Wells Fargo & Company is one of the largest financial services company in the U.S. (in terms of assets)with $1.2 trillion in assets and over $800 million in deposits. The company provides retail and wholesalebanking, mortgage banking, consumer finance, equipment leasing, insurance brokerage, agricult
finance, securities brokerage, trust, investment banking and other financial services through bankingstores, the internet and other distribution channels to individuals, businesses and institutions in all 50
states, the District of Columbia (D.C.) and in other countries.
The San Francisco
based company, as it stands today, is the result of the 1998 merger between Norwest
Corporation and the former Wells Fargo (founded in 1852), as well as the recent merger with WachoviaBank. Wells Fargo is also the premier institution in the U.S. in community banking, small businesslending, middle market commercial banking, agriculture lending, commercial real estate lending,
commercial real estate brokerage and bank
owned insurance brokerage.
Wells Fargo acquired Wachovia Bank in December 2008, thereby being transformed into a premier
-coast financial services franchise providing banking, insurance, investments, mortgage andconsumer finance through almost 10,000 stores, over 12,000 ATMs and 267,300 team members across
North America and other continents.
In December 2009, Wells Fargo exited the Troubled Asset Relief Program (TARP) after
full repaymentof its $25 billion loan along with cash dividends of $1.44 billion to the U.S. Treasury while maintainin
strong capital levels. The company had entered the TARP in October 2008. The company alsopurchased Prudential Financials non-controlling interest in securities brokerage joint venture,
assuringitself 100% of the future earnings.
The company provides its services through three broad s
Community Banking (65% of 2009
revenue), Wholesale Banking (22%), and Wealth, Brokerage and Retirement (13%).
offers a complete line of diversified financial products and services for
consumers and small businesses including investment, insurance and trust services in 39 states and
D.C. It also offers mortgage and home equity loans in all 50 states and D.C. Wachovia has added
as well as expanded channels to better serve customer
The segment now
Wells Fargo Financial division.
provides financial solutions to businesses across the U.S. with annual salesgenerally over $10 million and to financial institutions globally. It provides middle market ban
corporate banking, commercial real estate, treasury management, asset-based lending, insurance
brokerage, foreign exchange, correspondent banking, trade services, specialized lending, equipment
finance, corporate trust, investment banking, capital markets and asset management. Wachoviaexpanded product
across the segment, including investment banking, mergers andacquisitions, equity trading, equity structured products, fixed-income sales and trading and equity
and fixed income research.
alth, Brokerage and Retirement
provides a full range of financial advisory services to clients.
provides affluent and high-
-worth clients with a complete rangeof wealth management solutions. Retail Brokerage divisions
nancial advisors cater to thecustomers advisory, brokerage and financial needs as part of one of the largest full-
brokerage firms in the United States.
The Retirement division
provides retirement services forindividual investors and is a national leader in 401(k) and pension record
added the following businesses to this segment: Wachovia Securities (retail brokerage),