SAN FRANCISCO--(BUSINESS WIRE)--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:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
