SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) Chief Executive Officer Tim Sloan
today shared progress with team members on the company’s ongoing
transformation, which addresses industry trends and changes in customer
behavior, during a regularly scheduled companywide town hall meeting.
Sloan, who hosts bi-monthly town halls broadcast live to all team
members, noted that through these efforts, Wells Fargo is continuing to
make fundamental changes designed to make the company more
customer-focused, streamlined, and better positioned for long-term
success and operational excellence. This work includes strengthening
risk management, simplifying operations, leveraging digital automation,
divesting non-core businesses, and continuing to become a more efficient
company.
“We are continuing to transform Wells Fargo to deliver what customers
want – including innovative, customer-friendly products and services –
and evolving our business model to meet those needs in a more
streamlined and efficient manner,” said Sloan.
Given changing customer preferences, including the accelerating adoption
of digital self-service capabilities, the focus on operational
excellence, and ongoing commitment to efficiency, the company expects
headcount to decline by approximately 5 to 10 percent within the next
three years. This decline would reflect displacements as well as normal
team member attrition over that period.
“Wells Fargo takes very seriously any change that involves its team
members, and as always, we will be thoughtful and transparent, and treat
team members with respect,” said Sloan. “We have robust programs to make
impacted team members aware of other job opportunities within Wells
Fargo and provide support as they transition to the next phase of their
careers. And even as we become more efficient, Wells Fargo will remain
one of the largest employers in the United States.”
In the last two years, Wells Fargo has already made significant progress
to become more customer-focused and efficient by:
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Creating a simpler and more collaborative company by aligning like
work into centers of excellence, standardizing processes and
capabilities, and eliminating redundancies.
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Investing for the future by prioritizing spending to improve the
customer experience, delivering innovative products and services to
customers, and strengthening its risk management and compliance
capabilities.
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Adding value for customers through its focus on innovation and
customer-friendly services, such as zero-balance alerts and Overdraft
RewindSM, which help customers avoid overdraft fees.
“We are addressing past issues, enhancing our focus on customers,
strengthening risk management and controls, simplifying our
organization, and improving the team member experience – all in the
spirit of building a better Wells Fargo for our customers,” said Sloan.
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 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 countries and territories to support
customers who conduct business in the global economy. With approximately
265,000 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. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future
business operations. Because forward-looking statements are based on our
current expectations and assumptions regarding the future, they are
subject to inherent risks and uncertainties. Do not unduly rely on
forward-looking statements as actual results could differ materially
from expectations. Forward-looking statements speak only as of the date
made, and we do not undertake to update them to reflect changes or
events that occur after that date. For information about factors that
could cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange Commission,
including the “Forward-Looking Statements” discussion in Wells Fargo’s
most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s
other reports filed with the Securities and Exchange Commission,
including the discussion under “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2017, available on its website
at www.sec.gov.