What was the financial performance of Wells Fargo during John Stumpfs tenure as Chief Executive Officer (2007-2016)? What were the effects of the cross-sell strat

The document should be a maximum of three pages, using Microsoft Word. Please ensure that all written submissions are in Arial or simple readable font type 12. Handwritten assignments will not be accepted.

The writing style for the Term Paper is a formal writing style. Also, the ability to communicate your responses in a clear and concise manner is required. Please edit and proofread your paper for format, grammar, punctuation, and spelling.

This case study requires critical thinking skills in order to apply conceptual frameworks and theories to a real-world situation as presented in the case. You are required to work independently. Please note: Each response should reflect the question number you are answering.

Term Paper Questions: Using the information in the case, answer the questions below.

1.What was the financial performance of Wells Fargo during John Stumpf’s tenure as Chief Executive Officer (2007-2016)?

2.What were the effects of the cross-sell strategy on Wells Fargo’s stakeholders?

3.Were the key elements for an ethical corporate culture present during the period of misconduct (2011-2015)? Explain your response.

4.Did the Board of Directors exercise its fiduciary duties, with reference to effective oversight of the Bank’s senior management during the period of misconduct? Explain your response.

5.What changes should the new CEO make to restore the reputation of the Bank and to improve financial performance?

Wells Fargo: Setting the Stagecoach Thundering Again 1

Wells Fargo: Setting the Stagecoach Thundering Again

Mahendra R. Gujarathi, Bentley University Samir Kumar Barua, Former Director, IIMA

—————————– Copyright © 2017 by Case Research Journal and by Samir Kumar Barua and Mahendra R. Gujarathi. All rights reserved. The case was prepared by the authors for the sole purpose of providing material for classroom discussion. It is not intended to illustrate either effective or ineffective handling of a managerial situation. The authors would like to thank Professors Nader Asgary, Jill Brown, Atul Gupta, Mike Hoffman, and Joseph Weiss for their comments on earlier drafts of the case. Research and editorial assistance of Richard Garwood, Megan Pitkin, and Diane Wilson is gratefully acknowledged, and so are the helpful and insightful comments of three anonymous reviewers and the editor John Lawrence.

“The reason we wake up in the morning is to help our customers succeed financially and to satisfy all their financial needs. The result is we make money because of our focus on serving customers, not the other way around. This time-tested vision will forever be what matters to Wells Fargo. We’ll never put the stagecoach ahead of the horses.”

— John Stumpf, in the 2011 annual report of Wells Fargo1

The September 20, 2016 hearing of the Senate Banking Committee2 will be remembered for the relentless grilling of John Stumpf, Chairman and CEO of Wells Fargo (hereafter, Wells Fargo, or the Bank). Senator Elizabeth Warren (D-Mass.) began with the question, “Have you returned one single nickel of the millions of dollars you were paid while the scam was going on?” As Stumpf stuttered and fumbled in responding to a series of incisive questions, she concluded, "So you haven’t resigned. You haven’t returned a single nickel of your personal earnings. You haven’t fired a single senior executive. Instead, evidently, your definition of accountable is to push the blame to your low-level employees who don’t have the money for a fancy PR firm to defend themselves. It's gutless leadership."3

The Senate Banking Committee hearing followed imposition of fines on Wells Fargo on September 8, 2016 by the Consumer Financial Protection Bureau ($100 million), the Los Angeles City Attorney ($50 million) and the Office of the Comptroller of the Currency ($35 million). The reason for the fines (totaling $185 million) was that the Bank had allegedly opened over two million unauthorized checking and credit card accounts without the consent of the customers between May 2011 and July 2015. Wells Fargo settled with the regulatory agencies without admitting or denying the alleged misconduct.4

The hearing of the House Financial Services Committee5 on September 29, 2016 echoed views expressed in the Senate Banking Committee hearing. Congressman Gregory Meeks (D-New York) said to Stumpf, “I can’t believe what I’m hearing here. You're going to tell me there's not a problem with the culture" at Wells Fargo. Patrick McHenry (R-North Carolina) accused Stumpf of being “tone deaf” for how he didn’t

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2 Case Research Journal • Volume 37 • Issue 2 • Spring 2017

grasp the impact the scandal could have on societal trust in the banking system. Stumpf was clearly on the defensive as he confirmed that Wells Fargo had fired 5,300 employees in the last five years and that customers had been refunded $2.6 million of the wrongfully charged fees. However, he insisted: "We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need."6

Under relentless criticism, Stumpf revealed to the House Financial Services Committee that he had recommended that Wells Fargo’s board rescind $41 million of unvested stock awarded to him, and $19 million to Carrie Tolstedt, who led the bank's community banking unit where the wrongful sales practices (aggressive “cross-selling” of products without customer authorization) occurred.7 Would that be an adequate atonement for what had transpired under their watch at Wells Fargo? “You have broken long-standing ethical standards inside the company. How can you rebuild trust?” asked Congressman Patrick McHenry (R-North Carolina).8

EVOLUTION OF WELLS FARGO

Wells, Fargo and Company was founded on March 18, 1852 by Henry Wells and William Fargo. It began by offering banking and express services in California. Over the years, Wells Fargo got indelibly linked with the striking image of a stagecoach drawn by six thundering stallions. In 1857, it formed an Overland Mail Company to deliver mail using its stagecoach network. In 1905, Wells Fargo established banking as a separate business. The Bank survived the Great Depression as well as the difficult period of World War II.9 The prosperity of the 1960s saw the Bank emerge as a major regional bank in the western part of the U.S. By the 1980s, when it started its online banking service, Wells Fargo had become one of the top ten banks in the U.S.

The Bank weathered the financial crisis of 2007-08 relatively unscathed. In fact, Wells Fargo used it as an opportunity to grow inorganically, by acquiring Wachovia, another bank which was facing unprecedented financial troubles as a result of the mortgage crisis. On October 3, 2008, in a dramatic takeover battle, Wells Fargo triumphed over Citigroup to acquire Wachovia for $15.1 billion. The acquisition allowed Wells Fargo to double the number of its branches, and more than double its total deposits. Wachovia’s extensive retail network in the eastern U.S. complemented Wells Fargo’s presence primarily in the western U.S., and allowed it to become North America’s most extensive distribution network for financial services. In a conference call10 announcing the acquisition of Wachovia, Richard Kovacevich, the then chairman of the board of Wells Fargo said, “Wachovia’s number one industry position in service with Wells Fargo’s number one ranking in sales and cross-selling is unbeatable. But, most importantly our competitive advantage is our people. We share a common culture with strong ethical values of doing what’s right.”11 Although the Wachovia acquisition was completed by December 31, 2008, it took three years to fully integrate the operations of Wells Fargo and Wachovia.

By the end of 2015, Wells Fargo had become a diversified banking and financial services company with assets of over $1.8 trillion and approximately 265,000 employees. It provided banking, insurance, investments, mortgages, consumer and commercial finance through 8,700 locations, 13,000 ATMs, and internet and mobile banking. Wells Fargo’s vision and values statement12 in 2015 alluded to the size and scope of its activities:

“We’ve become one of the nation’s largest financial institutions, serving one in three U.S. households and employing approximately one in 600 working

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Wells Fargo: Setting the Stagecoach Thundering Again 3

Americans. We have team members in 36 countries, serving 70 million customers in more than 130 countries around the world. Forbes magazine ranks us among the top 10 publicly traded companies in the world based on a composite of sales, assets, profits, and market value.”13

The three major, fairly autonomous, segments of Wells Fargo’s business in 2015 were: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Community Banking Division offered a complete suite of diversified financial products and services to consumers and small businesses with annual sales of up to $5 million. Its loan products included lines of credit, automobile inventory financing, equity lines, equipment loans, education loans, residential mortgage loans and credit cards. Consumer and business deposit products include checking accounts, savings deposits, money market accounts, Individual Retirement Accounts, time deposits, global remittance, and debit cards. The Wholesale Banking Division provided financial solutions to businesses with annual sales exceeding $5 million. It provided a complete line of business banking, commercial, corporate, capital markets, cash management and real estate banking products and services. These included traditional commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, international trade facilities, trade financing, collection services, foreign exchange services, and treasury management. The Wealth and Investment Management Division provided a full range of personalized wealth management, investment, and retirement products and services. It also delivered financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high- net worth individuals and families.

FINANCIAL PERFORMANCE, STOCK RETURNS, AND EXECUTIVE COMPENSATION

The financial performance of Wells Fargo for six years (2010-2015) is presented in Exhibit 1. During this period, although its net revenues did not change much, Wells Fargo’s assets grew by 46% and net income by over 85%. By early 2015, it had posted 18 consecutive quarters of profit growth. Wells Fargo performed better than its competitors. As can be seen in Exhibit 2, compared to Bank of America, J. P. Morgan Chase and Goldman Sachs, Wells Fargo’s Return on Assets (ROA) as well as the Return on Equity (ROE) were higher in most years. Historically, its efficiency ratio – the cost incurred to generate a dollar of revenue – had also been low. In Q1 of 2016, while the Bank’s efficiency ratio was 58.7%, that of JPMorgan, Citigroup, and Bank of America was 60.5%, 61.4%, and 75.9%, respectively.14

Of the three major segments of business, Community (i.e., Retail) banking contributed most to the revenues, operating income and net income of Wells Fargo (see Exhibit 3). In 2015, the Community Banking division contributed 57% of the revenues, 59% of operating income and net income, and 51% of the total assets of Wells Fargo. In his letter to the stockholders in the 2015 annual report, Stumpf said, “Our time-tested business model – which produced a balanced mix of net interest income and noninterest income across more than 90 businesses – allowed us to deliver consistent performance despite the challenging environment.”15

Wells Fargo’s financial performance was reflected in the increase in its stock price. In July 2015, with market capitalization of about $300 billion, Wells Fargo became the most valuable bank in the world. Its stock outperformed the broader benchmark KBW NASDAQ Bank Index (BKX) consisting of about 24 leading national and regional

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This document is authorized for use only by Rashik Ahmed in FIN 9858 Summer 2022 taught by RHONDA HALPERN, CUNY – Baruch College from Jun 2022 to Jul 2022.

4 Case Research Journal • Volume 37 • Issue 2 • Spring 2017

banks. An investment of $100 in the Bank’s stock at the end of 2009 would have fetched $230 by the end of December 2015, earning investors a compounded annual return of 12.4% over the six-year period. For the same period, an investment of $100 in the Bank Index, BKX would have netted investors $171, a compounded annual return of only 9.4%.16 Wells Fargo stock had also outperformed the broader stock market index over longer periods of time. For the decade ending December 2015, its stock yielded a 14.3% compounded annual return to the stockholders compared with the 7.3% for S&P 500 index.

The impressive financial and stock performance of Wells Fargo was reflected in the compensation packages given to its senior management. The Human Resources Committee (HRC) of the Board took into account the Bank’s financial performance (including comparison with peers), progress on strategic priorities, strong and effective leadership, business line performance (for business line leaders), proactive assessment and management of risks, and independent compensation consultant’s advice in determining executive compensation.17 In 2015, Stumpf (CEO and Chairman) and Tolstedt (head of community banking) received total compensation of $19.3 million and $9.1 million, respectively.

Wells Fargo’s exceptional performance stemmed, in part, from its success in cross- selling. In the Senate hearings, Senator Elizabeth Warren (D-Mass.) referred to a sample of reports from stock analysts, all recommending a buy on Wells Fargo stock because of the strong cross-sell numbers year after year. The senator noted that Ms. Tolstedt received more than $20 million in annual bonuses during 2010 to 2015, “justified by the company in certain instances because of the ‘strong cross-sell ratios’ in her division. That is a direct reference to the extraordinary number of accounts created by her division, many of which were never authorized by customers.”18

WELLS FARGO’S VISION, VALUES AND CODE OF ETHICS

The vision of Wells Fargo was enunciated on its website as follows:

“We aspire to create deep and enduring relationships with our customers by providing them with an exceptional experience and by discovering their needs and delivering the most relevant products, services, advice, and guidance.”19

The five primary values that defined the foundation for Wells Fargo’s actions were described as follows:

“First, we value and support our people as a competitive advantage and strive to attract, develop, retain and motivate the most talented people we can find. Second, we strive for the highest ethical standards with our team members, our customers, our communities and our shareholders. Third, with respect to our customers, we strive to base our decisions and actions on what is right for them in everything we do. Fourth, for team members we strive to build and sustain a diverse and inclusive culture – one where they feel valued and respected for who they are as well as for the skills and experiences they bring to our company. Fifth, we also look to each of our team members to be leaders in establishing, sharing and communicating our vision. In addition to our five primary values, one of our key day-to-day priorities is to make risk management a competitive advantage by working hard to ensure appropriate controls are in place to reduce risks to our customers, maintain and increase our competitive market position, and protect Wells Fargo’s long-term safety, soundness and reputation.”20

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Wells Fargo: Setting the Stagecoach Thundering Again 5

Wells Fargo’s Code of Ethics and Business Conduct21 reiterated the employee responsibility to protect the reputation and integrity of Wells Fargo and asked them to contact their manager, HR advisor, or Office of Global Ethics and Integrity for help. Employees could also report any concern regarding accounting, internal accounting controls and auditing matters directly to the Audit and Examinations Committee of the Board, and could call the Bank’s ethics hotline (called “EthicsLine”) if “you see or suspect illegal or unethical behavior involving Wells Fargo”22 The Bank’s Code of Ethics and Business Conduct not only described the importance of ethical behavior but also provided a systematic approach for employees when faced with an ethical dilemma (see Exhibit 4).

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE23

In 2016, Wells Fargo’s Board of Directors consisted of 15 directors. Except for John Stumpf, every board member was an independent director as defined by the rules of the New York Stock Exchange (NYSE). All standing committees of the Board, including the Human Resources Committee (HRC) that determined the compensation of senior executives, consisted solely of independent directors. The Board had also adopted Wells Fargo’s Codes of Ethics for its members. In 2016, NYSE Governance Services, a subsidiary of New York Stock Exchange, bestowed the Best Board Diversity Initiative Award on Wells Fargo in recognition of the wide breadth of experience, industry, age, ethnicity, and gender the Board possessed. In view of the financial performance of the Bank and of Wells Fargo’s stock, the shareholders approved generous compensation to the Board of Directors. For 2015, the compensation to board members consisting of cash and stock awards ranged from $279,027 to $402,027.24

The offices of the Chairman of the Board and the Chief Executive Officer were combined, with Mr. Stumpf serving as Chairman and CEO. On several occasions, including the 2016 proxy statement, shareholders had proposed a separation of the role of CEO and Chairman of the Board. The justifications for the proposal included: (a) the worldwide trend of separating the positions of Chairman and CEO of companies, (b) weakening of leadership due to over-extension of duties that may result in inadequate oversight and (c) fundamental differences between the roles of Chairman and CEO and therefore the incongruity if the positions were held by one person. The Board advised the shareholders to vote against the proposal by arguing that the Bank’s governance structure was working effectively, and that the Board’s Lead Director provided effective independent oversight of management and Board accountability and responsiveness to shareholders. The Board also pointed out that such a proposal had been rejected by the shareholders eleven times in succession already. The Proxy Statements of the Bank from 2012-2016, which included some proposals pertaining to the efficacy of internal controls at the Bank, reveal that the Board advised to vote against every proposal from the shareholders in every year because (a) the changes required in the proposals were considered unnecessary and (b) the policies and practices of the Bank were robust and were reviewed and monitored adequately.

JOHN STUMPF, CHAIRMAN AND CEO25

Life for John Gerard Stumpf, who received several accolades, such as inclusion in Bloomberg’s list of 50 Most Influential Business people in 2012, and Banker of the

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6 Case Research Journal • Volume 37 • Issue 2 • Spring 2017

Year in 2013, started rather modestly. Born on September 15, 1953, he grew up as one of eleven children on a dairy and poultry farm in Minnesota. Stumpf would rise at 4:30 a.m. to collect eggs and would milk cows after school. “Even though we were very poor financially we learned the value of plural pronouns—us, we and ours,” said Stumpf. “There wasn’t a lot of time for I, me and my.” 26 Mediocre grades and limited family finances required Stumpf to work as a bread-maker while getting a bachelor's degree in finance from St. Cloud State University. After graduation, he worked as a repossession agent at First Bank in St. Paul, Minnesota before completing an MBA degree in finance from the Carlson School of Management at the University of Minnesota.

In 1982, Stumpf joined Northwestern National Bank where he held a number of management positions before assuming responsibility for Norwest Bank Arizona in 1989. He became regional president for Norwest Banks in Colorado and Arizona in 1991. During the four years (1994-98) in which he was regional president for Norwest Bank Texas, he led Norwest’s acquisition of 30 Texas banks with total assets of more than $13 billion. In 1998, following the merger of Norwest Corporation with Wells Fargo, Stumpf became head of the combined entity – Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). In 2000, he led the integration of Wells Fargo’s $23 billion acquisition of the First Security Corporation.

In 2002, Stumpf was named Group Executive Vice President (EVP) of Community Banking. He was elected to Wells Fargo’s Board of Directors in June 2006. Stumpf succeeded Richard Kovacevich as CEO in June 2007.27 In January 2010, he also became Chairman of the Board of Directors. As the CEO, Stumpf instituted a policy of open debate on issues concerning the Bank. “Around here if you have something to say, you say it—nobody is going to be offended. We’ve learned how to disagree without being disagreeable.”

CARRIE TOLSTEDT, HEAD OF COMMUNITY BANKING

Carrie Tolstedt headed the community banking division of Wells Fargo from June 2007 until July 2016. She was set to retire from the Bank at the end of 2016. Tolstedt was a 30-plus year veteran in the financial services industry with 27 years at Wells Fargo. A graduate of the University of Nebraska (BS degree in Business Administration) she joined Wells Fargo as a Norwest Bank team member in 1986. Tolstedt had been included four times in Fortune magazine’s “50 Most Powerful Women in Business.” In recognizing Tolstedt at the top of its list of the 25 Most Powerful Women in Banking in 2010, American Banker28 noted her cross-selling prowess and the challenges she faced from integration of Wachovia with Wells Fargo:

“The task of the integration is monumental, but the company's enviable cross-sell ratings – now above 6.1 products per household – suggest that her team has been able to take on the extra work from the merger without losing its focus on serving its original customer base.

One risk of such a large integration would be that the company's internal service culture would begin to drift … but Tolstedt ‘thinks up ways to communicate values to the front line’."

Tolstedt rose through the ranks at Wells Fargo to become a key associate of John Stumpf. When her retirement was announced, Stumpf praised Tolstedt as one of Wells Fargo’s most valuable leaders, “a standard-bearer of our culture, a champion for our

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Wells Fargo: Setting the Stagecoach Thundering Again 7

customers, and a role model for responsible, principled and inclusive leadership.”29 In the Senate Banking Committee hearings, Stumpf defended her compensation. He said that Tolstedt did not receive any severance upon her retirement in July and that the reported $124 million amount she was set to receive upon retirement was instead from the previous years’ compensation.

ECONOMICS OF CROSS-SELLING

Cross-selling is the practice of selling related or complementary products to an existing customer of an organization. In 2007, a White Paper by Equifax30 noted: “With 5+ billion pieces of direct mail blanketing U.S. consumers each year, marketers can no longer afford undisciplined ‘blast marketing’ approaches. Reaching the right customer, at the right time, through the right channel, with the right offer is a must for those required to justify direct marketing expenditures and realize the full potential of their cross-sell strategy.” The White Paper further mentioned that cross-selling enabled a firm to (a) increase a customer's reliance on the firm, while decreasing the likelihood of the customer switching to a competitor, and (b) profitably extract the maximum revenue potential from a client, improving the top-line revenue and marketing ROI. Efficiency gains also flow from servicing one account rather than several.

Cross-selling has become the cornerstone of the marketing strategy of the financial services industry. Its importance increased as the net interest margin – the difference between the average interest rate charged to the customers and the average cost of funds for the banks – declined from 3.83% in 2010 to 2.98% in 2015.31 The Equifax32 paper noted: “Successful cross-selling and customer retention are highly correlated. For most institutions we have worked with, about 50% of single-service checking households are lost each year. The addition of a savings relationship improves retention to about 67%; and adding a loan relationship as well improves retention to 90% or more.” It also mentioned a finding in a report by A.T. Kearney that a 5% increase in retention could increase profits from 25% to 85%, and observed that acquiring new customers was seven times more expensive than retaining existing customers. Another A. T. Kearney report claimed that “the average profit generated by a U.S. bank customer holding two products at a bank is $150. If the customer holds nine or more products, the return is $1000 or more.”33

WELLS FARGO: “KING OF CROSS-SELL”

Cross-selling at the Bank was the brainchild of Mr. Stumpf's predecessor, Richard Kovacevich, when he led Norwest Corp., which merged with Wells Fargo in 1998.34 Indeed, Norwest stated that the rationale for the merger was to increase cross-selling opportunities to attract new customers and earn more of their business. The financial analysts agreed as well. A First Union analyst mentioned that the greatest opportunity and the greatest challenge was to get the employees from the former Wells Fargo side of the Bank to adopt the sales culture and enthusiasm of the former Norwest.35 Richard Kovacevich lucidly explained Wells Fargo’s rationale for cross-selling in the Bank’s vision and values statement in 2006:

“Cross-Selling—or what we call ‘needs-based’ selling— is our most important strategy. Why? Because it is an ‘increasing returns’ business model. It’s like the ‘network effect’ of e-commerce. It multiplies opportunities geometrically. The more you sell customers, the more you know about them. The more you know

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8 Case Research Journal • Volume 37 • Issue 2 • Spring 2017

about them, the easier it is to sell them more products. The more products customers have with you, the better value they receive and the more loyal they are. The longer they stay with you, the more opportunities you have to meet even more of their financial needs. The more you sell them, the higher the profit because the added cost of selling another product to an existing customer is often only about ten percent of the cost of selling that same product to a new customer.”36

At the time of Wachovia acquisition, the cross-sell ratio for Wells Fargo (5.95) was much higher than that for Wachovia (4.65). The customers acquired from Wachovia therefore provided an opportunity to Wells Fargo to offer additional products and services. Wells Fargo’s senior management was so proud of its impressive cross-sell ratio that it mentioned the ratio in virtually every annual report since 1998, and in dozens of quarterly earnings calls.

The emphasis on cross-selling continued under the stewardship of Stumpf. In addition to signing up existing customers for additional services offered by Wells Fargo, the Bank offered customers a set of inter-related products with discounts integrated into the package. For example, its premier relationship package (called PMA) offered customers free current account and free bill payments, together with options to add a savings account, credit card, mortgage loan, and a discount brokerage account. About 63% of new current account customers opted for such packages with an average of four products per package.37

To improve the cross-sell ratio, Wells Fargo developed a system of incentivizing its staff. According to a Wells Fargo spokesperson, “We target loyalty, not just customer satisfaction. Gallup [the market research agency] surveyed 50,000 of our customers per month. This gives us a statistically meaningful sample across our entire network. We can measure indicators of customer satisfaction and customer loyalty. We take action on these results and increasingly our incentive compensation is based on these results.”38

Exhibit 5 depicts the cross-sell ratio of Wells Fargo from 1998 to 2016. In the testimony before the Senate Banking Committee, Senator

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