Bloomberg
Ken Thompson
Wachovia
When Ken Thompson took the helm of First Union Corp., its customer service had deteriorated to the point that in the tough Philadelphia market, locals referred to the bank mainly by its initials. Thompson buried the First Union name after its merger with in-state rival Wachovia Corp. More important, he worked feverishly to rebuild the rebranded Wachovia's reputation with customers -- via longer lobby hours, more tellers and representatives, and fewer of the "gotcha" fees that frustrate consumers.
His work is paying off: In February, Wachovia recorded the highest customer-satisfaction score of any bank in the University of Michigan Business School's American Customer Satisfaction Index. That helped Wachovia boosts its earnings 13% in 2004, a year when many banks struggled with rising interest rates. Having added millions of customers, Thompson is now looking to cross-sell more products to this ever-growing base. In 2005, Wachovia reentered the credit-card business and bought California-based Westcorp, a large originator of auto loans.