Wells Fargo

A diversified financial services company

Summary

Wells Fargo & Company is an American multinational banking and financial services holding company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. In 2011, Wells Fargo was the 23rd largest company in the United States.
In 2007 it was the only bank in the United States to be rated AAA by S&P, though its rating has since been lowered to AA− in light of the financial crisis of 2007–2012. 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.

History

Wells Fargo is ranked number 26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.

In July 2015, Wells Fargo became the world’s largest bank by market capitalization, edging past ICBC,before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts and illegal manipulation of other accounts by Wells Fargo employees.
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.

In February 2014, Wells Fargo was named the world’s most valuable bank brand for the second consecutive year in The Banker and Brand Finance study of the top 500 banking brands. In 2016, Wells Fargo ranked 7th on the Forbes Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the US.
On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve. In April 2018, The Wall Street Journal reported that the US Department of Labor had 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. Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo’s business banking group had improperly altered documents about business clients in 2017 and early 2018. In June 2018, Wells Fargo began retreating from retail banking in the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.

Vision

Vision Statement:
We want to satisfy our customers’ financial needs and help them succeed financially.
This unites us around a simple premise: Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.

Mission

Mission Statement:
The reason we wake up in the morning is to help our customers succeed financially and to satisfy their financial needs, and the result is that we make money. It’s never the other way around.

Values:
What’s right for customers.
People as a competitive advantage.
Ethics.
Diversity and inclusion.
Leadership.

Team

CEO – Charles Scharf: Charles “Charlie” W. Scharf is an American businessman who serves as the chief executive officer and president of Wells Fargo. He was previously the CEO of Visa Inc. and BNY Mellon, and has been an independent director on the Microsoft board of directors since 2014.

References

https://www.facebook.com/wellsfargo

https://en.wikipedia.org/wiki/Wells_Fargo

https://corpgov.law.harvard.edu/2019/02/06/the-wells-fargo-cross-selling-scandal-2/#:~:text=Vision%20and%20Values.,one%20customer%20at%20a%20time.%20%E2%80%A6

https://www.comparably.com/companies/wells-fargo/mission

https://www.wellsfargo.com/