Difference between revisions of "Wells Fargo & Co."

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== Key People ==
 
== Key People ==
[[Image:JStumpf.jpg|float|left]] [[John G. Stumpf]] was named Wells Fargo's CEO in June 2007 -  succeeding his mentor, [[Richard M. Kovacevich]]<ref>{{cite web|url=http://marketplace.publicradio.org/display/web/2008/06/10/corneroffice_stumpf_bio/|name=John Stumpf bio|org=Marketplace|date=August 7, 2008}}</ref> - 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 [[acquire]]d 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.<br>
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[[Image:JStumpf.jpg|float|left]] [[John G. Stumpf]] was named Wells Fargo's CEO in June 2007 -  succeeding his mentor, [[Richard M. Kovacevich]]<ref>{{cite web|url=http://marketplace.publicradio.org/display/web/2008/06/10/corneroffice_stumpf_bio/|name=John Stumpf bio|org=Marketplace|date=August 7, 2008}}</ref> - 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 [[acquire]]d 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.<br>
  
  

Revision as of 12:39, 19 December 2013

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

Wells Fargo has historically been one of America's top-rated banks by both investment and employment analysts. It was 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's 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.

Wells Fargo reported record earnings in the third quarter of 2010. Wells Fargo, the fourth-largest U.S. bank by assets at the time, earned $3.3 billion, or 60 cents a share, in part because the bank released $650 million of its reserves for loan losses into its earnings. In the previous quarter, the bank had released $500 million.[4]

In September of 2011, Moody's downgraded Bank of America Corp., Wells Fargo & Co. and Citigroup Inc.[5]

Products and Services

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

Key People

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John G. Stumpf was named Wells Fargo's CEO in June 2007 - succeeding his mentor, Richard M. Kovacevich[6] - 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.


References

  1. Since 1852. Wells Fargo.
  2. Wells Fargo & Company. Hoovers.com.
  3. Wells Fargo Today: Company Overview. Wells Fargo.
  4. Wells Fargo Reports Record Earnings. WSJ.com.
  5. Financial stocks tumble on Moody's bank downgrades. MarketWatch.
  6. John Stumpf bio. Marketplace.