What is Wells Fargo & Co.?
Wells Fargo & Co. (WFC) is a San Francisco-based US banking giant. It provides various financial services including loans, credit, insurance, investing, retirements, wealth management and more. Wells Fargo & Co. is the holding company, and Wells Fargo Bank is its chief US operating subsidiary.
With $2.0 trillion in assets, Wells Fargo is one of America’s so-called ‘Big Four’ banks – the others being Bank of America, Citigroup and JPMorgan Chase.The bank serves one in three households in the United States. In 2017, Wells Fargo & Co. was ranked No. 25 in Fortune’s list of America’s biggest corporations.
Wells Fargo says its vision is “to satisfy our customers’ financial needs and help them succeed financially”. In 2017 Brand Finance ranked it Most Valuable Banking Brand in North America and Retail Banking. The same year, Forbes ranked Wells Fargo Third-Most Valuable Financial Services Brand in the World.
Who are the key people at Wells Fargo & Co.?
Timothy J. Sloan has served as Chief Executive Officer of Wells Fargo & Co. since October 2016. He has been President since November 2015. Sloan previously served as Chief Operating Officer. Other key figures include Senior Executive Vice President Mary Mack, who leads Wells Fargo’s Community Banking and Consumer Lending operations; and Jon Weiss, who leads the bank’s Wealth and Investment Management services.
What is the modern history of Wells Fargo & Co.?
Wells Fargo traces its history all the way back to 1852, when Henry Wells and William Fargo set up Wells Fargo & Company to provide express and banking services to California. The banking and express operations were separated in 1905, and the holding company was formed in 1969.
Today’s Wells Fargo & Co. is the outcome of a series of mergers. In 1998 the company joined forces with Norwest Corporation, and in 2008 it acquired Wachovia. In 2015-16, Wells Fargo briefly became the world’s largest bank by market capitalisation. But it lost ground as the result of a high-profile account fraud scandal, which saw the company being fined $185 million.
What are the latest developments at Wells Fargo & Co.?
In February 2018, the US Federal Reserve barred Wells Fargo from growing its asset base until the bank addresses its internal problems. The Fed was highly critical of Wells Fargo’s board for failing to oversee the bank, and announced that four board members would be replaced by the end of the year.
The Wells Fargo share price, which fell to a low of less than $9 during the global financial crisis, rebounded to an all-time high of $65 in January 2018. But the shares fell back to $51 at the end of March 2018. To find out how the shares are doing right now, follow Capital.com. Our WFC chart puts all the information at your fingertips.
Where does Wells Fargo & Co. operate?
Headquartered in San Francisco, Wells Fargo has operations in 42 countries and territories around the world. As well as offices right across the United States and Canada, it also has locations in Europe (London, Dublin, Frankfurt) and in key centres in the Asia-Pacific region (Mumbai, Singapore, Hong Kong, Taipei, Shanghai, Seoul, Tokyo, Sydney). A total of around 263,000 employees serve over 70 million customers.
Where is Wells Fargo & Co. traded?
Wells Fargo & Co. shares are traded on the New York Stock Exchange (NYSE). The shares are included in both the S&P 100 and S&P 500 indices. Check out Capital.com for the latest WFC chart.