Type – Public (NYSE: WFC)
Founded – New York City, New York, U.S. (March 18, 1852) (1929 by Merger with Norwest)
Wells Fargo Corporate Office Headquarters – San Francisco, California, U.S.
Who Is President Of Wells Fargo – John G. Stumpf(Chairman, President and CEO)
Industry – Banking, Financial Services
Products – Retail banking, Investment banking, Commercial banking, Mortgages,Consumer finance, Insurance,Payday advance
Revenue – US$52.38 billion (2008)
Net Income – US$8.49 billion (2008)
Total assets – US$1.284 trillion (July ’09)
Total equity – US$99.08 billion (2008)
Employees – 276,000 (2009)
Website – WellsFargo.com

Brief History

Vermont native Henry Wells and New Yorker William G. Fargo watched the California boom economy, after gold was discovered, with keen interest. Before either Wells or Fargo could pursue opportunities offered in the West, however, they had business to attend to in the East.

Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo and Company, were major figures in the young and fiercely competitive express industry. In 1849 a new rival, John Butterfield, founder of Butterfield, Wasson & Company, entered the express business. In 1850, all three they decided to join forces to form the American Express Company.

Foundation of Wells Fargo

On March 18, 1852, they organized Wells, Fargo & Company, a joint-stock association with an initial capitalization of $300,000, to provide express and banking services to California. The original board of directors comprised Wells, Fargo, Johnston Livingston, Elijah P. Williams, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express.

Financier Edwin B. Morgan of Aurora, New York, was appointed Wells Fargo’s first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.

Recent Wells Fargo Co History

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, though its rating has since been lowered to AA in light of the 2008 Financial Crisis.

As of 2009, Wells Fargo has 6,650 retail branches (called stores by Wells Fargo), 12,260 automated teller machines, 276,000 employees and over 48 million customers.

On October 28, 2008, Wells Fargo and Company was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. Recent tests by the Federal government revealed that Wells Fargo needs an additional 13.7 billion dollars 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 $8.6 billion in capital. The remaining $4.9 billion in capital is planned to be raised through earnings.

Divisions & Products

Wells Fargo Banking Online Services – Commnity banking –
has around 9,400 stand alone mortgage branches throughout the country. It also does mortgage wholesale lending through independent mortgage brokers. This segment includes Regional Banking, Wealth Management Group, Diversified Products and the Consumer Deposits groups.

Wells Fargo launched its personal computer banking service in 1989 and was the first bank to introduce access to banking accounts on the web in May 1995.

Wholesale –
Segment contains products sold to large and middle market commercial companies, as well as to consumers on a wholesale basis.

Consumer finance –
It engages in lending through over 1,000 branches throughout the U.S. and in certain other countries. This division also engages in “indirect lending” for such organizations as furniture retailers.