Wells Fargo Poised to Lead Recovery in 2011

The Bank of America and Citigroup are still encumbered with in-house problems and dragged down in the wreckage of the financial recession

But Wells Fargo look set to recover very quickly and have indeed released some encouraging trading accounts for 2010 with  $12.4 Billion US Dollars in 2010 net income, beating 2009’s number and placing it second in profits among the nation’s largest commercial banks behind JPMorgan Chase.

What is necessary now is for Wells Fargo to keep business rolling forward and up throughout 2011

Business Week have been following WF – quote – The strength of its mortgage operations means Wells can exploit new opportunities in areas such as lending to midsize businesses, Marquardt says. Wells Fargo has 2,400 employees who focus on businesses that have $10 million to $500 million in revenue. It plans to increase that workforce by more than 10 percent this year, according to Perry Pelos, the executive in charge of the unit.

Pelos says that Wells Fargo’s 187 commercial banking branches across the U.S. will distinguish it from larger rivals with fewer offices. Wells Fargo will also get a leg up by allowing local salespeople to make credit decisions and by offering a wider variety of loan products than smaller rivals, he says. “I’ve been in the commercial banking business for 25 years, and this is the biggest opportunity I’ve ever seen,” Pelos says. “Shame on us if we don’t take advantage of it.”

‘The focus is on Wells Fargo they have to prove that the recovery that started in 2010 can be maintained throughout the whole of 2011!’

http://www.businessweek.com/magazine/content/11_06/b4214043656537.htm

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