Wells Fargo Corporation
Wells Fargo has a strong foundation of corporate culture that is embedded in the vision. It states that its service, financial advice, and employees are the strengths of the business. It focuses on every aspect of the corporation’s stakeholders: team members, customers, communities, and shareholders. It focuses on how employees are able to adhere to the highest standard of efficient and ethical business practices. What Wells Fargo lack is the future vision of the company’s operation. Its long-term objective is to emphasize integrity since it is not a commodity but the most rare and precious attributes of personal business. It does not address how the business will gain a bigger share of the national or global market. Since numerous banks supply similar services, Wells Fargo needs a catalyst, such as going greener that is unique to their competitive advantage.
The revised mission statement of Wells Fargo Corporation is as followed: We are a bank that focuses on providing services that satisfy customer’s financial knowledge by providing our hard-working people. We will be the change of how financial institutions can play efficient roles in the community and individual’s businesses. Strategic Issues that Wells Fargo face is to whether it will focus on becoming a national/global bank or a local coast-to-coast bank that will deal with the local communities. These two business types can be harmful to the strategic implementation because of the questions of how it can market two banking segments and how it can compete with different types of banks: local and national/global. The next strategic issue that Wells Fargo has is whether the acquisition of Wachovia had a positive impact on the company after the economic recession. The financial reports show that there was 100% increase in the liabilities during years 07-08. Wachovia acquisition was positive to Wachovia for its shareholders and management since Wells Fargo gave better deal than...
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