在31年前的大学里，John Stumpf在明尼阿波利斯的雷可人降落了一份工作。他会在上午10点展示银行，并在下午5点之前工作手机。试图跟踪自动贷款的借款人到期的借款人。然后，在晚餐短暂休息后，他会变成休闲衣服，然后出去追捕并抓住汽车，经常长期午夜。
"When you collect bad loans," says Stumpf, "you sure learn a lot about making good ones."
That streetwise education has served Stumpf, 54, well. Perhaps nothing could have prepared him better for the challenges he faces today as CEO of Wells Fargo & Co. In late June, when he succeeded retail banking legend Richard Kovacevich, things were looking rosy enough. The bank was finishing a record second quarter that would produce $2.28 billion in net income, 9 percent better than a year earlier, on $9.9 billion in revenue, up 13 percent. The performance capped a sterling two-decade run of 17 percent compound annual growth in profit that coincided with Kovacevich's tenure -- first as vice chairman and, since 1993, as CEO of Norwest Corp., which bought San Franciscobased Wells in 1998 and took its name.
当美国已经受伤的抵押贷款市场陷入混乱，三位金融服务业首席执行官——瑞银（UBS）的彼得•伍夫利（Peter Wuffli）、美林（Merrill Lynch&Co.）的斯坦利•奥尼尔（Stanley O'Neal）和花旗（Citi）的查尔斯•普林斯（Charles Prince）——失去了工作，并导致数百亿美元的资产冲销时，Stumpf才刚刚接手。看来，整个行业都必须重新吸取有关发放好贷款和坏贷款的教训。不过，不是威尔斯。它比抵押贷款业务中的任何一家机构都要大，而且更依赖于它。但迄今为止，它在危机中相对毫发无损。
In the dismal third quarter just ended, as one bank after another tallied up its write-offs -- or losses -- Wells held steady. Net income, in fact, rose to a record $2.283 billion, up 4 percent on the preceding year's quarter, while revenues, at $9.85 billion, climbed 10 percent. Per-share earnings, at 68 cents, fell 2 cents short of the analyst consensus estimate.
这是一个显着的成就。毕竟，福尔斯法戈是一个近似军事市场的主要力量。The fifth-biggest U.S. bank by assets, with $549 billion, Wells draws nearly one fifth of its income from mortgage and home equity: In 2006 it ranked second in originations in the U.S. and first in loans serviced, according to newsletter "Inside Mortgage Finance." In early November, brimming with confidence, Wells announced a plan to buy back up to 75 million shares, worth $2.3 billion at current prices. By contrast, consider the travails of Wells's nearest competitor, Countrywide Financial Corp. -- No. 1 in originations and No. 2 in servicing. It posted a loss of $1.2 billion in the third quarter, is laying off 12,000 employees and in August turned to Bank of America Corp. for an emergency $2 billion capital infusion.
井是体育它的瘀伤，可以肯定。与其他银行一样，它在次级抵押贷款中受到了打击，并且在第三季度将以46％的信贷损失条款提高46％，达到8.92亿美元。分析师对韦尔斯大型房屋股票组合的亏损急剧上升感到惊讶。可能会有更多的抵押贷款损坏。但总而言之，考虑到金融世界中的狂欢节，斯坦普夫和Kovacevich计划担任2008年担任主席，已经有很多理性微笑。
Can Wells continue to perform as well -- especially when it appears the mortgage crisis is deepening? Announcements by Merrill Lynch that it was writing down $8.4 billion in loans, $7.9 billion of them subprime, and by Citi that it would write off an additional $8 billion to $11 billion in bad loans have spooked the markets.
到目前为止，分析人士仍对西海岸银行抱有信心。”随着市场的持续恶化，可能会出现更大的减记，”旧金山皇家银行资本市场（RBC Capital Markets）分析师乔莫尔福德（Joe Morford）指出，该公司股票的表现仍优于其他公司但相对于其他银行和经纪商，富国银行的减记额可能会减少。”
投资者可以感谢特殊的商业模式和企业文化的井，喜欢做自己的ornery的方式。亚慱体育app怎么下载它不会向华尔街提供盈利指导，并没有随着市场可能喜欢的商业单位性能细节。但投资者（最大的是Warren Buffett的Berkshire Hathaway）通过其稳定的长期绩效，岩石坚固的资本基地赢得了6.5％，这是该国唯一的三元钱银行 - 及其方法。井在84个独立的商业线上结合了广泛的多样化，具有良浩销售精神和毫无疑问的信誉。
“我们认为消除盈利波动的方法是拥有一系列广泛的企业，”Kovacevich说，在不同的成熟的不同条件下，在不同的条件下，在不同的竞争对手下，在不同的地理位置，在不同的情况下，在不同的情况下，在不同的情况下，在不同的情况下，康沃奇斯·科沃奇说亚慱体育app怎么下载是什么把它拿在一起。“
Kovacevich's emphasis on the soft side of management is anything but lip service. It is spelled out in a 36-page "Vision and Values" handbook known internally as "the bible" that all employees are asked to read and keep for reference. Wells's style can feel hokey -- its 5,900 retail branches are called "stores" and its customers are known as "guests" -- but it works. In community banking, where Wells serves 11 million households, the average customer uses 5.5 Wells products; 22 percent of its customers use more than eight. No other bank approaches those cross-selling figures.
威尔斯在网上也做到了这一点，将互联网视为客户的同等便利，客户也可以自由选择分支机构和电话联系方式。如今，在威尔斯的支票账户客户中，有950万（64%）是活跃的在线用户。世界上没有哪家大银行能在让客户上网方面做得更好。
The sensitivity to cultural values also meant that when Kovacevich chose to step down early, in June, he had a handpicked successor in place, unlike such firms as Merrill and Citi that are hastily conducting searches for new CEOs. And his pick knows the ropes. As Kovacevich notes: "John Stumpf has lived and breathed that culture for more than two decades."
之后的统治期间,井,它成为sor, Norwest, have eschewed financial industry trends to focus almost single-mindedly on building the premier consumer banking franchise. Commercial lending and real estate contribute less than 10 percent of profits. Wary of clashing cultures, Wells has avoided the investment banking business and has virtually no footprint overseas: Just $7.9 billion of the bank's $362.9 billion total loan portfolio is foreign. It has thus forgone many of the great growth opportunities chased down by rivals -- particularly in such areas as China; but it has also steered clear of the periodic crises that have dinged the finance industry, from the Russian collapse of 1998 to the popping of the tech stock bubble in 2000.
“当行业扎塔斯的其余部分时，他们做得很好地Zigging，”纽约美国证券的Banc of America Securities银行分析师John McDonald说。
在抵押贷款井一直在做更多的锯齿。银行第三季度的净信贷损失，8.92亿美元，从第二季度上涨1.72亿美元，或24％;其中一半的增加来自830亿美元的房屋股权贷款组合。抵押贷款服务资产和抵押贷款生产井中的收入井中跌幅。麦当劳表示，这是从“对冲估值下降的堕落”的相当长。他认为，井将不得不将其储备从1.11％的贷款中升起，第二季度下降1.17％。他最近降低了2008年的2008年盈利估计，是17个大银行的13个估计;他从2.95美元的价格剃了井到2.90美元。
然而麦当劳仍然是一个粉丝，井保持高水平的投资者信心。近期股价约为33美元，井在2008年收益预计11.4次交易。与美国银行8.8，Citi的8.1，JPMORGAN Chase＆Co.的9.7和Wachovia Corp.的9.4比较。在区域银行，阳光银行和美国Bancorp相等的井11.4中，PNC金融服务集团在11.9时称重，其他金融服务集团在11中等。
Wells made its share of subprime loans, but it avoided the more reckless lending practices -- negative amortization loans and option adjustable rate mortgages, for instance. Nor did it rely on conduits or assemble the structured investment vehicles (SIVs) that have caused havoc for others. In the past 18 months, the bank grew increasingly cautious. It sold off some $60 billion in loans with troubling risk profiles, according to Victoria Wagner, a credit analyst with Standard & Poor's. It also halted purchases of riskier loans from brokers where it hadn't done the underwriting and moved away from adjustable-rate offerings.
“在繁荣时期，他们陷入了一定的承保纪律，并通过非常小心在投资组合中留下的贷款来限制风险，”瓦格纳说
Wells might even profit from the market mess. With its steady profitability, watertight balance sheet and appetite for deals, it's positioned to be an acquirer or merger partner of choice. Kovacevich built the bank through 250 acquisitions. The biggest by far was Norwest's $34 billion acquisition in 1998 of Wells Fargo, which became vulnerable after system integration problems plagued its $11.6 billion purchase of First Interstate Bancorp. two years earlier.
之后的名字作为poten甚至被提出tial CEO for Citi, where he was once a senior executive. Why not a merger? Citi would benefit immensely from Wells's 23-state retail banking franchise. It's doubtful, for cultural reasons, that Wells would consider such a combination. But Jacqueline Reeves, a longtime industry follower and managing director of Bell Rock Capital, a Paoli, Pennsylvania, firm that manages more than $200 million in investor assets, thinks Wells should be "one of the beneficiaries of all this turmoil."
Figuring this out will be Stumpf's first great challange as successor to Kovacevich. It won't be easy. "We're replacing a guy with big shoes, but we think we've got the guy who can fill them," says Robert Joss, a Wells director since 1999 and dean of Stanford University's Graduate School of Business. "A big part of the challenge is to establish his identity as John Stumpf, as opposed to the guy who took over for Dick."
该身份必须在银行业中的一个在记忆中最糟糕的危机中伪造。
DICK KOVACEVICH, BY ANY ESTIMATION, is "a tough act to follow," says Thomas Brown, a veteran banking analyst and follower of Wells who runs New York hedge fund Second Curve Capital. Kovacevich cut his business teeth running the Kenner Toys division of General Mills, became a top retail banking executive at Citi and at Wells created one of the banking industry's vaunted sales cultures, rewarding employees for working together in teams and selling multiple products to customers.
"A core value of the company is collaboration," explains Anat Bird, a former head of retail banking for Wells's northern California region. She recalls that on her first day working for Kovacevich in 1998, "He pulled me into his office and said, 'Winning is important here. But helping the whole team win is much more important.'"
即使在削减交易中，银行也应用了其价值系统。这些交易的许多交易被Stupdf所监督，他说，“关键的是赢得了员工的心灵和思想。”例如，当Kovacevich获得井时，他坚持要呼吁它等于的合并，避免谈论裁员，并在2001年初举行康斯州的井中的同行，直到董事长，直到2001年初。
The second of 11 children, Stumpf learned all about teamwork growing up on a dairy farm outside of Pierz, Minnesota, a town of 1,300 residents about 100 miles north of Minneapolis. "Whether we were picking eggs or baling hay, it was always as part of a team," he says. Family members remember the affable and self-deprecating Stumpf as an orderly youngster who cleaned his plate at mealtimes, kept clothes stacked neatly in his bureau and was fastidious about his appearance. "His disposition, mannerisms and habits were all perfection," says his mother. She recalls that as a high-schooler, "the first thing he'd do when he got in his car was look in the rearview mirror to check his hair."
在招募圣云州立大学之前，Stumpf在当地面包店工作了一年，刚刚在路上。他赢得了金融学士学位，并在晚上播放了低音吉他，为叫做Mason-dixon线的摇滚乐队，其中播放了20世纪50年代，60年代和70年代的歌曲。“这是我有史以来最好的工作，”他说。“我得到了乐趣的报酬。”
As a college senior, Stumpf got his introduction to banking working as an intern at a small bank in St. Paul. He was attracted by the sense that "no matter what business you were in, there was always a bank in the middle." Upon graduation in 1976, he joined First Bank System (now U.S. Bancorp) in Minneapolis, and after his stint as a repo man, earned a promotion and was soon reviewing and approving credits. At night he earned an MBA in finance from the University of Minnesota.
1982年，他跳到克罗斯斯敦竞争对手西北国家银行，因为那时是Norwest。他在搬到明尼阿波利斯总部进行商业贷款锻炼之前作为一名分支机构，他在1987年到1987年的一个地区，当时他是汽车金融业务的首席信贷官。
之后从花旗抵达1986, and as he got down to work on the sales culture, Stumpf was rising, in part because of his credit sense. In 1991, two years after he was posted to Norwest Bank Arizona as chairman and CEO, Norwest acquired United Banks of Colorado in Denver, which had been weakened by bad real estate loans. Stumpf was assigned to use his workout skills to clean up that mess and his people skills to impart Kovacevich's culture. Stumpf had come to Kovacevich's attention when he was heading the commercial loan workout group in Minneapolis, and that's what got him the Colorado job. "It was our first major acquisition," Kovacevich recalls. "We wanted John to start running something, and there was a lot of workout to do in Colorado, so it was a good match."
Nursing that bank back to health was "challenging," Stumpf says, adding that the overriding lesson from that experience was that getting people committed and engaged was more important than setting rules. "When you trust people and invest in them as human beings, the results are usually bigger than you would imagine."
Stumpf表明了一个管理增长的诀窍。从1994年到1998年，他是Norwest Bank德克萨斯州的区域总统，他监督了30家社区银行的购买，总共有130亿美元的资产。“我们会在早上宣布一笔交易，我将在本周剩下的时间里出去，与每个团队成员一起举行 - 在上班前与他们一起喝咖啡和甜甜圈，或在上班后披萨和凯克斯，谈论我们的价值观和文化，亚慱体育app怎么下载赢得了他们的心灵，“他说。今天，井是孤独的星级国家第三大商业银行，占地280亿美元。当Norwest收购的井法戈时，Stugpf负责西南部的零售业务，到2000年，他正领导西部银行业集团，涵盖加利福尼亚以外的十个国家。他于2002年7月成为所有社区银行业的负责人，三年前成为Kovacevich的第2号作为COO。
在众多挑战时运行银行散布。Kovacevich描述了作为“首席执行官首席执行官”的工作，确保合适的人在合适的工作中，策划了一种让每个人都在同一方向拉动的文化，并鼓励业务部门之间有效的互动来提高销售。亚慱体育app怎么下载“我不跑这件事，”Kovacevich去年克里佩德。“我亲吻婴儿，剪丝带并与记者和分析师交谈。”
But he also prodded and led the cheering, obsessively focused on the key performance metric of the cross-sell ratio. Wells's rationale is simple: The more products customers have with the bank, the more profits they generate. The trick is in the execution. Wells effectively uses the cross-sell number as a benchmark and rallying point, and it's one way it holds team members, as employees are called, accountable in the way they serve their guests.
A target ratio of eight products per customer is but one of the long-term corporate performance goals that are underscored as team initiatives, along with double-digit earnings and revenue growth every year, and return on equity of at least 20 percent. (It was 19.12 percent in the third quarter.) Branches are ranked on core product sales and profits per day, cross-selling success and closed referrals. Wells commissions surveys from the Gallup Organization to regularly measure "employment engagement," calculating what executives call the happy-to-grumpy ratio in the workforce. "There's a very strong correlation between engaged employees and results," Kovacevich says.
Brad Strothkamp是旧金山的Forrester Research的高级分析师，该旧金山于1997年至2004年期间为Wells在线银行业务工作，说井成功的秘诀在于产品协调，为使用多种产品和服务的客户提供更好的金融交易。一个例子是投资组合管理账户，而不是仅根据账户余额，总关系的因素基于折扣 - 包括在家庭公平，信用卡和抵押贷款的余额 - 以图为什么折扣。
Though it sounds simple, Strothkamp says that in practice it's exceedingly difficult for banks to build the systems and structures required to overcome the turf mentalities of individual product silos that typically have their own profit-and-loss statements. "It's not the camaraderie and culture that make Wells a highly profitable bank, it's the tools and products," Strothkamp says. "To get that greater wallet share, you have to put some real money back into the customer's pocket. Wells does that, and most other banks don't."
It will take good fundamentals to get through the mortgage crunch. S&P analyst Wagner says Wells is better positioned than most banks to weather the storm, and as of now its triple-A rating isn't in jeopardy. Loan-loss provisions and charge-offs will likely rise as mortgage origination volumes fall, but the company bears little credit risk after having securitized and sold off the diciest loans to investors. Wells gains a hedge as a servicer of $1.4 trillion in mortgage loans. It provides administration, collection and other functions that yield an annuitylike fee-income stream, and it's first in the collection line if loans go bad. "They're among the very best at mitigating and managing risk to avoid earnings volatility," says Wagner.
Wells's underwriting discipline helps. Banc of America's McDonald says that Wells was smart to sell off adjustable-rate mortgage holdings in late 2006 and early 2007 and that management has been "good stewards of the balance sheet." In the third quarter 57 percent of new originations in the subprime area were fixed-rate loans.
Wells senior executive vice president for home and consumer finance Mark Oman says the only significant subset of sketchy loan quality on the company's books is a $24 billion portfolio of nonprime mortgages issued for debt-consolidation purposes. These are all loans that the company underwrote itself to existing customers. According to CFO Howard Atkins, these loans in the third quarter -- with an average size of $127,000, an average FICO credit score of 642 (less than 620 is generally considered subprime) and an average loan-to-value ratio of 77 percent -- generated annualized losses of less than 20 basis points. About 46 percent of that portfolio is fixed-rate loans. The remainder are ARMs, whose rates begin to rise after three years, which could be tricky to manage, though Atkins says that borrowers' abilities to pay reset rates were factored in during underwriting.
瓦格纳说，一个更大的威胁在于威尔斯的房屋净值投资组合；大部分风险来自现有的Wells first抵押贷款。该领域第三季度亏损1.57亿美元，占贷款年化平均值的0.77%，高于第二季度的6800万美元，即0.44%。”瓦格纳说：“很明显，抵押贷款银行的利润会更低。”但威尔斯是如此多元化和保守，这应该不坏。”
截至第三季度末，该行的一级资本充足率为8.21%。这比去年同期的8.74有所下降，但分析师麦克唐纳表示，这一下降并不令人担忧。美国银行（bankofamerica）股价为8.22，美联银行（wachoviacorp.）股价为7.2，而富国银行的资本和流动性指标仍强于多数银行
OBSERVERS THINK THAT STUMPF might look to an acquisition outside the mortgage area, making his mark through geographical expansion. Wells has a history of opportunistic, fill-in acquisitions such as last month's purchase of the $7.4 billion-in-assets, 41-branch Greater Bay Bancorp of East Palo Alto, California. Kovacevich repeatedly dismissed talk of deals east of the Mississippi, arguing it would dilute a franchise that has stayed focused on the western -- and faster-growing -- half of the U.S. Shortly after he was named president in 2005, Stumpf raised some eyebrows when he called the Southeast a "very attractive" market, but today he is Kovacevich-esque on the subject.
他说：“东南部的人口结构很好，他补充说，随着时间的推移，他认识到在一个市场中排名第一、第二或第三的价值，因为分布的密度-à-vis的竞争对手非常重要，“因此，要想在维珍领地产生影响，需要一笔大交易，”他说，“我认为，一笔大交易是极不可能的。”
这可能会改变。Stumpf不排除在全国范围内扩张的可能性，但他表示，要想实现这一目标，就必须“成为一家全国性银行”。相反，他说，“如果你做得比竞争对手更好，那么你就有机会通过一个良好的收购机会，或者随着时间的推移，通过有机增长，在全国范围内进行扩张。”
与此同时，其他挑战也在逼近。尽管威尔斯努力向消费者展现友好的一面，但它在密歇根大学的美国客户满意度指数中一直落后，低于银行业的平均得分。Stumpf说，这是交叉销售成功的一个缺点：“当你与一个客户有六到七种产品时，犯错误的机会就更多了。”自2004年以来，Wells每月对50000名客户进行调查，找出不足之处，鼓励各分支机构改进。去年，它推出了“One Wells Fargo”计划，以缩短服务时间，简化产品菜单，并授权呼叫中心代表在客户第一次打电话时解决问题。
Stumpf说，这样的技术修复是保持竞争力的关键。”“这个行业的重大创新不会是新产品或新服务，”他说他们将成为使我们的系统和流程更加优雅的工程的幕后黑手。”2月份，ACSI的最新报告宣称，“富国银行不再追赶其他行业。”在客户满意度方面，比上一年增加了5个百分点，达到72，行业内最大的跳跃。
Stumpf还有投资者投诉来回答。Wells是仅缩小少数公司的公司，只提供了一季度汇率呼叫，没有答案和答案会议。财务报告将其陷入困境，仅为三个部分 - 社区银行，批发银行和富国银行金融消费者金融业务。大多数零售，小型企业和抵押贷款业绩在社区银行业务中集中在一起，距离威尔斯法尔戈财务下的次级贷款。BOFA证券的麦当劳关于未来抵押贷款收入的“缺乏可见性”，尽管他认为整个抵押贷款部门在这方面的不透明。
R. Scott Siefers, an analyst with Sandler O'Neill & Partners in New York, adds, "All you really get is anecdotal commentary but no real hard data." Kovacevich's team and track record have banked some trust with analysts and portfolio managers, but they would "appreciate the opportunity to question management about the numbers in a public setting," Siefers says.
留在他的前任的消息中，Stumpf认为，各种企业都非常紧密地联系起来才能保证报告大修。“抵押贷款是消费者业务的一部分，”他说，“我们不像屠夫那样看着消费者在屠夫，在这里有牛排和留在那里。这些企业无法以分歧的方式管理消费者成碎片。“
科瓦切维奇继续发挥咨询作用，尽管这一作用有所减弱，但他可以帮助斯通普夫度过市场压力，增强他在投资者中的信誉。”我的工作不是亲自动手做决定，”科瓦切维奇说但我仍然知道这里发生的一切。有时我们会暂停，让大家聚在一起谈事情。”
Wells has successfully navigated or evaded oil-patch, overseas and technology market downturns, and if it can do the same this time around, then Stumpf won't have to dust off his old repo skills after all.