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Wells Fargo

In: Business and Management

Submitted By astreyamz
Words 316
Pages 2
Strategic Intent:
“We want to satisfy all 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.”

In other words, to gain a competitive advantage over various banking institutions, Wells Fargo wants to be the “one stop” shop of banking.
Changes in Strategy:
In order to become one of the largest, most profitable banks, Wells Fargo had “out local the nationals and out national the locals.” Through a combination of mergers, Wells Fargo has transformed into its vision of being a “one stop” shop of banks. Adopting their cross-selling strategy has given them an advantage of knowing more about the customers as they sell more to them. They have figured out that the more products customers have with them, the better value the customers receive and the more loyal they are. Loyalty leads to a longer stay and more opportunities to meet financial needs. The cross-selling strategy reinvented how financial services were combined and sold to customers.
Core Competencies: * Simplified product set allows Wells Fargo to only trade what is necessary to serve their clients. * Disciplined governance provides robust oversight functions performed by independent teams within Wholesale and at corporate level. * Segregated credit culture is the decision to extend credit to customers takes place in major lending groups, while fee based businesses are housed within Wells Fargo.
Internal Environment Scan Strengths * 19th on the Fortune 500 list in 2010 * Among the world’s most 50 respected companies in Barron’s 2010 * Ranked #1 Green bank in Newsweek, 2009 * Asset Leverage * Market Share Leadership * Unique Products * Reputation Management Weaknesses * Weak Asset Quality *

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