6001x Additional Resources2

6/24/2019 Wells Fargo - Wikipedia
Wells Fargo
Wells Fargo & Company is an American multinational financial
services company headquartered in San Francisco, California, with
Wells Fargo & Company
central offices throughout the United States.[9] It is the world's fourth-
largest bank by market capitalization and the fourth largest bank in the
US by total assets.[10][11] Wells Fargo is ranked #26 on the 2018
Fortune 500 rankings of the largest US corporations by total
revenue.[12] In July 2015, Wells Fargo became the world's largest bank
by market capitalization, edging past ICBC,[11] 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.[10] Wells Fargo fell behind Bank of America to third by Company logo since 2009
bank deposits in 2017[13] and behind Citigroup to fourth by total assets
in 2018.[14]
The firm's primary 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.[15] As of June 2018, it had 8,050 branches and
13,000 ATMs.[2] In 2018 the company had operations in 35 countries
with over 70 million customers globally.[2]
Wells Fargo's headquarters complex in San
Francisco, California
In February 2014, Wells Fargo was named the world's most valuable Type Public
bank brand for the second consecutive year[16] in The Banker and
Traded as NYSE: WFC (https://www.
Brand Finance study of the top 500 banking brands.[17] In 2016, Wells
nyse.com/quote/XNYS:WF
Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest C)
public companies in the world and ranked 27th on the Fortune 500 list
S&P 100 component
of the largest companies in the US.[7][18] In 2015, the company was
S&P 500 component
ranked the 22nd most admired company in the world, and the 7th most
respected company in the world.[7] As of December 2018, the company ISIN US9497461015
had a Standard & Poors credit rating of A−.[8] However, for a brief Industry Banking
period in 2007, the company was the only AAA-rated bank, reflecting Financial services
the highest credit rating from two firms.[19] Insurance
Predecessors Collapsible list
Founded March 18, 1852 in San
https://en.wikipedia.org/wiki/Wells_Fargo 1/20
On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo Francisco, California, US
from growing its nearly US$2 trillion-asset base any further, based Founders Henry Wells
upon years of misconduct, until Wells Fargo fixes its internal problems William Fargo
to the satisfaction of the Federal Reserve.[20] In April 2018, The Wall
Headquarters 420 Montgomery Street,
Street Journal reported that the US Department of Labor had launched
San Francisco, California,
a probe into whether Wells Fargo was pushing its customers into more
US
expensive retirement plans as well as into retirement funds managed
Number of 8,050 branches (2018)
by Wells Fargo itself.[21][22] Subsequently in May 2018, The Wall Street locations
Journal reported that Wells Fargo's business banking group had
13,000 ATMs (2018)
improperly altered documents about business clients in 2017 and early Area served Worldwide
2018.[23] In June 2018, Wells Fargo began retreating from retail Key people Elizabeth Duke
banking in the Midwestern United States by announcing the sale of all (Chair)
its physical bank branch locations in Indiana, Michigan, and Ohio to
C. Allen Parker
Flagstar Bank.[24][13]
(Interim President & CEO)
John R. Shrewsberry
(CFO)
Contents Products Collapsible list
History Revenue US$86.40 billion (2018)
Wells Fargo History Museums
Key dates Operating US$30.28 billion (2018)
Wachovia acquisition
income
Investment by US Treasury Department during 2008 financial Net income US$22.39 billion (2018)
crisis US$1.895 trillion (2018)
Total assets
History of Wells Fargo Securities
Environmental record Total equity US$197.06 billion (2018)
Operations and services Owner Berkshire Hathaway (10%)

Community banking Members c. 70 million (2018)
Consumer lending
Wells Fargo private student loans Number of c. 258,700 (2018)
employees
Equipment lending
Wealth and Investment Management Subsidiaries Wells Fargo Advisors
Wells Fargo Asset Management Wells Fargo Bank, N.A.
Wells Fargo Securities Wells Fargo Rail
Cross-selling
Wells Fargo Securities
International operations
Charter Rating Fitch: A+ (2018)
Lawsuits, fines and controversies Moody's: A2 (2018)
1981 MAPS Wells Fargo embezzlement scandal S&P: A− (2018)
Higher costs charged to African-American and Hispanic
borrowers Website wellsfargo.com (https://ww
Failure to monitor suspected money laundering w.wellsfargo.com/)
Overdraft fees Footnotes / references
[1][2][3][4][5][6][7][8]
Settlement and fines regarding mortgage servicing practices
SEC fine due to inadequate risk disclosures
Lawsuit by FHA over loan underwriting
Lawsuit due to premium inflation on forced place insurance
Lawsuit regarding excessive overdraft fees
2015 Violation of New York credit card laws
Executive compensation
Tax avoidance and lobbying
Prison industry investment
SEC settlement for insider trading case
Wells Fargo account fraud scandal
Racketeering lawsuit for mortgage appraisal overcharges
Dakota Access Pipeline investment
Failure to comply with document security requirements
Connections to the gun industry and NRA
Discrimination against female workers
Auto insurance
Wells Fargo branch in Berkeley,
CEO-to-worker pay ratio
California
See also
Notes
References
External links
History
Wells Fargo History Museums

The company operates 12 museums, most known as a Wells Fargo History Museum,[25] in its corporate buildings in
Charlotte, North Carolina, Denver, Colorado, Des Moines, Iowa, Los Angeles, California, Minneapolis, Minnesota,
Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, Sacramento, California and San Francisco, California.
Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraph
equipment and historic bank artifacts. The company also operates a museum about company history in the Pony Express
Terminal in Old Sacramento State Historic Park in Sacramento, California, which was the company's second office,[26] and
the Wells Fargo History Museum in Old Town San Diego State Historic Park in San Diego, California.[27]
Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan
Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the
Alaskan Gold Rush era.[28]
Key dates
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.
1860: Wells Fargo gained control of Butterfield Overland Mail Company,
leading to operation of the western portion of the Pony Express.
1866: "Grand consolidation" united Wells Fargo, Holladay, and Overland
Mail stage lines under the Wells Fargo name.
1905: Wells Fargo separated its banking and express operations; Wells
Fargo's bank was merged with the Nevada National Bank to form the
Wells Fargo Nevada National Bank.
A late 19th Century Wells Fargo
Bank in Apache Junction, Arizona
1918: As a wartime measure, the US Federal Government nationalized

Wells Fargo's express franchise into a federal agency known as the US
Railway Express Agency. The US Federal Government took control of the
express company. The bank began rebuilding but with a focus on
commercial markets. After the war, REA was privatized and continued
service until 1975.
1923: Wells Fargo Nevada merged with the Union Trust Company to form
the Wells Fargo Bank & Union Trust Company.
1929: Northwest Bancorporation was formed as a banking association.
1954: Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.
1960: Wells Fargo merged with American Trust Company to form the 1879 Wells Fargo Stagecoach on
Wells Fargo Bank American Trust Company. exhibit in the Wells Fargo Museum
1962: Wells Fargo American Trust again shortened its name to Wells in Phoenix
Fargo Bank.
1968: Wells Fargo converted to a federal banking charter, becoming Wells
Fargo Bank, N.A. Wells Fargo merged 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
later surpassed him.[29]
1969: Wells Fargo & Company holding company was formed, with Wells
Fargo Bank as its main subsidiary.
1982: Northwest Bancorporation acquired consumer finance firm Dial
Finance which is renamed Norwest Financial Service the following year.
1983: Northwest Bancorporation was renamed Norwest Corporation.
1983: White Eagle, largest US bank heist to date took place at a Wells
Fargo depot in West Hartford, Connecticut. The Wells Fargo Stage Stop built in
1986: Wells Fargo acquired Crocker National Corporation from Midland 1872 in Black Canyon City, Arizona
Bank.
1987: Wells Fargo acquired the personal trust business of Bank of
America.
1988: Wells Fargo acquired Barclays Bank of California from Barclays
plc.[30]
1995: Wells Fargo became the first major US financial services firm to offer
Internet banking.
1996: Wells Fargo acquired First Interstate Bancorp for US$11.6 billion.[31]
1998: Wells Fargo Bank was acquired by Norwest Corporation of
Minneapolis.[32] (Norwest was the surviving company; however, it chose to
continue business under the more well-known Wells Fargo name.)
2000: Wells Fargo Bank acquired National Bank of Alaska.[33]
2000: Wells Fargo acquired First Security Corporation.[34] Wells Fargo bank in Chinatown,
2001: Wells Fargo acquired H.D. Vest Financial Services for US$128 Houston, Texas
million, but sold it in 2015 for US$580 million.[35]
2007: Wells Fargo acquired CIT's construction unit.[36]
2007: Wells Fargo acquired Placer Sierra Bank.
2007: Wells Fargo acquired Greater Bay Bancorp, which had US$7.4
billion in assets, in a US$1.5 billion transaction.[37][38]
2008: Wells Fargo acquired United Bancorporation of Wyoming.[39]
2008: Wells Fargo acquired Century Bancshares of Texas.[40]
2008: Wells Fargo acquired Wachovia Corporation.
2009: Wells Fargo acquired North Coast Surety Insurance Services.[41]
2012: Wells Fargo acquired Merlin Securities.[42][43] A remodeled Wells Fargo bank in
2012: Wells Fargo acquired stake in The Rock Creek Group LP. Fort Worth, Texas
2019: CEO Tim Sloan resigns causing stock to jump and leaves General
Counsel Allen Parker as Interim CEO
Wachovia acquisition
On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about
US$14.8 billion in an all-stock transaction. This news came four days after the
US Federal Deposit Insurance Corporation (FDIC) made moves to have
Citigroup buy Wachovia for US$2.1 billion. Citigroup protested Wachovia's
agreement to sell itself to Wells Fargo and threatened legal action over the
matter. However, the deal with Wells Fargo overwhelmingly won shareholder
approval since it valued Wachovia at about seven times what Citigroup offered.
To further ensure shareholder approval, Wachovia issued Wells Fargo Wells Fargo in Laredo, Texas
preferred stock that holds 39.9% of the voting power in the company.[44]
On October 4, 2008, a New York state judge issued a temporary injunction

blocking the transaction from going forward while the situation was sorted
out.[45] Citigroup alleged that they 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.[46] Citigroup and Wells Fargo then entered into
negotiations brokered by the FDIC to reach an amicable solution to the
impasse. Those negotiations failed. Sources say that Citigroup was unwilling to
A former Wachovia branch
take on more risk than the US$42 billion that would have been the cap under converted to Wells Fargo in the fall
the previous FDIC-backed deal (with the FDIC incurring all losses over US$42 of 2011 in Durham, North Carolina
billion). Citigroup did not block the merger, but indicated they would seek
damages of US$60 billion for breach of an alleged exclusivity agreement with
Wachovia.[47]
Investment by US Treasury Department during 2008 financial crisis

On October 28, 2008, Wells Fargo was the recipient of US$25 billion of Emergency Economic Stabilization Act funds in
the form of a preferred stock purchase by the US Treasury Department.[48][49] Tests by the US Federal Government
revealed that Wells Fargo needed an additional US$13.7 billion in order to remain well capitalized if the economy were to
deteriorate further under stress test scenarios. On May 11, 2009, Wells Fargo announced an additional stock offering
which was completed on May 13, 2009, raising US$8.6 billion in capital. The remaining US$4.9 billion in capital was
planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the US$25 billion of preferred stock
issued to the US Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of
US$131.9 million, bringing the total dividends paid to US$1.441 billion since the preferred stock was issued in October
2008.[50]
History of Wells Fargo Securities

Wells Fargo Securities was established in 2009 to house Wells Fargo's capital markets group which it obtained during the
Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities,
though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities
banner.
Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First
Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition,
high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public
finance capabilities.[51]
Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington
Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the
investment banking arm of Citadel LLC.[52]
Environmental record
In 2009, Wells Fargo ranked #1 among banks and insurance companies, and #13
overall, in Newsweek Magazine's inaugural "Green Rankings" of the country's 500
largest companies.[54] 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.[55]
As of 2013, Wells Fargo had provided more than US$6 billion in financing for
environmentally beneficial business opportunities, including supporting 185
commercial-scale solar photovoltaic projects and 27 utility-scale wind projects
nationwide.[56]
Wells Fargo has 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.[57][58]
We want to be as open and clear as possible about our environmental

efforts – both our accomplishments and challenges – and share our Duke Energy Center in
experiences, ideas and thoughts as we work to integrate environmental Charlotte, North Carolina
responsibility into everything we do," said Mary Wenzel, director of home of Wells Fargo
Environmental Affairs. "We also want to hear and learn from our Securities[53]
customers. By working together, we can do even more to protect and
preserve natural resources for future generations.
— Mary Wenzel, director of Environmental Affairs, Wells

Fargo, 2010 press release
Operations and services

Wells Fargo delineates three different business segments when reporting
results: Community Banking; Wholesale Banking; and Wealth, Brokerage and
Retirement.
Community banking
The Community Banking segment includes Regional Banking, Diversified Map of Wells Fargo branches in
Products, and Consumer Deposits groups, as well as Wells Fargo Customer August 2015
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.[59] There are mini-branches located
inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basic teller services, and,
space permitting, an office for private meetings with customers.[60] 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.[61]
Consumer lending
As of Q3 2011, Wells Fargo Home Mortgage was the largest retail mortgage lender in the United States, originating one out
of every four home loans.[62] Wells Fargo services US$1.8 trillion in home mortgages, the second largest servicing portfolio
in the US[63] It was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, the then-CEO
John Stumpf had said the numbers were misleading because about half of that share represented the aggregation of
smaller loans that were then sold on in the secondary market. In 2013, its share was closer to 22%; of which eight
percentage points was aggregation.[64]
Wells Fargo private student loans

Wells Fargo private student loans are available to students to pay for college expenses, such as tuition, books, computers,
or housing.[65] Loans are available for undergraduate, career and community colleges, graduate school, law school and
medical school. Wells Fargo also provides private student loan consolidation and student loans for parents.
Equipment lending
Wells Fargo has various divisions that finance and lease equipment to different types of companies.[66] One venture is
Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail.[67]
In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment
financing.[68]
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

Wells Fargo Advisors subsidiary of Wells Fargo, located in St.
headquarters in St. Louis, Louis, Missouri. It is the third largest
Missouri brokerage firm in the United States as of the
third quarter of 2010 with US$1.1 trillion
retail client assets under management.[7] The logo for Wells Fargo Advisors
Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009,
when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.
In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by US$4 billion.[69]
Wells Fargo Asset Management
Wells Fargo Funds

Wells Fargo Asset Management (WFAM) is the trade name for the mutual fund Management, LLC
division of Wells Fargo & Co. Mutual funds are offered under the Wells Fargo Type Subsidiary
Advantage Funds brand name.
Industry Mutual funds
Headquarters Kansas City,
Wells Fargo Securities Missouri
Wells Fargo Securities (WFS) is the investment banking division of Wells Fargo Area served Worldwide
& Co. The size and financial performance of this group is not disclosed publicly, Website wellsfargofunds
but analysts believe the investment banking group houses approximately 4,500 .com (https://wellsfa
employees and generates between US$3 and US$4 billion per year in rgofunds.com/)
investment banking
revenue. By comparison, Wells Fargo Securities, LLC
two of Wells Fargo's largest
competitors, Bank of
America and J.P. Morgan
Chase generated
approximately US$5.5 Type Subsidiary
billion and US$6 billion Industry Investment Banking
respectively in 2011 (not
Headquarters Charlotte, North Carolina
including sales and trading
Area served Worldwide
revenue).[70] WFS
headquarters are in Website www.wellsfargo.com/com/securities/
(https://www.wellsfargo.com/com/se
Charlotte, North Carolina,
curities/)
with other US offices in
The Seagram Building:
New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with
Home of Wells Fargo
Securities' New York offices international offices in London, Hong Kong, Singapore, and Tokyo.
and trading floors
Cross-selling
A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy
additional banking products.[71] 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.[72][73] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street
Journal as a hard sell technique);[72] Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[73]
International operations
Wells Fargo has banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo,
Toronto.[74][75] They operate back-offices in India and the Philippines with more than 3,000 staff.[76]
Charter
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.[77] 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 US$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.[78] (Boxer A Wells Fargo branch in Logan,
Muhammed Ali had received a fee for the use of his name, and had no other Utah
involvement with the organization.[79])
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..."[80] 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." [81]
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 goes
on to present 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."[82] Wells
Fargo agreed to pay US$125 million to subprime borrowers and US$50 million in direct down payment assistance in
certain areas, for a total of US$175 million.[83][84]
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.[85]
Overdraft fees
In August 2010, Wells Fargo was fined by US 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.[86][87][88]
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, Citi,
JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[89] The
settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about US$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 US history, only trailing the Tobacco Master Settlement
Agreement.[90] 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 US$3.1 million in punitive damages over a single loan, one of
the largest fines for a bank ever for mortgaging service misconduct.[91] Elizabeth Magner, a federal bankruptcy judge in the
Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[92] stating that Wells Fargo has taken
advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is
Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to
fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting
methods."[93]
SEC fine due to inadequate risk disclosures

On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission
(SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[94][95]
Lawsuit by FHA over loan underwriting

On October 9, 2012, the US Federal Government sued the bank under the False Claims Act at the federal court in
Manhattan, New York. The suit alleges that Wells Fargo defrauded the US Federal Housing Administration (FHA) over the
past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is
the third allegation levied against Wells Fargo in 2012.[96]
In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.[97]
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, in which Wells Fargo
was accused of inflating premiums on forced-place insurance.[98]
Lawsuit regarding excessive overdraft fees

In May 2013, Wells Fargo paid US$203 million to settle class-action litigation accusing the bank of imposing excessive
overdraft fees on checking-account customers. Also in May, the New York attorney-general, Eric Schneiderman,
announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a US$25 billion deal
struck between 49 state attorneys and the five-largest mortgage servicers in the US. Schneidermann claimed Wells Fargo
had violated rules over giving fair and timely serving.[64]
2015 Violation of New York credit card laws
In February 2015, Wells Fargo agreed to pay US$4 million for violations where an affiliate took interest in the homes of
borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit
card laws. There was a US$2 million penalty with the other US$2 million going towards restitution to customers.[99]
Executive compensation
With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the
S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning US$15 per hour
emailed the CEO—copying 200,000 other employees—asking that all employees be given a US$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.[100][101]
Tax avoidance and lobbying

In December 2011, the non-partisan organization Public Campaign criticized Wells Fargo for spending US$11 million on
lobbying and not paying any taxes during 2008–2010, instead getting US$681 million in tax rebates, despite making a
profit of US$49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to US$49.8 million in
2010 for its top five executives.[102] As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the
fourth-largest payer of corporation tax in the US.[103]
Prison industry investment

The GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo
mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company
statements.[104] By March 2012, its stake had grown to more than 4.4 million shares worth US$86.7 million.[105] As of
November, 2012, the latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings of GEO's stock,
which reduces Wells Fargo's holdings to 4.98% of Geo Group's common stock. By reducing its holdings to less than 5%,
Wells Fargo will no longer be required to disclose some financial dealings with GEO.[106]
While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo
to divest from private prison companies like GEO Group, the company continues to make such investments.[107]
SEC settlement for insider trading case

In 2015, an analyst at Wells Fargo settled an insider trading case with the US Securities and Exchange Commission (SEC).
The former employee was charged with insider trading alongside an ex-Wells Fargo trader.[108] Sadis & Goldberg obtained
a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of
negligence-based § 17(a)(3) claim, and paying a US$75,000 civil penalty[109]
Wells Fargo account fraud scandal

In September 2016, Wells Fargo was issued a combined total of US$185 million in fines for creating over 1.5 million
checking and savings accounts and 500,000 credit cards that its customers never authorized. The US Consumer Financial
Protection Bureau issued US$100 million in fines, the largest in the agency's five-year history, along with US$50 million in
fines from the City and County of Los Angeles, and US$35 million in fines from the Office of Comptroller of the
Currency.[110] 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 US$5 million being set aside for customer refunds on fees for accounts the
customers never wanted.[111] Carrie Tolstedt, who headed the department, retired in July 2016 and received US$124.6
million in stock, options, and restricted Wells Fargo shares as a retirement package.[112][113] On October 12, 2016, John
Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his
company. It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed,
effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank
plummeted.[114] In response to the event, the Better Business Bureau dropped accreditation of the bank,[115] S&P Global
Ratings lowered its outlook for Wells Fargo from stable to negative,[116] and several states and cities across the US ended
business relations with the company.[117] An investigation by the Wells Fargo board of directors, the report of which was
released in April 2017, primarily blamed Stumpf, whom 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.[118] The board chose to use a clawback clause in the retirement contracts
of Stumpf and Tolstedt to recover US$75 million worth of cash and stock from the former executives.[118]
Racketeering lawsuit for mortgage appraisal overcharges

In November 2016, Wells Fargo agreed to pay US$50 million to settle a racketeering lawsuit in which the bank was
accused 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 US$95 to US$125 on appraisals for which the bank had been charged US$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.[119]
Dakota Access Pipeline investment

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.[120]
In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a
move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus
accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council
of Davis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of
2017.[121]
Failure to comply with document security requirements

In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo US$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.[122]
Connections to the gun industry and NRA

Wells Fargo is the top banker for US gun makers and the National Rifle Association (NRA). From December 2012 through
February 2018 it reportedly helped two of the biggest firearms and ammunition companies obtain US$431.1 million in
loans and bonds. It also created a US$28-million line of credit for the NRA and operates the organization's primary
accounts.[123]
In a March 2018 statement Wells Fargo said, "Any solutions on how to address this epidemic will be complicated. This is
why our company believes the best way to make progress on these issues is through the political and legislative process. ...
We plan to engage our customers that legally manufacture firearms and other stakeholders on what we can do together to
promote better gun safety for our communities." [123] Wells Fargo's CEO subsequently said that the bank would provide its
gun clients with feedback from employees and investors.[124]
Discrimination against female workers

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 are women.[125] Wells
Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.[126]
The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were
occupied by men.[126] 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."[126]
Auto insurance
On June 10, 2019, Wells Fargo settled a lawsuit for $ 385 million that was filed in 2017 concerning their customers and
National General Insurance.[127]
CEO-to-worker pay ratio

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.[128]
Total 2018 compensation for Timothy J. Sloan, CEO, was $18,426,734, and total compensation for the median employee
was estimated to be $65,191. The resulting pay ratio was determined to be 283:1.[129]
See also
List of Wells Fargo directors
List of Wells Fargo presidents
Wells Fargo Arena
Wells Fargo Center
Notes
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References
"Deadwood Stage (Whip Crack Away, Calamity Jane) Baker, David R. (December 19, 2004). "When hostile
Lyrics" (http://www.lyricsfreak.com/d/doris+day/deadwo takeovers backfire" (http://www.sfgate.com/cgi-bin/articl
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6.html). lyricsfreak.com. Retrieved July 6, 2017. Francisco Chronicle. Retrieved October 26, 2005.
"Frequently Asked Questions" (http://www.wellsfargo.c In July 2007, Wells Fargo Insurance Services Inc. was
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October 26, 2005. page.pl?pageId=625) in Business Insurance's world's
"Is there a way to look up relatives who may have largest brokers list.
worked as stagecoach drivers for Wells Fargo?" (http:// "Wells Fargo to purchase Placer Sierra Bank, owner of
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External links
Official website (http://www.wellsfargo.com)
Business data for Wells Fargo & Co: Google Finance (https://www.google.com/finance?q=WFC) · Yahoo! Finance (htt
ps://finance.yahoo.com/q?s=WFC) · Bloomberg (https://www.bloomberg.com/quote/WFC:US) · Reuters (https://www.r
euters.com/finance/stocks/overview?symbol=WFC) · SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=g
etcompany&CIK=72971)
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6/24/2019 Wells Fargo - Wikipedia

The firm's primary operating subsidiary is national bank Wells Fargo

Operations and services Owner Berkshire Hathaway (10%)

Wells Fargo History Museums

1918: As a wartime measure, the US Federal Government nationalized

On October 4, 2008, a New York state judge issued a temporary injunction

Investment by US Treasury Department during 2008 ﬁnancial crisis

History of Wells Fargo Securities

We want to be as open and clear as possible about our environmental

— Mary Wenzel, director of Environmental Affairs, Wells

Operations and services

Wells Fargo private student loans

Wealth and Investment Management

Wells Fargo Advisors is the brokerage

Wells Fargo Asset Management

Wells Fargo Funds

Lawsuits, fines and controversies

1981 MAPS Wells Fargo embezzlement scandal

Higher costs charged to African-American and Hispanic borrowers

Failure to monitor suspected money laundering

Settlement and ﬁnes regarding mortgage servicing practices

SEC ﬁne due to inadequate risk disclosures

Lawsuit by FHA over loan underwriting

Lawsuit due to premium inﬂation on forced place insurance

Lawsuit regarding excessive overdraft fees

2015 Violation of New York credit card laws

Tax avoidance and lobbying

Prison industry investment

SEC settlement for insider trading case

Wells Fargo account fraud scandal

Racketeering lawsuit for mortgage appraisal overcharges

Dakota Access Pipeline investment

Failure to comply with document security requirements

Connections to the gun industry and NRA

Discrimination against female workers

CEO-to-worker pay ratio

25. "Museums - Wells Fargo History" (http://www.wellsfargohistory.com/museums/).

48. "Capital Purchase Program Transaction Report" (https://fraser.stlouisfed.org/scribd/?item_id=519794&ﬁlepath=/docs/h

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