Why Wells Fargo’s future goals will help it grow more

Saul Perez - Author

Nov. 20 2020, Updated 2:05 p.m. ET

Wells Fargo’s journey

Management sets the vision for an organization. Wells Fargo’s (WFC) vision is “we want to satisfy all of our customers’ financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies.” This is an large vision. Wells Fargo is already halfway there.

Wells Fargo is the largest bank in the U.S.—by market capitalization. It beat Bank of America (BAC) and JP Morgan (JPM) in last few years. A Fortune magazine survey ranked it as America’s “most admired” large bank. Barron’s ranked it as the best financial services company in the world. Wells Fargo is the only “AAA” credit-rated bank in the United States. This is the highest possible rating from Moody’s.

Banks like Citibank (C) or any other banks in an exchange-traded fund (or ETF)—like the Financial Select Sector SPDR (XLF)—don’t get such a high rating. XLF includes all the important banks in the U.S.

What else can Wells Fargo accomplish?

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In the future, Wells Fargo wants to increase the cross-selling from its retail banking to over eight financial services per customer. This will increase its strengths. Internally, this initiative is called “Go for Gr8.” Wells Fargo also wants to increase customer engagement in the high competition banking industry.

It wants to have more loyal customers. Increased customer loyalty also decreases costs in the long run. Wells Fargo also plans to maintain and strengthen its market leadership segment in areas that it dominates.

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