Wells Fargo & Co.
Los Angeles
Business:
Banking, financial services
Founded:
1852
Local Employees:
8,714
As Wells Fargo & Co. grew from its California Gold Rush roots to a diversified financial services operation with 158,000 North American employees, home office executives have resisted the urge to impose top-down controls.
For the 9,000 members of its Los Angeles operations, that has meant an unusual level of autonomy for a company that is among the nation’s largest employers with 3,236 bank branches in the U.S. and Canada.
Executive Vice President Edmond Leo, area leader of the Greater Los Angeles commercial banking group, cites the corporate culture of decentralization and local control as one reason that he stayed with the company well after it acquired his former employer in 1998.
“Even as large as we are, decision-making is local but also very collaborative among our different regions,” said Lelo. “We as local managers have a lot of authority, and we make sure that all our team members feel they have input and are valued.”
At the same time, size has its advantages. Wells Fargo, which has more than 80 business divisions, has the resources to provide a generous benefits package and opportunities for professional advancement that enable employees to stay challenged for a career.
The San Francisco-based company last year invested 2.7 percent of payroll in training programs including 100 percent tuition reimbursement for pertinent courses that range from nurturing mid-career executives to incubating future leaders through an innovative professional development program. That program provides new college-educated hires the opportunity to rotate among a variety of divisions and jobs within the company for between six months and two years.
Throughout the process, they are matched with mentors and “buddies” who show them the ropes. “When you come into this organization, you aren’t alone from the time you walk in the door,” Lelo said.
Not too surprisingly for a financial services firm, all employees can get no-fee checking and savings, accounts and special financing rates on major purchases. Wells also offers a traditional defined-benefit plan based on a percentage of an employee’s compensation and years of service. Flex hours and family leave policies accommodate a person’s changing circumstances.
Adding to the sense of community both outside and within the company is encouragement for community involvement, charitable giving and participation in affinity networking groups, generally organized around ethnic, gender and common interests. Employees can even apply for up to four months paid “volunteer” leave to work for a non-profit group.
Dolores Arredondo, 34, has taken advantage of many of these benefits since joining the company more than four years ago, after several years at another bank. Last week, Arredondo took time from her current job as a marketing manager in the community banking unit to participate in two days of women’s leadership training.
“I feel like I have so many opportunities for professional and personal growth here,” said Arredondo, a member of Hispanic and African American affinity groups. “That’s what attracted me in the first place, and it’s been even better than I could have believed.”
Deborah Crowe
