March 2009 Archives

Marianne Babal

With Women's History Month  almost over, I thought I'd take one more opportunity to share some of Wells Fargo's history as it relates to women, who have been among the company's most valuable customers and team members since our early days.

Did you know that today, women make up more than half of Wells Fargo's banking team members? Actually, women have been the majority of the Wells Fargo workforce since World War II, but Wells Fargo's history of hiring women goes back much further.

Wells Fargo hired its first known female employee in 1873 in Palmyra, Nebraska, where Mary Taggart ran Wells Fargo & Co's express office and also worked as the town's railroad and telegraph agent. She was just the first of over 350 women who managed Wells Fargo offices from 1873 to 1918.

Wells Fargo's policy on hiring women was markedly different than one of its major competitors in the express industry, whose president actually stated that he preferred to close his company's offices in some locations if a suitable man could not be found to run the place.

Wells Fargo left the express transportation business in 1918, but at the Company's bank in San Francisco and financial institutions and industry around the nation, women began playing a greater role in the workforce.

In the day when entering a bank to do your banking business meant walking through cigar smoke and around cuspidors  on the floor, many banks — including Wells Fargo, Norwest, and Wachovia — opened special banking departments for the convenience and comfort of women customers. Not only that, female tellers were the ones who managed customer relationships.

During World War II, women entered the banking workforce in large numbers. At Wells Fargo, for example, in 1938 two-thirds of bank employees were male. But 1942 numbers had flipped to a workforce 65% female. Women filled agent, teller, clerical, and eventually management jobs.

Wachovia has its own great history of hiring and employing women too, as Wachovia archivists Sue Choate and Trudy Cox tell us on our sister blog, Guided By History. Sue tells the story of Miss Jay Spencer Knapp, Atlanta's first female bank officer, and Trudy writes about Wachovia's hiring of women as far back as 1909.

All in all, both Wells Fargo and Wachovia are proud of the many significant contributions of women in our past and, I'm sure, in our future.

Matt Wadley

About 10 years ago, when I was a college student and life was uncomplicated, I had a bumper sticker on my 1987 Chevy Nova that simply said "Positive." While it seems naive now, I remember imagining how that little word would impact anyone who happened to be driving behind me. I guess you could categorize me as one of "those" people. You know, the ones who turn lemons into lemonade and see the glass as half full. But I gotta be honest with you: This past year has made me want to just dump out the whole glass of lemon juice. And I'm surely not alone.

But life goes on. And as we move forward with navigating a tough economy — and integrating Wachovia and Wells Fargo at the same time — it becomes more important than ever for each of us to stay focused on what we can control. So, we've recruited a new guest blogger, Keith Whitaker. Keith holds a Ph.D in Social Thought, is a former philosophy professor at Boston College  and advises families on how to develop and reach their financial goal. Keith's post below offers some great advice on how to deal with tough economic situations, and wouldn't you know, he says it all starts with being positive.

Ever try to bounce a basketball that you found half-deflated in the back of your garage? Or unsnap an elastic band that's been wrapped around a sheaf of tax documents from ten years ago? The results were probably pretty weak.

Many people feel like those half-deflated balls or petrified elastics right now. We don't have much "bounce." We've watched the stock market decline by around 50% in the last year. We read every day about job losses — and perhaps have been personally affected.

Economists and market experts tell us that what goes down will go back up. But the prospect of a sustainable market upturn at some undefined future point — maybe today, maybe next year, who knows? — doesn't necessarily help me get through today. It is easy to lose hope.

What can you do to avoid or get out of that place? You can strengthen your own resilience, literally your ability to "bounce back" from the slings and arrows that fortune sends your way. Psychological studies of resilience, particularly led by the work of Dr. Salvator Maddi , have shown that three general practices can help strengthen your ability to bounce back:

• Take care of yourself, physically and spiritually. For me it means getting more sleep, eating healthier, and putting less caffeine into my system. It can also include spending a few moments each day in reflection or silent meditation. It's hard to take care of others if you don't care of yourself.
• Establish quality social connections, at work and at home. It's quality not quantity that counts here. As the markets show, fear is infectious. And how good do you feel if you hang out with folks who are worried about losing their jobs, their money, or their house? Stay centered by spending time with people who affirm you, focus forward, and dissipate the gloom.
• Develop a positive, forward-focused attitude. This makes all the difference. I know that when I'm feeling resilient, I feel in control rather than powerless, committed to my pursuits rather than alienated, and challenged positively rather than threatened. How do you feel?

Maintaining such an attitude is not easy in times like these. The markets and the government aren't in our control. But what we can control is what our heads do with the news.

I know that many times (especially when I look at my account statements!) I've found myself saying, "I would have, could have, or should have..." I focus on what's gone wrong or where I failed rather than on what has turned out well. These are mental habits that get in the way of trusting myself....

Matt Wadley

As we continue the work of integrating Wells Fargo and Wachovia, the issue of branding becomes especially important. While it's been stated that the Wachovia name will be gracefully retired in time, the interim period raises the question of how to properly use each company's logo without creating confusion for customers.

First and foremost, until financial centers are converted, the Wachovia name and logo will continue to be used on their own in almost every case, including branch signs, account statements, Web site content and all the rest. Since both companies continue to operate as separate businesses, it only makes sense to avoid complicating things by trying to use both logos together.

In fact, the header on our blog may be one of the very few places you'll ever see us publish both a Wells Fargo and a Wachovia logo side-by-side. Obviously, for the topic of our conversation it makes sense, but in general dual logos often prove confusing for customers trying to distinguish which company they are interacting with.

However, there will certainly be times along this long and winding integration road where it'll be necessary to leverage the strength of the Wells Fargo name in Wachovia-generated communications.

So, what do you think?

Marianne Babal

On March 18, 1852, a group of businessmen gathered in the Astor House hotel  on Broadway in New York City. The purpose of their meeting? Forming a new company to conduct banking business and provide express transportation service on the Pacific Coast.

March 18 marks the 157th birthday of Wells Fargo & Company. Between them, Henry Wells and William G. Fargo had decades of experience as successful entrepreneurs, and both men saw great opportunity in the growing West.

But when they couldn't convince their fellow founders and directors of the American Express Company to expand the business out to the gold fields of California, Wells and Fargo assembled a group of investors who contributed $300,000 in start-up capital to form Wells, Fargo & Co.

Wells and Fargo chose experienced banker Reuben Washburn and express industry veteran Samuel P. Carter to represent their new company in San Francisco. It took the men a month to travel west by steamship, and three months more to set up shop before Wells, Fargo & Co. opened its doors on Montgomery Street July 13, 1852.

Nearly 4 million ounces of gold would flow from California's mines  that year, almost all of it shipped east. Miners wanting to send funds to families left behind on the East Coast came to Wells Fargo's banking counter to buy an exchange that could be cashed in New York, Boston, and dozens of other eastern cities, including Albany, Hartford, Cincinnati, Louisville, Detroit, Chicago, St. Louis, Montreal and Toronto. The company's first customer on opening day purchased an exchange note sending $100 to Mrs. Sophie Parker of Buffalo, New York.

These exchanges and the gold to back them went east by steamer twice a month. On the night before the steamer sailed, Wells Fargo's office in San Francisco stayed open until midnight to accommodate customers' business. "Not a man sleeps the night before the steamer leaves," wrote Henry Wells, who in February, 1853 took a turn manning the late-night banking counter himself.

One hundred and fifty-seven years later, though the size of the building has changed, the company headquarters of Wells Fargo & Company is on virtually that same spot on Montgomery Street where Wells Fargo began in 1852.

And while I don't know if Henry Wells and William Fargo could conceive of their business (not to mention their names) growing as big as it is today, their commitment to helping our customers succeed financially remains the same as it did when a tired but satisfied Henry Wells wrote by oil lamp in 1853: "This is a great country and a greater people."

Molly Murphy

Like many of my fellow Irish Americans, I'm gearing up for what I believe to be THE holiday of the year: St. Patrick's Day. That's right! I display the Irish flag  (for the month), take St. Patrick's Day off from work, go to mass, and then enjoy some family fun, including the Minneapolis St. Patrick's Day Parade. I always love it when the stagecoach rolls down the street — it feels good that Wells Fargo recognizes how important this event is to so many in our community.

With that, I'm pleased to introduce Lovester (pronounced: Loh-VES-ter) Law, Manager of the Wells Fargo Stagecoach Appearance Program. He's been managing all of our stagecoach appearances across the country since 2006 — and from time to time he actually gets to be IN the parades! Today, Lovester's going to tell us a little more about the stagecoach and St. Patrick's Day.

Typically, St. Patrick's Day  conjures up many images — mostly green and fun ones. It also reminds me of the great Irish heritage and traditions in towns, communities and cities across the country. From the smallest towns to the largest cities, these parades represent the best of America.

As part of the fun, St. Patrick's Day also brings the Wells Fargo Stagecoach to parades across the country.

For example, this past Saturday, March 14th, marked the St. Patrick's Day Parade in Emmetsburg, Iowa. In past years this has been a great venue for the Wells Fargo Stagecoach. Last year, the town was thrilled to have the stagecoach in their community parade, and we're always thrilled to be a part. With a population of just under 4,000 on 4 square miles and 16% with Irish ancestry, Emmetsburg truly reflects a slice of Americana.

On March 8, the Wells Fargo Stagecoach rolled down the streets of Staten Island for their St. Patrick's Day Parade. Jay Sullivan, Branch Sales Manager for Wells Fargo Home Mortgage there, put it perfectly by saying, "Ubiquity is the name of the game, and the stagecoach does it best."

As the coach approaches along the parade route you can hear a symphony of incredible sounds: the horses' hooves click-clacking on the pavement, the steady hum of the wheels turning, not to mention the bagpipe tunes playing and crowds of people cheering and welcoming the stagecoach. Mothers and fathers lean over and say to their kids, "Look! There goes the Wells Fargo Stagecoach!" And their children wave and shout out, "Hi, Wells Fargo!"

As Molly mentioned, I've also been lucky enough to be on the stagecoach. Riding shotgun up there you see so many painted green faces, green costumes, and green bracelets —such a varied cast of characters, all united by the enduring spirit of the Irish. And many of them are seeing our stagecoach for the first time! As you ride by, you can hear people shout, "There goes the Wells Fargo Stagecoach!" or "That's my Bank!" It's very special.

After the parade, people gather to watch the horses and stagecoach being loaded in the big red, white, yellow and black Wells Fargo truck. Usually they've got a lot of questions for the stagecoach driver like: "What kind of horses are they?", "Where are you going next?", "Where else can I see the Wells Fargo Stagecoach?" and "What's your favorite parade?"

I know the answer to that last question...YOURS!

Community parades are just a thrill. There are so many people in the streets, sitting in chairs and on sidewalks — everyone's having fun celebrating St. Patrick's Day  and celebrating their community. What a wonderful privilege to be a part of it all! Wells Fargo is proud of our longstanding history of helping customers and communities succeed. The stagecoach is a symbol of that commitment. (It's pretty neat up close and personal too!)

I think I'll end my post with some good old Irish wit. Is there a better way?

Five frogs are sitting on a log. Four decide to jump off. How many are left? Answer: five. Because there's a difference between deciding & doing.

Happy St. Patrick's Day, everybody!

Matt Wadley

Everyone's heard the old saying: "Good things come to those who wait." But let's be honest, if given the opportunity, not many us would ever choose to wait. We live in a culture of instant gratification where the news is 24/7, our popcorn gets microwaved in minutes, and the Internet puts the world at our fingertips. So when two of America's largest financial institutions join together, it's only natural for us to expect to see immediate changes.

However, as we've mentioned, there's a lot more to it than just flipping a switch. There are tens of thousands of Wachovia and Wells Fargo team members strategizing how to integrate our two companies with minimal impact to the customer experience. Two of them, Wachovia's Steve Boehm and Wells Fargo's Pat Callahan, are leading the Merger Integration Team. Steve took some time out of his undoubtedly triple-booked schedule to offer his perspective on how the integration is going and what you can expect in the future from the new Wells Fargo.

Lately, many of our team members who work directly with customers are hearing a consistent question from their clients: "How is the merger going?" Given the amount of media attention the merger has received ("The biggest merger ever in financial services" is often the description they use) — not to mention the comments we are seeing here on the blog — it's no surprise all of you are wondering.

As part of the team that's planning the way Wells Fargo and Wachovia will be combined, I thought you might be interested in how we're doing the work — after all, bringing two companies together is a really complex thing to do. While that may seem pretty obvious, it's even more so in the case of our two companies because of the breadth of services we offer to our customers, and the intense focus and pride we take in serving you well.

So what sorts of things are we thinking about when we look at our merger work? Well for starters, we know we need to combine our computer systems, retrain tens of thousands of our team members to support new products and expanded businesses, as well as combine the way the two organizations think and work into ONE TEAM.

All these are real challenges for sure, but they are not our overall objective. That is to bring about those (and other required) changes in a very carefully orchestrated way — a way that allows all of us to be properly prepared so we can continue to serve and work with you as we move forward.

It's really about you, the customer: Our goal is to anticipate how each and every customer will be affected by our integration plans and to communicate simply and frequently with you to avoid uncertainty or confusion. We're really trying to be proactive, placing a premium on eliminating any and all potential integration-related issues before they happen.

What does this mean for the teams working on the merger? Honestly, a LOT of careful planning before we even think about making any changes. That's exactly what hundreds of people at Wells Fargo and Wachovia have been doing since early October. Once our detailed planning work is complete, we'll begin focusing on executing our plan. While we could do it relatively quickly, we couldn't do it in the seamless way we want to for you and our fellow team members.

What does that mean for you exactly? Pretty much any changes you might see will occur gradually. Some of you will see little or no change — others will see a bit more. In the end, our plans need to address each and every one of our customers based on your banking or brokerage relationship with us. And doing that well is Job Number One for all of us.

In the meantime, thanks so much for your continued business and all of your patience. And be sure to keep reading the blog for any new news and info about our transition!

Molly Murphy

This week we reached a milestone for the Wells Fargo-Wachovia Blog: We've had over 300 of your comments published! As you know, one of the goals for our blog is to give you another forum to ask questions and share your thoughts about — as well as to give you updates on — the Integration.

Thanks to all your comments and questions, we're learning more about what's important to you and answering as many as we can!

Today, we're going to open the mailbag and respond to a couple of popular questions:

1. Can I use both Wells Fargo and Wachovia branches?
2. What is the Integration timeline?

Can I use the branches at both Wells Fargo and Wachovia?
Many of you are asking if you can use both Wachovia and Wells Fargo branches for your banking needs, like making deposits. For now, Wells Fargo and Wachovia will each continue to operate as separate banks.

• Wells Fargo and Wachovia banking locations will not have access to each other's customer information until after Integration; so continue to bank at your usual office.
• You can use your ATM Card or Check Card to make cash withdrawals or balance inquiries at any Wells Fargo or Wachovia ATM machines with no ATM access fee.
• If you need to make a deposit and you are not near your bank, you can mail in your deposit. For more info on bank by mail, check out either the Wachovia page or the Wells Fargo page, depending on where you bank.

A number of you have asked specific account-related questions or requested customer service. Although the bloggers would love to help you, our dedicated customer service team is much better suited to address your questions and needs right away.

Wachovia customers call: 1-800-922-4684
Wells Fargo customers call:1-800-869-3557

What is the timeline for Integration?
We are working very diligently on identifying the combined organization's leaders, systems, products and other processes. Because of the size of the Integration and our commitment to making it as smooth as possible for all of you, it will most likely take a few years to complete.

In the last few months, we've named many leaders of our combined organization, and hundreds of business integration teams have been working very hard on the nuts and bolts of it all. Unfortunately, given the complexity of it all, we don't have a specific timeline to share. But rest assured, you will be contacted and kept informed of any changes affecting your accounts as the integration draws closer!

As we move forward, Matt, Anne Marie and I — along with the rest of our bloggers — will continue to keep you posted (bad pun, sorry) about the integration too, so stay tuned. We really appreciate you all letting us know how we're doing and what you're thinking, so keep those questions and comments coming!

Matt Wadley

As a diehard NY Mets fan, I must admit that it pains me slightly to introduce a blog about the home of the 2008 World Series Champion Philadelphia Phillies. While not a rivalry on par with Yankees-Red Sox, the Phillies and Mets have battled for National League supremacy for the last few years...with the Mets recently ending up with the short end of the stick more often than not.

But I digress. As we've already done with Charlotte, San Francisco and Minneapolis-St. Paul, our Philadelphia blog continues our series on cities where Wells Fargo and Wachovia have significant histories. And as you're about to find out, Philly's got plenty of history. So without further ado, I'll turn it over to my colleague Jim Baum. While Jim now makes his home in the burbs of Philly, he's lived in and around the city for the last 22 years, loves the Phils, and knows all the good cheesesteak spots.

Being home to 42 Wachovia stores, with even more out in the suburbs, Philadelphia can now boast over 7,000 combined Wachovia and Wells Fargo team members in its metropolitan area. Truth is, we've been a part of the community here for over two centuries — some of our more notable financial ancestors are Fidelity Bank, Philadelphia National Bank, First Pennsylvania Bank and the Pennsylvania Company.

The deep roots laid down by our banking ancestors (some begun by the founding fathers of our country!) brought us expertise in commercial finance, maritime lending and international banking — a department that's still headquartered here in Philadelphia. And today, as Wells Fargo and Wachovia join together, we continue to use that expertise to help you.

Just as the United States got its start as a country in Philadelphia, so did our banking system. In fact, Wachovia's heritage stretches back to the first commercial bank in the United States — the Bank of North America  — which was founded here in 1781. In 1863, another bank, The First National Bank of Philadelphia, was the first to be granted a Federal Bank charter.  This isn't the first time Wells Fargo has been to Philadelphia, either. We opened our first express office here in 1914. So all told, you can say our family tree has a branch that started growing 228 years ago!

Philadelphia is really an incredible place. It's one of the world's most historic and walkable cities, and is also the hub of a region with almost 6 million people. The area has undergone an amazing transformation since World War II, as it's moved from being a center of heavy industry to becoming a place where the latest advances in biotech and pharmaceutical research are created.

There are also 88 colleges and universities  here, though I have to admit I'm partial to Temple University.  After all, it's where I earned my MBA and where I still have season tickets for one of the most...well, "character-building" football teams in NCAA Division 1.

See, for a long time Temple football wasn't just bad — it was mind-numbingly awful. Being on the losing end of scores like 56-7, 35-0 and 42-3 were common when they played a Big East schedule. Oh the memories...the pain! But I'm happy to report that, under head coach Al Golden and a member of the Mid-America Conference, we now play close to .500 football. I hope Temple football has turned the corner and that my long-suffering allegiance will someday be rewarded with a bowl game....

Ann Marie Quinn

My children were fortunate enough to attend a wonderfully diverse elementary school — 19 languages spoken in the homes of our families! But their school didn't seem to really celebrate that diversity. One year my friend Lesley volunteered me to do something about that, and I am so glad she did! That was the start of International Night  at Lafayette Elementary School. And I'm proud to say the celebration has grown over the years and is still going strong! It just goes to show what volunteering and giving back to the community can do.

I am also grateful to Wells Fargo for what I, as an employee, have learned about valuing diversity and for the amazing support Wells Fargo gives team members for their community work. With that great pride, I am happy to introduce you to our next guest blogger — Jon Campbell, who heads up our Social Responsibility Group.

I know this is a "merger blog," but as the head of our company's Social Responsibility Group, I'd like to set the stage just a little broader, especially given the current economic environment. Things are hard everywhere — you know this. And if you've read stories like this one  in the New York Times, and more recent articles in the Colorado Springs Gazette  and in USA Today , you know nonprofits are feeling the pinch too. In fact, they need our support now more than ever before.

When Wells Fargo announced it was buying Wachovia, our CEO John Stumpf made it clear the merger would create "a very compelling value proposition for our team members, customers, communities and shareholders."

I immediately zeroed in on the word "communities" and began to envision the incredible impact our combined team members could make, and how we could help create strong communities across the U.S.. Wells Fargo has a long history of investing not only financial capital in our communities, but also human capital through our team members, who are very active community leaders and volunteers.

That is the spirit of our culture and our vision and values.

On top of that, there's no question that Wachovia team members have been doing tremendous work in their communities as well. Put our two companies together, and we become twice as strong in the community — we remain fully committed to continuing our long tradition of community giving. After all, investing in our communities, especially now with such an increased need for services from nonprofits, is a way for us to help create future economic growth and prosperity.

So how will this work be impacted by the integration of our two companies? Well, you've probably seen the phrase "business as usual" on previous blog postings, and I'll borrow it when talking about our outlook for community involvement. While the merger has given us the opportunity to refine our approach, you can rest assured that the same voices who have been advocates for how each bank is represented in our communities — our team members — will continue to discern the unique needs of their community and the most effective ways our company can respond to those needs.

As I said, both companies are very proud of their great track records and will continue to operate and make charitable giving decisions as separate companies until we're a fully integrated company. As the integration unfolds and each company's charitable giving focuses and processes are viewed, careful consideration will be made to any changes that might be proposed.

I'm a big believer in the saying: "If it isn't broke, don't fix it." So for the foreseeable future, our dedication and attention will focus on many of the same programs and initiatives that have made us valuable partners in communities across America.

We really want to give you a better glimpse of how my colleagues and I are helping to fulfill our goal of creating strong, vibrant communities. So in the coming months, right here on this blog, we're going to highlight some of the great work taking place all around the country. Please stay tuned!

As always, we'll continue to listen to the needs of our customers and our communities and adjust accordingly, so if there's something you've seen Wells Fargo or Wachovia do in your community to make a difference, please let us know about it! And if there's something else we could do better, differently or for the first time, we want to hear from you as well.

Earlier I mentioned what our CEO John Stumpf said about the opportunities the merger would create. I know exactly what he means. One of the best parts of my job is the rewarding feeling I get from knowing that Wells Fargo is out in our communities making a difference every day.

And that's a "value proposition" if I've ever heard one.

Matt Wadley

Did you know that Wells Fargo now operates one of the industry's largest retail brokerage businesses? With more than 15,000 full-service financial advisors nationwide, and 5,900 licensed financial specialists in retail stores, Wells Fargo's brokerage businesses administer nearly $1 trillion in client assets.

Included in those figures is Wachovia Securities, which Wells acquired when it bought Wachovia Corporation a few months ago.

Beginning in May, certain Wachovia Securities retail brokerage channels will be renamed Wells Fargo Advisors — becoming the first legacy Wachovia business to officially operate under the Wells Fargo brand.

The Wells Fargo Advisors name was selected following research that included financial advisor input, customer surveys and competitive analysis. The new name will be used on marketing materials, business cards and other collateral beginning in May, while signage at brokerage offices will be switched later.

We will continue to blog about additional branding decisions when the news becomes available — and official — to keep you updated on similar changes related to the integration of Wachovia and Wells Fargo.