(S) PSFT- news- linking with Wells Fargo- stock up 1/2 at last look
PSFT Tuesday January 19, 10:22 am Eastern Time
Company Press Release
Wells Fargo Selects PeopleSoft to Provide Worldwide
Human Resource Solutions
Merger with Norwest Leads to Standardization on PeopleSoft HRMS
PLEASANTON, Calif.--(BUSINESS WIRE)--Jan. 19, 1999--PeopleSoft, Inc., a
leading
provider of enterprise application
software, has been selected to provide human resource management solutions for Wells
Fargo & Company, which recently
merged with Norwest Corporation. Before the merger, Norwest had licensed
PeopleSoft
HR solutions, while Wells Fargo used
another vendor package.
From their two HR and payroll vendors, Wells Fargo selected one solution that offered
flexibility for the future. PeopleSoft was
selected based on its ability to provide solutions that would seamlessly consolidate
information from the two companies, provide
strategic business benefits, and support the increased emphasis on team member and
manager self service.
''PeopleSoft's advanced architecture provides the flexibility to make efficient system
enhancements, and allows us to reduce the
bureaucracy and paperflow within the human resources department,'' said Patricia
Callahan, executive vice president and human
resources director, Wells Fargo. ''We chose PeopleSoft because it is simply the right
system for the future.''
Two PeopleSoft modules will be implemented across the company: PeopleSoft Human
Resources, a comprehensive set of
solutions for attracting, developing, retaining and retiring employees; and PeopleSoft
Payroll for processing payroll data such as
payroll calculation, tax computation, check preparation, payroll reporting and tax
reporting.
These applications will service a
workforce of over 100,000.
''With expertise in the financial services industry, PeopleSoft understands the complex
needs and pressures associated with a
large-scale merger,'' said Robert French, General Manager, PeopleSoft Financial
Services
Business Unit. ''As Wells Fargo
continues to grow with its new capabilities, the company can be assured that we are
committed to providing flexible solutions to
improve efficiency and meet its changing needs.''
Wells Fargo is scheduled to go live with PeopleSoft solutions on July 1, 1999.
About Wells Fargo
Wells Fargo is a $196 billion diversified financial services company providing banking,
insurance investments, mortgage and
consumer finance through 5,836 stores and other distribution channels across North
America.
About PeopleSoft Financial Services Business Unit
PeopleSoft established its Financial Services Business Unit (FSBU) in March 1996.
Under
the direction of General Manager
Robert French, the FSBU is comprised of dedicated sales, marketing, development and
service organizations, which provide
solutions to banks, insurance companies, and securities and investment firms. With over
400 financial services customers,
PeopleSoft is the market leading provider of enterprise application software to the
financial services industry, offering flexible and
scaleable solutions that meet the changing needs of the marketplace.
About PeopleSoft
PeopleSoft (NASDAQ: PSFT - news) is a global supplier of enterprise application
software for business and government.
PeopleSoft solutions for manufacturing, supply chain, financial, project and human
resource management are used by more than
2,700 customers worldwide. Headquartered in Pleasanton, California, PeopleSoft
employs
over 6,500 people and had 1997
revenues of $815 million. PeopleSoft is on the World Wide Web at
www.peoplesoft.com. |
