Commercial Banking is the largest component of Wells Fargo Wholesale Banking, but its financials are not publicly divulged. Still, Commercial Banking reached cross-sell of 7.8 products per middle-market commercial banking customer-a record performance. The larger Wholesale Banking entity reported record revenues of $2.5 billion in second-quarter 2008. Net income slid 10 percent to $557 million from $621 million in the similar 2007 period, pulled down by a credit loss provision of $245 million. Even so, net interest income rose 15 percent to $1.02 billion, average loans jumped 32 percent to $107.6 billion, and core deposits increased by 14 percent to $65.8 billion-impressive numbers in the midst of a financial market recession.
Chan's focus on customer needs was reflected in a December 2007 Greenwich Associates' study, which showed Wells Fargo Commercial Banking leading its peers in customer satisfaction, highest number of lead relationships, and above-market-standard relationship management performance scores. In 2007, 32 percent of Greenwich survey respondents named Wells Fargo as their most important provider of financial services; 30 percent of those surveyed rated their satisfaction as excellent.
Chan's commitment to a diversified, high-quality commercial credit portfolio has paid off with an AAA rating from Moody's for Wells as a whole: The bank is the only one in the U.S. and one of two worldwide to have garnered the highest possible credit rating from both Moody's and Standard & Poor's.
And last year she implemented a strategic sales planning process to document, track, report and coordinate initiatives between Commercial Banking and its business line partners. The move increased cross-sell revenue by 18 percent, and led to a cross-sell ratio of nearly eight products per relationship. Chan also created a Web site to provide real-time calling results for all sales professional and relationship managers, resulting in a 20-percent year-over-year increase in new business sales. (c) 2008 U.S. Banker and SourceMedia, Inc. All Rights Reserved. http://www.americanbanker.com/usb.html/ http://www.sourcemedia.com/
