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BB&T Corporation Message Board

  • mutant_smiley_face mutant_smiley_face Aug 9, 2004 11:21 AM Flag

    WFC -- the model BB&T follows

    Thought I would share this article with everyone. It's a good read for those not familiar with Wells Fargo and "Coach K". Moreover, it is surprising how it seems JA has been copying Coach K's style and business practices... albeit w/ less personality (my opinion).

    The article perfectly denotes many of the things BB&T is trying or has implemented. To me, it seems they are doing things very right (for business), something from which BBT can learn.

    http://www.forbes.com/business/forbes/2004/0816/090.html

    Read for yourself. A reason I believe it would be good for BBT to get bought by WFC. Not saying this would happen soon, just saying in a general sense from a business perspective.

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    • Peace.

    • No offense to you or any of your posts, but I do believe in my post I mentioned "my opinion" as did I close it with "read for yourself".

      I never try to tell someone how to think or what their opinions should be (dare I bring up the analogy), I only found the article interesting.

      I actually tried to shy away from out right saying I thought (opinion) that WFC is doing a better job (as Jim said "executing") this strategy than BB&T has.

      I did say:
      "The article perfectly denotes many of the things BB&T is trying or has implemented. To me, it seems they are doing things very right (for business), something from which BBT can learn."

      What this means... they are doing the same things (several have backed this up). But that it seems WFC is doing things "very right" -- key words -- which is why I follow it up with "something from which BBT can learn". Moreover, they still need to work on the executing and delivery of the same things they are implementing.

      I also provided everyone with the article to make their own judgements. Not everyone reads the same thing and comes to the same conclusion, I know this (hell I deal with it everyday) and that is why gave everyone the article.

      I hate that you seemed to be bothered by my posting. I did refrain from making the point (as I am making it now) that you said in your retort that WFC was bought in 1998... and that BB&T has been doing those things since the "late 90's". My initial reaction was... how is 1998 not the "late 90's"? Are they not one in the same? (just my observation and after the discussion on the timeline it is irrelevant)

      Again, after reading the article it surprised me how similar they were. Which lead me to the conclusion that (key words) at some point (key words) they would be a good fit for a merger/acquisition.

      But I do applaud you for being thoughtful in your posts. /bow

    • Thanks for the background. Very interesting. It appears both institutions have a storied background with Marty and set the standard for a strong sales culture beginning in the early 1990s. That certainly supports my position that BB&T has at the very least been a co-leader in the banking industry in launching and promoting a sales strategy. The original post by Mutant might have suggested otherwise to the readers of this board. It's important to know that BB&T has been receiving recognition for it sales strategy for several years. Thanks for the clarification.

    • Actually Kelly visited Norwest(WFC)in early 90's and was introduced to Marty. Cohen system first implemented in a BB&T region in late '93. Norwest '94 annual report contains a discussion of "best practices." BB&T directly copied the Norwest-Cohen sales system, but instituted higher daily goals.

    • ROTFL.
      1. What's that have to do with who's been better for their owners over their terms in office?
      2. That's too long a period to keep the attention of a day trader and too short a period to earn the attention of an investor!
      3. Blow some more smoke baby. Warren Buffet knows where he puts his money!

    • Folks, it's like this, a magazine has to have articles written to sell subscriptions. Not one of us has ever failed to read a story and said what baloney this is. Sometimes these authors actually pull out years old pieces and kinda rewrite them, even Senators do so. Can you say Mike Barnicle and Joe Biden. As another famous predictor in here once said, I left here and took wads of business with me, and damned if BBandT didn't try to beg me back. I refused of course. Another fella in here said, hey Cisco, we both know better than that. So who is correct of the two authors. Well in this case Wilson BBT is correct, in fact I have found Wilson to never be in error in anything posted. AS for Cisco, well hell, BBandT Stil isn't sold, nor is it for sale currently. Credit to another error free poster for the Stil.

      • 1 Reply to stillginyit
      • <<Well in this case Wilson BBT is correct, in fact I have found Wilson to never be in error in anything posted.>>

        And Al Gore invented the Internet and Dan Quayle created the spell-checker. Enough already with your empty and pompous braggadocio.

        BB&T does have a strong sales culture but that doesn't translate into effective cross-selling, which is more competitively available with passage of the 1999 Gramm-Leach-Bliley Act permitting cross-selling of financial products. Only recently, after being overwhelmed with inefficiencies due to redundant messages from its various departments being sent to the wrong customers, did Allison finally invest in CRM technology. Data mining is now better but cross-sell ratios are poor compared to WFC. Until Allison stops considering IT a cost bucket and elevates his mentality to the tech savvy WFC, BB&T could face the same doom as WaMu.

        Wells Fargo Q2 Profit Rises 12% on Loans, Deposits
        http://biz.yahoo.com/rf/040720/financial_wellsfargo_earns_2.html

        "Chief Executive Dick Kovacevich said Wells Fargo benefited from selling more products to each client, or 'cross-selling.' He said Wells Fargo's average banking household now has 4.4 of the company's products, among the highest levels nationwide."

        What Went Wrong at WaMu
        By Shawn Tully. FORTUNE July 26, 2004
        http://www.fortune.com/fortune/investing/articles/0,15114,672555,00.html

        "WaMu suffers from two maddening problems of its own making. First, it didn't push hard enough to integrate its many acquisitions. As a result, it is saddled with a hodge-podge of outdated computer systems that cause delays and confusion in closing loans. The lack of integration has also prevented WaMu from reaping the savings it needs to make those acquisitions-which cost a total of $26 billion-pay off for shareholders."

    • In fact, JAA and Kelly King had implemented BB&T's new sales culture two years before Dick took over at Wells Fargo in 1998. Many analysts and media praised BB&T in the late 1990s for its strategy. Looks like maybe Dick took a lesson from John.

      • 2 Replies to wilsonbbt1872
      • In fact, JAA and Kelly King had implemented BB&T's new sales culture two years before Dick took over at Wells Fargo in 1998. Many analysts and media praised BB&T in the late 1990s for its strategy. Looks like maybe Dick took a lesson from John.

        ---

        First, who cares who invented what? As an investor all I care about is how they execute. And WFC on that scale has beaten just about every bank in the nation, not limited to but including BBT.

        But as for your statement, it is based on false information. Kovacevich has been CEO of his bank since 93, and was president and COO since the late 1980s. He "took over" at WFC when his company bought WFC and took the name, but he has been CEO of the institution, regardless of the name, for 11 years.

      • <<<<<In fact, JAA and Kelly King had implemented BB&T's new sales culture..>>>

        Ha. Thats Laurel and Hardy don't you mean?

        no I take that back. Laurel and Hardy could have done much better

    • Actually, the sales model was created by consultant Marty Cohen, which BB&T adapted long before Wells Fargo became interested in the cross-sale process.

 
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