Wells Fargo 2013 Annual Report Download - page 7

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billion
face the possibility of outliving their savings, which could
severely impact our economy. Infact, the WellsFargo
Middle Class Retirement Survey released last fall revealed
that nearly one-half of Americans are not confident they
will be able to save enough for a comfortable retirement.
One-third say they will have to work until at least age 80.
We believe the best way to fill that gap is with
planning. WellsFargo is a leader in oering guidance and
individualized plans for all customers. Our research shows
that customers with written plans are more confident in
their ability to live comfortably in their retirement years.
That is why we continue to promote the benefits of planning
and oer free online services such asMyRetirementPlan,®
which we introduced in late 2012.
We also help people understand the importance
of saving through financial education programs like
HandsonBanking® and workplace seminars at
companies for which we manage 401(k) and employee
retirementplans.
Road to economic recovery
While the economic recovery continues to move at a slow
pace, we believe there are manyreasons to be bullish
in2014. U.S. companies are known for their innovation—
akey driver of business competitiveness and long-term
economic growth— ineverything from biotechnology
and medical devices to wireless technology, social
networking, and cloud computing.
The U.S. also has become a world leader in energy
production and the use of clean energy sources, which is
creating new jobs and decreasing our reliance on imports.
The manufacturing sector continues to improve and
show signs of sustainable growth. And let’s not forget
agriculture, which Ihold close to my heart as one of 11
children who grew up on a small family farm in Minnesota.
In2013, WellsFargo extended
$18.9billion in new loan
commitments to small businesses,
up 18percent from 2012.
We are proud to be the nation’s largest agricultural
business lender. Agricultural production has rebounded
in America: Today, we export more food than we import,
and Americans enjoy an aordable and safe food supply.
The U.S. housing market also is better positioned
than it was a year ago. Though mortgage rates have
risen, they remain very low from a historical perspective.
Traditional buyers are coming back into the market,
which should allow for more trade-up activity. Demand
should improve further if labor markets continue to
stabilize. Demographic factors also should help, as retiring
baby boomers boost demand for homes in active adult
communities and retiree markets.
Full economic recovery will take time, but we can look
into the future with confidence and a deep appreciation
ofthe tremendous opportunities ahead of us.
Our strategic priorities
To meet the needs of our customers and help grow the
overall economy, we will continue to focus on our strategic
priorities, which create a shared sense of purpose across
our approximately 90 businesses. Guided by our common
vision and values, these priorities provide a clear path
for team members to collaborate across organizational
borders and focus on serving our customers as one team,
something we call OneWellsFargo.
The six priorities are:
• Putting customers first
• Growing revenue
• Managing expenses
• Living our vision and values
• Connecting with communities and stakeholders
• Managing risk
Putting customers first
At WellsFargo we put customers first, in everything
that we do. Helping customers succeed financially by
serving all of their financial needs is the very foundation
of our success. We do that through building long-lasting
relationships, one customer at a time. That’s why Isay
we are in the relationship business: We start with what
customers need, not with what we want to provide them.
We proudly serve the financial needs of more than
70million customers and one in three U.S. households.
Each quarter, we provide about 357,000 new or refinanced
automobile loans to customers. Each month, we
provide financing to about 125,000 customers so they
can purchase homes or refinance existing mortgages.
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