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Wells Fargo Financial Analysis

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Wells Fargo Financial Analysis

For this project, we researched Wells Fargo?s performance in the last couple of years as a way to check on its progress to greatness. What we found was an overwhelmingly charismatic company that not only puts down its values in ink, but also strictly abides by them. Much to our surprise, a huge chunk of their thick annual report for 2002 was an honest listing of all the threatening factors that stand in the company?s way rather than its exceptional rankings in its sector. In this paper, we will focus specifically on Wells Fargo?s leadership, company culture, SWOT analysis, and financial performance analysis. We will try to link our findings to Jim Collins?s book as a way to prove that the company has really made the jump from good to great.

Charismatic Leadership
The CEO Dick Kovacevich became the head of the company in 1998 after its merger with Norwest Corp. ?Business Week? classifies him as one of the best managers: ?While many of his peers have been embroiled in one scandal or another, Wells Fargo & Co. CEO Richard M. Kovacevich, 59, has kept his bank safely out of the fray? (BW). Kovacevich obtained his MBA from Stanford after an injury in his shoulder kept him from becoming a pitcher for the New Yorker Yankees. Nevertheless, Kovacevich transports his athletic attitude to his business ?pitching hard and fast? in his industry (RMA Journal). For him, mistakes are unavoidable part of business but he treats them as opportunities to lea...

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...gative numbers in its biggest rivals BofA, Bank One Corp. and US Bank. Its revenue and net income are also much above the industry average and second only to BofA. Clearly, WFC is one of the best in its industry. More financial analysis can be found in the attached exhibits.

Our research has convinced us that WFC has made the transformation from a good to great company. We found that it has preserved its humane humble management style and its core values and culture, and together with the right people on the bus and with the sensible use of technology, has progressed even further. Their performance has been praiseworthy ? WFC survived the economic recession as one of the nation?s leaders in the financial services companies.

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