Wells Fargo's 2014 brand value increased 16.1% compared with last year in the latest Brand Finance Banking 500 study, which calculated a value of $30.2 billion for the bank's reputation and other factors. Also in the top 100 were PNC Financial Services Group, BB&T and SunTrust Banks.
An annual survey set to be released today by the American Customer Satisfaction Index finds that bank approval ratings rose 1.3% this year to 78 out of 100, matching 2007 levels. All four of the nation's largest banks saw improvements, with JPMorgan Chase leading the way at 76, up 3% from last year, followed by Citigroup at 74, Wells Fargo at 72 and Bank of America at 69.
BB&T, based in Winston-Salem, N.C., has added a divisional corporate banking team in Chicago to help raise awareness in the market outside of the insurance and mortgage segments. "We believe that BB&T's relationship-based, values-driven approach along with a strong balance sheet will resonate solidly with clients in the Midwest," Chairman and CEO Kelly King said.
BB&T Corp. is planning to open a new bank branch in a Dallas suburb, but that is likely to be the company's only new branch in Texas. Instead, BB&T may bolster its market share in the state by buying a bank that is either based in Texas or has a significant presence there.
J.D. Power and Associates has released the results of its 2010 study, which found BB&T leading primary-mortgage services in customer satisfaction. The study measures five areas of customer satisfaction: phone and website contact, escrow-account administration, billing, payment process and fees. SunTrust Mortgage ranked second, and Wells Fargo came in fourth.