VisionandValues WellsFargo

7/31/2019 VisionandValues WellsFargo

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The Vision & Valueso Wells Fargo

John G. Stumpf, Chairman, President & CEO


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2 What unites us?

3 Our vision

4

Our strategyThe customer value o cross-selling

Technology: the personal touch

Customer-centric

Our brand

8 Our goals

FinancialRevenue

Financial literacy

Every customer: a plan

Our stock

Our reputation

Social responsibility14 Our values

People

Ethics

Whats right or customers

Diversity

Leadership

22 Our culture

One Wells Fargo

Wow!

Disciplined, responsible lending

Frugality

Culture rst, size second

30 Who are we? How we defne ourselves

Community-based

Out-local the nationals and out-national the locals

How we rank

34 Our 10 strategic initiativesInvestments, brokerage, trust and insurance

Going or gr-eight

Commercial bank o choice

Doing it right or the customer

Banking with a mortgage

Wells Fargo cards in every Wells Fargo walletWhen, where and how

Inormation-based marketing

Be our customers payment processor

People as a competitive advantage

36 Our uture

Its up to us

On the cover: Wells Fargo Home Mortgage team members

Joe Ohayon o Frederick, Maryland, and Anita Smith-Dixon

o Savannah, Georgia.


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Documents such as this arerare these days in corporate

America. Most companies have

them, o course, but ew as longas weve had ours. Fewer haveresisted ads and stayed aithulto their ounding language.Only a handul have mademeasurable progress guided bythe same values toward anunchanging vision not just or a

year or two but almost two decades. Our progress hasnot been perect. We learn just as much rom ailure(perhaps more) as we do rom success. Companies

are made up o human beings who make mistakes.When we make them we admit them, learn romthem, then we keep moving orward with even moreunderstanding, guided by the same values towardthe same vision.

We rst published our Vision & Values in the early1990s as Wells Fargos predecessor, NorwestCorporation. Our industry, our world and our companyhave changed a lot since then. Weve grown rom anetwork o small Midwestern banks into a nationalcompany with a global reputation. Were the producto hundreds o combinations. Tens o thousands o ourteam members today trace their heritage to ourancestor companiesrom as large as Norwest,Wells Fargo, Wachovia, First Union, CoreStatesFinancial, SouthTrust, Golden West Financial, A.G.

Edwards, First Interstate, Crocker Bank, United Bankso Colorado, First Security, Acordia and First UnitedBank Group to as small as Comort Bancshares oComort, Texas, and Little Mountain Bancshares oMonticello, Minnesota. Big or small, each infuencedand strengthened our culture. Each brought us newgeographies or capabilities and inspiring stories, andthen each ound common cause in our Vision & Values.

As a result, we believe in our vision just as stronglyweembrace these values just as passionatelyas we didthe rst time we put them on paper. Our vision, ourvalues, our commitment to outstanding sales andservice or every customer, our diversied businessmodel, our relationship strategy, our belie in people asa competitive advantage, our goal o consistent,

John Stump


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sustainable revenue growthnone o that has changed.In act, our unchanging vision and values and ourtime-tested business model are, more than ever, a

competitive advantage as our industry evolves andconsolidates. I our vision and values continue toanchor us, then we believe solving every problem,seizing every opportunity, and making every decisionconsistent with our vision and values will guide ustoward more growth and success not just this year butor decades to come.

What unites us?This is about who we are, where were headed, and

how every Wells Fargo team member can help us getthere and share in our teams success. We are a bigcompany. Were one o Americas largest nancialinstitutions. We have a signicant internationalpresence. Were one o the worlds 40 largestemployers and Americas 12th-largest privateemployer, with 275,000 team members. Our stockmarket value exceeds $130 billion, making us one othe worlds 35 top companies in market value. Forbesranks us among the worlds top 50 companies basedon a composite o sales, assets, prots and market

value. Were in the top 20 among all U.S. companies inprots and market value.

Regardless o our size, our scope and reach, we allshare one vision and distinct values. Theyre theabric that holds us together wherever we are,

whatever we do. It doesnt matter what ourresponsibilities are, our levels or titles or age, whatbusinesses were part o, or where we live and work.We all should know our vision. We want everyone onour team to have a clear line o sight between theirwork, our vision and our success. We all should bepassionate about and live our values and share themwith others. We all can help Wells Fargo be known asone o the worlds great companies.


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Our visionWhere were going

This is about our vision or being known as one o theworlds great companies. This is not a task. This is ajourney. Every journey has a destination. To reach it,we have an ambitious visionwhich is the charactero our company in action:

We want to satisy all our customersnancial needs and help themsucceed nancially.

Our vision o nancially satised, successulcustomers is based on a simple, time-tested premise.We believe our customers can save more time andmoney iater careully shopping around andcomparing choicesthey bring all their nancialservices to one trusted provider. Some people believe

its smarter to disperse risk by dividing their assetsamong a hal-dozen or more providers. A laudablegoal, but then what? They have to monitor theperormance, ethics and reputation o a hal-dozen ormore providers. They waste time keeping track o

where their assets are. They drown in monthlyaccount statements. They cant take advantage ovolume discounts. I you nd one trusted providerthat can satisy all your nancial services needs andsave you time and money, why not bring all yourbusiness to that trusted provider?

This isnt as easy as it sounds. I it were, it wouldnt bea competitive advantage or us. Theres always apremium, however, on things that cant be replicated.Our journey toward our vision has requiredpersistence and determination and has resulted in

steady progress or more than two decades. But westill have much to learn, teach, share and, as always,more o our customers nancial needs to satisy. Forexample, our own customers still give about hal theirnancial business to our competitors! Our job

central to our visionis to make it easy orcustomers to bring us more o their business so wecan satisy all their nancial needs. Our vision hasnothing to do with transactions, pushing products orgetting bigger or the sake o bigness. Its about


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building lielong relationships one customer at a time.Each o our customers denes nancial successdierently and very personally. This includes the

desire or nancial security and sel-suciency. Thedesire to be nancially literate. The desire to bedisciplined and ocused on spending, saving andinvesting to own a home, start or grow a business, saveor education, or prepare or retirement. And becauseno one lives in a vacuum, the desire or the economicsuccess o their neighborhood and community.

Theres a dierence between our vision and ourresults. Were careul not to put the second ahead othe rst. We never put the stagecoach in ront o thehorses. This may sound odd to some, but we dontbelieve our rst job is to make a lot o money.Nowhere in our vision statement will you nd wewant to make a lot o money. Our rst job is tounderstand our customers nancial objectives, thenoer them products and solutions to help satisy

those needs so they can be nancially successul. Iwe do that right, then all sorts o good things happenor all our stakeholders including our shareholders.

Our strategyHow were going to get there

A vision is not enough. You need a strategy toachieve that vision and a time-tested business modelthat can succeed in any economic cycle. This requires

extraordinary execution. In act, its all aboutexecution. A good strategy perectly executed willbeat a great strategy poorly executed every time.

The customer value o cross-sellingThe core o our vision and our strategy is cross-

sellingthe process o oering customers theproducts and services they need, when they needthem, to help them succeed nancially. The more wegive our customers what they need, the more we knowabout them. The more we know about their othernancial needs, the easier it is or them to bring us

more o their business. The more business they dowith us, the better value they receive, the more loyalthey are. The longer they stay with us, the moreopportunities we have to satisy even more o their


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nancial needs. As a diversied nancial servicescompany, we have a clear cost advantageand a valueadvantage or our customersover companies that

oer just a ew nancial products or that do sothrough only one channel.

We want to be the premier providero nancial services in every one o

our markets.Were not satised with just being #1 in depositmarket share. We want to be known as the best inevery product in every market in which we dobusinessin retail banking, business banking, credit,

investments, retirement services, mortgage andwholesale banking. We want to be the rst providerour customers think o when they need their nextnancial product. We may have 25 or 30 percent shareo deposits in any given state, but our market share ototal household nancial assets in that state may only

be about ve percent. We have our core consumerproductschecking/debit, investments, insuranceand mortgage. I customers have any o theseproducts with us, theyre much more likely to think ous rst when they need other products.

At Wells Fargo, sales and service are inseparable.More sales do not always lead to better service, butbetter service almost always leads to more sales.Money is a commodity. Were in the service business.We inspect what we expect or sales and service

perormance. We expect all Wells Fargo businessesto collaborate, to be partnersreerring all theircustomers to all our other businesses. We expect tosell at least one more product to every customerevery year.

Our product is service. Our valueadded is our nancial advice.

Our talented people and sound nancial advice sellproducts. The quality o our service keeps customerscoming back or more. The quality o our customerexperience is our single biggest opportunity orrevenue growth and a higher stock price. What doesthe entire customer experience at Wells Fargo eellike to our customers? When they come to us with


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problems, how ast do we x them? How oten does ateam member, who is the rst point o contact or thecustomer, take personal responsibility to make sure

the customers problem is xed? Do we make it easyor our customers to learn more about all our productsand services? We dont want them to just come in theront door and lose them out the back door. We wantthem to visit with us in the kitchen so we can have aconversation with them, understand their nancialneeds, and help them succeed nancially.

Technology: the personal touchWe use technology to personalize service, not tode-personalize it. Our outstanding technology andoperations team members are our stagehands behindthe curtainthe show cant go on without them. Ourcustomer-contact people rely on them every time weserve a customer and provide a product. Technologyenables our customers to control when, where andhow they want to be served. It gives our customer-

contact team the power to be sel-sucient in usinginormation to earn 100 percent o every customersbusiness. Technology is essential or cross-selling,targeted marketing, protecting condentialinormation about our customers, pricing products

and services that refect the depth o our customerrelationships, analyzing customer protability,controlling costs, creating new products and services,and providing superior service. Thanks to technology,we know how many products each customer has withus. We know which products customers have and

what they might need. We can predict the productstheyll most likely needbased on account balances,lie events, transaction history and how they accessWells Fargo. Technology alone does not give us acompetitive advantage. Whats important is the

creativity and speed with which we use it to benetour customers.


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Our strategy: customer-centric notproduct-centricWe do not view any product in isolation. We view it as

part o a relationship. We always consider its value tothe customer as part o a ull and long-lastingrelationship and the customers total nancial needs.We start with what the customer needs not with whatwe want to sell them. All our channelsstores, phone

banks, ATMs and the internetwork together,integrated with our products, to benet customers.

We do not want to oer our customersespeciallynew customersjust one product at a time. We wantto oer them packages o products that save them

time and money.For example, three o every our o our new checkingaccount customers sign up or a Wells Fargo Packagethat has at least our products (such as a checkingaccount, credit card, debit card, a home equity loan,

market rate savings account and online banking). OurPortolio Management Account (PMA) combinesall a customers Wells Fargo accounts into onemonthly statement. Our Business Services Packagecombines checking accounts, deposit and creditservices, payroll and merchant services at a lower

price than i a small business customer were to buythose same products separately.

Were all salespeople and were proud o it. Superbsalespeople know the importance o service. Ourproduct is service and advice. Theres no sale without

superb service rom our entire teamrom ourcustomer-contact people to our operations centersand everyone in between.

Our brandOur brand is what people say about Wells Fargo to

their riends and amily. Its how they eel about doingbusiness with us and how they describe thoseeelings. Our brand has economic value. Onepublished study estimates its worth almost $25billion. We have a strategy to protect our brands

value. At the center o that strategy is our brandpromise. It says what we stand or, how we dier romour competitors, and why customers should care. Ourpromise to our customers is this: Well take the time to


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understand your complete nancial picture. Together,we work with you, now and over time, to provide thebest inormation and guidance about the products

and services youll need to help you reach yournancial goals. We sum up our promise in two words:Working Together.

Our brand also has a personalitytraits that describehow we want customers and team members to think

and eel about us:yReliable. We want to be seen as consistent anddependable. People can count on us.

yConfdent. We want to be seen as thoughtullyprepared. Weve done our homework.

yDown-to-earth. People should eel comortabledoing business with us.

yEager. We want to show an active interest in ourcolleagues and customers needs. We want to

respect their time.ySupportive. We want to show we care.

We also have what we call a signature or ourcompany, to help show how our brand is dierent:Together well go ar. It means we want to guide andadvise our customers so theyll be more condentabout their nancial uture. As a result, they expect togo ar in their nancial journey.

Our Stagecoach symbolizes our strength and stability.It says to our customers: Weve been here or almost

160 years and well be here or you in the uture, too.Were one o only about a dozen U.S. publiccompanies o that vintage thats still in its oundingbusiness under its ounding name.

Our goalsWhat we want to achieve

Our fnancial goalsWe want to have a conservative nancial position

measured by asset quality, accounting policies,capital levels and diversity o revenue sources. Wealso disperse risk by geography, loan type andindustry segment. We want such a strong balance


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sheetunded more by core deposits than virtuallyany o our competitorsthat our customers wouldput their money in our banks even i there was no

FDIC insurance.

Our revenue goalThe key to the bottom line is the top line. The key toconsistent prot growth is sustainable revenuegrowthsustainable because it results rom our

ability to satisy our customers undamental nancialneeds. I we had to select only one goal, it would berevenue growth. Its the most important measure oservice, sales and customer satisaction. Its the voteour customers cast every day with their pocketbooks.When they rave about our service, theyll give usmore o their business, increasing revenue. Theyllreer new customers to us. Theyll stay with us or lie.

We cant control the economy, interest rates, themarkets or world events. We ocus on what we cancontrol and what we can sustain long term: our coreperormance, our revenue growth. Thats our goalwhether the roads bumpy or smooth. Whetherinterest rates or unemployment are high or low.Whether the yield curves fat or steep. Whether theeconomys growing or contracting. What we can

infuence is our team members desire to servecustomersthats what propels our revenue growth.

Our goal or fnancial literacyWe want all our team members and customers to besmart and sensible about credit and nancially

literatethe gateway to economic sel-suciency. Weoer many tools to make this happen, including:

yMy Spending Report, sorts every dollar you spendinto amiliar categories such as groceries, utilities,restaurants or a complete, convenient spending

overview,

yBudget Watch, online budget tools,

yMy Savings Plan, an easy online way to save oryour goals and track progress, and

yOnline account alerts to help customers successullymanage their deposit and credit accounts, and


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y Hands on Banking, our ree nancial literacywebsite that teaches the basics or smart moneymanagement.

We want all our team members to be nanciallyliterate about our companyand know how ourcompany makes money:

Our goal or every customer: a planWe want our customers to see us as a trusted nancialadvisor, or outstanding service and sound advice.Todayater the largest decline in the U.S. stockmarket since the Great Depressionthat meanshelping them save more, reduce debt, be nanciallyindependent, spend wisely, prepare or a nanciallysecure retirement, or perhaps, in some cases, helpingthem consider whether to delay or redene

retirement. In the wake o so many high-prolenancial scandals, our customers are earul andanxious. Theyre more averse to risk, not sure whothey can trust with their money and assets. Theyresearching or a trusted, reliable nancial advisor whowill put whats best or them rst.

We grow revenue:

Make loans + Interest incomeSell investments, insurance

and operating services

+ Fee income

We take prudent risks - Provision or loan loss/

or charge-os

We receive deposits - Interest expense

We keep whats let = Total income

We invest in our people - Salary/benets

expense

Our people need systems,space, computers

- Non-interest expense

Net operating income

Uncle Sam gets his share - Tax expense

NET INCOME


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We want to work with our customers to help them bepersonally accountable or their own nancialwell-being. Their nancial plan should be unique to

their needs and help them make wise nancialchoices so theyre credit ready, and they know whenand how to move their cash into investments that areright or them. Some need a detailed nancial plan,some a simple one. Everything we do or ourcustomers should connect to their nancial plan. Ourcounsel and guidance can make a real dierence intheir lives. This requires an honest discussion. Wehave to ask our investment customers the rightquestions, such as:

yWhat are your short-term and long-termnancial goals?

yAre you saving enough rom your income?

yHow much does your liestyle cost you?

yDo you plan to pay or your childrens education?

yWhen do you want to retire?

yHow much annual income do you want duringretirement?

yHow are you going to create your retirementpaycheckpension, IRA, 401(k), annuities, SocialSecurity, savings?

yHave you budgeted or what i risks?

Then we help them rank their goals, test them with

those what is, and help them reach those goals.Theyll expect us to oer them products and servicesthat work well together to help them meet thoseneeds. Theyll come to us or personal, hometown,responsive, riendly service. Well be the best nancialpartner or both their personal nancial needs andtheir business nancial needs. Well make it easy orindividual customers to adjust their portolios, accesstheir unds, and move money to meet their nancialneeds. Well make it easy or business customers tomanage their interest rate risk, payrolls, treasury

unctions, 401(k) plans, investments, insurance,equipment leasing, and trustee and custodial services.


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Our goal or our stockThis may surprise you. We believe shareholders comelast. I we do whats right or our team members,

customers and communities, thenand only thenwill our shareholders see us as a great investment.We want our nancial results to be among the verybest in the nancial services industry and the entireFortune 500. We want to be a leader in our industry inreturn on equity, return on assets, and growth inrevenue and protability. Our stock should be amongthe best perormers in any industry.

Our reputation goalWe want to be known as one o the worlds great

companies. Were already known as such by severalmeasures. Barrons ranks us one o the worlds 25most-respected companies. Fortune ranks usAmericas 14th most-admired company. Anoutstanding reputation cannot be bought ormanipulated. It has to be earned over decades by

ethical, customer-centered behavior. Our vision andour values come rst, not our reputation. Ourreputation extends rom our character, not the otherway around. We should want to do something or notdo something based rst on whether its right or our

customers, not or how it will aect our reputation.I its good or our customers, it will be good orour reputation.

Our goal or social responsibilityOur responsibility goes ar beyond protecting our

customers assets. Were responsible or being leadersto promote the long-term economic prosperity andquality o lie or everyone in our communities. I theyprosper, so do we. Theres never been a thriving bankin a struggling community. Were also responsible ormanaging the eect our operations have on the

environment so the natural resources we use todayare protected and preserved or uture generations.

Our Social Responsibility Group builds strategies,programs and products to integrate social andenvironmental responsibility into our business

practices, operations and culture. Our goal is to beknown as the best in corporate America in theseve areas:


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EthicsThis is the oundation o how were perceived as asocially responsible company. We want to go beyond

what the law and industry standards require. Wemonitor and rene our business practices to helpensure all team members are perorming ethicallyand with integrity.

Products and services

We help our customers succeed nancially when weoer them nancial solutions that are right or themoering products and services responsibly, lendingresponsibly, servicing mortgages responsibly, oeringtrusted nancial advice and nancial education.

Community involvementWere known as one o Americas most generouscompanies. We contribute about a quarter o abillion dollars to nonprots a yearmuch morethan peers two or three times our size. We dontcall this giving back because that implies we took

something. This is not about charity. Its aboutintelligent and thoughtul investing o our resourcesin the uture o our communities where our teammembers and customers live and work. The Oceo the Comptroller o the Currency rates our bank

Outstanding or community reinvestment, thehighest rating possible, earned by ewer than oneo every ve national banks.

Team member engagementWe expect all our team members to be community

leaders. We need all o them, regardless o rank ortitle, to be our eyes and ears, to help us identiy anddecide how Wells Fargo should respond tocommunity needs. Wherever you go across ourterritory, youll see our team members rolling up theirsleevesteaching money management skills, helping

build homes, mentoring youth, und-raising andserving on nonprot boards.


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Our environmental commitmentWe want to run our company as eciently aspossible, reducing paper and energy use. Weve set a

goal to reduce our greenhouse gas emissions by 20percent rom 2008 levels by 2018. Weve strengthenedour due-diligence o middle-market and largecorporate customers in environmentally sensitiveindustries to help ensure that, like us, our customersdo business in an environmentally responsible way.We want to oer them the nancial products andservices and the nancial advice they need to beenvironmentally responsible. For example, we providecredit to renewable-energy companies, nance greenbuildings, oer our credit card customers renewable-

energy certicates, and provide electronic bankingsolutions that reduce or eliminate paper. We have acomprehensive recycling program in our bankingstores, and were using energy-saving designelements in our new banking stores. Newsweek hasnamed us Americas greenest bank.

Our valuesWhat we stand or

Our values should guide and anchor everyconversation we have, every decision we make, everybusiness we run, every interaction among our teammembers, every product or service we provide, everychannel we operate, every customer interaction. I wecannot link an action or behavior to one o our values,

we should ask ourselves why were doing it.

We want all team members to know our values so wellthat i we threw out all the policy manuals, we wouldstill make decisions based on our understanding oour culture and these values. Corporate America is

littered with the debris o companies that crated lotyvalues on paper but then, when put to the test, ailedto live by them. We believe in values lived not phrasesmemorized. I we had to choose, wed rather have ateam member who lived by our values, but hadnt read

or memorized them, than one who had but didnt.We have ve primary values: people, ethics, whatsright or customers, diversity and leadership.


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PeopleWe value and support our people as acompetitive advantage.

We must attract, develop, retain and motivate themost talented people who care and who worktogether as partners across business units andunctions. We want to give them the training theyneed to succeed in their work. We want them to beresponsible and accountable or their businesses andunctions. We want to recognize and thank them oroutstanding perormance. We believe everyone onour team is important and deserves respect or whothey are and how they can contribute to our success.We say team members not employees because our

people are a precious resource to be invested in, notexpenses to be managedand because teamwork isessential to help our customers succeed nancially.

Products and technology dont ulll the promisebehind a brandpeople do, people who are more

talented, more motivated, more energized thantheir competitors.

We believe our people willout-execute our competitors every

time because they care more thanour competitors do.

When our people are in the right jobs, spending timeon the right things, leading well, eeling good abouttheir contributions, ully using their skills and

learning new ones, and having untheyll do whatsright or the customer. When theyre properlysupported, incented, rewarded, encouraged andrecognized, theyre even more satised with their jobs,providing even better service or our customers. This

generates more revenuewhich results in greaterprotwhich uels a higher stock price.

Capital, as the legendary banker Walt Wriston oncesaid, goes where it is wanted and stays where it iswell treated. That goes not just or nancial capital

but or human and intellectual capital. We must,thereore, be known as a great place to work. A placewhere our team members can build a career that canlast a lietime. We want to be an employer o choice, acompany that really cares about people, where


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teamwork is valued and rewarded, where how thework gets done is just as important as getting thework done. Were a relationship company, but our

relationships with our customers are only as strong asour relationships with each other.

In a company our size, jobs are always changing,going away or being added to satisy customer needs.A company has a responsibility to its stockholders

and its customers to eliminate duplicate jobs andoperate as eciently as possible, but still maintainoutstanding customer service. That doesnt mean wehave to lose good people and their experience, loyaltyand commitment. New jobs are being createdvirtually every day somewhere in Wells Fargo. Wewant to help those whose jobs have been eliminatedtry to nd positions elsewhere in the company.

Our team members are our most importantconstituents because theyre the single-mostimportant infuence on our customers. We want all

our team members to be our customers, too. Somepeople say loyalty to a company is a thing o the past.We dont believe that. People naturally aspire to alarger purpose beyond just themselves. They want tobelieve in their company and the good it can do.

Dont we all? People will believe in their company,however, only i they believe their company believesin themi their company values them and theircontributionsi their company appreciates thecomplexity o their livesi theyre oeredopportunity and challenge and, most important, ithat company lives by its vision and values. Ourcompany is only as good as the person you reportto. Thats why we survey our team members to seehow engaged our leaders are. Then, we expect allleaders to have an action plan to help their team

members be more engaged so that our customers willbe more engaged with Wells Fargo and will want toentrust all their business with us.

As team members, were proud our work helps makeWells Fargo one o Americas most successul and

admired companies. This will result over time in ahigher stock price that will benet all o us becausevirtually all o us own stock in our company.


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We value the contribution every team member canmake toward our companys success by:

yHolding ourselves personally accountableor results.

yTaking prudent risks.

yLeading by example.

yLeading by having the courage to speak what webelieve is the truth.

yMaking decisions locally, close to the customer.

yKnowing our numbers.

yCaring about each other and showing it.

Each year, we invest millions o dollars in teammember training or education, mentoring andcoaching, developing management and leadershipskills, and helping team members nd challengingnew assignments. We believe the greatest skill is theskill to learn new skills. At Wells Fargo, careerdevelopment is a shared responsibility between teammembers and their managers. Were expected to takecharge o our own career development. We need tounderstand the skills required or our next opportunity

and then nd ways, with our supervisors help, todevelop those skills.

Theres another important way we infuence behavior.We use Americas most neglected motivator:recognition. I someones doing a good job, we tell

them! We can never do enough o it. Try this: Give somuch recognition to your team members or a jobwell done that it becomes counterproductive.You cant!

We want every team member to be able to say, I

chose the right company. Im valued. Im rewarded.Im recognized. We work hard, but we have un, too. Ican improve my proessional skills here. I can reachmy career goals. I enjoy my work.


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EthicsWe strive or the highest ethical standards withteam members, customers, our communities

and shareholders.Honesty, trust and integrity are essential or meetingthe highest standards o corporate governance.Theyre not just the responsibility o our seniorleaders and our board o directors. Were allresponsible. All 275,000 o us. Corporations donthave a conscience. People do. Our ethics are the sumo all the decisions each o us makes every day. I youwant to nd out how strong a companys ethics are,dont listen to what its people say. Watch what theydo. This is even more important in our industry

because everything we do is built on trust. It doesnthappen with one transaction, in one day on the job, orin one quarter. Its earned relationship by relationship.

Our customers trust us to protect their money. Theytrust us to keep their private inormation condential.

They trust our tellers to make transactions accuratelyand promptly. They trust our bankers to recommendthe right products and solutions or their needs. Theytrust our nancial consultants to give them the rightnancial advice. They trust our mortgage salespeopleto manage their application process completely,accurately and as quickly as possible. They trust ourinvestment bankers to build the right nancialmodels to analyze business trends, shape investmentideas, raise capital, meet their strategic objectives, andsatisy all their nancial needs.

We behave ethically when we:

yValue and reward open, honest, two-waycommunication.

yHold ourselves accountable or, and are proud o,

our decisions and our conduct.

yOnly make promises we intend to keepdo what wesay well do. I things change, let people know.

yShare inormation with our colleagues that theyneed, and let them know i things change.

yAvoid any actual or perceived confict o interest.

yComply with the letter and the spirit o the law.


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yAcknowledge and apologize or our mistakes, andlearn rom our errors so we dont make them again.

We want compliance and risk management to be parto our culture, an extension o our code o ethics.Everyone shapes the risk culture o our company. Weencourage all team members to identiy and bringrisk orward. We should thank them or doing so, notpenalize them. Ben Franklin was right: An ounce o

prevention is worth a pound o cure.

Whats right or our customersWe value whats right or our customers ineverything we do.Were proud to compete in an industry thats central

to the growth o our national and local economiesanindustry where we do whats right or our customersand communities and make a air prot at the sametime. Our customersexternal and internalare ourriends. We advocate or their best nancial interests.

We want them to eel as i theyre part o the WellsFargo amilythat were their bank. We put theirlong-term nancial interests rst by:

yStarting every discussion with whats best or them.

yExceeding the expectations o internal and external

customerswe want to surprise and delight them.

y Investing in long-term relationships that we want tolast a lietime.

Speaking and acting with them in mindbeingapproachable, natural, riendly, respecting their time,empathetic and caringand speaking in language ourcustomers use and that they can easily understand.

We need to share customer inormation among ourbusinesses to better understand how we can satisytheir needs, but we do not sell inormation about ourcustomers to third parties nor do we share it withoutside parties who may want to market their ownproducts to our customers. Our customers trust us toprotect their condential inormation. They trust us touse that inormation to provide them with products

and services that can save them time and money.Were committed to protecting their inormation.Weve been doing it or almost 160 years.


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DiversityWe value and benet rom the diversity o ourteam members, customers and communities.

We want all o our team members to eel valued or theirculture, skills and talents, and to know they can ullltheir career goals and help our company succeed. Wewant them to eel comortable and enjoy being part oWells Fargo. The companys commitment embracesan equal opportunity policy that will not toleratediscrimination or harassment on the basis o race, color,gender, national origin, religion, age, sexual orientation,gender identity, genetic inormation, physical or mentaldisability, pregnancy, marital status, veteran status, orany other status protected by ederal, state, or local law.

Becoming more diverse and inclusive is key to being oneo the worlds great companies. Its a business imperativethat lets us take advantage o the creativity and innovationthat comes rom multiple perspectives and allows us torespond quickly and eectively to customer needs.

All our leaders must value and promote diversity andinclusion in every aspect o our business and beaccountable or measurable and sustainable results. We alsomust refect the communities we serve. An important stepin this journey requires us to do a better job at attracting,

developing and retaining the best-qualied, most diversemix o talent, especially in senior leadership positions.

The spirit o diversity and inclusion doesnt exist on abalance sheet. It lives in our hearts and minds, andmost important, in our behaviorsthe way we interact

with each other and the way we conduct our businesspractices. These include:

ySeeking a diverse pool o candidates or positionsor which were responsible.

yTaking time to develop and mentor diverse leaders.

yEstablishing a sae and inclusive work environment.

yParticipating in internal and external diversityinitiatives.

yConsidering a diverse perspective in all businesspractices and processes.

yEstablishing clear, consistent and executablediversity accountabilities.


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By making diversity a competitive advantage, we canmake our company a better place to work, betterunderstand our customers needs, provide

outstanding service and deliver more value to ourstockholders. For example:

yWe integrate supplier diversity into the procurementprocess and measure our progress publicly againstgoals. Were committed to spend at least $1 billion

annually with certied diverse suppliers by 2013.

yOur Diverse Segments team helps us earn morebusiness rom women, people with disabilities and(among others) our Latino, Asian-American,Arican-American and Lesbian-Gay-Bisexual-

Transgender communities.

yOur leaders and team members participate in diversitycouncils and team member networks. These groupsprovide opportunities or proessional, business andleadership development, mentoring and community

involvement. They also serve as a resource to helprecruit new team members and strengthen our brandreputation in the communities we serve.

LeadershipWere all called to be leaders.

We believe everyone can be a leaderthat leadershipis not the exclusive domain o senior managers. Wereall called to be leadersto be the link between thevision o Wells Fargo and our customers. We deneleadership as the act o establishing, sharing and

communicating our vision and the art

o motivatingothers to understand and embrace our vision. Leadersare accountable. They share the credit and shoulderthe blame. They give others the responsibility andopportunity or success. A good leader inspires ateam to have condence in her or him; a great leader

inspires a team to have condence in themselves.

When a customer is waiting or an answer, we have to beable to respond to them ast, on the spot. Thats acompetitive advantage. Leaders dont wait or an answerrom headquarters. They dont rely solely on policy

manuals at that moment o truth when they have tocome through or the customer. They considerthemselves equal partners in a team eort to achieve ourvision. When the team needs help, leaders pitch in just


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like everyone else. Theyre involved. Theyre hands onand available. They take personal ownership or acustomers problem and dont let go until that problem

is solved. No one tells them to do it. They just do it.The best leaders are the best coaches. They dont relyon authority or orce o personality. They believe inthe inherent knowledge and talent o every teammember. They believe our people have the answer to

every problem and every opportunity. They empowertheir people to develop ideas, test them, quantiy theresults, and then share the good ones with our otherbusinesses and unctions throughout the company.

Leaders connect to our vision. They share their passion

and their discipline about how to make our vision comealive. Only when a team member understands howmuch the leader cares does the team member thenpermit the leader to lead. Leaders learn rom each other.Thats an advantage o being big. We share ideas, giveideas and search or the best ideas across our company.

We dont resist a good idea simply because it wasntinvented here. Were always searching across thecompany or the single best way to do something andadopting it wherever it appliesto improve the customerexperience, keep customers, attract new ones, increase

revenue and reduce expenses. Its not the strongest ormost intelligent who survive in our industry, but thosewho best adapt to change. By being common wherepossible and custom where it counts, we can take ulladvantage o the knowledge and experience o all ourbusinesses and the creativity o all our team members.

Our cultureThe attitude we bring to work

We dene culture as knowing what you need to dowhen you get up in the morning without having to betold what to do. Culture is the attitude we bring towork every daythe pattern o thinking and actingwith the customer in mind. Its not just doing the rightthings, its doing things righta thousand dierent

behaviors weve inherited rom team members whocame beore us and that we model and give as ourlegacy or the team members who come ater us.Respecting dierences. Respecting deadlines.


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Listening to each other. Keeping promises. Returningphone calls and e-mails as promptly as we can. Beingon time or meetings.

Our success has as much to do with attitude asaptitudewhats in our hearts, not just our heads. Oursuccess depends on how much our team members careor their customers, or each other, their communitiesand our stockholders. People commit themselves to

other people, not organizations. In hiring, we really dontcare how much a person knows until we know howmuch they care. The attitude o our team members, theircommitment to the customer, their colleagues, theircommunities and stockholders is the most importantdierence between a great nancial services companyand a good one. Enthusiasm and caring enable ordinarypeople to do extraordinary things. When we do this, wewant to have un, toobecause success without unnever lasts, and un without success isnt much un.Fun or us means enjoying our work, enjoying the

people we work with, enjoying the dierence we make inthe lives o our customers and communities, andcelebrating our achievements together as a team.

Our culture: One Wells FargoEvery time we serve a customer, we should ask

ourselves: I I were the customer in this situation, howwould this experience eel or me? Did the transactioneel simple and easy? Did my problem get resolvedquickly? Did the team member I contacted rst acceptresponsibility or making sure I got what I needed?Thats what we mean by One Wells Fargo imaginingourselves as the customer. Customers want to dobusiness with companies they connect with emotionally,that speak their language, are sensitive to their culture,value what they value, and help them succeed nancially.To make that emotional connection, we must put our

customers at the center o everything we do.

Were a circle not a hierarchy. At the center o thecircleour customers. Alongside themour customer-contact team members. Farther out in the circle are ourleaders. At the outside o the circle are senior leaders. All

o us partner together to do the best job we can or ourcustomers. Customers expect us to be One Wells Fargo.We have thousands o products and more than 80businesses. None o us can know everything about all


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products and services. Customers dont expect that.What they do expect is One Wells Fargo. Our systemsmust work smoothly across all our businesses. It should

be easy or customers to nd the right team memberquickly or the right channel to answer their question orsatisy their nancial need. They should see us as a oneclick nancial services provider:

yOne clickto help our team members serve

them easier.

yOne clickto get them to the team member bestable to satisy their needs.

yOne clickone signatureto get a loan, not ten.

yReducing the clicks, or keystrokes, or our tellersdeleting any part o any process that does not addvalue or the customer.

Every Wells Fargo team member has one thing incommon. We all work or the customer. Every day, our

customers say to us Know me. Know who I am. Knowwhat I need. When I come into the bank or go online oruse your Phone Bank or ATM, have all my inormationthere about my accounts. Dont ask me the samequestions over and over about my inormation that youalready have. Dont transer me to someone else whomight do the same thing. They say Understand me.Understand what I want to accomplish, understand mygoals. They say Appreciate me and all the business Ibring you. Treat me like a riend. Thank me. Reward me.I I give you more o my business, then give me a better

deal and give me better service. Everything we need toknow about a customer must be available easily,accurately and securely, as ast as the best internetsearch engine.

No one has a monopoly on knowledge. All o us need

to share it with our teams and learn rom each other.We should recognize and reward those who shareknowledge quickly and eectively, so our teams canuse it to satisy all our customers nancial needs.

Inormation is key to helping customers succeed

nancially. Our customers see us as one brand, not abunch o separate businesses. Customers come to usbecause they expect our businesses to work togetherto help them with all their nancial needs.


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When we communicate with customers, we must doit with C-A-R-E. Consistent. Approachable. Respectul.Empathetic. We should do so in a consistent voice

in a single communication, across an event, acrosslines o business and across the company. We shouldbe approachableclear and simple, quickly and easilyunderstood, and interested in helping. We should berespectulpolite, courteous and considerate. Weshould show empathy. How does the customer eel?We should speak and write in language ourcustomers can understand, not bank jargon.

Our culture: wow!Our attitude in all our businessesbanking,investments, mortgage, insuranceis to wow! ourcustomers. We know what that eels like becausewere all customers. When a banker helps a customerin one o our stores, or when a customer gets helprom one o our phone bankers or does transactionson wellsargo.com, we want them to say That was

great. I cant wait to tell someone. We want everycustomer to say I didnt know I could get service likethat. She made a dierence. He solved a problem andhelped me understand how I can achieve my goals. Ilearned something new about my nancial health.

Wow! is as simple as a warm smile at the teller line,or the riendly, helpul phone banker who respondsquickly and eectively to a customers question. It canbe a ull prole o a customers nancial needs orsomething as tactical or a commercial customer as awell-executed interest rate swap. Were only as goodas our rst impression and last connection.

In Community Banking, or example, we believe thereare 11 attributes o service that make our customerssay wow! We call them our 11 Ways to Wow!

WelcomingyYou make me eel at home.

yYou care about me.

yYou make me eel special.


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Delivering valueyYou give me the right advice.

yYou provide me value.

yYou keep your promises.

Following up and building relationshipsyYou help me when I really need it.

yYou know me.

yWhen you make a mistake, you make thingseven better.

yYou thank me.

yYou reach out to me.

Our culture: disciplined,responsible lendingTo be the best in our industry, we have to be the bestin credit and risk management. This is the oundation

o our reputation and industry leadership. Ourtime-tested lending discipline has made it possibleor us to grow and prosper through many economiccycles. Its helped us avoid many o the credit trapsthat many others have allen into. Because o ourdiscipline, we can be there or our credit-worthy

customers when they need us, in good times and bad.

Banks serve customers in two ways. First, oeringchecking and savings accounts and making loans tohelp customers achieve their nancial objectives.Second, by providing operating services such as

investments, insurance, payroll and treasurymanagement. Both lending and operating servicesinvolve risk. Were not rewarded unless we take risk,but we must understand, control and priceappropriately or that risk. This helps ensure a

reasonable return on our investment and that everycustomer can repay the loan. Everyone on our teamthose who manage our customer relationships, ourcredit team and our senior leadersworks togetherto reduce credit and operating risk, so we can satisyour customers nancial needs, build market share,

and protect our long-term saety, soundnessand reputation.


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The undamental principle o sound credit is to knowyour customers and understand their needs. So wecan respond quickly to customer needs, we encourage

local decision-making and local accountabilitywhen we underwrite a loan. We expect our creditand lending ocers to be well trained, knowledgeable,up-to-date, and use common sense and conservativeassumptions. We have central checks and balancesincluding corporate credit oversight, independentcredit review, line o business credit management,and a process or delegating credit authority.

We never want to sacrice credit quality or short-term nancial gain. The return on a transaction orrelationship should be in proportion to the risk. Weshould not compromise this principle to meet marketcompetition. We should always ask: Is this credit rightor the customer and or Wells Fargo?

Lending should anchor any customer relationship,but we dont view a loan as just a transaction. It must

be part o a broader, deeper relationship with ourcustomersretail or commercialbecause lending issimply one acet o any customers total nancialneeds. Banks that do transactional lending or thatcompete on price alone are doomed to ail. Successul

bankers build long-term relationships, providingvirtually every product or service to their customers,and see the loan as not an end in itsel, but one way toearn all o a customers business.

We want to build long-term relationships including

those with customers whose credit history may notqualiy them or traditional prime-rate loans. We haveve principles or responsible consumer lending:

1. Pricing on all loans is ully disclosed andcompetitive, refecting a complete view o the

customers nances, credit history, characteristicso the transaction and collateral.

2. We oer customers enough inormation toencourage an inormed decision.

3. We cap points and ees to maintain competitive

loan pricing based on the consumers nances andcredit history.


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4. Every real estate loan we make through ourmortgage or consumer nance non-prime lendingchannels must provide a demonstrable benet to

the customer.

5. We try diligently to determine that customers havea high likelihood o repaying a loan beore weprovide it.

We want to do everything we can to help ourborrowers stay in their homes even when nancialdiculties arise. I our customers have troublemaking payments, we try to contact them early andoten so we can help them pay on time. Ourdelinquency and oreclosure rates are lower than the

industry average. More than nine o every 10 o ourmortgage customers are current on their payments.Its totally contrary to our vision and values to try tosell customers any product or service thats not intheir best long-term interests.

Our culture: rugalityAll o us know what its like to manage a budget athome. We pay the bills. We keep a close eye onexpenses. We want to get the most or our hard-earned money. No one likes to nd out they couldve

bought the same thing or much less somewhere else.Its the same at Wells Fargowith one big dierence:Were spending money that doesnt belong to us. Itbelongs to our shareholders. So we have to be evenmore disciplined in managing our companysexpenses without sacricing our ability to earn moreo our customers business and grow revenue. There'sa dierence between rugal and just being cheap. Arugal person knows how to save and spend wisely.Were making expense management a competitiveadvantagejust like our people, cross-sell, our solid

capital position, our strong balance sheet and creditdiscipline. This can help us grow market share whenmany o our competitors are struggling. Its good orus, good or our customers, good or our communities.And, good or the people who entrust us with theirmoneyour shareholders.


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Culture frst, size secondWe use acquisitions as a cost-eective way to help usset the stage to earn all the business o many more

customers. We dont acquire another company simplyto get bigger. We never put size ahead o culture. So,we get bigger by getting betterwe dont get betterby getting bigger. By better we mean puttingourselves in the best position to be there or ourcustomers when they need their next nancialproduct. The biggest acquisition story in nancialservices is really, simply, cross-sell!

There are only three ways a company can grow. First,earn more business rom your current customers.Second, attract customers rom your competitors. Orthird, buy another company. I you cant do the rstearn more business rom your current customerswhat makes you think you can earn more businessrom your competitors customers or rom customersyoud buy through an acquisition? You have to show

you can grow revenue rst. Thats called organicgrowth. You cant buy your way to greatness. You haveto earn it rom your current customers.

We build relationships with potential merger partnersthat oten take years to bear ruit. We look or

economies o skill, not just economies o scale. Webuy companies we understand. We use conservativeassumptions. We acquire only what will benetshareholders. Every acquisition must add to earningsper share no later than the third year ater purchaseand earn at least a 15 percent internal rate o return.We integrate the acquired company and its peoplequickly and smoothly into our culture. In communitybanking, or example, we pair each location o anacquired company with a similar Wells Fargo store orbusiness. These buddy bankers help instill the

vision and values o Wells Fargo and guide the newcompany through the transition. Our priorities ornewly acquired companies are the same as those oany other Wells Fargo business: rst, get control;second, achieve acceptable protability; third, growthe business and have un succeeding.


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Who are we?How we dene ourselves

The merger o Wells Fargo and Wachovia doubledour size. Were no longer dened as just a regionalbank. Were a national company. National incommunity banking. National in mortgage. Nationalin investment services. National in commercial

banking. National in consumer nance. National ininsurance. We serve 70 million customersone oevery three households in America. That includes 20million retail banking households and another twomillion business banking households. We service oneo every six mortgages in America. The merger alsobrought us size, scale and expertise in a number obusinesses such as investment banking and capitalmarkets. It signicantly expanded our global reachinto Europe, South America and Asia. Some now evencall us a money center bankoperating in major

global capitals, with a large balance sheet, andextensive commercial lending and operating services.

With this growth in size and scope, what makes usdierent than other so-called large banks? How dowe dene ourselves? Heres how I believe we should

dene ourselves:

Were a nationwide, diversied,community-based nancial servicescompany.

Community-based distinguishes us rom every otherlarge bank. By community-based we mean were notjust a bank that happens to be in the community,were a community bank. Were in and o everycommunity in which we do business, whether its

Chapel Hill, North Carolina or Mason City, Iowa orRoseville, Caliornia. We all identiy with ourcommunity and take geographic pride in where welive and where were rom. Thats my town. Thats mystate. Were relationship-oriented, so we begin everyconversation with whats best or customers and theircommunities because every customer (and every oneo our team members) lives somewhere, is part o acommunitywhere they live and work and play, pay


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taxes, raise their amily, educate their children, buytheir groceries, practice their aith, care or theirneighborhood, and support their local non-prots.

Were local rst, then national. We werent born as anational bank that then decided to be local. We wereborn as a local bank in one community that doesbusiness on Main Street and grew into a amily omany local banks in many communities that only

then became national. Every segment o the industryin which we do businessbanking, mortgage,investments, insurancestarted in a neighborhoodand a town and grew to be national, not the otherway around.

Since were local and national at the same time,however, we say that we want to:

Out-local the nationals andout-national the locals.

This means we look like a national bank but behavelike a smaller bankand vice versa. It means you asthe customer can know your local tellers by name, butthey can reer you to a global world o nancialproducts and services. Out-national the localsmeans we must oer better products, more channels,superior technology and a broader product line thansmaller local competitors. Out-local the nationalsmeans we stay closer to our customers than anynational competitors in our communities,understanding our local customer needs, and

providing proessional, personalized, timely serviceon a rst-name basis.

We oer our retail banking customers the mostextensive, convenient distribution system in ourindustry. We have more than 10,000 stores and 12,300

ATMs. We have the most banking stores insupermarkets. Our customers call our Phone Bankstens o millions o times a year. Were the rst, theoldest and the best internet online nancial servicesprovider in the U.S. with more services to a broadergroup o consumers and businesses than anycompetitor. We have products available online tomeet all the nancial needs o every one o ourcustomers including consumers, investors, smallbusinesses, middle market companies and larger


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corporations. We have 16 million active internetbanking customers. We want wellsargo.com to beknown as the best, integrated trusted gateway or

all our customers nancial services.We have three major customer segments: individuals,small businesses and large businesses. We have vemajor business groups: Community Banking(individuals and small businesses); Wealth, Brokerage

and Retirement Services; Home Mortgage; CardServices and Consumer Lending; and WholesaleBanking (larger businesses). Our corporateheadquarters is in San Francisco, but we believe ourreal head quarters are where our customers are.Likewise, our talent and resources are broadlydispersed across North America. We have signicanthubquarters o employment and expertise in manylarge metro areas including Charlotte, Boston, NewYork City, Atlanta, Philadelphia, Miami, Chicago,Des Moines, Saint Louis, Minneapolis-Saint Paul,

Phoenix, Denver and Los Angeles.Rankings such as those below are importantmeasures not o how big we are but, connecting to ourvision, how well we satisy all our customers nancialneeds. Were a national leader:

y#1 community banking stores

y#1 retail banking deposits1

y#1 deposit market share in 17 o our 39 CommunityBanking states and Washington D.C.2

y#1 home mortgage originator and #2 mortgageservicer

y#1 mortgage lender to low- to moderate-incomehome buyers, ethnic segments

y

#1 mortgage storesy#1 middle-market commercial banker

y#1 small business lender

1 FDIC-insured

2 Deposits up to $500 million in a single banking store,

excludes credit unions


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y#1 bank brokerageone-stop shopping orcustomers in our banking stores

y#1 internet bank

y#1 agricultural lender

y#1 insurance broker owned by a bank-holdingcompany and worlds 4th-largest insurancebrokerage

y#1 SBA lender (dollars)

y#1 NAFTA bank (more banking stores and bankingassets than any competitor within 60 miles oMexico and Canada)

y#1 securitization trustee in North America

y#1 commercial real estate broker

y#1 asset-based lender

y#1 used car lender (excludes leases)

y#2 debit card issuer

y#2 bank to nancial institutions in the world in tradepayments, deposit products, credit products

y#2 student lending

y#2 treasury management

y#3 branded ATM network

y#3 wealth manager

y#3 auto nance lender in originations (excludingleases)

y#3 correspondent banker

y#7 institutional retirement provider

y#9 investment bank

y#10 und manager


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Our 10 strategic initiativesHow we measure our progress

Our 10 strategic initiatives help us rame ourpriorities and measure our progress toward ourvision. By making progress in these initiatives, andbeing aithul to our vision and values, we can beknown as one o Americas great companies.

1. Investments, brokerage, trust and insurance

We want to be the nations most respected provider owealth, brokerage and retirement services. Fewer thannine o every 100 o our banking households haverelationships with our brokerage business. Only six o

every 100 o our banking customers have purchasedan IRA through us. Only seven o every 100 buyinsurance through us. We want all our wealthmanagement, brokerage and retirement servicescustomers to bank with Wells Fargo. We want all our

banking customers to think o us rst or all theirwealth management needs.

2. Going or gr-eight

Our average retail banking household has almost sixproducts with us. We want to get to eight . . . and

beyond. One o every our already has eight or more.Four o every 10 have six or more. The averagebanking household, or example, has about 16products. Only seven o every 100 o our businesshouseholds have a retail banking relationship with us.

3. Commercial bank o choiceWe want to satisy every nancial need o commercialcustomers, large and small (including workingcapital, insurance, real estate nancing, equipmentleasing, trade nance, investment banking andinternational banking), and have more leadrelationships than any competitor in every market weserve. Our average Wholesale Banking relationshiphas more than six and a hal products with us. Ouraverage Commercial Banking relationship, eight.


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4. Doing it right or the customer

We want to be advocates or our customers, put themat the center o everything we do, and give them such

outstanding service and advice that theyll give us alltheir business, honor us with repeat purchases, andrave about us to their amily, riends and businessassociates.

5. Banking with a mortgage

We want all our mortgage customers to bank with us.We want all our banking customers who need amortgage to buy it rom us. Only about one o everyve o our banking households that has a mortgagehas it with us. Only about a third o our mortgage

households have a banking relationship with us. Wewant to satisy all the nancial needs, includingbanking, o the three million Wells Fargo mortgagecustomers in the 15 states weve entered inCommunity Banking through Wachovia. We alsowant to satisy the mortgage needs o all our

Wachovia banking customers.

6. Wells Fargo cards in every Wells Fargo wallet

Every one o our creditworthy customers should havea Wells Fargo credit card and debit card. Only one oevery three o our banking customers has a credit

card with Wells Fargo. Nine o every 10 have a WellsFargo debit card.

7. When, where and how

We serve our customers through our stores, ATMs,Phone Banks, internet and mobile banking, and mail

when, where and how they want to use them. Veryew, i any, customers are single-channel users. Weintegrate these channels so we can oer all ourproducts and services through all o themanytime,anywhere our customers want to be served.

8. Inormation-based marketing

We must take ull advantage o what we know aboutour customers needs so we can oer them the choice,convenience and price benets o giving us all theirbusiness. The winners in nancial services will be

companies that know the most about their customersneeds, obtain that inormation least expensively, treatit respectully, use it most eectively, and attract newcustomers most eciently.


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9. Be our customers payment processorWe must be our customers rst choice or paymentprocessing and the intermediary through checks,

debit and credit cards, bill payment, cash, securities,direct deposit and wire transer, and the paymentslink or our customers among all their Wells Fargoaccounts.

10. People as a competitive advantage

We must do even better in training, rewarding andrecognizing all our team members. Everyone on ourteam should know theyre valued, that they can go asar as their ability and desire to work hard will takethem. We want to encourage a healthy balance

between work and home lie. Processes are important,but they dont do the work. People do. Investing inhuman capital is the most valuable investment wecan make. Our team members are the single biggestinfuence on our customers. In Regional Banking, orexample, our ratio o happy to grumpy team members

(engaged to actively disengaged) now is eight and ahal to oneversus 4.1 to one three years ago.(National average o all workers measured by aGallup survey: two to one.)

Our utureIve grown up with our Vision & Values during myalmost 30 years with our company. Ive never beenmore condent o our vision and never more certaino our values than today. I have no doubt our

company can persevere through any economic cycleand that well be even stronger, even more secure,even more dependable and reliable or our customersand communities. Never beore in our companyshistory has our physical presence meant more or a

neighborhood or a community than it does now. Ourcustomers today, more than ever, need a sae,trustworthy, capable nancial advisor who can helpthem plan or and achieve their nancial goals orbuying a home, providing education or theirchildren, building a business, and saving or

retirement. Never beore has it been more importantor us to see our customers as our riends andneighborsto make them eel at home, show them wecare, make them eel special, give them the right


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advice, give them value, keep our promises, reach outto them, know them, thank them. I we continue doingall these things well, well earn not just their gratitude

but all their business or a lietime.

Its up to usWe have what it takes to be great. One vision. Sharedvalues that we live. A well-understood and eectiveculture. A time-tested business model. A proven

strategy and goals. An operating philosophy.Sustainable competitive advantages. The know-howto execute well. And most o all: great people.

Our ormula or greatness starts and ends with people:Mind share plus heart share equals market share.


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Our product: service.

Our value added: nancial advice.

Our competitive advantage: people.