Swot Analysis For Wells Fargo

Company profile
Wells Fargo & Company is a financial services company. It was founded in 1852 and has assets of $1.6 trillion. It provides with insurance, banking, mortgage, investments and consumer & commercial finance. It is present in more than 8,700 locations and has more than 12,500 ATMs. It has headquartered in San Francisco, but as it is decentralized, every local Wells Fargo store is a headquarter and satisfies all the customers’ financial needs. It has more than 265,000 team members spread in about 36 different countries. Wells Fargo was named as “Best Bank” by Euromoney in its Global Awards for Excellence, in 2013. Structure
Major businesses
It has a wide range of major businesses and these businesses are offered by three different

SWOT analysis
• Areas of product-line strength
Wells Fargo & Co gives a complete range of banking services. It is strongest in mortgages, where it shows dominance compared to other competitors such as JP Morgan Chase & Co and Bank of America Corporation. It also leads in auto lending since moving ahead of Ally at the top position in 2013. Private-student lending is another area of strength for Wells Fargo.
• Areas of product-line weakness
It remains weak in investment banking when compared to its competitors. The bank is trying to make it up by strategies like the acquisition of Wachovia. It needs to use its strength in commercial lending to build up its client base in this area.
• Opportunities for Wells Fargo
A big opportunity for Wells Fargo is presented by Wealth management of ultra-high-net-worth individuals, institutions, families, and endowments represents. With subsidiary Abbot Downing, it has got a good start in this area and has captured a decent market share till now.
Another big area of opportunity for Wells Fargo is represented by Cards. Only 36% of its retail banking clients, 20% of its mortgage clients and only about 7% of its affluent customers have Wells Fargo

It wasn’t just technological challenges they were facing, they also needed to rewrite the software of his organization.
Today, Wells Fargo is a well ahead in innovation. Every six months, ten priorities are identified. Then developing, testing and deploying of new services takes place every 90 days.
Growth strategy
A common theme in Wells Fargo's growth strategy is becoming its customers' only bank. Many strategies are undertaken keeping this goal in mind. Some of which are as follows.
• Growth in the credit card business
Wells Fargo has stated its goal to put at least one of their credit cards in the wallet of every one of its banking customers. The penetration rate in its retail banking households is 38%, which has grown significantly recently, but the company wants to increase it more.

• More brokerage customers

Wells Fargo's Wealth, Brokerage, and Retirement business has grown tremendously since the acquisition of Wachovia. The retail brokerage assets grew 19% year-over-year and total client assets rose by 8% when the company reported its first quarter earnings. This business is important because it brings some of Wells Fargo's best