Wells Fargo & Co.
|Wells Fargo & Co.|
|Key People||President and CEO John Stumpf|
|Products||Diversified financial services|
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.
However, the bank was enveloped in a scandal in September of 2016 when it was uncovered that some Wells Fargo bankers had opened secret, unauthorized credit card and deposit accounts for customers for at least five years beginning in 2011, in an attempt to meet their sales goals. The company received subpoenas from three different U.S. attorneys' offices in mid-September and is being investigated.
Wells Fargo Securities, LLC is the name for the investment banking and capital markets division of Wells Fargo & Co.
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. 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.
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.
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
- Timothy J. Sloan, CEO
- John R. Shrewsberry, Senior Executive Vice President, Chief Financial Officer
- Patricia R. Callahan, Executive Vice President, Office of Transition
- David M. Carroll, Senior Executive Vice President, Wealth, Brokerage & Retirement Services
- David A. Hoyt, Senior Executive Vice President, Wholesale Banking
- Richard D. Levy, Executive Vice President, Controller
- Michael J. Loughlin, Executive Vice President and Chief Risk Officer
- Avid Modjtabai, Executive Vice President, Technology & Operations
- Mark C. Oman, Senior Executive Vice President, Home and Consumer Finance
- Kevin A. Rhein, Executive Vice President, Card Services and Consumer Lending
- James M. Strother, Executive Vice President, General Counsel
- Carrie L. Tolstedt, Senior Executive Vice President, Community Banking
- Citing 'gutless Leadaership,' Senators Denounce Wells Fargo's John Stumpf. New York Times Dealbook.
- Wells Fargo Subpoenaed in Sham Account Case. The New York Times.
- Since 1852. Wells Fargo.
- Wells Fargo & Company. Hoovers.com.
- Quarterly Fact Sheet. Wells Fargo.