8 / 12
Wells Fargo’s changeover
fromWachovia marked the
largest bank merger in U.S.
history. When the union
was first announced, the
task of integration seemed
overwhelming. Now that we
are on the other side, I get
asked frequently how we did
it and how we managed to
do it so well.
While every
situation is different,
I can tell you three
strategies that helped
us: making customers
our first priority; taking our time with the
change; and finally, making investments in
people, infrastructure and our communities.
Keeping customers in the forefront
Georgia was the first state on the East Coast
to make the switch to Wells Fargo. It was
an honor to pave the way. From the very
beginning, many months before the actual
conversion took place, we worked hard to
keep our customers at the center of it all.
Our vision is to satisfy all our
customers’ financial needs and help them
succeed financially. Keeping them first
meant communicating thoroughly and
well in advance, minimizing disruptions
and offering them even more choices than
before.
Our first communication went to
customers more than three months in
advance. It was high-level, and was followed
with more detail written in customer-
friendly language. We also made sure our
bankers were fully informed so they could
answer questions. We let customers know
they could continue to use checks and
deposit slips and we grandfathered account
features.
In business banking—
my line of work—many
customers did not change
over right away. They
continued to get the same
services as before. But all
were offered new choices
of products and services,
where it made sense, such
as equipment financing and
new types of lending.
Being deliberate
Another strategy that helped
us was choosing to take our time. The merger
became official on December 31, 2008.
We didn’t switch our signs and systems in
Georgia until the fall of 2010. Even now, we
still have several states in the East left. The
entire changeover will be completed later
this year.
Being gradual meant we could learn
from previous states and get even better. We
started with states in the West where both
Wachovia and Wells Fargo operated. By the
time we got to Georgia, with its 2.9 million
customers and 350 locations, we were much
better prepared.
Still, customers saw signs of Wells Fargo
along the way.
Making investments
In late 2009 and early 2010, we made a
major investment when Georgia became
the first state in the East to receive Wells
Fargo’s innovative envelope-free ATMs at
278 bank stores and other bank locations.
These machines showed our customers some
of what they could look forward to with
Wells Fargo – convenience and advanced
technology.
We also started offering our customers
some of the new products that they would
have access to with Wells Fargo, such as
insurance and identity theft protection.
With the switch to the Wells Fargo
business model, we invested in people by
adding more than 500 jobs in Georgia,
something important with unemployment
so high.
In Gwinnett County, where we are the
No. 1 bank with 29 bank stores and more
than 400 team members, we added some
40 jobs. We remodeled every bank store,
making them more open and inviting for
our customers, and making them more
environmentally friendly. At several,
we added customized historic murals,
deepening the connection to the local area.
Finally, something that was very
important to us was to make sure to give
back to the community.
To help celebrate our new ATMs in
Gwinnett, we gave $15,000 to the Gwinnett
County Public Schools Foundation. In
the fall, we asked our customers to help
us give away $120,000 across Georgia by
choosing which among a group of non-profit
organizations would get the most money. We
also provided more than 300 non-profits in
Georgia with $1,000 grants through Wells
Fargo’s Days of Giving program. Our bank
stores and other bankers selected groups to
be honored, including 29 based in Gwinnett.
And, to the delight of hundreds
of children, the iconic Wells Fargo
stagecoach and horses made appearances
at five elementary schools across the state,
including Rockbridge Elementary in
Norcross.
There can never be a one-size-fits-all
formula for bringing together two large
companies. But if you keep your priorities
straight – making your customers and the
community No. 1, and taking your time to
do things right, you are much more likely to
find success.
Keeping Customers and Communities First Leads to Success for Wells Fargo
Robert Dobbs, Senior Vice President and Area Business Banking Manager
THE EXECUTIVE – SUMMER 2011
PAGE 8