Wells Fargo-Business Strategy Final Project
-409575-88265000-666750-1120775
Business Strategy Final Projec
Misbah Bashir (0045) 2) Saira Ashraf (2051) 08743950July 2, 2014
M. Com
1000000July 2, 2014
M. Com
48101254032250197167516065500676275216090500
“This is not a task. This is a journey. Every journey has a destination. To get to that destination, you need a vision. Ours is an ambitious one.”
Richard M. Kovacevich CEO and chairman of Wells Fargo’s
2) Company Profile of Related Case Study
History:
Origins
Soon after gold was discovered in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits. Vermont native Henry Wells and New Yorker William G. Fargo watched the California boom economy with keen interest. Before either Wells or Fargo could pursue opportunities offered in the West, however, they had business to attend to in the East.
Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo and Company, were major figures in the young and fiercely competitive express industry. In 1849 a new rival, John Butterfield, founder of Butterfield, Wasson & Company, entered the express business. Butterfield, Wells, and Fargo soon realized that their competition was destructive and wasteful, and in 1850 they decided to join forces to form the American Express Company.
Soon after the new company was formed, Wells, the first president of American Express, and Fargo, its vice-president, proposed expanding their business to California. Fearing that American Express's most powerful rival, Adams and Company (later renamed Adams Express Company), would acquire a monopoly in the West, the majority of the American Express Company's directors balked. Undaunted, Wells and Fargo decided to start their own business while continuing to fulfill their responsibilities as officers and directors of American Express.
Foundation of Wells Fargo
On
Business Strategy Final Projec
Misbah Bashir (0045) 2) Saira Ashraf (2051) 08743950July 2, 2014
M. Com
1000000July 2, 2014
M. Com
48101254032250197167516065500676275216090500
“This is not a task. This is a journey. Every journey has a destination. To get to that destination, you need a vision. Ours is an ambitious one.”
Richard M. Kovacevich CEO and chairman of Wells Fargo’s
2) Company Profile of Related Case Study
History:
Origins
Soon after gold was discovered in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits. Vermont native Henry Wells and New Yorker William G. Fargo watched the California boom economy with keen interest. Before either Wells or Fargo could pursue opportunities offered in the West, however, they had business to attend to in the East.
Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo and Company, were major figures in the young and fiercely competitive express industry. In 1849 a new rival, John Butterfield, founder of Butterfield, Wasson & Company, entered the express business. Butterfield, Wells, and Fargo soon realized that their competition was destructive and wasteful, and in 1850 they decided to join forces to form the American Express Company.
Soon after the new company was formed, Wells, the first president of American Express, and Fargo, its vice-president, proposed expanding their business to California. Fearing that American Express's most powerful rival, Adams and Company (later renamed Adams Express Company), would acquire a monopoly in the West, the majority of the American Express Company's directors balked. Undaunted, Wells and Fargo decided to start their own business while continuing to fulfill their responsibilities as officers and directors of American Express.
Foundation of Wells Fargo
On