Page 21 - Wells Fargo Bank (C) Teaching Note
P. 21
Acquisition of Wachovia
The acquisition of Wachovia was an opportunity for Wells
Fargo to learn from Wachovia in defining a mass affluent
customer strategy which would become the key to
capturing more share of deposits and investments
spread nationally.
This was tied to its social responsibility attitude where
Wells Fargo believed that if the communities are doing
well, then its business will do well in turn. To this end, in
2013, it donated $275.5 million to 18,500 not- for-profits
organisations whilst it staff contributed 1.69 million team
member volunteer hours in areas of education, human
services, community development, art and culture, civic
services, and environmental issues.
The acquisition of Wachovia allowed Wells Fargo to
significantly expanding its securities business. Prior to the
acquisition, Wells Fargo basically did no securities
