The San Francisco Business Times recently ran an article featuring Wells Fargo CEO John Stumpf. In that article, Stumpf talks about the credit card issuer's plans as it completes its rebranding of Wachovia Bank. John Stumpf told reporter Mark Calvey he expects the San Francisco-based bank to remain more focused on "Main Street" instead of "Wall Street."
Wells Fargo acquired Wachovia's assets during the fallout of 2008's financial collapse. Founded on the West Coast during the height of the Gold Rush, Wells Fargo emphasizes retail banking. This policy shielded it from the Wall Street risk cited by market analysts as the reason for Wachovia's weakness.
Stumpf's remarks mean former Wachovia customers can breathe a sigh of relief, as Wells Fargo absorbs their consumer credit lines into its own portfolio. The CEO believes placing a single manager in charge of both sales and service at each branch is an indication of his commitment to customer satisfaction.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.