Wells Fargo & Co. (nyse: WFC) is a diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the second largest bank by market cap. It is the only bank in the United States to be rated AAA by S&P.
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Wells Fargo & Co. (nyse: WFC) is a diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the second largest bank by market cap. It is the only bank in the United States to be rated AAA by S&P.
Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls, South Dakota), Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150-year history of the nationally-recognized Wells Fargo name and its trademark stagecoach. After the merger, the company maintained its headquarters in San Francisco and charter in Sioux Falls.
As of 2009, Wells Fargo has 6,650 retail branches (called stores by Wells Fargo), 12,260 Automated Teller Machines, 276,000 employees and over 48 million customers. Wells Fargo currently operates stores and ATMs under the Wells Fargo and Wachovia names. Wells Fargo was named as "The World's Safest US Bank" based on long-term foreign currency ratings from Fitch Ratings and Standard & Poor's and the long-term bank deposit ratings from Moody's Investors Service for the year 2007.
Lines of business
Wells Fargo offers a range of financial services in over 80 different business lines. Wells Fargo delineates three different business segments when reporting results: Retail Banking, Wholesale Banking, and Consumer Finance.
Community banking
The Community Banking segment includes Regional Banking, Wealth Management Group, Diversified Products and the Consumer Deposits groups.
Wells Fargo also has around 9,400 stand alone mortgage branches throughout the country. It also does mortgage wholesale lending through independent mortgage brokers.
Brokerage
Wells Fargo offers investment products through its subsidiary, Wells Fargo Advisors. It also offers mutual funds under the Wells Fargo Advantage brand name and Evergreen Funds.
Calibre
Calibre is a subsidiary that Wells Fargo currently uses for its wealth management services to ultra-high net worth families with net worth exceeding $25 million. Calibre was acquired as part of the purchase of Wachovia.
Internet services
Wells Fargo launched its personal computer banking service in 1989 and was the first bank to introduce access to banking accounts on the web in May 1995.
Wells Fargo's Business Online Banking gives small business owners all the services available to consumers, plus services designed specifically for businesses.
