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Wells Fargo
Wells Fargo
& Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the country.[3] It is the world's second-largest bank by market capitalization[4] and the third largest bank in the U.S. by total assets.[5] In July 2015, Wells Fargo
Wells Fargo
became the world's largest bank by market capitalization, edging past ICBC,[5] before slipping behind JPMorgan Chase
JPMorgan Chase
in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo
Wells Fargo
employees.[4] Wells Fargo
Wells Fargo
surpassed Citigroup
Citigroup
Inc. to become the third-largest U.S. bank by assets at the end of 2015. Wells Fargo
Wells Fargo
is the second-largest bank in deposits, home mortgage servicing, and debit cards. 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
Wells Fargo
in its present form is a result of a merger between San Francisco–based Wells Fargo
Wells Fargo
& Company and Minneapolis-based Norwest Corporation
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
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
Wells Fargo
is one of the "Big Four Banks" of the United States.[6] As of December 2017, it had 8,300 retail branches and 15,300 automated teller machines.[7][8] The company operates across 35 countries and has over 70 million customers globally.[7] In February 2014, Wells Fargo
Wells Fargo
was named the world's most valuable bank brand for the second consecutive year[9] in The Banker
The Banker
and Brand Finance study of the top 500 banking brands.[10] In 2016, Wells Fargo ranked 7th on the Forbes Magazine
Forbes Magazine
Global 2000 list of largest public companies in the world[7] and ranked 27th on the Fortune 500
Fortune 500
list of the largest companies in the United States.[11] In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.[7] As of October 2015, the company had a credit rating of AA−.[12] However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms.[13] On February 2, 2018, the U.S. Federal Reserve Bank
Bank
barred Wells Fargo
Wells Fargo
from growing its asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve.[14]

Contents

1 Current operations

1.1 Community banking

1.1.1 Consumer lending 1.1.2 Wells Fargo
Wells Fargo
private student loans

1.2 Wholesale banking

1.2.1 Equipment lending

1.3 Wealth and Investment Management

1.3.1 Wells Fargo
Wells Fargo
Securities

1.4 Cross-selling 1.5 International operations 1.6 Charter

2 History

2.1 Wells Fargo
Wells Fargo
History Museums 2.2 Key dates 2.3 Wachovia
Wachovia
acquisition 2.4 Investment by U.S. Treasury during 2008 financial crisis

2.4.1 History of Wells Fargo
History of Wells Fargo
Securities

2.5 Environmental record

3 Controversies

3.1 Higher costs charged to African-American
African-American
and Hispanic borrowers 3.2 Failure to monitor suspected money laundering 3.3 Overdraft
Overdraft
fees 3.4 Settlement and fines regarding mortgage servicing practices 3.5 Alleged racial discrimination during foreclosures 3.6 SEC fine due to inadequate risk disclosures 3.7 Lawsuit by FHA over loan underwriting 3.8 Lawsuit due to premium inflation on forced place insurance 3.9 Lawsuit regarding excessive overdraft fees 3.10 2015 Violation of New York credit card laws 3.11 Executive compensation 3.12 Tax avoidance
Tax avoidance
and lobbying 3.13 Prison industry investment 3.14 SEC settlement for insider trading case 3.15 Wells Fargo
Wells Fargo
account fraud scandal 3.16 Racketeering lawsuit for mortgage appraisal overcharges 3.17 Dakota Access Pipeline
Dakota Access Pipeline
investment 3.18 Failure to comply with document security requirements 3.19 Connections to the gun industry and NRA

4 See also 5 Notes 6 References 7 External links

Current operations[edit]

Map of Wells Fargo
Wells Fargo
branches.

Wells Fargo
Wells Fargo
delineates three different business segments when reporting results: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. Community banking[edit] The Community Banking segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo
Wells Fargo
Phone Bank, Wachovia
Wachovia
Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo
Wells Fargo
also has around 2,000 stand-alone mortgage branches throughout the country.[15] 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.[16] In March 2017, Wells Fargo
Wells Fargo
announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo
Wells Fargo
Wallet, Android Pay and Samsung Pay.[17] Consumer lending[edit] As of Q3 2011, Wells Fargo
Wells Fargo
Home Mortgage was the largest retail mortgage lender in the United States, originating one out of every four home loans.[18] Wells Fargo
Wells Fargo
services $1.8 trillion in home mortgages, the second largest servicing portfolio in the U.S.[19] It was reported in 2012 Wells Fargo
Wells Fargo
reached 30% market share for US mortgages, however, the then-CEO John Stumpf
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.[20] Wells Fargo
Wells Fargo
private student loans[edit] Wells Fargo
Wells Fargo
private student loans are available to students to pay for college expenses, such as tuition, books, computers, or housing.[21] Loans are available for undergraduate, career and community colleges, graduate school, law school and medical school. Wells Fargo
Wells Fargo
also provides private student loan consolidation and student loans for parents.[citation needed] Wholesale banking[edit] Its wholesale banking segment contains products sold to large- and middle-market commercial companies, as well as to consumers on a wholesale basis. This includes lending, treasury management, mutual funds, asset-based lending, commercial real estate, corporate and institutional trust services, and capital markets and investment banking services through Wells Fargo
Wells Fargo
Securities. One area that is very profitable to Wells Fargo, however, is asset-based lending: lending to large companies using accounts receivable and inventory as collateral, though less traditional assets are often included in the collateral package. Historically, this type of lending has been done when normal routes of raising funds, such as the Capital Markets or unsecured bank loans, have been exhausted. The main business unit associated with this activity is Wells Fargo
Wells Fargo
Capital Finance. Wells Fargo
Wells Fargo
also owns Eastdil Secured, which is described as a "real estate investment bank", but is essentially one of the largest commercial real estate brokers for very large transactions (such as the purchase and sale of large Class-A office buildings in central business districts throughout the United States). Equipment lending[edit] Wells Fargo
Wells Fargo
has various divisions that finance and lease equipment to different types of companies. One venture is Wells Fargo
Wells Fargo
Rail, which in 2015 completed the purchase of GE Capital Rail Services
GE Capital Rail Services
and merged in with First Union
First Union
Rail. Wells Fargo
Wells Fargo
Equipment Finance is the country's largest equipment financer and nearly doubled in size after it purchased GE Capital's equipment finance division effective March 1, 2016. Wealth and Investment Management[edit]

Wells Fargo Advisors
Wells Fargo Advisors
headquarters in St. Louis

Wells Fargo
Wells Fargo
offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo
Wells Fargo
Advisors, LLC, as well as through national broker/dealer firms. Mutual funds are offered under the Wells Fargo
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
Wells Fargo Advisors
is the brokerage subsidiary of Wells Fargo, located in St. Louis. 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.[7] Wells Fargo Advisors
Wells Fargo Advisors
was known as Wachovia
Wachovia
Securities until May 1, 2009, when it legally changed names following the Wells Fargo's acquisition of Wachovia
Wachovia
Corporation. Wells Fargo
Wells Fargo
Securities[edit]

Wells Fargo
Wells Fargo
Securities, LLC

Type

Subsidiary

Industry Investment Banking

Headquarters Charlotte, North Carolina

Area served

Worldwide

Website www.wellsfargo.com/com/securities/

The Seagram Building: Home of Wells Fargo
Wells Fargo
Securities' New York offices and trading floors

Wells Fargo Securities
Wells Fargo Securities
("WFS") is the investment banking division of Wells Fargo
Wells Fargo
& Co. The size and financial performance of this group is not disclosed publicly, but analysts believe the investment banking group houses approximately 4,500 employees and generates between $3 and $4 billion per year in investment banking revenue. By comparison, two of Wells Fargo’s largest competitors, Bank
Bank
of America and J.P. Morgan Chase generated approximately $5.5 billion and $6 billion respectively in 2011 (not including sales and trading revenue).[22] WFS headquarters is in Charlotte, North Carolina, with other U.S. offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, and international offices in London
London
and Hong Kong. Cross-selling[edit] A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking products.[23] 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.[24][25] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique);[24] Forbes
Forbes
magazine describes Wells Fargo
Wells Fargo
as "better than anyone" at the practice.[25] International operations[edit] Wells Fargo
Wells Fargo
provides banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo, Toronto.[26][27] They operate back-offices in India and the Philippines with more than 3,000 staff.[28] Charter[edit] Wells Fargo
Wells Fargo
operates under Charter
Charter
#1, the first national bank charter issued in the United States. This charter was issued to First National Bank
Bank
of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[29] Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank
Bank
of Philadelphia to Wells Fargo
Wells Fargo
through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions. History[edit] Main article: History of Wells Fargo Wells Fargo
Wells Fargo
History Museums[edit] The company operates 11 museums, most known as a Wells Fargo
Wells Fargo
History Museum,[30] in its corporate buildings in Charlotte, North Carolina, Denver, Colorado, Los Angeles, California, Minneapolis, Minnesota, Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, Sacramento, California
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
Old Sacramento State Historic Park
in Sacramento, California, which was the company's second office,[31] and the Wells Fargo History Museum in Old Town San Diego State Historic Park
Old Town San Diego State Historic Park
in San Diego, California.[32] Wells Fargo
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
Wells Fargo
history in the Alaskan Gold Rush
Alaskan Gold Rush
era.[33] Key dates[edit]

A late 19th Century Wells Fargo
Wells Fargo
Bank
Bank
in Apache Junction, Arizona

1860 Wells Fargo
Wells Fargo
Stagecoach
Stagecoach
on exhibit in the Wells Fargo
Wells Fargo
Museum in Phoenix

The Wells Fargo
Wells Fargo
Stage Stop built in 1872 in Black Canyon City, Arizona

Wells Fargo
Wells Fargo
bank in Chinatown, Houston

A recently remodeled Wells Fargo
Wells Fargo
bank in Fort Worth, Texas. (2014)

Wells Fargo
Wells Fargo
in Laredo, Texas

1852: Henry Wells
Henry Wells
and William G. Fargo (Mayor of Buffalo, NY from 1862 to 1863 and again from 1864 to 1865), the two founders of American Express, formed Wells Fargo
Wells Fargo
& Company to provide express and banking services to California. 1860: Wells Fargo
Wells Fargo
gained control of Butterfield Overland Mail
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
Wells Fargo
name. 1905: Wells Fargo
Wells Fargo
separated its banking and express operations; Wells Fargo's bank was merged with the Nevada National Bank
Bank
to form the Wells Fargo
Wells Fargo
Nevada National Bank. 1918: As a wartime measure, the U.S. government nationalized Wells Fargo's express franchise into a federal agency known as the U.S. Railway Express Agency
Railway Express Agency
(REA). The 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 continues service. 1923: Wells Fargo
Wells Fargo
Nevada merged with the Union Trust Company to form the Wells Fargo
Wells Fargo
Bank
Bank
& Union Trust Company. 1929: Northwest Bancorporation was formed as a banking association. 1954: Wells Fargo
Wells Fargo
& Union Trust shortened its name to Wells Fargo Bank. 1960: Wells Fargo
Wells Fargo
merged with American Trust Company to form the Wells Fargo Bank
Bank
American Trust Company. 1962: Wells Fargo
Wells Fargo
American Trust again shortened its name to Wells Fargo Bank. 1968: Wells Fargo
Wells Fargo
converted to a federal banking charter, becoming Wells Fargo
Wells Fargo
Bank, N.A. 1969: Wells Fargo
Wells Fargo
& Company holding company was formed, with Wells Fargo Bank
Bank
as its main subsidiary. 1982: Northwest Bancorporation acquires consumer finance firm Dial Finance which is renamed Norwest Financial Service the following year. 1983: Northwest Bancorporation is renamed Norwest Corporation. 1983: White Eagle, largest U.S. bank heist to date took place at a Wells Fargo
Wells Fargo
depot in West Hartford, Connecticut. 1986: Wells Fargo
Wells Fargo
acquired Crocker National Corporation from Midland Bank. 1987: Wells Fargo
Wells Fargo
acquired the personal trust business of Bank
Bank
of America. 1988: Wells Fargo
Wells Fargo
acquired Barclays
Barclays
Bank
Bank
of California from Barclays plc.[34] 1995: Wells Fargo
Wells Fargo
became the first major U.S. financial services firm to offer Internet banking. 1996: Wells Fargo
Wells Fargo
acquired First Interstate Bancorp
First Interstate Bancorp
for $11.6 billion.[35] 1998: Wells Fargo
Wells Fargo
Bank
Bank
was acquired by Norwest Corporation
Norwest Corporation
of Minneapolis.[36] (Norwest was the surviving company; however, it chose to continue business under the more well-known Wells Fargo
Wells Fargo
name.) 2000: Wells Fargo
Wells Fargo
Bank
Bank
acquired National Bank
Bank
of Alaska.[37] 2000: Wells Fargo
Wells Fargo
acquired First Security Corporation.[38] 2001: Wells Fargo
Wells Fargo
acquired H.D. Vest Financial Services
H.D. Vest Financial Services
for $128 million, but sold it in 2015 for $580 million.[39] 2007: Wells Fargo
Wells Fargo
acquired CIT's construction unit.[40] 2007: Wells Fargo
Wells Fargo
acquired Placer Sierra Bank. 2007: Wells Fargo
Wells Fargo
acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction.[41][42] 2008: Wells Fargo
Wells Fargo
acquired United Bancorporation of Wyoming.[43] 2008: Wells Fargo
Wells Fargo
acquired Century Bancshares of Texas.[44] 2008: Wells Fargo
Wells Fargo
acquired Wachovia
Wachovia
Corporation. 2009: Wells Fargo
Wells Fargo
acquired North Coast Surety Insurance
Insurance
Services.[45] 2012: Wells Fargo
Wells Fargo
acquired Merlin Securities.[46][47] 2012: Wells Fargo
Wells Fargo
acquired stake in The Rock Creek Group LP. 2017: Retirement of controversial executive vice president of wealth management Jeff Grubb. The Portland, Oregon
Portland, Oregon
native has also served as a trustee for M.J. Murdock Charitable Trust of Vancouver, Washington, since 2010.[48]

Wachovia
Wachovia
acquisition[edit]

A former Wachovia
Wachovia
branch converted to Wells Fargo
Wells Fargo
in the fall of 2011 in Durham, North Carolina.

On October 3, 2008, Wachovia
Wachovia
agreed to be bought by Wells Fargo
Wells Fargo
for about $14.8 billion in an all-stock transaction. This news came four days after the Federal Deposit Insurance
Insurance
Corporation (FDIC) made moves to have Citigroup
Citigroup
buy Wachovia
Wachovia
for $2.1 billion. Citigroup protested Wachovia's agreement to sell itself to Wells Fargo
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
Citigroup
offered. To further ensure shareholder approval, Wachovia
Wachovia
issued Wells Fargo
Wells Fargo
preferred stock that holds 39.9% of the voting power in the company.[49] 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.[50] Citigroup
Citigroup
alleged that they had an exclusivity agreement with Wachovia
Wachovia
that barred Wachovia
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.[51] Citigroup
Citigroup
and Wells Fargo
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
Citigroup
was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup
Citigroup
did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[52] Investment by U.S. Treasury during 2008 financial crisis[edit] On October 28, 2008, Wells Fargo
Wells Fargo
was the recipient of $25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury.[53][54] Tests by the Federal government revealed that Wells Fargo
Wells Fargo
needed an additional $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
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 was planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo
Wells Fargo
redeemed the $25 billion of preferred stock issued to the US Treasury. As part of the redemption of the preferred stock, Wells Fargo
Wells Fargo
also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008.[55] History of Wells Fargo
History of Wells Fargo
Securities[edit] 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
Wells Fargo
had little to no participation in investment banking activities, though Wachovia
Wachovia
had a well established investment banking practice which it operated under the Wachovia
Wachovia
Securities banner. Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia
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.[56] Legacy components of Wells Fargo Securities
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.[57]

Duke Energy Center
Duke Energy Center
in Charlotte, home of WFS [58]

Environmental record[edit] In 2009, Wells Fargo
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.[59] So far, Wells Fargo
Wells Fargo
has provided more than $6 billion in financing for environmentally beneficial business opportunities, including supporting 185 commercial-scale solar photovoltaic projects and 27 utility-scale wind projects nationwide.[60] As a member of the U.S. Environmental Protection Agency's Climate Leaders program, Wells Fargo
Wells Fargo
aims to reduce its absolute greenhouse gas emissions from its U.S. operations by 35% below 2008 levels by 2020.[61] Wells Fargo
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.[62]

"We want to be as open and clear as possible about our environmental efforts – both our accomplishments and challenges – and share our experiences, ideas and thoughts as we work to integrate environmental responsibility into everything we do," said Mary Wenzel, director of Environmental Affairs. "We also want to hear and learn from our customers. By working together, we can do even more to protect and preserve natural resources for future generations."

[63] Controversies[edit]

A Wells Fargo
Wells Fargo
branch in Logan, Utah

Higher costs charged to African-American
African-American
and Hispanic borrowers[edit] Illinois Attorney General Lisa Madigan
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
Wells Fargo
spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."[64] 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
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
Wells Fargo
loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."[65] Failure to monitor suspected money laundering[edit] In a March 2010 agreement with federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia
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.[66] Overdraft
Overdraft
fees[edit] In August 2010, Wells Fargo
Wells Fargo
was fined by U.S. District 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.[67][68][69] Settlement and fines regarding mortgage servicing practices[edit] On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank
Bank
of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a settlement with the federal government and 49 states.[70] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[71] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma
Oklahoma
held out and agreed to settle with the banks separately. On April 5, 2012, a federal judge ordered Wells Fargo
Wells Fargo
to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.[72] Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[73] stating that Wells Fargo
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."[74] Alleged racial discrimination during foreclosures[edit] In 2011, the Department of Housing and Urban Development
Department of Housing and Urban Development
(HUD) launched an investigation of Wells Fargo
Wells Fargo
for racial discrimination practices, the second federal probe in 2012 of alleged violations of misconduct with regard to race. The other, began in 2011 by the National Fair Housing Alliance has found "overwhelming" and "troubling" evidence that six of the nation's major banks handle foreclosures in neighborhoods populated primarily by minorities differently than in white communities.[75] On July 13, 2012, Wells Fargo
Wells Fargo
entered a settlement agreement with the U.S. Department of Justice
U.S. Department of Justice
for allegedly discriminating against African-American
African-American
and Hispanic borrowers from 2004 to 2009. Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.[76][77] Wells Fargo
Wells Fargo
spokespersons denied all claims and are settling only to avoid contested litigation.[77][78] SEC fine due to inadequate risk disclosures[edit] On August 14, 2012, Wells Fargo
Wells Fargo
agreed to pay around $6.5 million to settle SEC charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[79][80] Lawsuit by FHA over loan underwriting[edit] On October 9, 2012, the U.S. federal government sued the bank under the False Claims Act at the federal court in Manhattan, New York. The suit alleges that Wells Fargo
Wells Fargo
defrauded the 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.[81] In October 2012, Wells Fargo
Wells Fargo
was sued by U.S. federal attorney Preet Bharara over questionable mortgage deals.[82] Lawsuit due to premium inflation on forced place insurance[edit] In April 2013, Wells Fargo
Wells Fargo
settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which Wells Fargo
Wells Fargo
was accused of inflating premiums on forced-place insurance.[83] Lawsuit regarding excessive overdraft fees[edit] In May 2013, Wells Fargo
Wells Fargo
paid $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 $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.[20] 2015 Violation of New York credit card laws[edit] In February 2015, Wells Fargo
Wells Fargo
agreed to pay $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 $2 million penalty with the other $2 million going towards restitution to customers.[84] Executive compensation[edit] With CEO John Stumpf
John Stumpf
being paid 473 times more than the median employee, Wells Fargo
Wells Fargo
ranks number 33 among the S&P 500 companies for CEO–employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO – copying 200,000 other employees – asking that all employees be given a $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
Wells Fargo
responded that all employees receive "market competitive" pay and benefits significantly above federal minimums.[85][86] Tax avoidance
Tax avoidance
and lobbying[edit] In December 2011, the non-partisan organization Public Campaign criticized Wells Fargo
Wells Fargo
for spending $11 million on lobbying and not paying any taxes during 2008–2010, instead getting $681 million in tax rebates, despite making a profit of $49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to $49.8 million in 2010 for its top five executives.[87] As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo
Wells Fargo
is the fourth-largest payer of corporation tax in the U.S.[88] Prison industry investment[edit] Main article: Prison–industrial complex The GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo
Wells Fargo
mutual funds on behalf of clients, not investments made by Wells Fargo
Wells Fargo
and Company, according to company statements.[89] By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.[90] As of November, 2012, the latest SEC filings reveal that Wells Fargo
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
Wells Fargo
will no longer be required to disclose some financial dealings with GEO.[91] While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo
Wells Fargo
to divest from private prison companies like GEO Group, the company continues to make such investments.[92] SEC settlement for insider trading case[edit] In 2015, an analyst at Wells Fargo
Wells Fargo
settled an insider trading case with the SEC. The former employee was charged with insider trading alongside an ex- Wells Fargo
Wells Fargo
trader.[93] 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 $75,000 civil penalty[94] Wells Fargo
Wells Fargo
account fraud scandal[edit] Main article: Wells Fargo
Wells Fargo
account fraud scandal In September 2016, Wells Fargo
Wells Fargo
was issued a combined total of $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 Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency.[95] 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 $5 million being set aside for customer refunds on fees for accounts the customers never wanted.[96] Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo
Wells Fargo
shares as a retirement package.[97][98] 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
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 dramatically.[99] In response to the event, the Better Business Bureau
Better Business Bureau
dropped accreditation of the bank,[100] S&P Global Ratings lowered its outlook for Wells Fargo to negative from stable,[101] and several states and cities across the US ended business relations with the company.[102] An investigation by the Wells Fargo
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.[103] The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives.[103] Racketeering lawsuit for mortgage appraisal overcharges[edit] In November 2016, Wells Fargo
Wells Fargo
agreed to pay $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
Wells Fargo
frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $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.[104] Dakota Access Pipeline
Dakota Access Pipeline
investment[edit] Wells Fargo
Wells Fargo
is a top investor in the Dakota Access Pipeline
Dakota Access Pipeline
project in North Dakota, a 1,172-mile-long (1,886 km) underground oil pipeline project in the United States. The pipeline has been controversial regarding its necessity, and potential impact on the environment.[105] In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo
Wells Fargo
"in a move that cites the bank's role as a lender to the Dakota Access Pipeline
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 in Davis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of 2017.[106] Failure to comply with document security requirements[edit] In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo
Wells Fargo
$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.[107] Connections to the gun industry and NRA[edit] Wells Fargo
Wells Fargo
is the top banker for U.S. 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 $431.1 million in loans and bonds. It also created a $28-million line of credit for the NRA and operates the organization’s primary accounts.[108] In a March 2018 statement Wells Fargo
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.” [109] Wells Fargo’s CEO subsequently said that the bank would provide its gun clients with feedback from employees, investors and others.[110] See also[edit]

San Francisco
San Francisco
Bay Area portal Companies portal

Comparison of online brokerages List of Wells Fargo
Wells Fargo
directors List of Wells Fargo
Wells Fargo
presidents Wells Fargo
Wells Fargo
Arena Wells Fargo
Wells Fargo
Center

Notes[edit]

^ a b c d e f g Wells Fargo
Wells Fargo
& Company 2015 Form 10-K Annual Report ^ https://consumerist.com/2008/09/24/contact-info-for-wells-fargo-ceo-john-stumpf-and-friends/ ^ " Wells Fargo
Wells Fargo
Annual Report 2008" (PDF). Wellsfargo.com. Retrieved 28 December 2014.  ^ a b Laura J. Keller and Katherine Chiglinsky (September 13, 2016). " Wells Fargo
Wells Fargo
Eclipsed by JPMorgan as World's Most Valuable Bank". Bloomberg L.P. Retrieved September 16, 2016.  ^ a b "This is the most valuable bank in the world". Fortune. Retrieved 24 July 2015.  ^ "FRB: Large Commercial Banks-- March 31, 2016".  ^ a b c d e "Forbes-Worlds Largest Companies in 2016". Forbes.  ^ " Wells Fargo
Wells Fargo
Today - 4th Quarter 2017 Quarterly Fact Sheet" (PDF). 2017. Retrieved March 17, 2018.  line feed character in title= at position 38 (help) ^ " Wells Fargo
Wells Fargo
Tops List of World's Most Valuable Bank
Bank
Brands, Leads Strong US Growth". Brand Finance. February 3, 2014.  ^ "The Top 500 Banking Brands, 2014". The Banker. February 3, 2014.  ^ " Fortune 500
Fortune 500
#30: Wells Fargo". Fortune Magazine. Retrieved July 24, 2015.  ^ "Fitch Affirms Wells Fargo
Wells Fargo
& Company's LT IDR at 'AA-' Following Large Regional Bank
Bank
Review" (Press release). Fitch. October 5, 2015.  ^ " Wells Fargo
Wells Fargo
Bank
Bank
Becomes S&P's Only "AAA" Credit-rated U.S. Bank" (Press release). PRNewswire. February 14, 2007.  ^ Emily Flitter, Binyamin Appelbaum, and Stacy Cowley (February 2, 2018). "Federal Reserve Shackles Wells Fargo
Wells Fargo
After Fraud Scandal". The New York Times. Retrieved February 3, 2018. CS1 maint: Multiple names: authors list (link) ^ "A Review of Wells Fargo's Subprime Lending" (PDF).  ^ "Click " Wells Fargo
Wells Fargo
In-Store Branches" for a pop-up with this information". Wellsfargo.com. Retrieved 28 December 2014.  ^ Romain Dillet (27 March 2017). " Wells Fargo
Wells Fargo
will let you use Apple Pay and Android Pay to withdraw money". TechCrunch. Retrieved 29 March 2017.  ^ Q3 2011, Inside Mortgage Finance, Sept. 2011[full citation needed] ^ "Browser Warning". Wellsfargo.com. Retrieved 2012-03-13.  ^ a b " Bank
Bank
of the Year: How Wells Fargo
Wells Fargo
conquered America". Euromoney. July 2013.  ^ " Wells Fargo
Wells Fargo
Private Student Loan Review — NerdWallet". 2016-06-09. Retrieved 2016-08-25.  ^ "Warren Buffett Seal of Approval Goes To... Wells Fargo
Wells Fargo
Bankers? Date 11 Apr 2011". Blogs.wsj.com. 2011-04-11. Retrieved 2012-03-13.  ^ "Our strategy: How we're going to get there". Wellsfargo.com. Retrieved 2012-10-07.  ^ a b Smith, Randall (February 28, 2011). "In Tribute to Wells, Banks Try the Hard Sell". The Wall Street Journal. Retrieved April 4, 2012.  ^ a b Touryalai, Halah (January 25, 2012). "The Art Of The Cross-Sell". Forbes. Retrieved April 4, 2012.  ^ "International Locations and Contacts – Wells Fargo Commercial".  ^ Glazer, Emily. "A Look at Wells Fargo's Overseas Expansion". Retrieved 2016-08-25.  ^ "Why US banking giant Wells Fargo
Wells Fargo
is creating back-office jobs in India". Firstpost. 2012-06-22. Retrieved 2017-10-18.  ^ Riggs, Charles (July 6, 2009). "Wells Fargo's Charter
Charter
Number (cont'd)". Wells Fargo.  ^ "Museums - Wells Fargo
Wells Fargo
History".  ^ "B.F. Hastings Building". California State Railroad Museum Foundation. Retrieved 24 February 2015.  ^ "Old Town State Historic Park i". San Diego History Center. Retrieved 24 February 2015.  ^ "Alaska Museum - Wells Fargo
Wells Fargo
History".  ^ Lawrence M. Fisher (January 16, 1988). " Wells Fargo
Wells Fargo
to Buy Barclays in California". New York Times.  ^ Saul Hansell (January 25, 1996). " Wells Fargo
Wells Fargo
Wins Battle for First Interstate". New York Times.  ^ " Wells Fargo
Wells Fargo
and Norwest to Merge". Wellsfargo.com. June 8, 1998. Retrieved 2012-03-13.  ^ " Wells Fargo
Wells Fargo
to buy NBA". Juneau Empire. December 22, 1999.  ^ " Wells Fargo
Wells Fargo
and Norwest to Merge". Wellsfargo.com. June 8, 1998. Retrieved 2012-03-13.  ^ " H.D. Vest
H.D. Vest
to be acquired by Internet company Blucora for $580 million". Investment News. October 15, 2015.  ^ " Wells Fargo
Wells Fargo
to Acquire CIT's Construction Unit" (Press release). PRNewswire. June 21, 2007.  ^ "Wells Fargo, Greater Bay Bancorp Agree to Merge" (Press release). PRNewswire. May 4, 2007.  ^ " Wells Fargo
Wells Fargo
Gobbles Up Greater Bay Bancorp". New York Times. May 7, 2007.  ^ "Wells to acquire United Bancorp of Wyoming". San Francisco
San Francisco
Business Times. January 15, 2008.  ^ Chad Eric Watt (August 13, 2008). " Wells Fargo
Wells Fargo
to acquire Century Bank". Dallas Business Journal. Retrieved February 2, 2015.  ^ " Wells Fargo
Wells Fargo
Acquires North Coast Surety Insurance
Insurance
Services". Reuters
Reuters
(Press release). Business Wire. April 17, 2009.  ^ " Wells Fargo
Wells Fargo
to Acquire Merlin Securities, LLC" (Press release). Wells Fargo. April 27, 2012.  ^ " Wells Fargo
Wells Fargo
to Buy Prime Brokerage Firm". New York Times. April 27, 2012.  ^ Mathew Kish (May 1, 2017). "Controversial Wells Fargo
Wells Fargo
executive announces retirement". Portland Business Journal.  ^ " Wells Fargo
Wells Fargo
agrees to buy Wachovia; Citi
Citi
objects". Associated Press. USA Today. October 4, 2008. Retrieved October 4, 2008.  ^ "Court tilts Wachovia
Wachovia
fight toward Wells". October 5, 2008. Retrieved October 5, 2008.  ^ "Court tilts Wachovia
Wachovia
fight toward Wells Fargo". [dead link] ^ " Wells Fargo
Wells Fargo
plans to buy Wachovia; Citi
Citi
ends talks". Associated Press. USA Today. October 9, 2008. Retrieved October 11, 2008.  ^ "Capital Purchase Program Transaction Report" (PDF). November 17, 2008. Retrieved January 4, 2009.  ^ Landler, Mark & Dash, Eric (October 15, 2008). "Drama Behind a $250 billion Banking Deal". The New York Times. Retrieved February 4, 2009.  ^ "News Releases". Wells Fargo. December 18, 2009. Retrieved December 30, 2012.  ^ " First Union
First Union
To Expand Investment Banking Capabilities With Acquisition Of Bowles Hollowell Conner" (Press release). PRNewswire. March 10, 1998.  ^ Ahmed, Azam (August 15, 2011). "Date 15 Aug 2011". Dealbook.nytimes.com. Retrieved 2012-03-13.  ^ Rothacker, Rick (2011-08-04). " Wells Fargo Securities
Wells Fargo Securities
to occupy new uptown space CharlotteObserver.com & The Charlotte Observer Newspaper". Charlotteobserver.com. Retrieved 2012-03-13.  ^ "Newsweek: HP top 'green' company". Silicon Valley Business Journal. September 25, 2009. Retrieved 5 August 2015.  ^ " Wells Fargo
Wells Fargo
mortgage consultant team joins Century 21 Ludecke, Inc". Monrovia Weekly. January 22, 2013. Retrieved August 5, 2015.  ^ "2013 Climate Leadership Award Winners". EPA. 1 March 2013. Retrieved 27 November 2017.  ^ " Wells Fargo
Wells Fargo
Environmental Forum". Blog.wellsfargo.com. Retrieved June 12, 2010.  ^ " Wells Fargo
Wells Fargo
Launches Environmental Stewardship Blog". Business Wire. 7 April 2010. Retrieved 27 November 2017.  ^ "Illinois Files Bias Suit Against Wells Fargo". Reuters.com. 2009-07-31. Retrieved December 30, 2012.  ^ Michael Powell (June 6, 2009). Bank
Bank
Accused of Pushing Mortgage Deals on Blacks. The New York Times. Retrieved May 4, 2015. ^ Smith, Michael (June 29, 2010). "Banks Financing Mexico Gangs Admitted in Wells Fargo
Wells Fargo
Deal". Bloomberg. Retrieved December 6, 2011. ^ Gelles, Jeff (August 15, 2010). "Consumer 10.0: How Wells Fargo
Wells Fargo
held up debit-card customers". The Philadelphia Inquirer.  ^ Numerian (August 12, 2010). "The checking account scam—How Wells Fargo gouged its customers". The Agonist. Retrieved August 15, 2010.  ^ " Wells Fargo
Wells Fargo
loses consumer case over overdraft fees". Los Angeles Times. August 10, 2010.  ^ "Joint State-Federal Mortgage Servicing Settlement FAQ". NMS. Retrieved 15 June 2015.  ^ "Mortgage Plan Gives Billions to Homeowners, but With Exceptions". The New York Times. February 10, 2012.  ^ " Wells Fargo
Wells Fargo
Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage". The Huffington Post. Retrieved December 28, 2014.  ^ "Scribd". Scribd.com. Retrieved December 28, 2014.  ^ Jones, supra ^ " Wells Fargo
Wells Fargo
Racial Discrimination Investigation Launched By HUD". The Huffington Post. Retrieved December 28, 2014.  ^ Broadwater, Luke (July 13, 2012). " Wells Fargo
Wells Fargo
agrees to pay $175M settlement in pricing discrimination suit". The Baltimore
Baltimore
Sun. Retrieved 2012-07-13.  ^ a b Yost, Pete (July 13, 2012). " Wells Fargo
Wells Fargo
settles discrimination case". Associated Press
Associated Press
and the Express.  access-date= requires url= (help) ^ Suris, Oscar. " Wells Fargo
Wells Fargo
Announces Settlement with U.S. Department of Justice Regarding Mortgages". Wells Fargo
Wells Fargo
Bank. Retrieved 2012-07-13.  ^ Blumenthal, Jeff (August 14, 2012), " Wells Fargo
Wells Fargo
paying $6.5M to settle charges with SEC", Philadelphia Business Journal, bizjournals.com, retrieved September 9, 2012  ^ Schroeder, Peter (August 14, 2012). " Wells Fargo
Wells Fargo
to pay $6.5 million to settle SEC charges". The Hill. "On The Money" blog. Retrieved August 15, 2012.  ^ Raice, Shayndi (October 10, 2012). "U.S. Sues Wells Fargo
Wells Fargo
for Faulty Mortgages". The Wall Street Journal. Retrieved October 10, 2012.  ^ "U.S. Accuses Bank
Bank
of America of a 'Brazen' Mortgage Fraud". The New York Times. October 24, 2012. Retrieved October 26, 2012.  ^ "Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement". Property Casualty 360. May 17, 2013.  ^ Freifeld, Karen. " Wells Fargo
Wells Fargo
to pay $4 million for violations on credit card accounts: New York". Reuters. Retrieved 5 February 2015.  ^ Short, Kevin (October 9, 2014). " Wells Fargo
Wells Fargo
Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email". The Huffington Post.  ^ Schafer, Leo (October 15, 2014). "Schafer: Wells Fargo
Wells Fargo
missed mark after worker requested $10,000 raises for all". Star Tribune. Minneapolis.  ^ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010". International Business Times. Archived from the original on December 26, 2011. Retrieved 26 December 2011.  ^ Christopher Helman. " Wells Fargo
Wells Fargo
- In Photos: The 25 U.S. Corporations That Pay The Highest Taxes". Forbes.  ^ Eric W. Dolan (November 10, 2011). " Wells Fargo
Wells Fargo
takes heat over investments in private prison industry". news, commentary. The Raw Story. Archived from the original on November 8, 2012. Retrieved November 8, 2012. The advocacy group Small Business United on Thursday called on Wells Fargo
Wells Fargo
to provide a full accounting of investments related to private prisons and immigrant detention centers.  ^ Greenwald, Glenn (April 12, 2012). "Wells Fargo's prison cash cow". Salon.com. Retrieved November 8, 2012. The bailed-out bank has used its taxpayer money to invest in private prisons.  ^ Cervantes-Gautschi, Peter (November 2, 2017). "Correction Wells Fargo private prison divestment". National Prison Divestment Campaign. Retrieved November 8, 2012. In a press release dated October 24, 2012, we erroneously stated that Wells Fargo
Wells Fargo
divested 75% of its Geo stock. We regret the error.  ^ Charles A. Gallagher, Cameron D. Lippard (eds). Race and Racism in the United States [4 volumes]: An Encyclopedia of the American Mosaic. ABC-CLIO, 2014. p. 970. ISBN 1440803455 ^ "UPDATE 2-Ex- Wells Fargo
Wells Fargo
trader beats SEC insider trading charges". reuters.com. September 14, 2015. Retrieved January 18, 2017.  ^ "Ex- Wells Fargo
Wells Fargo
Analyst Settles Insider Trading Case". law360.com. May 28, 2018. Retrieved January 18, 2017.  ^ " Wells Fargo
Wells Fargo
fined $185M for fake accounts; 5,300 were fired". Retrieved 2016-09-09.  ^ Glazer, Emily (September 9, 2016). " Wells Fargo
Wells Fargo
Fined for Sales Scam". The Wall Street Journal. p. A1. ISSN 0099-9660. Retrieved 2016-09-09.  ^ Gandel, Stephen (September 12, 2016). " Wells Fargo
Wells Fargo
Exec Who Headed Phony Accounts Unit Collected $125 Million". Fortune. Retrieved 13 September 2016.  ^ Corkery, Michael (September 20, 2016). "Illegal Activity at Wells Fargo May Have Begun Earlier, Chief Says". New York Times. Retrieved 20 September 2016.  ^ Roberts, Deon. " Wells Fargo
Wells Fargo
reveals latest post-scandal customer traffic numbers". CharlotteObserver.com. Charlotte Observer. Retrieved 5 December 2016.  ^ Roberts, Deon. " Wells Fargo
Wells Fargo
loses Better Business Bureau accreditation". The Charlotte Observer. Charlotte Observer. Retrieved 28 October 2016.  ^ "S&P Lowers Outlook on Wells Fargo
Wells Fargo
(WFC) to Negative; Ratings Affirmed". Street Insider. October 18, 2016. Retrieved April 11, 2017.  ^ "Massachusetts latest to bar Wells Fargo
Wells Fargo
as underwriter". Reuters. October 18, 2016. Retrieved April 11, 2017.  ^ a b " Wells Fargo
Wells Fargo
to Claw Back $75 Million From 2 Former Executives". The New York Times. April 10, 2017. Retrieved April 11, 2017.  ^ Aubin, Dena. " Wells Fargo
Wells Fargo
agrees to $50 million settlement over homeowner fees". Reuters. Reuters. Retrieved 10 November 2016.  ^ Fuller, Emily. "How to Contact the 17 Banks Funding the Dakota Access Pipeline". YES! Magazine. Retrieved 2016-11-26.  ^ Chappell, Bill (February 8, 2017). "2 Cities To Pull More Than $3 Billion From Wells Fargo
Wells Fargo
Over Dakota Access Pipeline". 2 Cities To Pull More Than $3 Billion From Wells Fargo
Wells Fargo
Over Dakota Access Pipeline ^ "FINRA fines Wells Fargo, others $14 mln for records' changeable format". Reuters.  ^ " Wells Fargo
Wells Fargo
is the top banker for the NRA and gunmakers". Bloomberg. March 7, 2018.  ^ " Wells Fargo
Wells Fargo
is the top banker for the NRA and gunmakers". Bloomberg. March 7, 2018.  ^ Roberts, Deon (March 27, 2018). " Wells Fargo
Wells Fargo
is talking to its gun maker clients, CEO says". LA TIMES. 

References[edit]

"Deadwood Stage (Whip Crack Away, Calamity Jane) Lyrics". lyricsfreak.com. Retrieved July 6, 2017.  "Frequently Asked Questions". Wells Fargo
Wells Fargo
History. Retrieved October 26, 2005.  "Is there a way to look up relatives who may have worked as stagecoach drivers for Wells Fargo?". Wells Fargo
Wells Fargo
History. Retrieved October 26, 2005.  Mehta, Julie (January 31, 1996). "Merger means a bigger bank but uncertainty for employees". Cupertino Courier. Retrieved October 26, 2005.  Segal, Dave (July 13, 2003). "Both CB Bancshares' Ronald Migita and Central Pacific's Clint Arnoldus have been through bruising bank battles before". Honolulu Star-Bulletin. Retrieved October 26, 2005.  Svaldi, Aldo (June 12, 1998). " Wells Fargo
Wells Fargo
learned hard way about deals". Denver Business Journal. Retrieved October 26, 2005.  Baker, David R. (December 19, 2004). "When hostile takeovers backfire". San Francisco
San Francisco
Chronicle. Retrieved October 26, 2005.  In July 2007, Wells Fargo
Wells Fargo
Insurance
Insurance
Services Inc. was ranked fifth in Business Insurance's world's largest brokers list. " Wells Fargo
Wells Fargo
to purchase Placer Sierra Bank, owner of four Bank
Bank
of Lodi branches". Lodi News-Sentinel. January 9, 2007. Retrieved July 6, 2017.  Said, Carolyn (May 5, 2007). " Wells Fargo
Wells Fargo
buys bank / Greater Bay has 41 branches in the Bay Area". San Francisco
San Francisco
Chronicle. Retrieved June 12, 2010.  " Wells Fargo
Wells Fargo
Today Quarterly Fact Sheet for 4th Quarter of 2017" (PDF). Wells Fargo
Wells Fargo
Media. Retrieved March 9, 2018. 

External links[edit]

Wikimedia Commons has media related to Wells Fargo.

Official website

Business data for Wells Fargo
Wells Fargo
& Co: Google Finance Yahoo! Finance Reuters SEC filings

v t e

Wells Fargo

History

Founders

Henry Wells William Fargo

Board of directors

Timothy Sloan (CEO) Elizabeth Duke (chairwoman) Patricia Callahan Kevin Rhein Michael Loughlin James Strother Richard Levy David Carroll Michael Heid David Hoyt

Divisions

Wells Fargo
Wells Fargo
Advisors Wells Fargo
Wells Fargo
Bank Wells Fargo
Wells Fargo
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Wells Fargo
Home Mortgage Wells Fargo
Wells Fargo
Insurance
Insurance
Services Wells Fargo
Wells Fargo
Securities

Historical components

ABD Insurance
Insurance
& Financial Atlantic National Bank A. G. Edwards Bache & Co. Bank
Bank
of Baltimore Bank
Bank
of North America Bowles Hollowell Connor & Co. Century Bank CoreStates Financial Crocker National Bank Evergreen Investments Fidelity Trust First Commerce Bancshares First Interstate Bancorp First Pennsylvania Bank First Security First Union Florida National Bank Garden State National Bank Georgia Railroad Bank Golden West Financial Halsey, Stuart & Co. National Bank
Bank
of Alaska Norwest Prudential Securities Southeast Bank SouthTrust Wachovia Wachovia
Wachovia
Securities

Former components

H.D. Vest Pamlico Capital Tillie the All-Time Teller

Buildings

One Wells Fargo
Wells Fargo
Center Wells Fargo
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Wells Fargo
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Wells Fargo
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Wells Fargo
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Wells Fargo
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Wells Fargo
Place Wells Fargo
Wells Fargo
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Wells Fargo
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Wells Fargo
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Wells Fargo
Center (Philadelphia) Wells Fargo
Wells Fargo
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Wells Fargo
Tower (Colorado Springs) Duke Energy Center

History

History of Wells Fargo Wells Fargo
Wells Fargo
account fraud scandal

Category Commons Wikiversity

v t e

50 largest banks and bank holding companies in the United States

Ally American Express Bank
Bank
of America Bank
Bank
of New York Mellon Barclays* BB&T BBVA* BMO Harris* BNP Paribas* Capital One Charles Schwab CIT Citigroup Citizens Comerica Credit Suisse* Deutsche Bank* Discover E-Trade Fifth Third First Horizon Goldman Sachs HSBC* Huntington JPMorgan Chase KeyBank M&T* Morgan Stanley MUFG Union Bank* Mutual of Omaha New York Community Northern Trust People's United PNC Popular RBC* Regions Banco Santander* State Farm State Street SunTrust SVB Synchrony TD* TIAA U.S. Bancorp UBS* USAA Wells Fargo Zions

* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only, and is current as of March 31, 2017.

v t e

Investment banks

Bank

Divisions of universal banks

Bulge bracket

Bank
Bank
of America Merrill Lynch Barclays Citi
Citi
Institutional Clients Group Credit Suisse Deutsche Bank
Bank
Corporate and Investment Bank J.P. Morgan & Co. (J.P. Morgan Cazenove) UBS
UBS
Investment Bank

Other

Berenberg Bank BMO Capital Markets BOC International BNP Paribas
BNP Paribas
Corporate & Institutional Banking Brown Shipley CIBC World Markets CITIC Securities (CLSA) Commerzbank
Commerzbank
Corporate Clients Crédit Agricole
Crédit Agricole
Corporate and Investment Bank Daiwa Securities Capital Markets Ever Bank
Bank
World Markets Harris Williams & Co. HSBC Global Banking and Markets ING Commercial Banking Is Investment KBC Bank Korea Development Bank
Bank
(Daewoo Securities) Lloyds Bank
Bank
Corporate Markets Mitsubishi UFJ Securities Mizuho Corporate Bank Natixis Nomura Securities RBC Capital Markets RBS Markets & International Banking Sberbank CIB Société Générale
Société Générale
Corporate & Investment Bank Standard Chartered TD Securities UniCredit
UniCredit
Corporate & Investment Banking VTB Capital Wells Fargo
Wells Fargo
Securities

Independents

Bulge bracket

Goldman Sachs Morgan Stanley

Other

Allen & Company Blackstone Group Brewin Dolphin BTG Pactual Centerview Partners China International Capital Corporation Close Brothers Group China Everbright Group

China Everbright Limited Everbright Securities

Evercore Partners FBR Capital Markets Focus Investment Banking Galaxy Greenhill & Co. Guosen Securities Haitong Securities Houlihan Lokey Investec Jefferies Keefe, Bruyette & Woods Lazard Lincoln International Macquarie Group Mediobanca Moelis & Company N M Rothschild & Sons Oppenheimer & Co. Perella Weinberg Partners Piper Jaffray Raymond James Financial Renaissance Capital ROTH Capital Partners Salam Investment Ltd. Sandler O'Neill and Partners Stifel Nicolaus Stone Key Partners William Blair & Company

Category List

v t e

Members of Euro Banking Association

Austria

Allgemeine Sparkasse Oberosterreich Bank
Bank
für Tirol und Vorarlberg AG BKS Bank
Bank
AG Erste Group
Erste Group
Bank
Bank
AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Bank
Bank
International AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank
Bank
und Sparkassen AG

Belgium

Dexia
Dexia
Bank
Bank
NV KBC Bank
Bank
NV Bank
Bank
van De Post

Cyprus

Bank
Bank
of Cyprus Hellenic Bank

Denmark

Amagerbanken A/S Arbejdernes Landsbank
Arbejdernes Landsbank
A/S Danske Andelskassers Bank
Bank
A/S Danske Bank
Bank
A/S DiBa Bank
Bank
A/S Djurslands Bank
Bank
A/S Jyske Bank
Bank
A/S Nordjyske Bank
Bank
A/S Nørresundby Bank Østjydsk Bank
Bank
A/S Ringkøbing Landbobank Roskilde Bank
Bank
A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Sydbank
A/S Vestfyns Bank
Bank
A/S Vestjysk Bank

Finland

Aktia Bank
Bank
PLC Bank
Bank
of Åland PLC Pohjola Bank
Bank
PLC S- Bank
Bank
LTD. Tapiola Bank
Bank
LTD

France

Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas
BNP Paribas
SA BPCE BRED Banque Populaire Crédit Agricole
Crédit Agricole
SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany

Berenberg Bank BHF Bank Bremer Landesbank Commerzbank
Commerzbank
AG Deutsche Bank
Bank
AG Deutsche Bundesbank Deutsche Postbank DZ Bank
Bank
AG Europe
Europe
Arab Bank
Bank
Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase
J.P. Morgan Chase
Bank
Bank
AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank
Bank
GmbH The Bank
Bank
of New York Mellon, Frankfurt Branch VTB Bank
Bank
(Deutschland) AG

Greece

Alpha Bank
Bank
SA Eurobank Ergasias
Eurobank Ergasias
SA National Bank
Bank
of Greece SA Piraeus Bank
Bank
SA

Hungary

Budapest Bank CIB Bank Erste Bank FHB Mortgage Bank Hanwha
Hanwha
Bank Hungarian Development Bank Hungarian National Bank K&H Bank MagNet Bank MKB Bank OTP Bank Raiffeisen Bank Sberbank Europe
Europe
Group TakarékBank UniCredit

Ireland

Allied Irish Banks Bank
Bank
of Ireland

Italy

Banca del Fucino Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BPER Banca Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Cassa di Risparmio di Ravenna

Banca di Imola

Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Nexi Raiffeisen Landesbank Südtirol UBI Banca UniCredit

Luxembourg

Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg
Banque Internationale à Luxembourg
SA KBL European Private Bankers Société Générale
Société Générale
Bank
Bank
& Trust

Netherlands

ABN Amro Bank
Bank
NV De Nederlandsche Bank ING Bank
Bank
NV Rabobank
Rabobank
Nederland

Poland

Bank
Bank
BPH SA Narodowy Bank
Bank
Polski

Portugal

Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia

Banka Slovenije

Spain

Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral
Caja Laboral
Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden

Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank
Swedbank
AB Nordea
Nordea
Bank
Bank
AB

United Kingdom

Bank
Bank
of Tokyo-Mitsubishi UFJ Ltd. Barclays
Barclays
Bank
Bank
PLC Citibank
Citibank
NA DNB Bank
Bank
(NOR) HSBC Bank
Bank
PLC JPMorgan Chase
JPMorgan Chase
Bank, N.A., London
London
Branch Kookmin Bank
Bank
International Ltd. Lloyds Bank
Bank
PLC Mashreq Bank
Bank
psc (UAE) Royal Bank
Bank
of Scotland PLC UBS
UBS
AG Wells Fargo
Wells Fargo
Bank
Bank
NA

Non-EU

Bank
Bank
of China (CHN)

Authority control

WorldCat Identities VIAF: 132150619 ISNI: 0

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