Official Name: Wells Fargo & Company
Headquarters: San Francisco, CA, United States
CEO: Mr. Charles W. Scharf
USD as of April 1, 2022
Tracing its origins to 1852, Wells Fargo & Company is a multinational financial services company headquartered in San Francisco, California and incorporated in Delaware, and present in more than 35 countries. The company is engaged in three main lines of business: community banking, wholesale banking, and wealth, brokerage, and retirement. Wells Fargo's main subsidiary, Wells Fargo Bank operates more than 8,000 branches and 13,000 ATMs.
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. Its financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. The Commercial Banking segment provides financial solutions to private, family owned, and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products, and treasury management services. The Corporate and Investment Banking segment offers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients. Its products and services comprise corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services. The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary products and services to affluent, high-net worth, and ultra-high-net worth clients. It also operates through financial advisors. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and internationally. The company has operations in 35 countries with over 70 million customers globally. It is considered a systemically important financial institution by the Financial Stability Board. The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware, which designates its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and is one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States. It has 8,050 branches and 13,000 ATMs. It is one of the most valuable bank brands. Wells Fargo in its present form is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco, while its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. With the 2008 acquisition of Charlotte-based Wachovia, Wells Fargo became a coast-to-coast bank. Wells Fargo is ranked 37th on the Fortune 500 list of the largest companies in the US. The company has been the subject of several investigations by regulators; on February 2, 2018, account fraud by the bank resulted in the Federal Reserve barring Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixed its internal problems to the satisfaction of the Federal Reserve. In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers. Bloomberg Businessweek reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinancing applications from Black applicants than it approved.
Source: Wikipedia, retrieved on March 31, 2022, 9:07 p.m.
Asset managementBrokerage servicesBankingCommoditiesCredit cardsEquities tradingFinance and insuranceForeign currency exchangeForeign exchange tradingFutures & options tradingInvestment managementInsuranceMoney market tradingRisk managementTreasury & security servicesUnderwritingWealth management
Founder(s): Henry Wells William Fargo (Wells Fargo Bank)
Steven Black (Chairman) Charles Scharf (President and CEO)
Revenue: US$78.492 billion (2021)
Operating income: US$28.82 billion (2021)
Net income: US$21.548 billion (2021)
Total assets: US$1.955 trillion (2021)
Total equity: US$190.1 billion (2021)
Wells Fargo & Company has the following listings and related stock indices.
Stock: NYSE: WFC
Stock: BCBA: WFCD
Stock: FSX: NWT
Stock: NYSE: WFC-L
Stock: NYSE: WFC-O
Stock: NYSE: WFC-Q
Stock: NYSE: WFC-R
Stock: NYSE: WFC-X
Stock: NYSE: WFC-Y
Stock: NYSE: WFC-Z
Stock: XETR: NWT