Wells Fargo

From Wikipedia: http://en.wikipedia.org/wiki/Wells_Fargo

Wells Fargo & Company
Type Public
Traded as NYSEWFC
Industry Banking
Financial services
Founded New York, NY (March 18, 1852)[1]
Headquarters San Francisco, California, United States
Area served Worldwide
Key people John G. Stumpf
(Chairman, President & CEO)
Products Retail banking
Investment banking
Commercial banking
Consumer finance
Payday advance
Revenue decrease $85.210 billion (2010)[2]
Operating income increase $19.001 billion (2010)[2]
Profit increase $12.362 billion (2010)[2]
Total assets increase $1.258 trillion (2010)[2]
Total equity increase $127.889 billion (2010)[2]
Employees 280,000 (2010)[2]
Website WellsFargo.com

An older Wells Fargo branch, located in Berkeley, CA

Wells Fargo's corporate headquarters in San Francisco, CA

Wells Fargo & Company (NYSEWFC) is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the second largest bank by market capitalization.[3] Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. In 2007 it was the only bank in the United States to be rated AAA by S&P,[4] though its rating has since been lowered to AA-[5] in light of the financial crisis of 2007–2010.

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 for legal purposes.

Wells Fargo in its present form is a result of an acquisition of California-based Wells Fargo & Company by Minneapolis-based Norwest Corporation in 1998. Although Norwest was technically the surviving entity, the new company renamed itself Wells Fargo, capitalizing on the 150-year history of the nationally-recognized name and its trademark stagecoach. Following the acquisition, 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 2010 Wells Fargo had 6,335 retail branches (called stores by Wells Fargo), 12,000 automated teller machines, 280,000 employees and over 70 million customers. Wells Fargo operates stores and ATMs under Wells Fargo's and Wachovia's names.

Wells Fargo is one of the Big Four banks of the United States with Bank of America, Citigroup and JP Morgan Chase.[6][7][8][9][10][11][12]

Lines of business

Wells Fargo offers a range of financial services in over 80 different business lines.[13] 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 Products and the 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. It also does mortgage wholesale lending through independent mortgage brokers.

Wealth, brokerage, and retirement

Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors, as well as through national broker/dealer firms. Mutual funds are offered under the Wells Fargo Advantage Funds brand name. The company also serves high net worth individuals through its private bank and family wealth group.

Wells Fargo Advisors is the brokerage and wealth management 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.[14]

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.

Continue reading 04.29.2011. 13:36

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