Wells Fargo Progress Report Outlines Significant Actions the Company has Taken to Rebuild Trust and Transform
SAN FRANCISCO--(BUSINESS WIRE)--Mar 11, 2019--Wells Fargo & Company (NYSE: WFC) provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new Progress Report available on wellsfargo.com.
“While we have more work to do, we’ve worked hard over the past two years to address the root causes of our mistakes, make things right for team members and customers, and lay the foundation for a better company,” said CEO and President Tim Sloan. “We are making strong progress in our efforts to rebuild trust and transform as we work to become the most customer-focused, efficient, and innovative Wells Fargo ever. We care deeply for all our stakeholders and are committed to building a better Wells Fargo for the future.”
The Progress Report details the many actions the company has taken during the last two years, including:
- Eliminated product sales goals for retail bankers in bank branches and call centers. Wells Fargo created a new compensation and performance management plan with stronger oversight and controls that is focused on the customer experience and team-based performance.
- Strengthened the Wells Fargo culture. In 2018, the company introduced a clear set of behavioral expectations for team members and enhanced accountability through a single leadership objective that is part of every team member’s annual performance plan.
- Listened to team members and made changes based on feedback. Wells Fargo welcomes and encourages team member feedback, which is collected through a variety of channels, including pulse checks, focus groups, companywide assessments and surveys, town hall meetings with leaders, comments/conversation on internal sites, and confidential exit surveys and interviews. Since 2016, more than 75 percent of team members have actively participated in a companywide survey. More than 200,000 active team members have responded to confidential surveys and submitted more than 100,000 comments, which were analyzed to identify issues and help Wells Fargo understand where the company can continue to improve.
- Improved the customer experience. In the Community Bank, Wells Fargo created Change for the Better to focus on conversations and branch interactions aimed at helping the company better understand customers’ financial needs — with an emphasis on new systems, processes, and tools so team members can better serve customers. Wells Fargo also introduced new product and service innovations such as real-time balance alerts, financial education tools, fee-saving features, a digital offering for those new to investing, and an online mortgage application. In December 2018, “Customer Loyalty” and “Overall Satisfaction with Most Recent Visit” branch scores were at their highest levels in the past 24 months. That positive momentum has continued into 2019.
- Strengthened focus on risk management. Wells Fargo instituted a more clearly defined risk management organizational approach and added more than 3,200 risk team members from outside the company between 2016 and 2018. The company also conducts a robust “mystery shopper” program in bank branches through an independent third party. Internally, the Community Banking Risk Management team completes hundreds of unannounced conduct risk reviews annually to ensure that customers only receive the products and services they requested.
- Enhanced the EthicsLine process. Wells Fargo engaged a third party in late 2016 to conduct an end-to-end review of the EthicsLine processes that resulted in significant enhancements, making it easier and safer for team members to report concerns without fear of retaliation. The company also developed a Speak Up and Non-retaliation policy and launched a program to encourage team members to raise their hands when they see something that concerns them.
- Invested in our team members. In 2018, Wells Fargo increased the U.S. minimum base pay (and adjusted pay for team members whose pay was at or near the new minimum base pay) that resulted in approximately 86,000 pay increases. The company also added more paid holidays for team members and granted restricted stock awards to approximately 250,000 eligible team members in the U.S. In 2018, voluntary team member attrition fell to its lowest level in six years.
Wells Fargo’s top priority continues to be rebuilding trust with team members, customers, community partners, shareholders, regulators, government officials, and other important stakeholders.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations.
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SOURCE: Wells Fargo & Company
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PUB: 03/11/2019 10:46 AM/DISC: 03/11/2019 10:46 AM