Wells Fargo 2013 Annual Report Download - page 7
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face the possibility of outliving their savings, which could
severely impact our economy. Infact, the WellsFargo
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. WellsFargo is a leader in oering 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 oer free online services such asMyRetirementPlan,®
which we introduced in late 2012.
We also help people understand the importance
of saving through financial education programs like
HandsonBanking® and workplace seminars at
companies for which we manage 401(k) and employee
retirementplans.
Road to economic recovery
While the economic recovery continues to move at a slow
pace, we believe there are manyreasons to be bullish
in2014. U.S. companies are known for their innovation—
akey driver of business competitiveness and long-term
economic growth— ineverything 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 Ihold close to my heart as one of 11
children who grew up on a small family farm in Minnesota.
In2013, WellsFargo extended
$18.9billion in new loan
commitments to small businesses,
up 18percent 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 aordable 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
ofthe 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 OneWellsFargo.
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 WellsFargo 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 Isay
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
70million 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.