Founded In 1852 In New York, Wells Fargo & Company Is A Diversified Financial Group With Total Assets Of $1.80 Trillion. Today's Wells Fargo Was Renamed After Norwest Acquired The Original Wells Fargo In 1998 And Moved To The Old Wells Fargo Headquarters In San Francisco. Wells Fargo, Along With JPMorgan Chase, Bank Of America, And Citigroup, Is One Of The Four Largest Banks In The United States.
Overview
Wells Fargo's Business Is Mainly Retail Banking, Supplemented By Wholesale Banking, Investment Banking, And Personal Finance. By The End Of 2010, There Were More Than 9,000 Retail Branches, 12,000 ATMs, And It Was Named "Best Customer Satisfaction" Bank Of America For Two Consecutive Years In 2009 And 2010. According To The Number Of Depositors, One In Every Three Households In The United States Chooses Wells Fargo Services. Wells Fargo Was Ranked 19th In Fortune Magazine's "2009 Largest Companies In The United States".
September 29, 2008 When Citibank Announced The Details Of Its Acquisition Of Wachovia, The Fourth Largest Bank In The United States, And The Market Generally Believed That The Acquisition Would Be A Success, Wells Fargo Announced On October 3 That It Would Exchange 0.1991 Common Shares For 1 Share Of Wachovia Common Stock, Converted To $7 Per Share To Acquire Wachovia, Involving $11.70 Billion, And Invited Three Directors Of Wachovia To Join The Board Of Directors And Public Offering Of New Shares Worth $20 Billion. It Is The Predecessor Of Wells Fargo Securities, The Current Investment Bank Branch.
On December 15, 2009, Wells Fargo Acquired Prudential Financial's 23% Non-controlling Interest In Wells Fargo Advisors, A Retail Brokerage Joint Venture That Prudential Entered Into In 2003 And Signed A Brokerage Agreement With Wachovia, For $4.50 Billion In Cash.
On December 15, 2009, Wells Fargo Sold 489.90 Million Equity At $25 Per Share, Of Which 63.9 Million Were Purchased By Underwriting Brokerages. Raised $12.25 Billion To Repay $25 Billion In Loans From The Troubled Asset Relief Program (TARP). Withdraw From The TARP Mechanism And Acquire Back 34% Of The Government's Stake.
Wells Fargo Became The World's Largest Bank By Market Capitalization On July 12, 2013, With A Market Capitalization Of Approximately $236 Billion (as Of July 23, 2013), More Than Industrial And Commercial Bank Of China's $223 Billion, Breaking The Record For Industrial And Commercial Bank Of China As The World's Largest Bank By Market Capitalization For Seven Consecutive Years.
In 2019, Wells Fargo CEO Tim Sloan Resigned, Causing The Stock To Rise, And Legal Counsel C. Allen Parker Served As Interim CEO. On September 27 Of The Same Year, Charles Scharf Was Announced As The Company's New CEO.
In February 2021, Wells Fargo Sold Its Asset Management Business To Private Equity Firm GTCR And Reverence Capital Partners. After The Sale Is Completed, It Will Still Hold A 9.9% Stake In The Asset Management Unit And Will Continue To Serve As A Customer And Distribution Partner. Wells Fargo Was Ranked 37th In Fortune Magazine's "Ranking Of America's Largest Companies In 2021". In 2021, There Were More Than 5,200 Retail Branches And 13,000 Automated Teller Machines.
History
Today's Wells Fargo Was Formed By The Merger Of The Old Wells Fargo In California And The Norwest In The Midwest. Its History Is Also Divided Into Two Parts.
