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.
Its 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?