Recently in Leadership Q&A Category

Matt Wadley

We know that you're anxious or eager for updates about how the integration is going. We've heard you ask about timing, products and services. And we know you're anxious to learn how your personal accounts will be impacted when your state converts.

While we continue to seek out and blog about answers for your questions as they're available, we were recently able to get a few minutes with former Wachovia Chief Information Officer Martin Davis, who is now head of the Technology Integration for the merger.

MW: Hi Martin, thanks for taking the time to give our readers a little insight into all that is going on with the IT integration.
Martin Davis: Glad to do it!

MW: So is the work you're overseeing similar to anything you've experienced?
MD: Well, I actually moved to Charlotte in 2001 to help oversee the Wachovia/First Union merger. It was a huge undertaking.

MW: How has that experience prepared you to oversee this one?
MD: Well, I'd like to emphasize first that even though I might be overseeing these integration efforts, it's really and truly a team effort. Everyone in Technology Leadership is working together to make this possible!

But to your question, certainly no two mergers and acquisitions are ever alike. But the strategy behind them is always consistent. We seek out the best of the platforms that already exist, analyze all of them and find out which ones have the best scalability. That was a top priority during the Wachovia and First Union merger. We didn't want our customers to ever not be able to complete a transaction — or even to notice that there was a merger going on.

MW: So you have the experience, but when you took over your current role managing the IT integration of Wachovia and Wells Fargo, how huge did the job look?
MD: It was big. Between our two companies, there were more than 4,000 different systems being used. Just for e-payments, we had to decide on hundreds of systems. But there was no pressure to stick with either platform. We analyzed both systems to determine which would serve our customers better in terms of the company's go-forward business model....

Ann Marie Quinn

Well, it's been almost a year since the Wells Fargo and Wachovia merger was announced. In the months that have followed, teams from both banks have been working diligently behind the scenes to determine what systems and products would be used in the combined company — no small feat, to say the least!

The teams have also taken great strides to make sure there's been little to no impact on you, our customers, during this time. And now we're gearing up for the first market conversion in Colorado in November.

As you might imagine, the integration is being worked on by many teams across the company. But the person responsible for overseeing it all is Pat Callahan. Pat's been with Wells Fargo for more than 30 years and has served in various roles throughout the company, including working on the integration of previous mergers.

This time, she's working with Steve Boehm, who was a guest blogger here on an earlier post.

In any case, we know many of you've had specific questions and comments about the integration, like this one from Sharon Collins posted on July 28:

I live in a state that has Wells Fargo but no Wachovia and I have been a Wachovia customer for over a year now. I would like to know if or when I can make cash deposits into the local Wells Fargo bank and how long would it take to reach my wachovia account. I have direct deposit but I am still looking for the comfortablilty to be able to go into a branch and make my transactions.

Well, Sharon (and everyone), we're doing our best to address your questions! So I recently sat down with Pat to get her thoughts about the integration and to share some of your most frequent comments from the blog:

Ann Marie Quinn: Pat, thanks for taking the time to meet with us. We know you're very busy preparing for the first market conversion in Colorado and working on other conversion tasks.
Pat Callahan: My pleasure! I've been a big fan of the blog and appreciate the readers who are asking questions or leaving comments about their experiences during this time. I've read many comments and appreciate customers taking the time to let us know what they think and what questions they have for us.

AMQ: So, right off the bat, what has been done from a merger perspective in the last year that our customers would notice or want to know about?
PC: Well from what I've seen, many, if not all, announcements related to what customers can do between banks have been posted on the blog. This includes the ability for mortgage customers to make their payments at either a Wells Fargo or Wachovia location and no ATM fees for customers to use either bank's ATMs. We've also started offering some Wells Fargo products and services in Wachovia stores — such as Home Mortgages.

The naming and branding of Wells Fargo Advisors is also complete. However, there's still some significant work to do to combine the Wachovia Securities and Wells Fargo Advisors products and platforms....

Matt Wadley

When the Wachovia Securities name officially changed to Wells Fargo Advisors last week, it represented one of the most visible steps thus far in the journey to integrate our two companies. And while a name change may have initially seemed rather mundane, hopefully in following our blog posts you've come to realize the complexity that goes into getting to this point and the significant milestone that it represents.

We know that many of you — our readers/customers — continue to ask for more details about the timing for branch conversion and decisions about go-forward account products and services across the company. We continue to share your requests for more details with the Integration Team and want to thank you for remaining as patient as you've been during this time of change.

While the answers to many of your questions aren't available yet, we thought you might appreciate getting some additional insight about the countless possibilities for the new Wells Fargo from David Carroll, head of the new Wells Fargo Wealth, Brokerage, and Retirement Services Group and a member of CEO John Stumpf's Executive Leadership team.

In case you missed it, we kicked off our "Leadership Q&A Series" a few weeks back with some comments from Kevin Rhein. And when I caught up with David recently, he talked specifically about the similarities and differences of the businesses he now oversees, along with the significance of merging two of America's largest financial institutions.

As with each one of our leadership interviews, we hope you'll share your thoughts and please tell us what you think!

MW: David, thanks for sharing some thoughts on this merger with the readers of the Wells Fargo-Wachovia Blog.
David Carroll: Happy to do it. Getting a chance to speak directly with our customers, and such an engaged group, is a really unique pleasure.

MW: Well let's get right to it. We've been taking steps to integrate Wells Fargo and Wachovia for almost five months, and last week, Wachovia Securities, the retail brokerage business, changed its name to Wells Fargo Advisors. Can you tell us a little about the new name?
DC: Sure. Wells Fargo Advisors conveys two important ideas. First, we are now part of Wells Fargo, and have the strength and stability of that brand behind us. Second, the word "advisors" describes how we work with our clients. We listen to them and then create a plan that will help them achieve their individual goals.

MW: Great. Taking a broader perspective, what are some of the key similarities and differences you see as you bring together the Wealth, Brokerage, and Retirement Services Group?
DC: (Laughs) How much time do we have? In terms of similarities, our wealth management and retirement businesses were virtual mirror images of each other on opposite coasts. When it comes to brokerage, our strategies were different. Wells Fargo focused on an in-bank brokerage model, while Wachovia Securities offered clients more ways to get investment advice, from working with an in-bank broker to having a relationship with a broker who was part of our Private Client Group. Bringing the two companies together means we can offer Wells Fargo customers even more ways to do business with us when it comes to managing their investments.

MW: What has impressed you the most about the way Wells Fargo operates?
DC: Wells has a terrific reputation for being the best in making the various pieces of the company work together. I think if we can integrate that with the dedication to customer service piece that we've prided ourselves on at Wachovia, and focus on a making sure all of our customers have a financial plan, we won't be outdone in serving our clients.

MW: At the end of the day, what will this mean for our customers?
DC: Well, in addition to the outstanding service and broader selection of products that each customer will have to choose from, customers can take comfort in two great companies coming together to form an even better financial services company. And on top of that, we'll be more focused on the customer than ever. That makes Wachovia and Wells Fargo coming together a win-win for our customers.

MW: Thanks for your time today, David. We look forward to hearing about more success from the integrated company.
DC: My pleasure, Matt! Thanks for allowing me to participate.

Ann Marie Quinn

As you are all very well aware, there are still a number of decisions that need to be made about conversion activities. However, as we've mentioned in some of our previous posts, the leadership positions of our combined company are coming together.

So in the coming weeks, we'll feature conversations with different leaders in order to get their perspective on the merger and the integration of their businesses.

We kick off our series with Kevin Rhein, the head of Card Services and Consumer Lending. We were able to sit down and spend some time with Kevin recently to get some of his thoughts on the integration and how his group is making decisions as part of the process.

In case you're wondering, Kevin's group is responsible for a lot of things, like Credit Card, Consumer and Business Debit Card/Prepaid Products, Education Financial Services, Global Remittance Services, Personal Credit Management and Wells Fargo Financial.

AMQ: Kevin, thanks for joining us today.
Kevin Rhein: Happy to spend a few minutes with you! I've enjoyed reading the blog and glad to provide some content.

AMQ: Careful or we'll make you a regular contributor on here!
KR: (Laughs) If you do that, you might see your activity level decline.

AMQ: No, believe me, our readers are eager to learn more. So what has been at the top of your mind since the merger was announced a few months ago?
KR: Its size and scope. Think about it, we are combining the fourth and fifth largest banks in the United States, each of which is a Fortune 500 company. And we have a once-in-a-lifetime opportunity to create the premier financial institution in the world. We have a tremendous opportunity to learn from one another. We also have a chance to assess what works best from both organizations and strengthen our Card Services and Consumer Lending product and service offerings.

AMQ: As you look at your organization, how do you see it coming together?
KR: Well, I’d like to see our Credit and Debit Card organizations learning from each other, our student lending businesses operating together, and our Direct Auto Lending business taking off to meet the needs of a growing number of customers. I’d also like to see our International Remittance business expanding their distribution network in order to help our new Wachovia customers. But most importantly, I’d like to see us continuing to serve our customers so well that they are proud to be part of the Wells Fargo organization. We’re really trying to move beyond just customer satisfaction and get into customer engagement!

AMQ: What excites you the most about what lies ahead?
KR: When you have a culture that is dedicated to your team members and to customer engagement you have the foundation for terrific success. I’m excited about how we can get there together. If I were to stand back and look at the overall picture, what I'd like to see when the merger is complete is for us to truly be one team, twice as strong, leading our great country back to economic prosperity.