Wells Fargo 2005 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2005 Wells Fargo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

14
“Our team serves virtually all the credit needs of individual
customers—mortgage loans,home equity loans, personal credit,
and consumer finance.So, success for us is satisfying all these needs
smoothly for our customers whether it’s through our stores, on the
phone or via the internet.We span all 50 states,Canada and parts of
the Caribbean, and we’re #1 nationally in many products, but our
market share is still relatively small.That gives us lots of opportunity
for future growth.
A mortgage is the largest, most complex financial transaction
most of our customers ever make.It’s also a core product—
customers value it so much they’re more likely to give us even
more of their financial services business—not just home equity
loans and banking products but their investments and insurance.
We’ve proven this works:cross-sell among our mortgage customers
has grown about 30 percent a year for the last several years.Our
mortgage business is the Company’s second largest source of
checking accounts and new credit card customers.Our group
accounts for almost two of every three of Wells Fargo’s new
customers.We’ll be even more successful when we can earn
more business from our consumer finance customers.
We service the mortgage and home equity loans of more than
five million households.That’s a monthly relationship that positions
us to be there when they need their next financial product.We also
have to be best at managing risk.We can’t avoid all risk and still
make a profit. It’s how well we manage interest-rate risk, credit risk,
operations risk and compliance risk that makes the difference.”
Mark Oman, Senior EVP, Home and Consumer Finance
Years in financial services: 26
Turning Vision into Reality
Team members: 52,000
Customers: 12.3 million
Stores: 2,388
(l to r): Mark Oman; Phil Hall,
Home and Consumer Finance,
Des Moines,Iowa; Michael Levine,
Wells Fargo Home Mortgage,
Minneapolis, Minnesota