse population. The bank has managed to remain relevant in the world especially in the financial sector due to its strategy of developing its employees and considering them as assets rather than expenses. The company can continue with growth if it follows the provisions of its mission, vision, and strategy in it operations. The company also needs to diversify its workforce more, increase its global clientele, and increase the number of services offered in the banking sector to improve its performance.
Background Information
Wells Fargo Bank is an organization in America that provides financial services to individuals and business entities. Its headquarters are in San Francisco, California although it has several branches throughout the United States. In market capitalization, it is in position two in the world and in terms of assets in the US; it takes the third position (Wells Fargo, 2017). The services that promote the performance of the bank include bank deposits, debit cards, and home mortgage. Wells Bank operates community and wholesale banking, retirement packages, brokerage, and wealth segments. Several products are offered in each segment such a regional banking in the community segment and mortgages among others.
Company Values
The company values provide guidelines in the manner in which the organization makes decisions, communicate with all stakeholders, and interact with customers in many parts of the world. The management ensures adherence to ethical standards, provision of the best products to customers, diversity, and inclusion of everybody, and quality leadership (Wells Fargo, 2017). These provide the guiding principles to help in the operations of the bank in serving its large customer base. The bank values its team members as its competitive advantage in which it strives to attract, develop, retain, and motivate its talented team to work closely in promoting growth. The training offered to the team is aimed at ensuring success in every operation and ensure that everyone takes responsibility. The organization uses team members instead of employees when describing its workforce since it believes that they are resources that need proper investment and not just expenses to be managed. The bank strives for recognition by its stakeholders by setting high standards of integrity to become one of the world's reputable companies. Its greatest values are integrity, honesty, and trust which have helped it to meet its highest standard especially in corporate governance. The leaders must be accountable and responsible for every activity they take for the positive image of Wells Fargo Bank.
Vision and Mission Statements
The vision of the company is "We want to satisfy our customers' financial needs and help them succeed financially" (Wells Fargo, 2017). This statement aims at satisfying the customers' financial needs, assisting them in succeeding in their businesses, and has helped the organization to build confidence in their customers who trust in its ability to solve their financial issues. The company helps in providing professional guidance and financial assistance through availing different services and products. By serving their different financial needs, the bank allows the clients to feel secure enabling their retention. The vision allows the company to help customers succeed financially and in return, they help in its growth.
Wells Fargo's mission statement is "Our product: SERVICE. Our value-added: FINANCIAL ADVICE. Our competitive advantage: OUR PEOPLE" (Wells Fargo, 2017). The statement summarizes the company's role of offering quality service to its clients spread in different parts of the world. First, their products they offer must be of great quality especially the financial services. In addition to its quality services, it also offers financial advice to the consumers and considers its employees as its competitive advantage. In 2008, Wells Fargo was one of the Fortune 500 listed companies and its performance has been incredible. The purpose of its operations is to ensure that it covers as many global customers as possible to satisfy their needs. The company's strategy is putting its customer's financial objectives first and providing them with financial products that satisfy their goals. Their financial success depends on the bank's ability to provide the much-needed capital, which is achieved by its ability to work together as a team. Quality of their product also plays a big role in boosting performance and its consideration of the employees as its assets help in building a strong brand.
References
Wells Fargo. (2017). Vision and Values. Wellsfargo.com. Retrieved 14 March 2017, from https://www.wellsfargo.com/about/corporate/vision-and-values/our-priorities
