2017 U.S.-Booked Air Volume: $130 million
2017 Global T&E: $687 million
Consolidated Global TMC: HRG
Financial services and banking firm Wells Fargo is in the
midst of a companywide cost-containment effort, and it is seeing the results of
that effort in its travel spend. BTN estimates its U.S.-booked air travel spend
declined more than 20 percent in 2017. That decline tracks with drops in other
travel spend, as well. Wells Fargo spent about $704 million companywide on
travel and entertainment in 2016, and that figure dropped to $687 million in
2017. The carbon dioxide equivalent produced by Wells Fargo's business air
travel declined by almost 12 percent in 2017 to 96,950 metric tons.
The company's travel policy now reflects its drive to
contain costs. It recently introduced pretrip approval requirements for certain
types of high-cost or international travel and for bookings with air carriers
and hotels outside Wells Fargo's roster of preferred suppliers. Further actions
to reduce travel are expected.
Wells Fargo in 2017 recorded $88.4 billion in
revenue, up slightly from $88.3 billion one year earlier. The company at the
end of 2017 had 262,700 full-time equivalent employees, down from 269,100 on
year prior. Wells Fargo's preferred global travel management company, HRG
Worldwide, was purchased by American Express Global Business Travel in 2018.