Difference between revisions of "Wells Fargo & Co."

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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.<ref>{{cite web|url=http://www.wellsfargohistory.com/history/history.htm|name=Since 1852|org=Wells Fargo|date=August 7, 2008}}</ref> 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.<ref>{{cite web|url=http://www.hoovers.com/wells-fargo/--ID__58450--/free-co-profile.xhtml|name=Wells Fargo & Company|org=Hoovers.com|date=August 7, 2008}}</ref>
 
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.<ref>{{cite web|url=http://www.wellsfargohistory.com/history/history.htm|name=Since 1852|org=Wells Fargo|date=August 7, 2008}}</ref> 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.<ref>{{cite web|url=http://www.hoovers.com/wells-fargo/--ID__58450--/free-co-profile.xhtml|name=Wells Fargo & Company|org=Hoovers.com|date=August 7, 2008}}</ref>
  
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 [[shareholder]]s for 20 consecutive years.<ref>{{cite web|url=https://www.wellsfargo.com/about/today1
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In 1905 Wells Fargo & Co’s Bank, San Francisco (as it was called since 1852), formally separated from Wells Fargo & Co Express. After surviving the 1906 San Francisco earthquake and fire, which devastated the city, Wells Fargo operated as a local commercial bank. In the 1960s it became a regional bank, and in the 1980s went state-wide in California.  
|name=Wells Fargo Today: Company Overview|org=Wells Fargo|date=August 7, 2008}}</ref> 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.
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Wells Fargo reported record [[earnings]] in the third quarter of 2010. Wells Fargo, the fourth-largest U.S. [[bank]] by [[asset]]s at the time, earned $3.3 billion, or 60 [[cent]]s 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.<ref>{{cite web|url=http://online.wsj.com/article/SB10001424052702304741404575563881198351028.html?mod=WSJ_hpp_LEFTWhatsNewsCollection|name=Wells Fargo Reports Record Earnings|org=WSJ.com|date=October 20, 2010}}</ref>
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In the 1990s and 2000s, the bank joined the merger craze, acquiring First Interstate Bancorp in 1995, Norwest in 1998, and a number of smaller, regional institutions. During the [[Credit Crisis of 2008]], Wells Fargo took over the troubled [[Wachovia Corporation]]. As of 2015, Wells Fargo is the 4th largest bank in the U.S., with $1.8 trillion in assets. The bank has approximately 265,000 employees, at 8700 locations in 36 countries, across our more than 90 businesses.<ref>{{cite web|url=https://www08.wellsfargomedia.com/assets/pdf/about/corporate/wells-fargo-today.pdf|name=Quarterly Fact Sheet|org=Wells Fargo|date=January 6, 2016}}</ref>  
 
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In September of 2011, [[Moody's]] downgraded [[Bank of America Corp.]], Wells Fargo & Co. and [[Citigroup Inc.]]<ref>{{cite web|url=http://www.marketwatch.com/story/financial-stocks-tumble-on-moodys-bank-downgrades-2011-09-21?link=MW_latest_news|name=Financial stocks tumble on Moody's bank downgrades|org=MarketWatch|date=September 21, 2011}}</ref>
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== Products and Services ==
 
== Products and Services ==

Revision as of 10:54, 6 January 2016

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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

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]

In 1905 Wells Fargo & Co’s Bank, San Francisco (as it was called since 1852), formally separated from Wells Fargo & Co Express. After surviving the 1906 San Francisco earthquake and fire, which devastated the city, Wells Fargo operated as a local commercial bank. In the 1960s it became a regional bank, and in the 1980s went state-wide in California.

In the 1990s and 2000s, the bank joined the merger craze, acquiring First Interstate Bancorp in 1995, Norwest in 1998, and a number of smaller, regional institutions. During the Credit Crisis of 2008, Wells Fargo took over the troubled Wachovia Corporation. As of 2015, Wells Fargo is the 4th largest bank in the U.S., with $1.8 trillion in assets. The bank has approximately 265,000 employees, at 8700 locations in 36 countries, across our more than 90 businesses.[3]

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[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.


References

  1. Since 1852. Wells Fargo.
  2. Wells Fargo & Company. Hoovers.com.
  3. Quarterly Fact Sheet. Wells Fargo.
  4. John Stumpf bio. Marketplace.