Wells Fargo Expands Market Leadership in Treasury Management
Three independent industry analysts’ reports show Wells Fargo & Company (NYSE: WFC) has increased its treasury management leadership in market size, client satisfaction, and product quality rankings as a result of its merger with Wachovia last year.
“The customer focus that made each company a treasury management leader before the merger is even more powerful in our new organization, as these new industry studies show,” said Danny Peltz, head of Wells Fargo Treasury Management.
Wells Fargo and Wachovia earned more A+ ratings than any bank in Phoenix-Hecht’s 2008 Upper Middle Market Quality Index survey of cash management customers. Wells Fargo and Wachovia each received A+ in 19 of 38 categories, while all other banks averaged three A+ grades each. Also, Wells Fargo and Wachovia were the only banks to record straight A grades across all 23 product quality categories in Phoenix-Hecht’s Large Corporate Quality Index. Wells Fargo and Wachovia alone earned A+ for customer service.
Meanwhile, Ernst & Young’s 2008 U.S. Cash Management Survey moved up the combined Wachovia and Wells Fargo to No. 1 in market share in seven categories—and placed the new organization among the top three in market share in 18 of the survey’s 23 categories.
Another independent industry analyst, Greenwich Associates, said the combined Wells Fargo/Wachovia brings together two world-class organizations with a national presence, excellent service, and broad treasury management capabilities for clients. Greenwich said the combined company has compelling market share in overall relationships with mid-size companies. In its study of mid-corporate treasury management relationships ($500 million to $2 billion), Wells Fargo clients indicated high levels of satisfaction. Particular emphasis was placed on the company’s innovation and strong advisory relationships.
Greenwich recognized Wells Fargo or Wachovia in 13 of 17 categories. Results are based on more than 17,000 interviews of U.S. companies with sales between $10 million and $500 million.
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