Wells Fargo 2014 Annual Report Download - page 5
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Please find page 5 of the 2014 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.To Our Owners,
I have always believed that culture is the most important
part of a company’s success. It is the heart of any
organization and a significant contributor to long-term
performance and stability.
This is certainly true for
WellsFargo. Since 1852, culture
has been a focus of ours, beginning
with how we served the Gold
Rush-era customers who trusted
us to transport their money and
valuables on our stagecoaches.
In those early days, we held a
belief that still holds true today:
“Our merchandise is courtesy,
willingness, and human ability.”
Today, I sum up WellsFargo’s
culture with this word:
“Relationships.” It captures the
passion we all share for serving
our key stakeholders—customers,
communities, investors, and team
members. To earn their trust,
westrive to do the right thing
and act under the highest ethical
standards where honesty, trust,
and integrity matter.
Cultures take years to establish
and mature, a lesson I learned
while growing up on a family
farm in a small town in central
Minnesota. Those years taught
me that the best harvests come
only after years of thoughtful
planning, planting, and nurturing.
It’s no dierent at WellsFargo.
The culture our people enjoy
today is the result of those who
served before us—through a
civil war, two world wars, the
Great Depression, and a Great
Recession that remains fresh
inour memories. Through every
boom and bust, our people
looked ahead, with a vision of the
WellsFargo they wanted to leave
for their successors.
No document better captures
that spirit than The Vision &
Values of WellsFargo, a booklet we
first published 20years ago that
outlines our values, strategies, and
goals. (You can read our Vision &
Values on wellsfargo.com under
“About WellsFargo.”)
While we periodically have
updated that document, the vision
it first shared years ago remains
unchanged: “We want to satisfy all
our customers’ financial needs and
help them succeed financially.”
The reason our team members
go to work each day is to help
customers—we serve 70million
customers and one in three U.S.
households across our more than
90businesses. The result is that
WellsFargo makes money, not
the other way around. Or, as our
Vision & Values puts it, “We’ll
never put the stagecoach ahead
of the horses.” This is why we
believe culture and performance
go handin hand.
Financial results
In2014, WellsFargo generated
record earnings for a sixth
consecutive year, remaining
the most profitable bank in the
UnitedStates. We also ended 2014
as the world’s most valuable bank
by market capitalization.
Our 2014 net income was
$23.1billion, up 5percent from 2013.
Diluted earnings per common share
also rose 5percent to $4.10. Our
2014 revenue of $84.3billion was a
balanced mix of net interest income
and noninterest income, reflecting
the strength of our diversified
business model.
We generated this growth
through a focus on customers,
asmore of them entrusted us with
their deposits and rewarded us
with opportunities to serve more
of their financial needs. In2014,
our total deposits reached a
record $1.2trillion, up 8percent
from the prior year, driven by
both consumer and commercial
growth. Meanwhile, total loans
finished 2014 at $862.6billion,
up 5percent from 2013. Loan
growth occurred across multiple
portfolios, including commercial
loans, residential mortgages,
credit cards, and automobile
lending, helping increase our net
interest income by 2percent from
2013. Our noninterest income
continued to be diversified and
strong, including growth in trust
and investment fees, card fees,
and mortgage servicing.