Wells Fargo

Wells Fargo & Company

Company logo since 2008
Wells Fargo corporate headquarters in San Francisco, California
Type	Public company
Traded as	: 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; 164 years ago (1852-03-18) New York City, New York, United States
Founder	Henry Wells William Fargo
Headquarters	San Francisco, California, United States
Area served	Worldwide
Key people	Stephen Sanger (Chairman) Elizabeth Duke (Vice 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)
Operating income	US$32.12 billion (2016)
Profit	US$21.93 billion (2016)
Total assets	US$1.930 trillion (2016)
Total equity	US$199.5 billion (2016)
Number of employees	268,800 (2016)
Divisions	Wells Fargo Rail
Website	wellsfargo.com

Wells Fargo Securities, LLC

Type	Subsidiary
Industry	Investment Banking
Headquarters	Charlotte, North Carolina
Area served	Worldwide
Website	www.wellsfargo.com/com/securities/

Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California, with "hubquarters" throughout the country. It is the world's second largest bank by market capitalizationand the third largest bank in the U.S. by assets. In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC, before slipping behind JP Morgan Chase in September 2016, in the wake of a scandal involving the alleged creation of over 2 million fake bank accounts by thousands of Wells Fargo employees. 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.

In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of largest companies in the United States. In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world. As of October 2015, the company had a credit rating of AA−. However, for a brief period in 2007, the company was the only AAA-rated bank, reflecting the highest credit rating from two firms.

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. As of December 31, 2015, it had 8,700 retail branches and 13,000 automated teller machines. The company operates across 35 countries and has over 70 million customers globally.