Our priorities are how we bring our vision and values and our strategy to life in today’s environment. By making progress in these areas, and being faithful to our vision and values, we can continue to earn the trust of our customers, help them succeed financially, and be known as one of the world’s great companies.
Putting customers first
Our first job is to understand our customers’ financial objectives, then provide products and services to help satisfy those goals so they can be financially successful. And, the best way for us to meet our customers’ needs is by working together, as a team. This is why we place so much value on teamwork.
We put our customers at the center of everything we do and give them such outstanding service and guidance that they’ll give us more of their business, honor us with repeat purchases, and rave about us to their family, friends, and business associates. We want to be the first provider our customers think of when they need their next financial product.
Simply put, our product is service. Our value added is our financial guidance. We want our customers to have financial plans that are unique to their individual needs and provide a roadmap to reach their goals and objectives.
Serving our customers starts with knowing who they are. The more we know about our customers’ needs, the more we can offer them the choices, convenience, and price benefits they look for. Our customers don’t do business with us just so they can be another account number. They want us to know them, respect them, appreciate them, and reward them for doing business with us. The winners in financial services will be companies that know the most about their customers, obtain that information efficiently and securely, treat it respectfully, and use it wisely.
Wells Fargo is a growth company that believes the key to the bottom line is the top line. The ability to grow profits consistently is based on sustainable revenue growth.
Revenue is the measure that shows us how well we serve our customers’ needs, earn their trust, and grow our market share. It’s the vote our customers cast every day about our company. When they rave about our service, they’ll give us more of their business, increasing revenue. They’ll refer new customers to us. They’ll stay with us for life.
We can’t control the economy, interest rates, the markets, or world events. We focus on what we can control and what we can sustain long term: our core performance and our revenue growth. That’s our priority, whether the road is bumpy or smooth. Whether interest rates or unemployment are high or low. Whether the yield curve is flat or steep. Whether the economy is growing or contracting. What we can influence is our ability to serve customers and make smart business decisions. That’s what propels our revenue growth and creates shareholder value.
We see opportunities to continue increasing revenue across all of our businesses and serve more of our customers’ financial needs. For example, we want more of our retail bank customers to consider us for their brokerage and retirement needs. And we want to continue expanding the number of customers who have a mortgage or credit card with us. We also want to be the bank of choice for our business, commercial, and global customers.
All of us know what it’s like to manage a budget at home. We pay the bills. We keep a close eye on expenses. We want to get the most for our hard-earned money. No one likes to find out they could’ve bought the same thing for much less somewhere else.
It’s the same at Wells Fargo — with one big difference: We’re spending money that doesn’t belong to us. It belongs to our shareholders. So we have to be even more disciplined in managing our company’s expenses without sacrificing our ability to earn more of our customers’ business and grow revenue.
We should always be looking for ways to simplify our operations and make things easier for our customers and for our team members to do business. Taking steps out of processes and removing layers that don’t need to be there help us stay fit and nimble as an organization. When we find wise ways to reduce our expenses, we free up funds to benefit our customers, invest in the future, and reward our shareholders.
From time to time, we might set expense-reduction targets to meet financial performance goals, but keeping an eye on our expenses and their effect on our bottom line is an ongoing process. It’s an important part of being responsible for the money that’s entrusted to us by others. We should all remember that we cut costs, not corners, when it comes to serving our customers or managing our risks.
Living our vision and values
Every day when we come to work, we have the opportunity to bring our vision and values to life. That’s what we do every time we help a customer or support a fellow team member. That’s where our vision and values need to live — in our everyday behaviors.
There’s an old saying: Actions speak louder than words. We need to show people what we believe. They need to see our vision and values come alive in everyday actions, not just in posters on the wall. Our customers need to see us doing the right thing and helping them succeed financially. Our team members need to see us respecting, honoring, caring for, and appreciating one another. Our communities need to see us taking part and investing in projects that are important to them. That’s how we truly bring our vision and values to life.
We want to be known as one of the world’s great companies, but we know that an outstanding reputation cannot be bought or manipulated. It has to be earned over decades by ethical, customer-centered behavior and team members who care. Our vision and our values come first, not our reputation.
Our reputation extends from our character, not the other way around. We should want to do something — or not do something — based first on whether it’s right for our customers, team members, communities, and shareholders, not for how it will affect our reputation. If it’s the right thing to do, it will be good for our reputation.
Connecting with communities and stakeholders
We understand the important role we play in the success of our communities and key stakeholders. The U.S. has gone through stressful times recently. On some days there seem to be more forces driving us apart than pulling us together. Wells Fargo stands for something else. We’re here to serve all of our customers, to help them succeed financially, to invest in our communities, and to help our economy grow stronger.
The economic recovery is uneven, and many people continue to struggle. We hear from them every day in our local offices, on our phone lines, and over the internet. We also hear with increasing frequency from citizen groups, elected officials, and regulators wanting us to assume increased responsibility for solving broad-based economic challenges.
Now is not the time to retreat but to reach out and connect with our stakeholders and communities, to listen and understand, to do what’s right, to admit mistakes and learn from them, and to tell the Wells Fargo story to as many people as we can.
Our donations to nonprofits are at record levels. Our team member volunteer hours are at all-time highs. Our relationships with human rights, advocacy, social services, and environmental organizations are stronger than ever. We’re serving more customers, with higher levels of customer satisfaction, than at any time in our company’s history. And our financial performance has been recognized by individual and institutional investors alike, who through their investments have made Wells Fargo one of the most valuable banks in the U.S. and the world.
We have always been strong in risk management, particularly credit risk. Our goal is to build on that strength and set the global standard for risk management excellence among all financial institutions.
We understand that to continue our success and meet the heightened expectations of our key stakeholders, we must excel in all types of risk management, including credit, market, liquidity, operational, information security, compliance, model, and reputational risk.
Strong risk management practices further enable our ability to serve customers. There is a strong correlation between risk management and the customer experience. Customers want to do business with companies they can trust and that act in their best interest. We will continue to invest in building excellence across all types of risk management to best serve and protect our customers.