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WELLS FARGO & COMPANY is an American international banking and financial services holding company headquartered in San Francisco
San Francisco
, California
California
, with "hubquarters" throughout the country. It is the world's second-largest bank by market capitalization and the third largest bank in the U.S. by assets. In July 2015, Wells Fargo
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 creation of over 2 million fake bank accounts by thousands of Wells Fargo
Wells Fargo
employees. 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 U.S. operating subsidiary is national bank WELLS FARGO BANK, N.A., which designates its main office as Sioux Falls, South Dakota
Sioux Falls, South Dakota
.

In 2016, Wells Fargo
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
Fortune 500
list of largest companies in the United States
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
Wells Fargo
in its present form is a result of a merger between San Francisco–based Wells Fargo
Wells Fargo
"> 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

The Community Banking segment includes Regional Banking, Diversified Products, and the 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. There are many 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. 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.

Consumer Lending

Wells Fargo
Wells Fargo
Home Mortgage is the largest retail mortgage lender in the United States, as of Q3 2011, originating one out of every four home loans. Wells Fargo
Wells Fargo
services $1.8 trillion in home mortgages, the second largest servicing portfolio in the U.S. It was reported in 2012 Wells Fargo
Wells Fargo
reached 30% market share for US mortgages, however, the then-CEO 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.

Wells Fargo
Wells Fargo
Private Student Loans

Wells Fargo
Wells Fargo
private student loans are available to students to pay for eligible college expenses, such as tuition, books, computers, or housing. Loans are available for undergraduate, career and community colleges , graduate school , law school and medical school. Wells Fargo also provides private student loan consolidation and student loans for parents.

WHOLESALE BANKING

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 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

Wells Fargo
Wells Fargo
has various divisions that finance and lease equipment to all manner of companies. One venture is Wells Fargo Rail , which in 2015 completed the purchase of GE Capital Rail Services and merged in with 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

Wells Fargo Advisors headquarters in St. Louis
St. Louis

Wells Fargo
Wells Fargo
offers investment products through its subsidiaries, Wells Fargo
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 is the brokerage subsidiary of Wells Fargo, located in St. Louis
St. Louis
. It is the third largest brokerage firm in the United States
United States
as of the third quarter of 2010 with $1.1 trillion retail client assets under management.

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

Wells Fargo
Wells Fargo
Securities, LLC

TYPE Subsidiary

INDUSTRY Investment Banking

HEADQUARTERS Charlotte, North Carolina
Charlotte, North Carolina

AREA SERVED Worldwide

WEBSITE www.wellsfargo.com/com/securities/

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

Wells Fargo Securities ("WFS") is the investment banking division of Wells Fargo
Wells Fargo
Forbes
Forbes
magazine describes Wells Fargo
Wells Fargo
as "better than anyone" at the practice.

INTERNATIONAL OPERATIONS

Wells Fargo
Wells Fargo
provides banking services throughout the world, with offices in Hong Kong
Hong Kong
, London
London
, Dubai
Dubai
, Singapore
Singapore
, Tokyo
Tokyo
, Toronto
Toronto
.

CHARTER

Wells Fargo
Wells Fargo
operates under 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 . 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

Main article: History of Wells Fargo

WELLS FARGO HISTORY MUSEUMS

The company operates 11 museums, most known as a Wells Fargo
Wells Fargo
History Museum , in its corporate buildings in Charlotte, North Carolina
Charlotte, North Carolina
, Denver, Colorado
Denver, Colorado
, Los Angeles, California
California
, Minneapolis, Minnesota
Minneapolis, Minnesota
, Philadelphia, Pennsylvania
Philadelphia, Pennsylvania
, Phoenix, Arizona
Phoenix, Arizona
, Portland, Oregon
Portland, Oregon
, Sacramento, California
California
and San Francisco, California
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
California
, which was the company's second office, and the Wells Fargo History Museum in Old Town San Diego
San Diego
State Historic Park in San Diego, California
California
.

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 era.

KEY DATES

A late 19th Century Wells Fargo
Wells Fargo
Bank
Bank
in Apache Junction, Arizona Wells Fargo
Wells Fargo
bank in Chinatown , Houston
Houston
A recently remodeled Wells Fargo
Wells Fargo
bank in Fort Worth, Texas
Fort Worth, Texas
. (2014) 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
Wells Fargo's bank is 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 nationalizes Wells Fargo's express franchise into a federal agency known as the U.S. Railway Express Agency (REA). The government took control of the express company. The bank begins rebuilding but with a focus on commercial markets. After the war, REA is 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
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
West Hartford, Connecticut
. * 1986: Wells Fargo
Wells Fargo
acquired Crocker National Corporation from Midland Bank
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
California
from Barclays plc . * 1995: Wells Fargo
Wells Fargo
became the first major financial services firm to offer Internet banking. * 1996: Wells Fargo
Wells Fargo
acquired First Interstate Bancorp
First Interstate Bancorp
for $11.6 billion. * 1998: Wells Fargo
Wells Fargo
Bank
Bank
merged with Norwest Corporation of Minneapolis. * 2000: Wells Fargo
Wells Fargo
Bank
Bank
acquired National Bank
Bank
of Alaska . * 2000: Wells Fargo
Wells Fargo
acquired First Security Corporation . * 2001: Wells Fargo
Wells Fargo
acquired H.D. Vest Financial Services for $128 million, but sold it in 2015 for $580 million. * 2007: Wells Fargo
Wells Fargo
acquired CIT 's construction unit. * 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. * 2008: Wells Fargo
Wells Fargo
acquired United Bancorporation of Wyoming. * 2008: Wells Fargo
Wells Fargo
acquired Century Bancshares of Texas. * 2008: Wells Fargo
Wells Fargo
acquired Wachovia
Wachovia
Corporation. * 2009: Wells Fargo
Wells Fargo
acquired North Coast Surety Insurance
Insurance
Services. * 2012: Wells Fargo
Wells Fargo
acquired Merlin Securities. * 2012: Wells Fargo
Wells Fargo
acquired stake in The Rock Creek Group LP. * 2016: In an effort to lessen the damage of the $185 million fine imposed against Wells Fargo
Wells Fargo
(NYSE:WFC) "> 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
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
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.

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. 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. 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.

INVESTMENT BY U.S. TREASURY DURING 2008 FINANCIAL CRISIS

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 . 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 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.

History Of Wells Fargo
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.

Legacy components of Wells Fargo Securities include Wachovia Securities , Bowles Hollowell Connor & Co. , Barrington Associates, Halsey, Stuart & Co. , Leopold Cahn & Co. , Bache "> Duke Energy Center in Charlotte, home of WFS

ENVIRONMENTAL RECORD

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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.

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.

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 20% below 2008 levels by 2018.

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.

"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."

CONTROVERSIES

A Wells Fargo
Wells Fargo
branch in Logan, Utah

HIGHER COSTS CHARGED TO AFRICAN-AMERICAN AND HISPANIC BORROWERS

Illinois Attorney General 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..." According to Beth Jacobson, a loan officer at Wells Fargo
Wells Fargo
interviewed for a report in The New York Times
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."

FAILURE TO MONITOR SUSPECTED MONEY LAUNDERING

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.

OVERDRAFT FEES

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.

SETTLEMENT AND FINES REGARDING MORTGAGE SERVICING PRACTICES

On February 9, 2012, it was announced that the five largest mortgage servicers ( Ally/GMAC , Bank
Bank
of America , Citi
Citi
, JPMorgan Chase
JPMorgan Chase
, and Wells Fargo) agreed to a settlement with the federal government and 49 states. 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 . 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. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", 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."

ALLEGED RACIAL DISCRIMINATION DURING FORECLOSURES

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.

On July 13, 2012, Wells Fargo
Wells Fargo
entered a settlement agreement with the 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. Wells Fargo
Wells Fargo
spokespersons denied all claims and are settling only to avoid contested litigation.

SEC FINE DUE TO INADEQUATE RISK DISCLOSURES

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.

LAWSUIT BY FHA OVER LOAN UNDERWRITING

On October 9, 2012, the U.S. federal government sued the bank under the False Claims Act at the federal court in Manhattan
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.

In October 2012, Wells Fargo
Wells Fargo
was sued by U.S. federal attorney Preet Bharara over questionable mortgage deals.

LAWSUIT DUE TO PREMIUM INFLATION ON FORCED PLACE INSURANCE

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.

LAWSUIT REGARDING EXCESSIVE OVERDRAFT FEES

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
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
Wells Fargo
had violated rules over giving fair and timely serving.

2015 VIOLATION OF NEW YORK CREDIT CARD LAWS

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.

EXECUTIVE COMPENSATION

With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo
Wells Fargo
ranks number 33 among the S&P 500
S&P 500
companies for CEO–employee pay inequality. In October 2014, a Wells Fargo
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.

TAX AVOIDANCE AND LOBBYING

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. 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.

PRISON INDUSTRY INVESTMENT

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. By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million. 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.

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.

SEC SETTLEMENT FOR INSIDER TRADING CASE

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. 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

CONSUMER FINANCIAL PROTECTION BUREAU FINES

Main article: 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
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. 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. 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. 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. In response to the event, the Better Business Bureau dropped accreditation of the bank, S">

One Wells Fargo Center Charlotte, North Carolina
Charlotte, North Carolina
*

Wells Fargo
Wells Fargo
Center in Los Angeles
Los Angeles
*

Wells Fargo
Wells Fargo
Center in Minneapolis
Minneapolis
*

Wells Fargo
Wells Fargo
Center in Denver
Denver
*

Wells Fargo
Wells Fargo
Center in Salt Lake City
Salt Lake City
*

Wells Fargo
Wells Fargo
Center in Albuquerque
Albuquerque
*

Wells Fargo
Wells Fargo
Center in Jacksonville *

Wells Fargo
Wells Fargo
Center in Sacramento, California
California
*

Wells Fargo
Wells Fargo
Plaza in San Diego
San Diego
, California
California
*

Wells Fargo
Wells Fargo
Building in Lubbock, Texas
Lubbock, Texas
With Texas Tech logo

SEE ALSO

* San Francisco
San Francisco
Bay Area portal * Companies portal

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

NOTES

* ^ A B C D E F G Wells Fargo
Wells Fargo
">(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. * ^ A B C D E "Forbes-Worlds Largest Companies in 2016". Forbes. * ^ " Fortune 500
Fortune 500
#30: Wells Fargo". Fortune Magazine
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. * ^ "FRB: Large Commercial Banks-- March 31, 2016". * ^ " 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. * ^ Jeff Cox (October 20, 2016). " Wells Fargo
Wells Fargo
just lost its accreditation with the Better Business Bureau". CNBC. Retrieved October 20, 2016. * ^ Richard Gonzales (October 19, 2016). " California
California
Investigates Whether Wells Fargo
Wells Fargo
Committed Criminal Identity Theft". NPR. Retrieved October 20, 2016. * ^ Dena Aubin (October 31, 2016). " Wells Fargo
Wells Fargo
agrees to $50 million settlement over homeowner fees". Thomson Reuters. Retrieved October 31, 2016. * ^ " Wells Fargo
Wells Fargo
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