Wells Fargo Expands Market Leadership in Treasury Management
San Francisco — February 24, 2009
Three independent industry analysts’ reports show Wells Fargo & Company (NYSE: WFC) has increased its treasury management leadership in market size, client satisfaction, and product quality rankings as a result of its merger with Wachovia last year.
“The customer focus that made each company a treasury management leader before the merger is even more powerful in our new organization, as these new industry studies show,” said Danny Peltz, head of Wells Fargo Treasury Management.
Wells Fargo and Wachovia earned more A+ ratings than any bank in Phoenix-Hecht’s 2008 Upper Middle Market Quality Index survey of cash management customers. Wells Fargo and Wachovia each received A+ in 19 of 38 categories, while all other banks averaged three A+ grades each. Also, Wells Fargo and Wachovia were the only banks to record straight A grades across all 23 product quality categories in Phoenix-Hecht’s Large Corporate Quality Index. Wells Fargo and Wachovia alone earned A+ for customer service.
Meanwhile, Ernst & Young’s 2008 U.S. Cash Management Survey moved up the combined Wachovia and Wells Fargo to No. 1 in market share in seven categories—and placed the new organization among the top three in market share in 18 of the survey’s 23 categories.
Another independent industry analyst, Greenwich Associates, said the combined Wells Fargo/Wachovia brings together two world-class organizations with a national presence, excellent service, and broad treasury management capabilities for clients. Greenwich said the combined company has compelling market share in overall relationships with mid-size companies. In its study of mid-corporate treasury management relationships ($500 million to $2 billion), Wells Fargo clients indicated high levels of satisfaction. Particular emphasis was placed on the company’s innovation and strong advisory relationships.
Greenwich recognized Wells Fargo or Wachovia in 13 of 17 categories. Results are based on more than 17,000 interviews of U.S. companies with sales between $10 million and $500 million.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through 11,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”
About Phoenix-Hecht: The Phoenix-Hecht Cash Management Monitor Surveys target both public and private U.S. corporations with sales of $40 million and greater. It ranks corporations in three performance categories: Product Performance, Bank Perception and Relationship Management. Phoenix-Hecht has been one of the nation's foremost providers of market research and education for the financial services industry for more than 40 years. More information is available at www.phoenixhecht.com.
About Ernst & Young: The Ernst & Young U.S. Cash Management industry survey is conducted annually. It targets the top 100 U.S. bank holding companies (based on asset size) and key non-bank lockbox providers to capture volume, product feature, and pricing data. The survey gathers information on a range of cash management products.
About Greenwich Associates: Greenwich Associates is the leading international research-based consulting firm in institutional financial services. Greenwich’s studies provide benefits to the buyers and sellers of financial services in the form of benchmark information on best practices and market intelligence on overall trends. Based in Stamford, Connecticut, with additional offices in London, Toronto, Tokyo, and Singapore, the firm offers over 100 research-based consulting programs to more than 250 global financial services companies.