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Wells Fargo

Wells Fargo Bank NA
Company nameWells Fargo & Company
Company typePublic company
IndustryBanking
Financial services
FoundedNew York City (March 18, 1852)
HeadquartersSan Francisco
Area servedWorldwide
Key peopleJohn G. Stumpf
(Chairman, President & CEO)
ProductsRetail banking
Investment banking
Commercial banking
Mortgages
Consumer finance
Insurance
Payday advance
Revenue(+) US$93.249 billion (2011)
Operating income(+) $19.001 billion (2010)
Net income(+) $12.362 billion (2010)
Total assets(+) $1.258 trillion (2010)
Total equity(+) $127.889 billion (2010)
Employees280,000 (2010)

Wells Fargo

Company nameWells Fargo Securities, LLC
Company typeSubsidiary
IndustryInvestment Banking
HeadquartersCharlotte (Primary), New York, San Francisco
Area servedWorldwide

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Wells Fargo & Company (NYSE - WFC) is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. In 2011, Wells Fargo was the 23rd largest company.

In 2007 it was the only bank in the United States to be rated AAA by S&P, though its rating has since been lowered to AA- in light of the financial crisis of 2007 2011. The firm's primary U.S. operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota for legal purposes.

Wells Fargo in its present form is a result of an acquisition of California-based Wells Fargo & Company by Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte, NC-based Wachovia. Although Norwest was technically the surviving entity in the 1998 merger, the new company renamed itself Wells Fargo, capitalizing on the 150-year history of the nationally recognized name and its trademark stagecoach. Following the acquisition, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls.

In 2010 Wells Fargo had 6,335 retail branches (called stores by Wells Fargo), 12,000 automated teller machines, 280,000 employees and over 70 million customers. Wells Fargo operates stores and ATMs under the Wells Fargo and Wachovia names.

Wells Fargo is one of the Big Four banks of the United States with Bank of America, Citigroup and JP Morgan Chase.


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