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Balanced business scorecard, Wells Fargo

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Wells Fargo's 2001 annual report (p. 16) states that the company's vision is "to satisfy all our customer's needs, offer them sound financial advice and help them succeed financially." Similarly, the 2002 annual report (p. 16) states that the vision is "to earn all our customers' business." Both annual reports list the following 10 areas of strategic initiatives that the company has been benchmarking itself against for several years:

1. Investments, Trust, Brokerage and Insurance
2. Going for "Gr-eight"! (Increase the average number of products per customer to eight)
3. Doing it Right for the customer
4. 100 percent bank and mortgage/home equity cross-sell
5. Wells Fargo cards in every wallet
6. When, where, and how
7. Information-Based marketing
8. Be our customers' payments processor
9. Outstanding customers
10. People as a Competitive advantage

The 2001 and 2002 annual reports provide some specific measures within the initiatives. Based on the annual reports and any other information you are able to find, develop a Balanced Scorecard for Wells Fargo that will help it achieve its vision and monitor its performance on the strategic initiatives.

Solution Preview

The attached two pages should help to get you started.

The Balanced Scorecard is a management tool to mobilize employees to fulfill the mission of the organization. The scorecard is a method of designing, organizing and communicating performance measures across multiple perspectives (i.e. customer, financial, business process and learning and growth), utilizing both short and long term time horizons. The scorecard conveys the strategic plan to organization members, and it monitors each perspective simultaneously so that each ...

Solution Summary

Wells Fargo's 2001 annual report (p. 16) states that the company's vision is "to satisfy all our customer's needs, offer them sound financial advice and help them succeed financially." Similarly, the 2002 annual report (p. 16) states that the vision is "to earn all our customers' business." Both annual reports list the following 10 areas of strategic initiatives that the company has been benchmarking itself against for several years:

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