Wells Fargo 2005 Annual Report Download - page 2

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3 To Our Owners
For 20 years,Wells Fargo has achieved
double-digit growth in almost every
economic environment.Chairman/CEO
Dick Kovacevich explains how our
team did it.
11 How Do We Picture the
Next Stage of Success?
We believe—and many industry
observers agree—that we have the
strongest management team in all
of financial services. Here’s how they
picture success for their customers,
their businesses and their teams.
24 Picturing the Next Stage of Success
for Our Communities
We’re one of corporate America’s top
10 givers—but it’s the time, talent
and creativity of our team member
volunteers that really sets us apart.
31 Board of Directors, Senior Management
33 Financial Review
58 Controls, Procedures
60 Financial Statements
112 Report of Independent Registered
Public Accounting Firm
116 Stockholder Information
Which Measures Really Matter?
2005 Update (inside back cover)
Wells Fargo & Company
Wells Fargo & Company (NYSE:WFC)
is a diversified financial services company
providing banking, insurance,investments,
mortgage loans and consumer finance. Our
corporate headquarters is in San Francisco,
but we’re decentralized so all Wells Fargo
“convenience points”—including stores,
regional commercial banking centers,
ATMs, Wells Fargo Phone BankSM centers,
internet—are headquarters for satisfying
all our customers’financial needs and
helping them succeed financially.
“Aaa”
Wells Fargo Bank, N.A. is the only U.S. bank to
receive the highest possible credit rating from
Moody’s Investors Service.
Assets: $482 billion (5th among U.S. peers)
Market value of stock: $105 billion
(4th among U.S. peers)
Fortune 500: Profit,17th; Market Cap, 18th
Team members: 153,500
(one of U.S.’s 40 largest private employers)
Customers: 23+ million
Stores: 6,250
Reputation
Barron’s
World’s most admired financial
services company
Business Ethics
Ranked top 10 corporate citizen
BusinessWeek
Among corporate America’s top 10
corporate givers
Fortune
“Most Admired Megabank”
52nd in revenue among all U.S.
companies in all industries
World’s 29th most profitable company
Mergent, Inc.
“Dividend Achiever”*
Moody’s Investors Service
Only U.S. bank rated “Aaa,”
highest possible credit rating
Watchfire GomezPro
#1 internet bank
Our Market Leadership
#1, 2 or 3 in deposit market share in 15 of
our 23 banking states; #4 nationally (6/30/05)
#1 retail mortgage originator;
#2 mortgage servicer
#2 in mortgages to low-to-moderate income
home buyers
#1 home equity lender
#1 small business lender
#1 small business lender in low-to-moderate
income neighborhoods
#1 insurance broker owned by bank
holding company (world’s 5th largest
insurance brokerage)
#1 agricultural lender
#1 financial services provider to
middle-market businesses in
our banking states
#2 debit card issuer
#2 bank auto lender
#3 ATM network
One of U.S.’s leading commercial
real estate lenders
One of North America’s premier
consumer finance companies
Our Earnings Diversity
Earnings based on historical averages and near future year expectations
Banking, insurance, investments,
mortgage loans, and consumer finance—
we span North America and beyond.
Community Banking . . . . . . . . . . . . . 34%
Home Mortgage/Home Equity . . . 20%
Investments & Insurance . . . . . . . . . 15%
Specialized Lending . . . . . . . . . . . . . . 15%
Wholesale Banking/
Commercial Real Estate . . . 9%
Consumer Finance . . . . . . . . 7%
* Publicly traded companies that increased dividends for last
10+ consecutive years;Wells Fargo has increased dividends
for 18 consecutive years, 23 increases since 1988.