Wells Fargo & Company

ABOUT THIS COMPANY:

A new era begins

San Francisco-based Wells Fargo ushered in a new era of banking in 2008 when it merged with commerical banking giant Wachovia, creating the fourth largest U.S. bank in terms of assets. Its main business lines are retail, commercial, and corporate banking services. Through subsidiary arms, Wells Fargo offers securities brokerage and investment banking, wholesale banking, consumer finance, mortgage banking, leasing, agricultural finance, commercial finance, data processing, trust services, advisory, mortgage-backed securities, and venture capital investment. It has over 80 lines of business, some of the largest being community banking, wholesale banking, home and consumer finance, and investments and insurance. The bank's history goes back to 1852 when Henry Wells and William Fargo founded Wells, Fargo & Co. during the West’s gold rush. The firm offered banking services and secure express delivery of gold, notes, and other valuable assets. In the 1860s, the firm sealed its reputation for trustworthiness by opening its famous stagecoach line, which made trips through the then-Wild West to ensure delivery across the country. In 1918, Wells Fargo’s network was commandeered by the U.S. government as part of its World War I efforts, leaving the bank with just one location in San Francisco. Wells Fargo rebuilt during the 20th century, becoming a regional bank in northern California and operating in San Francisco as a banker’s bank for the region. By the 1980s, Wells Fargo had a major presence in California and was the seventh largest bank in the nation. In the 1990s, it opened locations throughout the West, Midwest, and several Eastern states. Today, the firm serves nearly 50 million households and boasts 9,000 branches throughout the nation. It employs more than 266,000 people and is led by CEO John Stumpf.