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Wells Fargo won the best bank award for a remarkable run, not just over the past 12 months but also since the global financial crisis, which has established the bank as the leading financial institution in the US, as well as the developed world’s biggest by market capitalization.
“No bank is better run than Wells Fargo, and no bank is better at sticking to what it does best. That’s why the market values it more highly than any of its competitors,” says Euromoney in the citation that runs in its July issue, released tonight.
“Wells Fargo is the best bank in the US at mortgage lending and servicing; at commercial real estate; at lending to small businesses; at attracting deposits; and at cross-selling its products to customers. It has delivered 13 consecutive quarters of earnings per share growth. Its profits for the first quarter of 2013 were $5.2 billion, with a hard-to-beat return on assets of 1.49%.”
John Stumpf, the chairman and chief executive of Wells Fargo, said upon accepting the award: “On behalf of all my teammates at Wells Fargo, I thank Euromoney for this recognition. It is an honour to be recognized by such a venerable organization committed to excellence in financial journalism, and to be selected from among a group of financial institutions that include some of the finest companies in the world.”
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Bank of the Year: How Wells Fargo conquered America It’s the most successful bank of the post-financial crisis generation. But alongside numbers that make its rivals green with envy, it maintains a steadfastly old-fashioned approach to the business of banking. Is this what a model modern bank should look like? Or is there more to Wells Fargo than meets the eye? Awards for Excellence 2013: Best Bank |