Wells Fargo

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Wells Fargo & Company

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Type	Public
Traded as	NYSE:WFC
Key people	Charles W. Scharf (CEO)
Industry	Financial services
Products	Banking, Investments, Mortgage, Consumer and Commercial Finance
Revenue	$72.34 billion (2022)
Net income	$13.18 billion (2022)
Assets	$1.955 trillion (2022)
Website	[www.wellsfargo.com Official website]

Wells Fargo & Company is a diversified, community-based financial services company with a significant national and international presence. Founded in 1852, Wells Fargo provides a wide range of financial services, including banking, investments, mortgage, and consumer and commercial finance, through more than 7,200 locations, over 13,000 ATMs, and the internet (wellsfargo.com).

History

Wells Fargo was founded on March 18, 1852, by Henry Wells and William Fargo in San Francisco, California. The company was established to provide express and banking services to California during the California Gold Rush.

In its early years, Wells Fargo gained a reputation for its reliable and efficient express services, which included the transportation of gold, mail, and other valuable items. The company also played a significant role in the development of the American West, providing financial services to miners, ranchers, and farmers.

During the late 19th and early 20th centuries, Wells Fargo expanded its operations across the United States, acquiring numerous smaller banks and financial institutions. In 1929, Wells Fargo merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.

Modern Era

In the latter half of the 20th century, Wells Fargo continued to grow through a series of mergers and acquisitions. In 1998, Wells Fargo merged with Norwest Corporation, a Minneapolis-based bank, in a deal valued at $34 billion. The merged entity retained the Wells Fargo name and moved its headquarters to San Francisco.

In 2008, during the financial crisis, Wells Fargo acquired Wachovia Corporation, one of the largest banks in the United States, for $15.1 billion. This acquisition significantly expanded Wells Fargo's presence on the East Coast and made it one of the largest banks in the country.

Products and Services

Wells Fargo offers a comprehensive range of financial products and services, including:

• Banking: Personal and business banking services, including checking and savings accounts, credit and debit cards, and online banking.
• Investments: Investment products and services, including brokerage services, retirement planning, and wealth management.
• Mortgage: Home loans, refinancing, and home equity lines of credit.
• Consumer and Commercial Finance: Auto loans, personal loans, and commercial lending.

Controversies

Wells Fargo has faced several controversies in recent years, most notably the Wells Fargo account fraud scandal that came to light in 2016. The scandal involved the creation of millions of unauthorized bank and credit card accounts by Wells Fargo employees in order to meet sales targets. This led to significant fines, legal settlements, and a major overhaul of the company's sales practices and corporate governance.

Corporate Governance

Wells Fargo is governed by a board of directors and is led by CEO Charles W. Scharf. The company has implemented numerous changes to its corporate governance structure in response to past controversies, including the establishment of new risk management and compliance frameworks.

Also see

• Bank of America
• JPMorgan Chase
• Citigroup
• Financial services in the United States
• History of banking