Wells Fargo

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Wells Fargo & Co.
WellsFargo.jpg
Founded 1852
Headquarters San Francisco
Key People President and CEO John Stumpf
Employees 160,900
Products Diversified financial services
Website https://www.wellsfargo.com

Template:Infobox Midpage Need Sponsor Wells Fargo is one of America's top-rated banks by both investment and employment analysts and currently ranks as the fifth-largest U.S. bank of its kind by assets. Wells Fargo is currently the darling of Wall Street after recently becoming one of the few U.S. financial institutions to outperform expectations following the 2007 credit crunch.

History

Wells Fargo was formed in New York City in 1852 to operate banking and express delivery services in gold-rush California. By 1888 it was offering its famed 'ocean-to-ocean' service delivering valuable commodities across the continent via its iconic stagecoaches and pony express.[1] Today Wells Fargo operates around 3,300 bank branches and about 3,400 consumer-finance outlets in the west and midwest of the United States and is also an industry leader in Insurance brokerage, mutual funds and online services.[2]

Wells Fargo is currently one of the financial world's most admired American banks based on its excellent financial track record. It is ranked the world 17th most-profitable corporation despite ranking 41st overall in revenue and has achieved the rare feat of increasing its dividend payment to shareholders for 20 consecutive years.[3] Wells Fargo is also the only remaining U.S. bank to win a AAA rating from Moody's and Standard & Poor's and currently holds assets of $595 billion.

Products and Services

Wells Fargo is a diversified financial-services group best known for the following:

  • Retail and business banking
  • Mortgage lending and servicing
  • Insurance brokerage
  • Mutual funds and asset management
  • Online banking and brokerage

Key People

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John Stumpf was named Wells Fargo's CEO in June 2007 - succeeding his mentor, Richard M. Kovacevich[4] - after serving as the bank's president since August 2005. Stumpf joined Wells Fargo when the company he began his career with in 1982, Minnesota-based Norwest Bank, was acquired by Wells Fargo in 1998. After the Norwest takeover he was appointed head of Wells Fargo's Southwestern Banking Group and two years later was made head of a newly expanded Western Banking Group, covering 10 states. Two more years later, in 2002, Stumpf was appointed group executive vice president of community banking. He began his career at Norwest Bank in Minneapolis as a loan administrator before advancing to position of regional president of Norwest Bank Texas, where he served from 1994 to 1998.

Latest news

Wells Fargo recently became the toast of the markets after it turned in receord quarterly revenue and raised its dividend yet again despite a 21 percent profit fall due largely to the same credit losses hammering the entire banking sector.[5] Despite being a major player in the residential mortgage and retail credit markets, Wells Fargo steered clear of the sub-prime lending and mortgage-backed securities that has caused much of the carnage.

References

  1. Since 1852. Wells Fargo.
  2. Wells Fargo & Company. Hoovers.com.
  3. Wells Fargo Today: Company Overview. Wells Fargo.
  4. John Stumpf bio. Marketplace.
  5. 6 Recommendations. Motley Fool.