Simplify your life and stay in control with the Wells Fargo Mobile® app. Manage your finances; make check deposits, add cards to digital wallet, transfer funds, and pay bills, all within the app.
Manage Your Accounts
• Quickly access your cash, credit, and investment accounts with Touch ID®¹ or Face ID®¹
• Review activity and balances in your accounts
• View your credit card transactions and manage your rewards program
• Easily activate or turn cards on or off², add cards to digital wallets, view recurring payments, and manage account access with Control Tower®
• Set your language preference to English or Spanish³
Deposit Funds ⁴
• Deposit checks with ease using your iPhone® camera
• Instantly view the processing deposit in your account
Make Transfers and Payments
• Transfer funds between your Wells Fargo accounts and to other financial institutions
• Securely send and receive money with friends and family using a U.S. mobile phone number or email address with Zelle®⁵
• Pay your bills with Wells Fargo’s Bill Pay service
• Add your eligible cards to Apple Wallet™ to use Apple Pay® for fast and convenient payments.6
• Monitor balances, holdings, account activity, and open orders for your Wells Fargo Advisors and WellsTrade® accounts
• Get real-time quotes, charts, market data, and news
INVESTMENT AND INSURANCE PRODUCTS: NOT INSURED BY FDIC | NO BANK GUARANTEE | MAY LOSE VALUE.
Help Stay Secure
• Visit the Security Center to report fraud and learn how to help keep your accounts safe
• Configure and receive alerts
• Get notified of suspicious card activity with text or email alerts
• Get easy access to your FICO® Credit Score7
• Email [email protected]
• Locate one of our more than 13,000 ATMs to get cash or find one of our approximately 5,300 retail banking branches near you via GPS
• Set up an appointment to meet with a Banker
1. Only certain devices are eligible to enable Touch ID or Face ID.
2. Turning your card off is not a replacement for reporting your card lost or stolen.
3. The Wells Fargo Mobile app may not be available in Spanish to all Wells Fargo customers. Not all products and services are available in Spanish.
4. Some accounts are not eligible for mobile deposit. Deposit limits and other restrictions apply.
5. Mobile numbers may need to be enrolled with Zelle before they can be used. Available to U.S.-based bank account holders only.
6. For a list of compatible Apple Pay devices, see https://support.apple.com/en-us/HT208531.
7. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Wallet is a trademark of Apple Inc. App Store is a service mark of Apple Inc.
DEPOSIT PRODUCTS OFFERED BY WELLS FARGO BANK, N.A. MEMBER FDIC.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SPIC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. WellsTrade(R) and Intuitive Investor(R) accounts are available through WFCS.
Minor performance improvements and bug fixes.
Ratings and Reviews
4.8 out of 5
Very Nice App, Minor Quirks
The Wells Fargo app is a very good one - you can nickname accounts (even ones from Greenhouse by Wells Fargo), send and request money via Zelle in-app, and add external accounts and initiate transfers from the app. The colors are nice and vibrant, and the iconic stage coach graphics are nice. There are some minor quirks, of course; certain options are given names instead of using the description (i.e. card lock/unlock is under “Control Tower”), so it can be a bit difficult to find certain options or features, at least when you haven’t used the app in a while. Some suggestions for the app - incorporating pictures of bank cards (debit and credit) within the app would be a neat visual; being able to rearrange your accounts within the app (like Chase and Capital One) would be awesome; and maybe some trivia in the app would be nice, including historical trivia about Wells Fargo bank, being one of the oldest banks around (US). When clicking/tapping on the last four digits of accounts numbers to see the whole thing, seeing the routing number would be awesome, so you know are what it is, and being able to copy it to the device’s “clipboard” would be awesome. And finally, being able to view product information would be really nice; ie. view information for checking/savings accounts, as well as credit cards & certificate accounts too. Hopefully some of these things could be implemented in the near future.
The Patti Effect
I’m very app challenged, especially with the Wells Fargo app on my phone on how to do a bill pay. Patty has helped me on several different things including the bill pay and she made it as easy as tying your shoes. She has been “our” favorite banker for a very long time and I made sure my son went to her, my Pops is the one who said to try Wells Fargo and so now allot of our family go to Wells Fargo. I will be totally and completely honest, there have been some cashiers or bank tellers that were not even close to being as helpful or as welcoming as Patty has always been but she is so good she makes up for there short comings!!!!! Thank you for allowing us to have her in the little town we are in. She has taken a personal touch to some of the terrible things that I have gone through and made them
A lot easier by giving advice or a easy tutorial in how to use the APP that I was glad I could even take pictures. I Sincerely from the bottom of my heart I thank her and Wells Fargo for helping my kinda of people!!! Andrew was another great guy! He helped my son when he was under age about how to go about this money that he was getting from an accident when he was 18. He definitely helped me as a single mom how to make sure he doesn’t blow it all and so forth. GREAT EMPLOYEES FOR BOTH!!! THANK YOU FOR BEING THAT TYPE OF BANK/ BUSINESS WHEN I NEEDED IT RHE MOST!
Need to improve on the mobile check deposit
It is convenient to use it. I can do mobile deposit for my paycheck. But draw back is it is very easy to deposit the check to the wrong account since I have one business account and one personal account. Today I log in to my accounts and click on the Business Account, then press the check deposit, After I finished the deposit the screen went back to personal account then I realized the check went to the wrong account. I went through the operation one more time, then noticed the after press the check deposit button, the screen has a place that I need to select which account the check goes to, otherwise it will go to the default account of personal account. Tomorrow I will need to go to ATM or bank to do the deposit, that defeats the purpose of mobile deposits.
The other drawback is the monthly limit for mobile check deposit too low. I have have paychecks once every two weeks, I have to deposit my second check to my other bank account due to the limit. The 3rd drawback is the account transactions. The withdraw and deposit amount not quite easily distinguishable. I wish the withdrawals can have negative sign at the front just like the deposit with positive sign.
Data Linked to You
The following data may be collected and linked to your identity:
Data Not Linked to You
The following data may be collected but it is not linked to your identity:
- Financial Info
- User Content
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- Wells Fargo Bank
- 91.5 MB
- Requires iOS 12.0 or later.
- Requires iPadOS 12.0 or later.
- iPod touch
- Requires iOS 12.0 or later.
- Age Rating
- © 2021 Wells Fargo Bank, N.A. All rights reserved.
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- Highly accessible — numerous locations: With approximately 4,900 branches and over 13,000 ATMs across 37 states and the District of Columbia, Wells Fargo is one of the more easily accessible large banks in the United States.
- Frequently waived monthly fees: While Wells Fargo does levy maintenance fees on many of its deposit accounts, the bank does provide a number of methods for avoiding them. Most clients can easily qualify for one of the many waivers.
- Innovative, secure data-sharing, and money management apps: In 2017, Wells Fargo partnered with Intuit to provide a seamless and completely secure connection for customers who use Mint, QuickBooks online and TurboTax online. This pioneering move allows Wells Fargo customers to easily share data with these Intuit products so they can handle their financial chores without risking their accounts' security.
- Low interest rates: Account APYs tend to skew lower at traditional brick-and-mortar banks than at their online counterparts. Still, Wells Fargo offers very lackluster rates (currently 0.01%-0.02%) on all of its savings options. In addition, every savings account also carries a monthly fee, meaning your account may essentially earn a negative amount if you are unable to avoid the charge — if your account dips below the minimum daily balance, for example.
- Overdraft fees levied up to three times daily: Wells Fargo charges a $35 overdraft fee for its Debit Card Overdraft Service every time you overdraw your account. Unfortunately, the bank's policies allow up to three overdrafts per day, meaning you could be staring down $105 in overdraft fees from a single day's mistakes. On the other hand, if you've signed up for Overdraft Protection, you will be charged one fee per business day, but the fee amount will depend on type of account from which the funds are withdrawn to cover the overdraft.
- History of costly scandals: In 2016, news began to emerge that for years, Wells Fargo employees had engaged in illegal practices — behavior that resulted in extra charges for customers and opening fake accounts, along with improperly repossessed homes and autos. and has been forced to pay billions in fines imposed by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Securities and Exchange Commission.
Who Is Wells Fargo Best For?
Wells Fargo will appeal to customers who want a well-established traditional bank with a large geographic footprint. It will be a great fit for those who:
- Need a bank that is present in the majority of the United States, including the District of Columbia
- Can easily keep a minimum balance in their checking and savings account to avoid fees
- Want to use Mint, QuickBooks online, or TurboTax online to handle their accounting and financial affairs
What Does Wells Fargo Offer?
Wells Fargo has a full array of the usual financial products and services for their customers. These include:
- Savings accounts
- Checking accounts
- Certificates of deposit
- Credit cards
Created specifically to encourage savings, the Wells FargoWay2Save Savings Account has a low minimum deposit of $25 and a monthly service fee of $5, which can be waived with either a $300 minimum daily balance or by setting up automatic transfers from linked Wells Fargo checking accounts. In addition, Wells Fargo automatically waives the monthly fee for account holders under the age of 24.
Another savings encouragement is the Save As You Go® transfer, which moves $1 from your Wells Fargo checking account to your Way2Save account with each qualifying transaction. These transactions include any non-recurring debit card purchases and any time you pay a bill using the Wells Fargo online bill pay option.
Wells Fargo also touts the use of your Way2Save account as a method of overdraft protection for customers who also have checking accounts. If you sign up for this optional service, Wells Fargo will transfer money from your Way2Save account into your checking account to cover an overdraft. However, this service doesn't prevent you from being charged a $12.50 overdraft fee once per business day. The fee can be avoided if a covering transfer or deposit is made on the same business day.
The APY on Way2Save accounts is currently set at 0.01% and is collected on the daily account balances.
Wells Fargo's Platinum Savings account comes with the option to write checks. They also don't have any restrictions on the number of monthly withdrawals you can make from the account.
Savers can expect an APY of 0.01% with Platinum Savings, but there is a relationship bonus APY of 0.02% if you also link a Portfolio Relationship by Wells Fargo account (see below). Close the qualifying checking account and you lose the bonus rate.
Customers can open a Platinum Savings account with only $25 and there is no minimum balance requirement to earn interest. However, there is a $12 monthly fee that can only be waived by maintaining a $3,500 minimum daily balance.
|Wells Fargo Savings Accounts|
|Account Name||Minimum Opening Deposit||Monthly Fee||Fee Waivers||APY|
|Way2Save||$25||$5||$300 minimum daily balance OR automatic savings transfers||0.01%|
|Platinum Savings||$25||$12||$3,500 minimum daily balance||0.01%|
Everyday Checking is Wells Fargo's basic checking account option, the one that may appeal to a majority of customers. You can open an account with $25, but expect to pay a $10 monthly fee unless you meet one of the following waiver requirements:
- Have $500 or more in qualifying direct deposits per month
- Maintain a $500 minimum daily balance
- Be between the age of 17 and 24
- Are a college student with a linked Wells Fargo Campus ATM or Campus Debit Card
While it is relatively easy to avoid the monthly fee, make sure you're aware of the other charges you may face, including a $2.50 out-of-network ATM fee and a $35 overdraft fee if you overdraw your account. If you sign up for Overdraft Protection with a linked savings account, you can avoid the painful $35 fee, but you will still have to pony up a $12.50 transfer fee when the money moves from savings to checking.
All deposit account holders have the opportunity to reverse overdrafts with the Overdraft Rewind. Here's how it works: if you make an ACH deposit that covers the overdraft by 9:00 a.m., Wells Fargo will recalculate your balance from the previous day to include the ACH deposit and may reverse any overdrafts or returned items that would have otherwise resulted without the addition of the deposit.
As the bank's premium checking account, Portfolio by Wells Fargo offers customers a number of major perks. At its core, the Portfolio account is an interest-bearing checking account, although the 0.01% APY is not currently impressive. Expect a $25 per month maintenance fee, unless you maintain a minimum of $20,000 (combined) in your linked accounts at the end of each statement period.
There are additional perks available to Portfolio account holders that can potentially make up for the low APY. Specifically, account holders also enjoy the following:
- Fee-free Wells Fargo Personal Wallet checks, cashier's checks and money orders
- One overdraft Protection fee from an eligible, linked savings account is waived per fee period
- Discounts on interest rates on select new loans and lines of credit
Account-holders who keep a qualifying balance of more than $250,000 also have fees waived on incoming wires, stop payments and Overdraft Protection transfers, as well as unlimited reimbursement of out-of-network ATM fees within the U.S and worldwide.
Finally, Portfolio customers are also granted access to Wells Fargo advisors for investment guidance, as well as discounts on the Wells Fargo Intuitive Investor account and the WellsTrade Online and Mobile Brokerage.
Young people looking for an opportunity to manage their own money might consider Wells Fargo Clear Access BankingSM. It's available for minors aged 13 to 16, with an adult co-owner.
Like the other checking accounts on this list, Clear Access BankingSM comes with a debit card that the account-holder may use for spending and ATM withdrawals. You can set up alerts to notify you of certain account activities.
The account can be opened with a $25 minimum deposit and the $5 monthly fee can be waived if the primary account holder is 13-24 years old.
|Wells Fargo Checking Accounts|
|Account Name||Minimum Opening Deposit||Monthly Fee||Fee Waivers||APY|
|Everyday Checking||$25||$10||10 debit card transactions, OR $1,500 minimum daily balance, OR $500 in direct deposit||None|
|Portfolio by Wells Fargo||$25||$30||$25,000 in combined linked bank deposits, OR $50,000 in linked bank, brokerage, and credit balances||0.01%|
|Clear Access BankingSM||$25||$5||Primary account holder is 13-24 years old||None|
Certificates of Deposit (CDs)
Wells Fargo offers several different CD products and there are some bonus APY offers for Portfolio by Wells Fargo account-holders.
The Fixed Rate CD offers several terms with a minimum opening deposit of $2,500.
|Wells Fargo Fixed Rate CDs|
|Term||Minimum Opening Deposit||APY||Bonus APY|
Wells Fargo offers credit cards that can meet nearly any banking or credit need, from cash-back cards to rewards cards to cards that are well-suited to balance transfers. Here are some of the cards that Wells Fargo offers:
Cash-back Credit Cards
- Wells Fargo Active CashSM Card
- Wells Fargo Propel American Express Card
- Hotels.com® Rewards Visa® Credit Card
Cards for Balance Transfers
- Wells Fargo Platinum Card (As of October 1st, 2021, Wells Fargo is no longer accepting applications for this card, but the bank now offers a similar card: Wells Fargo Reflect.)
Other Financial Products Offered by Wells Fargo
In addition to deposit accounts and credit cards, Wells Fargo also offers the following products and services to its customers:
- Car loans
- Purchase mortgages
- Refinance mortgages
- Self-directed trading
- Managed investment portfolios
- Private banking
- Financial advisors
- Business loans
- Personal loans
- Student loans
Wells Fargo Customer Service
Customers can reach Wells Fargo customer service agents in a variety of ways, including:
- Phone, available 24/7 (1-800-869-3557)
- Facebook, available 7 days a week
- Twitter, available 7 days a week
- A comprehensive Help section on the Wells Fargo site
Wells Fargo also offers a highly-rated mobile app that allows you to conduct your banking business on the go. The app is currently has a rating of 4.8 out of 5 stars on the App Store and 4.8 out of 5 on Google Play.
Beginning in 2016, a seemingly endless series of scandals beset Wells Fargo: the creation of phony accounts, the unauthorized purchase of insurance policies for clients, improper auto-loan and mortgage practices, and the alteration of customer data, which were only admitted to after investigations by journalists and regulators. Wells Fargo has paid billions in government fines, criminal and civil lawsuit settlements, and restitution to injured parties. Nevertheless, it seems likely that the revelations of the bank's malfeasance continue to tarnish its image in a skeptical public's eyes. According to the 2020 J.D. Power and Associates Retail Banking and Satisfaction Study, Wells Fargo ranks below the average satisfaction level in every region except Lower Midwest.
How to Bank with Wells Fargo
Potential customers can open a new Wells Fargo account online or in a bank branch. Applying for an account online also provides an instant application status response.
Once you are set up with a Wells Fargo account, you can take care of your banking needs online and with the mobile app.
Customers looking for a well-established and well-rounded financial institution may do well with Wells Fargo. Not only does this bank possess a large geographic footprint, but it also has every type of account, product and service you may need — a true one-stop banking shop. Add in the fact that you can enjoy some relationship bonuses for linking multiple accounts or products under the Wells Fargo umbrella and this institution is a clear winner for anyone who values efficiency and streamlined banking experience. That said, Wells Fargo has not yet earned back the public's trust after the revelations from 2016 to 2018, of a series of systemic fraudulent practices that victimized its own clients for nearly two decades. While the bank is working to correct its course — in February 2020, it agreed to pay $3 billion in fines to settle a civil lawsuit and resolve a Justice Department criminal prosecution — consumers might understandably like to wait and see if any more ugly shoes drop before trusting their money to this institution. Unless Wells Fargo can offer more tempting interest rates or find other ways to distinguish its products, its dented reputation — coupled with lackluster rates — makes it a less-enticing option for anyone who is not looking specifically for convenience.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected more than 20 data points across more than 80 banks including products available, interest rates, fees and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.
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American multinational banking and financial services company
For other uses, see Wells Fargo (disambiguation).
Company logo since 2019
Wells Fargo's corporate headquarters complex in San Francisco, California
|Founded||1929 (92 years ago) (1929) in Minneapolis, U.S. (as Northwest Bancorporation)|
1983 (as Norwest Corporation)
1998 (as Wells Fargo & Company)
|Founders||(Wells Fargo Bank)|
|Headquarters||San Francisco, California, U.S. (corporate);|
New York, NY (operational)
Number of locations
|Products||Asset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management|
|Revenue||US$72.34 billion (2020)|
|US$581 million (2020)|
|US$3.30 billion (2020)|
|Total assets||US$1.955 trillion (2020)|
|Total equity||US$185.9 billion (2020)|
Number of employees
|Footnotes / references|
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and internationally. The company has operations in 35 countries with over 70 million customers globally. It is considered a systemically important financial institution by the Financial Stability Board.
The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware which designates its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and is one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States. It has 8,050 branches and 13,000 ATMs. It is one of the most valuable bank brands.
Wells Fargo in its present form is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco, while its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. With the 2008 acquisition of Charlotte-based Wachovia, Wells Fargo became a coast-to-coast bank. Wells Fargo is ranked 7th on the Forbes Global 2000 list of largest public companies in the world and ranked 37th on the Fortune 500 list of the largest companies in the US. The company has been the subject of several investigations by regulators. On February 2, 2018, due to the Wells Fargo account fraud scandal, the Federal Reserve barred Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixes its internal problems to the satisfaction of the Federal Reserve. In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.
For history before 1998, see Wells Fargo (1852–1998). For history after 1998, see History of Wells Fargo.
In 1852, Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California, which was growing rapidly due to the California Gold Rush.
In March 1860, Wells Fargo gained control Butterfield Overland Mail Company, after Congress failed to pass the annual post office appropriation bill, thereby leaving the post office with no way to pay for the Overland Mail Company's services, and leaving Overland no way to pay Wells Fargo. Wells Fargo then operated the western portion of the Pony Express.
In 1866, the "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.
In 1872, Lloyd Tevis, a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad, became president of the company after acquiring a large stake, a position he held until 1892.
In 1892, John J. Valentine, Sr., a long time Wells Fargo employee, was made president of the company. Valentine died in late December 1901 and was succeeded as president by Dudley Evans on January 2, 1902.
In 1905, Wells Fargo separated its banking and express operations; Wells Fargo's bank merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.
In 1918, as a wartime measure, the United States government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency (REA). The federal government took control of the express company. The bank began rebuilding but with a focus on commercial markets. After the war, the REA was privatized and continued service until 1975.
In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.
In 1929, Northwest Bancorporation was formed as a banking association.
The company did well during the Great Depression; during a Bank Holiday in March 1933, the company actually gained $2 million of deposits.
In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.
In 1960, Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.
In 1962, Wells Fargo American Trust shortened its name to Wells Fargo Bank.
In 1968, Wells Fargo was converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merges with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him.
In 1969, Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.
In 1982, Northwest Bancorporation acquired consumer finance firm Dial Finance, which was renamed Norwest Financial Service the following year.
In 1983, Northwest Bancorporation was renamed Norwest Corporation.
In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut was the victim of the White Eagle robbery, involving an insider who worked as an armored truck guard, in the largest US bank theft to date, with $7.1 million stolen and two co-workers tied up. The robbery was carried out with the support of the government of Cuba and the cash was initially moved to Mexico City.
In 1986, Wells Fargo acquired Crocker National Bank from Midland Bank.
In 1987, Wells Fargo acquired the personal trust business of Bank of America.
In 1988, Wells Fargo acquired Barclays Bank of California from Barclays plc.
In 1991, Wells Fargo acquired 130 branches in California from Great American Bank for $491 million.
In May 1995, Wells Fargo became the first major US financial services firm to offer internet banking.
In 1996, Wells Fargo acquired First Interstate Bancorp for $11.6 billion. Integration went poorly as many executives left.
In 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name.
In 2000, Wells Fargo Bank acquired National Bank of Alaska. It also acquired First Security Corporation.
In 2001, Wells Fargo acquired H.D. Vest Financial Services for $128 million, but sold it in 2015 for $580 million.
In June 2007, John Stumpf was named chief executive officer of the company and Richard Kovacevich remained as chairman.
In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction. It also acquired Placer Sierra Bank. It also acquired CIT Group's construction unit.
In 2008, Wells Fargo acquired United Bancorporation of Wyoming.
In 2008, Wells Fargo acquired Century Bancshares of Texas.
On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock. On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out. Citigroup alleged that it had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court. Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Citigroup was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but sought damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.
On October 28, 2008, Wells Fargo received $25 billion of funds via the Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury. As a result of requirements of the government stress tests, the company raised $8.6 billion in capital in May 2009. On December 23, 2009, Wells Fargo redeemed $25 billion of preferred stock issued to the United States Department of the Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008.
In April 2009, Wells Fargo acquired North Coast Surety Insurance Services.
In 2011, the company hired 25 investment bankers from Citadel LLC.
In April 2012, Wells Fargo acquired Merlin Securities. In December 2012, it was rebranded as Wells Fargo Prime Services.
In December 2012, Wells Fargo acquired a 35% stake in The Rock Creek Group LP. The stake was increased to 65% in 2014 but sold back to management in July 2018.
In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged in with First Union Rail. In late 2015, Wells Fargo acquired three GE units focused on business loans equipment financing.
In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.
In June 2018, Wells Fargo sold all 52 of its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.
In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $4 billion.
In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO.
In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business.
On September 27, 2019, Charles Scharf was announced as the firm's new CEO.
In 2020, the company sold its student loan portfolio.
In May 2021, the company sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.
In 2021, the company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion. WFAM had $603 billion in assets under management as of December 31, 2020, of which 33% was invested in money market funds. WFAM was rebranded as Allspring Global Investments.
In 2009, Wells Fargo ranked 1st among banks and insurance companies, and 13th overall, in Newsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.
In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.
In 2017, Wells Fargo ranked 182nd out of 500 in Newsweek Magazine's "Green Rankings" of the largest US companies;
Newsweek's 2020 listing of "America's Most Responsible Companies" did not include Wells Fargo.
Wells Fargo has provided more than $10 billion in financing for environmentally beneficial business opportunities, including supporting commercial-scale solar photovoltaic projects and utility-scale wind projects nationwide.
In 2010, Wells Fargo launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.
Wells Fargo History Museum
The company operates the Wells Fargo History Museum at 420 Montgomery Street, San Francisco. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraph equipment, and historic bank artifacts. The museum also has a gift shop. In January 2015, armed robbers in an SUV smashed through the museum's glass doors and stole gold nuggets. The company previously operated other museums but those have since closed.
Operations and services
Consumer Banking and Lending
The Consumer Banking and Lending segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country. There are also mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basic bank teller services, and an office for private meetings with customers.
Wells Fargo Home Mortgage is the second largest retail mortgage originator in the United States, originating one out of every four home loans. Wells Fargo services $1.8 trillion in home mortgages, the one of the largest servicing portfolios in the US.
Wells Fargo has various divisions, including Wells Fargo Rail, that finance and lease equipment to different types of companies.
Wealth and Investment Management
Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC, and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealth group.
Wells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third-largest brokerage firm in the United States as of the third quarter of 2010 with $1.1 trillion retail client assets under management.
Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it was renamed following Wells Fargo's acquisition of Wachovia Corporation.
Wells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. headquartered in Charlotte, with other U.S. offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles and with international offices in London, Hong Kong, Singapore, and Tokyo.
Wells Fargo Securities was established in 2009 after the acquisition of Wachovia Securities. It provides merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance services
A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking services. Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank. Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique).
Wells Fargo has banking services throughout the world, with overseas offices in Hong Kong, London, Dubai, Singapore, Tokyo, and Toronto. Back-offices are in India and the Philippines with more than 20,000 staff.
In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands.
Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency. Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.
Lawsuits, fines and controversies
1981 MAPS Wells Fargo embezzlement scandal
In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of $300,000 was paid to Lewis, who pled guilty to embezzlement and conspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence. (Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.)
Higher costs charged to African-American and Hispanic borrowers
Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..." An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans." According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report presented data from the city of Baltimore, where more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods. Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.
Failure to monitor suspected money laundering
In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.
In August 2010, Wells Fargo was fined by United States district court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.
Settlement and fines regarding mortgage servicing practices
On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states. The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.
On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $24,000 in mortgage fees, after the bank misallocated payments to interest instead of principal. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations. The award was affirmed on appeal in 2013.
In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving. In 2015, a judge sided with Wells Fargo.
SEC fine due to inadequate risk disclosures
On August 14, 2012, Wells Fargo agreed to pay around $6.5 million to settle U.S. Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.
Lawsuit by FHA over loan underwriting
In 2016, Wells Fargo agreed to pay $1.2 billion to settle allegations that the company violated the False Claims Act by underwriting over 100,000 Federal Housing Administration (FHA) backed loans when over half of the applicants did not qualify for the program.
In October 2012, Wells Fargo was sued by United States AttorneyPreet Bharara over questionable mortgage deals.
Lawsuit due to premium inflation on forced place insurance
In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE Insurance, in which Wells Fargo was accused of inflating premiums on forced-place insurance.
Lawsuit regarding excessive overdraft fees
In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive overdraft fees on checking-account customers.
Violation of New York credit card laws
In February 2015, Wells Fargo agreed to pay $4 million, including a $2 million penalty and $2 million in restitution for illegally taking an interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners.
Tax liability and lobbying
In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 2008–2010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession. However, in 2013, the company paid $9.1 billion in income taxes.
Prison industry investment
Main article: Prison–industrial complex
The company has invested its clients' funds in GEO Group, a multi-national provider of for-profit private prisons. By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million. As of November 2012, Wells Fargo divested 33% of its holdings of GEO's stock, reducing its stake to 4.98% of Geo Group's common stock, below the threshold of which it must disclose further transactions.
Discrimination against African Americans in hiring
In August 2020, the company agreed to pay $7.8 million in back wages for allegedly discriminating against 34,193 African Americans in hiring for tellers, personal bankers, customer sales and service representatives, and administrative support positions. The company agreed to provide jobs to 580 of the affected applicants.
In May 2015, Gregory T. Bolan Jr., a stock analyst at Wells Fargo agreed to pay $75,000 to the U.S. Securities and Exchange Commission to settle allegations that he gave Joseph C. Ruggieri, a stock trader, insider information on probable ratings charges. Ruggieri was not convicted of any crime.
Wells Fargo fake accounts scandal
Main article: Wells Fargo account fraud scandal
In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency. The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.
On October 12, 2016, John Stumpf, the then chairman and CEO, announced that he would be retiring amidst the scandals. President and Chief Operating Officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted. In response to the event, the Better Business Bureau dropped accreditation of the bank. Several states and cities ended business relations with the company.
An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, who it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them. Wells Fargo coined the phrase, “Go for Gr-Eight” – or, in other words, aim to sell at least 8 products to every customer. The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives.
In February 2020, the company agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Exchange Commission. The settlement did not prevent individual employees from being targets of future litigation. The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit.
Racketeering lawsuit for mortgage appraisal overcharges
In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.
Financing of Dakota Access Pipeline
Wells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transport system in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.
In February 2017, the city councils of Seattle, Washington and Davis, California voted to move $3 billion of deposits from the bank due to its financing of the Dakota Access Pipeline as well as the Wells Fargo account fraud scandal.
Failure to comply with document security requirements
In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo $5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.
Doing business with the gun industry and NRA
From December 2012 through February 2018, Wells Fargo reportedly helped two of the biggest firearms and ammunition companies obtain $431.1 million in loans. It also handled banking for the National Rifle Association and provided bank accounts and a $28-million line of credit. In 2020, the company said that it is winding down its business with the National Rifle Association.
Discrimination against female workers
Further information: Glass ceiling
In June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 were women. Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting. The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men. There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."
Overselling auto insurance
On June 10, 2019, Wells Fargo agreed to pay $385 million to settle a lawsuit accusing it of allegedly scamming millions of auto-loan customers into buying insurance they did not need from National General Insurance.
Failure to Supervise Registered Representatives
On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their assets in high-risk energy securities in 2014 and 2015.
Steering customers to more expensive retirement accounts
In April 2018, the United States Department of Labor launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself.
Alteration of documents
In May 2018, the company discovered that its business banking group had improperly altered documents about business clients in 2017 and early 2018.
With CEO John Stumpf paid 473 times more than the median employee, Wells Fargo ranked number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a $10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above US federal minimums.
Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee.
Wells Fargo & Company reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 776 Kt (-87 /-10.1% y-o-y). There has been a consistent declining trend in reported emissions since 2015.
In popular culture
Wells Fargo stagecoaches are mentioned in the song "The Deadwood Stage (Whip-Crack-Away!)" in the 1953 film Calamity Jane performed by Doris Day: "With a fancy cargo, care of Wells and Fargo, Illinois - Boy!".
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The big banks are bullish about the recovery.
Experts are warning that U.S. economic growth may be easing. But as far as the country’s biggest banks are concerned, the recovery is going just fine.
Five of the nation’s biggest lenders — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Morgan Stanley — have beaten quarterly earnings expectations this week. Alongside solid profits, industry leaders provided rosy predictions for a continuing economic rebound from the pandemic, even in the face of continued uncertainty about the spread of the coronavirus, rising inflation and persistent supply-chain headaches.
“If you look at the economy, it’s improving, people are spending more and businesses are going to have to start investing,” Paul Donofrio, Bank of America’s chief financial officer, said on a conference call on Thursday. “We’re optimistic about the future.”
Earlier in the day, Bank of America, the country’s second-biggest lender, reported a profit of $7.7 billion for the three months that ended with September, as customers spent more on their credit and debit cards. That was up 58 percent from a year earlier, when the pandemic was surging and banks were still setting aside provisions to cover secured loans. Customers also keep paying their bills — the bank’s loss rates on loans have fallen near 50-year lows.
Although the bank made less money this year from interest paid by borrowers, it expects that income to bounce back in 2022 as the economy builds momentum, Mr. Donofrio said. But top bankers acknowledged that there could be bumps in the road ahead if borrowers held back.
“If you think about supply chains, where that impacts us mostly is constraining demand for credit or loans,” Michael P. Santomassimo, Wells Fargo’s chief financial officer, said on a conference call, also on Thursday. For instance, in commercial banking, “a lot of our clients just can’t get their factories moving in the way they want,” he said.
Inflation is keeping wages and commodity prices elevated, which can also constrain economic growth, Mr. Santomassimo added.
The banks’ Wall Street units that advise companies helped propel earnings results for the quarter.
Deal makers posted record fees at Bank of America and record revenue at Morgan Stanley, while Citigroup had its best quarter for mergers and acquisitions in a decade. On Wednesday, their counterparts at JPMorgan also posted big numbers after cashing in on a hot market for advising companies.
The pace of corporate deal-making appears to have staying power, said Jason Goldberg, an analyst at Barclays.
“You’re seeing many companies across industries re-examining their business models coming out of the pandemic,” Mr. Goldberg said. That includes seeking to expand their scale or add digital offerings.
“Historically, the biggest potential disruption to M&A has been market volatility, so that’s certainly something we’re keeping an eye on,” he said. “But in the near term, it sounds like activity should be elevated globally.”
Morgan Stanley’s profit rose to $3.7 billion with the help of its stock traders, who drove equities revenue up 24 percent. Citigroup, where stock trading was also a bright spot, reported a profit of $4.6 billion. Trading divisions, which were predicted to be laggards, fared better than expected across the board as a lively stock market helped offset a poorer showing from bond trading.
“The recovery from the pandemic continues to drive corporate and consumer confidence,” Jane Fraser, the Citigroup chief executive, said in a statement on Thursday.
At Wells Fargo, which has smaller Wall Street operations than its peers, profit was $5.1 billion, also beating analyst estimates. The lender cut expenses, in part by closing 433 of its branches, or 8 percent, in the last year and reducing its head count 13 percent to a little more than 114,000 employees.
Wells Fargo’s chief executive, Charles W. Scharf, said the bank was still focused on fixing the kinds of problems that had dogged it for several years. Wells Fargo was fined $250 million over its mortgage practices and got a stinging rebuke from a banking regulator last month, which prompted renewed criticism from Senator Elizabeth Warren, Democrat of Massachusetts.
The fine was the latest in a series of penalties the bank has faced for its conduct, including a fake account scandal that spanned more than a decade. Mr. Scharf said in a statement on Thursday that the penalty was “a reminder that the significant deficiencies that existed when I arrived must remain our top priority.”
Wells Fargo’s shares slid 1.5 percent on Thursday as investors focused on continued regulatory punishments, which include a cap on the bank’s growth imposed by the Federal Reserve more than three years ago. Bank of America’s stock rallied 4.5 percent, Morgan Stanley rose 2.5 percent, and Citi climbed a little under 1 percent. JPMorgan, the country’s biggest bank, gained 1.5 percent a day after it also beat expectations with earnings of $11.7 billion.
Included in profits for Bank of America, Wells Fargo and Citigroup were funds released from stockpiles they had built early in the pandemic to guard against a surge in loan defaults that never materialized. Wells Fargo released the most — $1.7 billion — while Citigroup released $1.2 billion and Bank of America released $1.1 billion. Morgan Stanley instead added slightly to its provisions for credit losses.
Goldman Sachs, the last of the major banks to report for the quarter, will release its results on Friday.
Matthew Goldstein contributed reporting.
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