Hershey

Well Fargo Wells Fargo has an interesting approach to their Vision statement. They consider their product to be SERVICE. To add value to that service they offer FINANCIAL ADVICE. Wells Fargo suggests that their competitive edge is “OUR PEOPLE”/ EMPLOYEES. Wells Fargo CEO Richard M. Kovacevich knows that the company is big and growing but feel that the values they share is what really “hold us together”.   Wells Fargo boast some impressive statistics including being the only AAA Standard and Poor bank in the United States. It is also ranked the 17th most profitable company in the United States and ranked as the 33rd largest employer in the United States.    Wells Fargo goal is striving to be the number one financial service provider in all of its markets. CEO John G. Stumpf views the vision as a journey with a destination. Their goal is not to get bigger necessarily but to be better.   Wells Fargo considers people to be their competitive edge. They seek to provide a great work place for the people they employ. Well Fargo strives to be a place that people choose and want to work for. They suggest that they want to be partners with their customers by offering outstanding financial service. Wells Fargo states that they want to the promote economic advancement to all communities. In this day and age that kind of vision statement speaks volumes about the current needs of consumers in this market. Well Fargo is a San Francisco based company with a history that dates back to the times of the stage coach. Wells Fargo has had over 200 mergers. Accept for Wachovia most of the financial institutions Wells Fargo acquired have been from the western part of the United States. Wells Fargo In 1998 acquired the Northwest Corporation in stock swap and which bought the value of Well Fargo to 34 billion. Well Fargo currently has branches in 21 states and a presences in Canada, The Caribbean and Latin America .Wells Fargo services over 25 million customers and has 6,000 institutions. Well Fargo’s current assets are valued at 191 billion. Wells Fargo offers banking, insurance, investments, mortgages and consumer financing services. Wells Fargo is working to be number one in all of their markets. Below are the current stats * Number one small business lender * Number one agricultural lender * Number two debit card issuer * Number two prime home equity lender * Number three mutual fund provider among U. S. banks There is a specific quote from the CEO that summaries the vision of Its organization “integrity is not a commodity. It’s the most rare and precious of personal attributes. It is the core of a person’s –and a company’s – reputation.” Wells Fargo stands behind its commitment to being socially responsible by investing over $200 million in nonprofit organizations. In 2010 Wells Fargo gave $32 million in grants to nonprofit that support homeownership. Wells Fargo has a strategic plan that has five areas of focus that include ethical business practices, product and service responsibility, team member engagement, environmental stewardship, and community investment. They also have a corporate responsibility committee within the board of directors. Jon R. Campbell Executive Vice President of the Social Responsibility Group. He says that “At Wells Fargo, we’re committed to running our business in a manner that benefits our communities, the economy, and the environment.” To assist customers during these economically challenging times Well Fargo has established a Leading the Way Home program .This program offers home preservation workshops to discuss foreclosures prevention options. They make the claim that “When customers who are 60 days or more delinquent on their home loans choose to work with us, we are successful in helping seven out of 10 to avoid foreclosure.” Transparency is important to Wells Fargo and many banking institutions since the Wall Street crash exposed so much wrong doing an unethical behavior. Wells Fargo prides them self on being diverse in its human resource practices. There board of directors is composed of one African American, one Asian, one Hispanic, and four women. Wells Fargo’s Corporate Responsibility Committee reviews policies and practices on environmental issues, charitable contributions, diversity and inclusion, supplier diversity, political contributions, community development, and human rights. Wells Fargo’s top executive constantly review there code of ethics regularly to make sure it reflects the current environment that we live in. All team members as the employees are called are required to read the ethic manual and receive yearly training. Wells Fargo is committed to identifying problems early and taking the necessary actions to correct any issues as quickly as possible. Mike Loughlin, executive vice president and chief risk officer say “when a problem occurs, early identification and escalation are integral to strong risk management.” In order to keep customers informed Wells Fargo provides educational resources through its Business Insight Resource Center (wellsfargobusinessinsights.com). There you can find a variety of resources that include a comprehensive library of online articles, videos, and podcasts information. Community Investment is an important part of the Wells Fargo culture. So it is important that Wells Fargo be able to offer the communities good jobs with good wages and benefits. Having access to health care, education and other community resources is important to Wells Fargo and the community that is serves. This statement sums up the companies approach to community investment “We don’t just write checks. We focus on building strategic relationships with nonprofits through donations, innovative affordable financing, and volunteerism to support their goals.” These figures represent Well Fargo commitment to community investments Arts and Culture – 8% Civic – 6% Community – 28% Development Education – 30% Environmental – 2% Human Services – 25% Other – 1%. In 2010, Wells Fargo invested: • $32 million in grants to nonprofits supporting homeownership, including construction of affordable housing, home buyer education and counseling, down-payment assistance, and home repairs. • $2.3 billion in CRA qualified community development loans and investments in projects that support affordable housing, community services, economic development, revitalization, and stabilization. • $66.4 million in 8,000 educational programs and schools around the U.S., and $17.2 million in matched educational donations from team members. • $621 million spent with certified minority-, women-, and disadvantaged-owned business enterprises, a 5% increase over 2009. • 1.3 million team member hours; team members contributed a record $55.3 million through year-round donations to non profits and the Community Support and United Way Campaign. • $1.3 billion in environmental loans and investments; $750 million to LEED certified commercial buildings and community development projects. In today’s current economic environment consumer are looking to align themselves with businesses that show responsible behavior while doing business. The internet provides easy access for consumer to do research on the company they want to do business with. The Vision and Mission Statement of a corporation should be the driving force of how a business conducts its self while trying to earn a profit. The Vision statement say this is who we are and this is how we plan achieve our goals. Wells Fargo has been a successful institution in a field that has seen many institutions fail over decades. John Stumpf President and CEO says “If our vision and values continue to anchor us, then we believe solving every problem, seizing every opportunity, and making every decision consistent with our vision and values will guide us toward more growth and success not just this year but for decades to come.”   Bibliography wellsfargo.Com website https://www.wellsfargo.com/downloads/pdf/about/csr/reports/wf2010social_responsibility_interim.pdf Strategic Management Concepts and cases- Fred R. David-Custom Edition for UMUC Thirteenth Edition