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Topic: Richard Kovacevich


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In the News (Thu 31 Dec 09)

  
  deseretnews.com | Bank chief outlines art of leading   (Site not responding. Last check: 2007-10-14)
Kovacevich, the keynote speaker at Wednesday's 14th annual Spencer F. Eccles Convocation at the University of Utah's David Eccles School of Business, told students that success in business is about putting to work certain core principles, not academic prowess or grade point averages.
Leadership, according to Kovacevich, is "the act of establishing and communicating a vision of the future, and the art of motivating others to align with and embrace that vision.
When Kovacevich joined Minnesota-based Norwest Corp. in 1986 (Norwest merged with Wells Fargo in 1998, at which time Kovacevich became Wells Fargo's president and chief executive) the total market value of Norwest stock was less than $1 billion.
deseretnews.com /dn/view/0,1249,595098065,00.html   (490 words)

  
 Wells Fargo Chairman and CEO Richard Kovacevich to Represent San Francisco Federal Reserve District ...
Kovacevich succeeds Michael O’Neill, former chairman, chief executive officer, and president of Bank of Hawaii and Bank of Hawaii Corporation.
Kovacevich’s numerous professional and civic affiliations, he is a member of the board of directors of Cargill, Inc. and Target Corporation, chairman of the San Francisco Committee on JOBS and the California Business Roundtable, and a member of Governor Schwarzenegger’s California Commission for Jobs and Economic Growth.
Kovacevich is vice president and a member of the board of governors of the San Francisco Symphony and vice chairman and a member of the board of trustees of the San Francisco Museum of Modern Art.
www.frbsf.org /news/releases/2004/1123.html   (328 words)

  
 PUERTO RICO HERALD: Pioneering Confidence: Wells Fargo’s New Stage   (Site not responding. Last check: 2007-10-14)
According to Kovacevich, the combination of a modest 3% to 3.5% in GNP growth and a sharp 10% decline in the capital goods sector gave us a "blah" feeling of a recession.
Kovacevich believes the model of diversification and distribution that has been so successful for both Wells Fargo and mega retailers like Wal-Mart will inevitably prevail and change radically the shape of the financial industry in the U.S. in the next few years.
Kovacevich says the threat of House bill 1288 is part of the reason he came down to Puerto Rico.
www.puertorico-herald.org /issues/2002/vol6n20/CBWellsFargo-en.shtml   (2285 words)

  
 BAI Online | Banking Strategies | May/June 2000: Revenue Play
Kovacevich says he "doesn't understand the logic of trying to do it faster." But his approach goes against the grain of recent industry practice, which has been to engineer increasingly rapid integrations in deference to Wall Street.
Kovacevich admits that this method is difficult and slow but insists it's worthwhile.
Kovacevich, in fact, identifies this as the major differentiating factor in banking today, now that products are commoditized and capital and technology can be accessed by all.
www.bai.org /bankingstrategies/2000-may-jun/Revenue   (1779 words)

  
 [No title]
Richard entered Stanford’s business school and graduated in 1967; he tied for the #1 position in his class.
Richard thought that Wells Fargo had a great base of branches, and he was able to purchase the bank below fair market value.
Richard told shareholders that it would take him three years to merge the banks and he could only cut costs by 10%.
www.business.uiuc.edu /gpennacc/CIStrom.doc   (562 words)

  
 Wells Fargo and privacy
Richard Kovacevich, Wells Fargo's chairman and CEO, said he would support legislation to offer consumers more control over the secondary use of their personal financial information.
Kovacevich said the presumption should be that information can be shared and used within a family of companies unless a customer requests otherwise, the "opt-out" standard.
While Speier claims her bill does exactly that, Kovacevich said he was concerned that some of the provisions could result in a stricter "opt in" standard.
www.sfgate.com /cgi-bin/article.cgi?file=/chronicle/archive/2002/12/23/ED136282.DTL   (696 words)

  
 Opinion - #3 Jun 93   (Site not responding. Last check: 2007-10-14)
Richard Kovacevich, who runs a $46 billion bank holding company, told a crowd of more than 200 at the Westin Hotel May 21 that S&Ls have suffered and continue to suffer from too many regulations.
Kovacevich tried to explain that by eliminating regulations, and thereby reducing compliance costs, thrifts would be free to make more loans.
It is important to note that Kovacevich made his comments at a meeting held by an institution that acts as a central bank for S&Ls, commercial banks and credit unions throughout the Northwest.
www.washingtonfreepress.org /03/Thoughts.html   (1212 words)

  
 The Bryan-College Station Eagle   (Site not responding. Last check: 2007-10-14)
Kovacevich said he was invited to speak on Nov. 28, 2001 — ironically, the same day Enron’s credit rating was cut to junk bond status.
Kovacevich said responsible corporations also invest in their communities — not just by making donations, but encouraging their employees to give time and intellect to charitable causes.
Kovacevich’s comments came the same day Andrew Fastow, former chief financial officer of Enron, pleaded innocent to a massive federal indictment accusing him of masterminding a fraud scheme.
www.theeagle.com /businesstechnology/110702ethics.htm   (425 words)

  
 Chief Executive, The: Cool Hand KOUACEUICH - Richard Kovacevich, Wells Fargo and Co - Interview - Statistical Data ...
Kovacevich's indifference about where ideas come from--and who gets the credit for them--seemed one of the key contributors to the success of Norwest's acquisition of Wells Fargo in the 1998 $31 billion deal.
Immediately, Kovacevich called it a merger of equals, and said every company policy, from both Norwest and Wells, would be up on the block for re-evaluation.
Kovacevich, for his part, has been spending about 80 percent of his time traveling to his stores in order to keep a finger on the pulse of consumer demand.
www.findarticles.com /p/articles/mi_m4070/is_2001_May/ai_74829978   (1485 words)

  
 Federal Reserve Bank of Minneapolis-The Region-Privacy and the Promise of Financial Modernization (Special Issue 2000)   (Site not responding. Last check: 2007-10-14)
Richard Kovacevich is president and chief executive officer of Wells Fargo and Co., San Francisco, following the merger with Norwest Corp., where he had been chief executive officer and chairman.
Kovacevich is also president and a director of the Bankers Roundtable and vice chairman of the American Bankers Council.
Prior to joining Norwest Corp. in 1986, Kovacevich was group executive and member of the policy committee of Citicorp in New York.
woodrow.mpls.frb.fed.us /pubs/region/00-03/kovacevich.cfm?js=0   (1525 words)

  
 Headlines - Wells Fargo's Richard Kovacevich Honored with 2003 Stanford Business School Alumni Association's Arbuckle ...
Kovacevich was honored by the Stanford Business School Alumni Association Feb. 19 as the 2003 Arbuckle Award recipient.
Kovacevich urged leaders to endorse the affirmation that virtually everyone in an organization wants to contribute and do a good job and therefore needs to be treated with respect.
Kovacevich, who is the 33rd recipient of the Arbuckle Award, holds bachelor's and master's degrees in industrial engineering from Stanford as well as his MBA, which he received in 1967.
www.gsb.stanford.edu /news/headlines/2003arbuckleaward.shtml   (465 words)

  
 Norwest bids goodbye to old way of banking   (Site not responding. Last check: 2007-10-14)
Referring to his bank branches as "stores,'' Kovacevich even goes so far as to measure sales growth and sales per square foot as retailers do, to open a "superstore'' bank in St. Paul and to focus on "merchandising'' products at Norwest banks.
Norwest's per-share earnings have grown at an average of 14 percent a year for the past eight years, and the company is poised to grow at 13.6 percent this year, Kovacevich said.
Kovacevich said the acquisition won't be a "significant contributor'' to earnings.
www.lubbockonline.com /news/121096/norwest.htm   (465 words)

  
 Amazon.com: Music: Favourite Piano Concertos, Vol.2   (Site not responding. Last check: 2007-10-14)
Stephen Kovacevich's performance of the Grieg / Schumann is one of the finest interpretations on CD (on par with Murray Perahia and Leif Ove Andsnes).
Stephen Kovacevich's Philips recording, dating from 1970-1, has been tirelessly celebrated for its freshness and poetic vitality, and it remains a benchmark offering." And the BBC Symphony under the direction of Sir Colin Davis does a stunning job adding color behind the soloist and carrying the tutti parts.
Kovacevich's playing is tremendous in both of these pieces, with fine support from Davis and the BBC Symphony Orchestra.
www.amazon.com /exec/obidos/tg/detail/-/B000007OTJ?v=glance   (1208 words)

  
 MATR News: Wells Fargo is hands-off - CEO says his managerial style empowers his employees
Wells Fargo Chairman and Chief Executive Richard Kovacevich readily concedes that within the nation's banking and financial services industry, top-down management is the norm.
Kovacevich was the keynote speaker Wednesday at the 14th annual Spencer Fox Eccles Convocation at the University of Utah's David Eccles School of Business.
Kovacevich tries to run an organization that empowers its employees, said Jack Brittain, dean of the Eccles school.
www.matr.net /article-12297.html   (450 words)

  
 Bain & Company: Publication detail < Publications
Kovacevich and his team also fostered an openness in shaping the best of both worlds in the emerging Wells' combined culture.
For example, when Kovacevich calls Wells Fargo branches "stores," he isn't trying to be trendy for analysts or the press - he means stores, and the types of business development strategies that you would expect to find at a retail establishment.
A key element of Kovacevich's leadership style during industry-wide transition is his pragmatism and willingness to call it like it is. Peers acknowledge his ability to delineate strategy and focus his people on execution of key goals.
www.bain.com /bainweb/publications/publications_detail.asp?id=3638&menu_url=publications_results.asp   (2704 words)

  
 Bloomberg.com: News & Commentary
Kovacevich often dresses in a banker's classic uniform: starched white dress shirt, crimson necktie and a navy blue, pin- striped suit.
Richard Marco Kovacevich was born on Oct. 30, 1943, in Tacoma, Washington.
Kovacevich was poised to succeed Reed, who became Citicorp CEO in 1984, as head of the entire U.S. retail bank.
quote.bloomberg.com /apps/news?pid=nifea&&sid=a5gBHHBb40DQ   (5593 words)

  
 Wells Fargo - Wikipedia, the free encyclopedia
Wells Fargo CEO Richard Kovacevich has commented often that Wells Fargo contains "more than 80 lines of businesses." It is unclear, however, if Kovacevich is calling a "line of business" something which sells to outside customers with some sort of distinct distribution system or simply a product set.
This was the most sucsessfull private equity company in 2003, although it was eclipsed by others who made substantial amounts of money in the Google IPO.
The present business model of Wells Fargo (formerly Norwest) is summed up in its vision statement: "We want to satisfy all the financial needs of our customers, help them through our advice to succeed financially, be known as the premier provider of financial services and be one of America's great companies".
en.wikipedia.org /wiki/Wells_Fargo   (1412 words)

  
 Kovacevich   (Site not responding. Last check: 2007-10-14)
Dick Kovacevich Dick Kovacevich (1943) holds Bachelor's and Master's degrees in industrial engineering and a Master's of...
Richard Kovacevich Richard "Dick" Kovacevich is the 2003.
At Citicorp he was made head of regional retail banking.
www.brainyencyclopedia.com /topics/kovacevich.html   (45 words)

  
 Caltech Press Release, 1/28/2003,
Kovacevich will now bring those qualities to the California Institute of Technology as the newest member of the Institute's Board of Trustees.
Kovacevich became president and CEO of Wells Fargo following the bank's 1998 merger with the Norwest Corporation.
Prior to the merger, Kovacevich was named Norwest's chief executive officer in 1993 and chairman in 1995, after serving as president and CEO since 1989.
pr.caltech.edu /media/Press_Releases/PR12336.html   (382 words)

  
 Bloomberg.com: U.S.
Kovacevich has stuck to growing Wells Fargo's business by focusing on selling loans, credit-card and asset-management services and making acquisitions that are so small the company doesn't have to disclose the price.
Kovacevich plans to add about 115 Wells Fargo branches and 75 finance centers and expects to expand at a similar pace for the foreseeable future.
Kovacevich said he plans to remain CEO for four years until he turns 65, the maximum-age limit he set for the position.
www.bloomberg.com /apps/news?pid=10000103&sid=aCxixP9B2coM&refer=us   (915 words)

  
 Company News On Call
According to Longobardi, Kovacevich was recognized for his passionate outspokenness and for setting the standard for retail consumer banking.
Kovacevich's consistent willingness to speak his mind in plain terms, however, that makes him stand out as one of the most influential leaders in the banking and financial services industry.
Kovacevich embraces the hard work of distinguishing legitimate practices." This year's event benefited The Muriel F. Siebert Foundation's Personal Finance Program, which provides young people with a basic knowledge of personal finance issues, such as saving, investing and credit.
www.prnewswire.com /cgi-bin/stories.pl?ACCT=105&STORY=/www/story/12-04-2003/0002069272   (727 words)

  
 Wells Fargo Chairman and CEO to Speak on Business and Ethics   (Site not responding. Last check: 2007-10-14)
In a recent Wells Fargo quarterly publication, Kovacevich spoke out strongly against what he called “a serious breakdown in the corporate governance of some public companies in the United States.
Kovacevich became president and chief executive officer of Wells Fargo & Company in 1998 with the merger involving Norwest Corporation and Wells Fargo & Company and became chairman in 2001.
Before joining Norwest Corporation, Kovacevich was group executive and member of the policy committee of Citicorp in New York.
www.tamu.edu /univrel/aggiedaily/news/stories/02/103002-8.html   (260 words)

  
 Haas NewsWire - September 22, 2003
Richard Kovacevich, chairman and CEO of the nation's fourth largest bank, Wells Fargo & Company, will be the first speaker in the Dean's Speakers Series this fall at the Haas School of Business.
When Kovacevich engineered the purchase of Wells Fargo by Minneapolis-based Norwest in 1998, where he previously served as chairman and CEO, he purposefully spread the merging of the two institutions over three years.
Kovacevich came to banking first at Citibank, after a stint in marketing at General Mills.
haas.berkeley.edu /groups/newspubs/haasnews/archives/hn092203.html   (2162 words)

  
 NBR.com - Where America Turns for Business News   (Site not responding. Last check: 2007-10-14)
Earlier today I talked with Wells Fargo Chairman and CEO Richard Kovacevich and asked for his take on where California is heading.
KOVACEVICH: Interest rates rising means that the economy is improving, and therefore some of our businesses like commercial lending that have not grown over the past two years will begin to grow, which will offset any reductions in the mortgage business.
KOVACEVICH: No. We`re not seeing it now, but what we are seeing is a lower in-flow.
www.nightlybusiness.org /transcript/2003/transcript102203.html   (3493 words)

  
 Wells Fargo to buy Norwest in $34 billion deal - Jun. 8, 1998
Richard Kovacevich, the top executive at Norwest, will be president and CEO at the new bank.
     Kovacevich, however, said he has gone on the record in recent years saying he was not against doing a "big deal that made sense to shareholders.
     Still, Kovacevich said layoffs should be minimal, especially for workers who remain "flexible" to new job opportunities within the combined company.
money.cnn.com /1998/06/08/deals/wells   (882 words)

  
 BW Online | January 13, 2003 | Dick Kovacevich
Kovacevich doesn't stray beyond the basics: retail and wholesale banking and mortgage lending.
Kovacevich, who became head of San-Francisco-based Wells Fargo after it merged in 1998 with Norwest Corp., has concentrated on selling such unglamorous services as payroll management for small businesses and checking accounts and credit cards for consumers.
Kovacevich's core strategy is to focus on selling as many products as he can to each customer.
www.businessweek.com /magazine/content/03_02/b3815629.htm   (527 words)

  
 Banking Strategies: The Cross-Sell Debate
Kovacevich, who got his start as a marketing executive with General Mills, has long argued that banks need to stop thinking of themselves strictly as banks if they want to enjoy a higher price/earnings stock multiple.
In a converging financial services industry, he says, the winning strategy (at least for a few institutions) is to offer the full range of financial products – banking, brokerage and insurance – and work to consolidate customer relationships across all those services.
Kovacevich concedes that the specialist strategy is easier to execute.
www.bai.org /bankingstrategies/2000-may-jun/Revenue/sidebar.html   (907 words)

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