Wells Fargo 2013 Annual Report Download - page 11
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Please find page 11 of the 2013 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.Inaddition, we are supporting environmental
eorts in our communities. Since 2012, we have provided
more than $12billion toward green building and
development initiatives, wind and solar projects, and other
environmental opportunities as part of our commitment
to provide $30billion of environmental financing by 2020.
We also continue to reduce the environmental impact of
our operations, increase our energy eciency, and decrease
waste. Since 2009, customers have completed more than
1.1billion paperless ATM transactions, saving an average of
475 printed ATM receipts per minute. That is enough paper
to circle the earth’s circumference nearly three times—
approximately 73,000 miles!
Managing risk
For more than 160 years, WellsFargo has been in the risk
management business. Our risk management practices
enabled us to emerge from the 2008 financial crisis in far
better shape than many of our competitors.
We are increasing investments in our already strong
risk management practices and in other vital areas such
as cybersecurity. Our track record and risk management
focus allow customers to have confidence in our ethical
standards and our ability to make good decisions. Eachday,
we work hard to ensure that appropriate controls are
in place to reduce risks to our customers, maintain and
increase our competitive market position, and protect
WellsFargo’s long-term safety, soundness, and reputation.
Although we have seen a lot of change over the
years, the fundamentals of our risk management culture
remain the same. We are guided by seven core risk
managementprinciples:
• Relationshipfocus. Take only as much risk as is
appropriate to eciently, eectively, and prudently
serve our customers.
• Understanding risk. Take only risks that we
clearlyunderstand.
• Reputation. Do not engage in activities or business
practices that could cause permanent or irreparable
damage to our reputation.
• Price for risk. Price our business to cover risk to
capital and retain risk only if priced for a sucient
risk-adjusted return.
• Conservatism. Strive to grow our company, but do so
only in a way that supports our long-term goals and
does not compromise our ability to manage our risk.
• Operational excellence. Maintain the infrastructure,
systems, processes, and compliance programs that
support the financial success of our customers.
• Clear accountability.Ensure our lines of business have
primary accountability for risk, while our Corporate
Risk group provides oversight at the enterprise
level. Our Corporate Audit group provides an
independent, objective view to evaluate and improve
the eectiveness of our riskmanagementprocesses.
In appreciation
InApril 2013, Nicholas G. Moore retired from our board
of directors after seven years of service to our company.
Nick provided outstanding leadership as a member of the
board and chair of the Audit and ExaminationCommittee.
Also in April 2013, Philip J. Quigley retired after
19years on the board. Phil served on and chaired many
committees, and as lead director from 2009 to 2011, he
provided distinguished leadership and insight, which
were key to WellsFargo’s success during a critical time.
We thank both Nick and Phil for their long-standing
service and contributions to WellsFargo, and we wish
them all the best.
We also welcomed James H. Quigley to our board
inOctober 2013. Jim is CEO emeritus and a retired partner
of Deloitte, and we are fortunate to benefit from his
more than three decades of broad leadership experience
and extensive audit, financial reporting, and risk
managementexpertise.
Iwant to thank all of our stakeholders— board
members, team members, customers, communities, and
shareholders— forhelping make 2013 an outstanding
year. Ialso want to recognize the five-year anniversary of
WellsFargo’s merger with Wachovia, which we celebrated
at the end of 2013. Icould not be more proud of where our
company is today and all of our wonderful team members
who live by our vision and values and work together to
help our customers achieve financial success.
As we look forward, we are confident in our abilities
to serve changing customer needs and contribute to
the economic recovery. We believe we have the right
people on our team, are in the right markets, and operate
the right business model— onethat is diversified and
positioned to perform well across various economic
cycles. And we are optimistic about the future for our
customers, communities, and country.
John G. Stumpf
Chairman, President and Chief Executive Ocer
WellsFargo & Company