Wells Fargo 2007 Annual Report Download - page 12
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10
Turning Over the Reins
Dick Kovacevich joined the former Norwest Corporation, predecessor
of Wells Fargo, in 1986 as vice chairman and chief operating officer
for banking. In the early ’80s Norwest had suffered a series of setbacks
in agriculture, energy and foreign lending, mortgage write-downs
and a fire that destroyed its Minneapolis headquarters. Norwest
reported a loss of $30 million in 1987, but Kovacevich and Chairman
and CEO Lloyd Johnson had already begun shaping a new culture
built on the vision of satisfying all our customers’ financial needs and
helping them succeed financially.
Dick Kovacevich, late 1980s, Norwest Corporation