
At times people have asked why I work for Wells Fargo and have chosen to stay with them over the years. Today is a prime example of why. I was in a Colorado Senior Leadership Conference and we started off the day by hearing from our Colorado Regional President about how things were going across the state so far this year. His report was all positive and he talked about how we stand out among the financial institutions of the nation as a company that is doing things the right way. Shortly after his opening comments we received news that our stock had risen $5 or over 20%. The crowd was so energized. The rest of the day was spent talking about how we can make the customer experience in our branches better and how we can continue to be one of America's great companies. By the end of the day we had received news that Wells Fargo had lead the financial stocks to one of the strongest gains in decades and that our stock had risen 33%. It is these experiences today that inspired me to write this post and the quotes from various articles were published today as a result of Wells Fargo's performance.
In an industry that has been hit hard by the credit crisis, today, Wells Fargo stood above the rest and took it's place as one of America's greatest companies. I have long been impressed by the ethics of the company I work for. I learned early on in my career that we would not lend when others would and at times I would have customers walk out my doors because I worked for a company that chose a higher standard of how to do business. As you can see from the quotes below the analysts, columnists and others recognized today what those of us that work for Wells Fargo have known all along.
I am grateful to call myself an employee of this great company. I have had offers from other banks including Wachovia and today I am thankful yet again that the Lord has blessed me and my family with the insight that staying with Wells Fargo was going to lead us in the direction we needed to go. In a time of uncertainty I am thankful that we have the ability to be led and guided in matters such as where we live, who we work for, and what influences we will allow into our home. Money is not always the answer. As I had entertained offers from other institutions that may have resulted in more money then, I would not have had the security that I have today. I don't write on our blog often and this is not the typical entry that we have on our family blog but I felt strongly that I needed to share what Wells Fargo truly represents.
"Wells Fargo results were commendable when contrasted against the deteriorating macroeconomic and credit conditions," wrote David Hendler, an analyst at CreditSights Inc.
Andrew Marquardt, a senior vice president and analyst at Fox-Pitt Kelton Cochran Caronia Waller, echoed Tororian's comments, believing that Wells Fargo is likely to be an exception this quarter. "We believe [the] results reflect ability to manage through [the] tough environment, flight to quality status among customers, and balance sheet strength," he writes in a note. "In [an] environment where capital is king, we believe [Wells Fargo] stands out in terms of level and generation capacity."
"Not all banks are on the verge of bankruptcy. This is a major victory for the banking business, and these guys need to be held up as the 'poster child' of present and future banking activities," said Kevin Giddis, managing director at Morgan Keegan & Co., about Wells Fargo.