Strategic Management

Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

While Wells Fargo’s (WF) vision statement is clear and succinct, it lacks clarification on what it is attempting to achieve in the future and how they will accomplish it. The goal of the vision statement should be to quantify “how” and to what extent. The lack of a gerund verb for example “improving, leading, or to be” can be seen as a shortcoming as a vision statement has the sole purpose of identifying where the company wants to go to after accomplishing its mission. It should in fact be inspirational not only to the consumer but also the employees of the organization and indicate what the ultimate goal is. WF’s vision statement also lacks flare which would incite interest, curiosity, and possibly recruitment. An effective component of the statement is that it makes it absolutely clear that the focus of the organization is in fact the consumer and their financial betterment.

Three strategic objectives that Wells Fargo could utilize to improve their profitability:

· Decrease customer services response times to less than ten-minute wait making it interactions less time consuming by close of 2021.

· Develop a friendlier website that is responsive to all types of devices and platforms

· Improve communication with consumers to inform them of the financial resources we can provide.

· Increase our presence on all social media platforms using more diverse marketing and advertising strategies.

· Improve relations with the minority communities by providing fair and unbiased loans to those that qualify regardless of race.