Wells Fargo

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For other uses, see Wells Fargo (disambiguation).

Wells Fargo & Company

Company logo since 2008

464 California Street,

San Francisco, California, U.S.

Type Public company

Traded as NYSE: WFC

S&P 100 Component
S&P 500 Component
Industry Banking, financial services

Predecessors Crocker National Bank

First Interstate Bancorp
Bank of North America
First Security Corporation
Norwest Corporation
Wachovia

Founded March 18, 1852; 165 years ago

New York, New York, U.S.[1]

Founder Henry Wells

William Fargo

Headquarters 420 Montgomery Street,[2]

San Francisco, California, U.S.

Area served Worldwide

Key people Elizabeth Duke

(Chair)
Timothy J. Sloan
(President and CEO)

Products Asset management, brokerage services, commercial

banking, commodities, consumer banking, corporate
banking, credit cards, consumer finance, equities
trading, finance and insurance, foreign currency
exchange, foreign exchange trading, futures and
options trading, insurance, investment
banking, investment management, money market
trading, mortgage loans, prime brokerage, private
banking, retail banking, retail brokerage, risk
management, treasury and security
services, underwriting, wealth management
 Revenue US$88.26 billion (2016)[1]

Operating US$32.12 billion (2016)[1]

income

Profit US$21.93 billion (2016)[1]

Total assets US$1.930 trillion (2016)[1]

Total equity US$199.5 billion (2016)[1]

Number of 268,800 (2016)[1]

employees

Divisions Wells Fargo Rail

Website wellsfargo.com

Wells Fargo branch,

Berkeley, California

Wells Fargo & Company is an American international banking and financial services holding
company headquartered in San Francisco, with "hubquarters" throughout the country.[3] It is the
world's second-largest bank by market capitalization[4] and the third largest bank in the U.S. by
assets.[5] In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging
past ICBC,[5] before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal
involving the creation of over 2 million fake bank accounts by Wells Fargo employees.[4] Wells Fargo
surpassed Citigroup Inc. to become the third-largest U.S. bank by assets at the end of 2015. Wells
Fargo is the second-largest bank in deposits, home mortgage servicing, and debit cards. 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. Wells Fargo in its present form is a result of a merger
between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest
Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following
the mergers, 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.
Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four
Banks" of the United States.[6] As of December 31, 2015, it had 8,700 retail branches and
13,000 automated teller machines.[7] The company operates across 35 countries and has over 70
million customers globally.[7]
In February 2014, Wells Fargo was named the world's most valuable bank brand for the second year
running[8] in The Banker and Brand Finance study of the top 500 banking brands.[9] In 2016, Wells
Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the
world[7] and ranked 27th on the Fortune 500 list of the largest companies in the United States.[10] In
2015, the company was ranked the 22nd most admired company in the world, and the 7th most
respected company in the world.[7] As of October 2015, the company had a credit rating of
AA−.[11] However, for a brief period in 2007, the company was the only AAA-rated bank, reflecting the
highest credit rating from two firms.[12]