Wells Fargo

For other uses, see Wells Fargo (disambiguation).
Wells Fargo & Company
Public company
Traded as NYSE: WFC
S&P 500 Component
Industry Banking, Financial services
Predecessors Crocker National Bank
First Interstate Bancorp
Bank of North America
First Security Corporation
Norwest Corporation
Wachovia
Founded March 18, 1852 (1852-03-18)
New York City, New York, United States[1]
Founder Henry Wells
William Fargo
Headquarters San Francisco, California, United States
Area served
 Worldwide
Key people
 John G. Stumpf
(Chairman & CEO)[2]
Products Consumer banking
Corporate banking
Credit cards
Financial services
Foreign currency exchange
Investment banking
Mortgage loans
Private banking
Private equity
Wealth management
Revenue Increase US$86.057 billion (2015)[1]
Decrease US$33.84 billion (2015)[1]
Profit Decrease US$22.894 billion (2015)[1]
Total assets Increase US$1.787 trillion (2015)[1]
Total equity Increase US$193.891 billion (2015)[1]
Owners Berkshire Hathaway: 9.93%
Vanguard Group: 5.39%
State Street: 3.82%[3]
Number of employees
 265,200 (2015)[1]
Divisions Wells Fargo Rail
Slogan Together we'll go far.
Website WellsFargo.com
An older Wells Fargo branch, located in Berkeley, CA
Wells Fargo's corporate headquarters in San Francisco

Wells Fargo & Company is an American multinational banking and financial services holding company headquartered in San Francisco, California, with "hubquarters" throughout the country.[4] It is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization.[5] In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC.[5] Wells Fargo surpassed Citigroup Inc. to become the third-largest U.S. bank by assets at the end of 2015. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards.

In 2015, Wells Fargo ranked 10th on the Forbes Magazine Global 2000 list of largest public companies in the world [6] and ranked 30th on the Forbes 500 list of largest companies in the United States, according to Fortune 500 (2015).[7] In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.[6]

As of October 2015, the company had a credit rating of AA-.[8] However, for a brief period in 2007, the company was the only AAA-rated bank.[9]

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.

Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based 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 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 is one of the "Big Four Banks" of the United States.[10]

As of December 31, 2015, it had 8,700 retail branches and 13,000 automated teller machines.[6]

The company operates across 35 countries and has over 70 million customers globally.[6]

In February 2014, Wells Fargo was named the world's most valuable bank brand for the second year running[11] in The Banker and Brand Finance study of the top 500 banking brands.[12]

Current operations

Map of Wells Fargo branches.

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 Phone Bank, Wachovia Direct Access, the National Business Banking Center and Credit Card Customer Service).

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.[13]

Consumer Lending

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.[14] Wells Fargo services $1.8 trillion in home mortgages, the 2nd largest servicing portfolio in the U.S.[15] It was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, CEO John Stumpf has said the numbers are misleading because about half of that share represented the aggregation of smaller loans that were then sold on in the secondary market. Now, in 2013 its share is closer to 22%; of which eight percentage points is aggregation.[16]

Wells Fargo private student loans

Wells Fargo private student loans help students 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 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 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).

Small business loans

Wells Fargo gave over 1,900 Small Business Administration (SBA) loans from late 2012 to early 2013.

Equipment lending

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.

Wealth and Investment Management

Wells Fargo Advisors headquarters in St. Louis

Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. Mutual funds are offered under the 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, Missouri. 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.[6]

Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.

Wells Fargo Securities

Wells Fargo Securities, LLC
Subsidiary
Industry Investment Banking
Headquarters Charlotte, North Carolina
Area served
 Worldwide
Website WellsFargoSecurities.com
The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floors

Wells Fargo Securities ("WFS") is the investment banking division of Wells Fargo & Co. The size and financial performance of the 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 of America and J.P. Morgan Chase generated approximately $5.5 billion and $6 billion respectively in 2011 (not including sales and trading revenue).[17] WFS headquarters is based 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 and Hong Kong.

Cross-selling

A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking products.[18] 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, and to make it more difficult for the customer to switch to a different bank.[19][20] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique);[19] Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[20]

International operations

Wells Fargo provides banking services throughout the world, with offices in Hong Kong, London, Dubai, and India.[21]

Slogan and logo

The company's logo is a trademarked stagecoach.

The company's current tagline, "Together we'll go far" also references the stagecoach motif, its customers, and represents the company name itself in a transposed way (Wells Far-go = we'll[s] go-Far). The company's previous slogan, "The Next Stage," is likely a nod to the company's trademarked logo.

Charter

Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[22] Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.

History

Wells Fargo History Museums

The company operates 11 museums, most known as a Wells Fargo History Museum,[23] in its corporate buildings in Charlotte, North Carolina, Los Angeles, California, Minneapolis, Minnesota, Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, 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 in Sacramento, California, which was the company's second office,[24] and the Wells Fargo History Museum in Old Town San Diego State Historic Park in San Diego, California.[25]

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 history in the Alaskan Gold Rush era.[26]

Key dates

A late 19th Century Wells Fargo Bank in Apache Junction, Arizona
Wells Fargo bank in Chinatown, Houston
A recently remodeled Wells Fargo bank in Fort Worth, Texas. (2014)
Wells Fargo in Laredo, Texas

Wachovia acquisition

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

On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in an all-stock transaction. This news came four days after the Federal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for $2.1 billion. Citigroup protested Wachovia's agreement to sell itself to 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 offered. To further ensure shareholder approval, Wachovia issued Wells Fargo with preferred stock holding 39.9% of the voting power in the company.[41]

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.[42] Citigroup alleged that they had an exclusivity agreement with Wachovia that barred 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.[43] Citigroup and 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 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 did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[44]

Investment by U.S. Treasury during 2008 financial crisis

On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase.[45][46] Tests by the Federal government revealed that Wells Fargo needs 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 announced an additional stock offering which was completed on May 13, 2009 raising $8.6 billion in capital. The remaining $4.9 billion in capital is planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program’s Capital Purchase Program. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to $1.441 billion since the preferred stock was issued in October 2008.[47]

History of Wells Fargo Securities

Wells Fargo Securities was established in 2009 to house Wells Fargo’s new capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities banner.

Wachovia's institutional capital markets and investment banking business arose from the merger of 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.[48]

Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co. and Prudential Securities, and the investment banking arm of Citadel LLC.[49]

Duke Energy Center, home of WFS [50]

Environmental record

In 2009, 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.[51]

So far, 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.[52]

As a member of the U.S. Environmental Protection Agency's Climate Leaders program, Wells Fargo aims to reduce its absolute greenhouse gas emissions from its U.S. operations by 20% below 2008 levels by 2018.

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.[53]

"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."

Corporate affairs

Historical data (2000-2008)

[54]

Controversies

A Wells Fargo branch in Logan, Utah

Higher costs charged to African-American and Latino borrowers

Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Latinos into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."[55] 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 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 loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."[56]

Failure to monitor suspected money laundering

In a March 2010 agreement with federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 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.[57]

Overdraft fees

In August 2010, 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.[58][59][60]

Settlement and fines regarding mortgage servicing practices

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[61] 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.[62] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On April 5, 2012, a federal judge ordered 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.[63] Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[64] stating that 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."[65]

Alleged racial discrimination during foreclosures

In 2011, the Department of Housing and Urban Development (HUD) launched an investigation of Wells Fargo into 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.[66]

On July 13, 2012, Wells Fargo entered a settlement agreement with the U.S. Department of Justice for allegedly discriminating against 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.[67][68] Wells Fargo spokespersons denied all claims and are settling only to avoid contested litigation.[68][69]

SEC fine due to inadequate risk disclosures

On August 14, 2012, 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.[70][71]

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, New York. The suit alleges that 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.[72]

In October 2012, Wells Fargo was sued by U.S. federal attorney Preet Bharara over questionable mortgage deals.[73]

Lawsuit due to premium inflation on forced place insurance

In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which Wells Fargo was accused of inflating premiums on forced-place insurance.[74]

Lawsuit regarding excessive overdraft fees

In May 2013, 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 Scheidermann, 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.[16]

Violation of New York credit card laws

In February 2015, 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.[75]

Executive compensation

With CEO John Stumpf being paid 473 times more than the median employee, 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 responded that all employees receive "market competitive" pay and benefits significantly above federal minimums.[76][77]

Tax avoidance and lobbying

In December 2011, the non-partisan organization Public Campaign criticized Wells Fargo for spending $11 million on lobbying and not paying any taxes during 2008–10, 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.[78] As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the fourth-largest payer of corporation tax in the US.[79]

Prison industry investment

The GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company statements.[80] By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.[81] As of November, 2012, the latest SEC filings reveal that 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 will no longer be required to disclose some financial dealings with GEO.[82]

Notable buildings

Wells Fargo and Deloitte in Los Angeles

See also

Notes

  1. 1 2 3 4 5 6 7 Wells Fargo & Company 2015 Form 10-K Annual Report
  2. ↑ John G. Stumpf
  3. ↑ Major Shareholders: Wells Fargo & Company
  4. ↑ "Wells Fargo Annual Report 2008" (PDF). Wellsfargo.com. Retrieved 28 December 2014.
  5. 1 2 "This is the most valuable bank in the world". Fortune. Retrieved 24 July 2015.
  6. 1 2 3 4 5 "Wells Fargo Today" (PDF). Wells Fargo.
  7. ↑ "Fortune 500 #30: Wells Fargo". Fortune Magazine. Retrieved July 24, 2015.
  8. ↑ "Fitch Affirms Wells Fargo & Company's LT IDR at 'AA-' Following Large Regional Bank Review" (Press release). Fitch. October 5, 2015.
  9. ↑ "Wells Fargo Bank Becomes S&P's Only "AAA" Credit-rated U.S. Bank" (Press release). PRNewswire. February 14, 2007.
  10. ↑ Federal Reserve: List of Largest Banks
  11. ↑ "Wells Fargo Tops List of World's Most Valuable Bank Brands, Leads Strong US Growth". Brand Finance. February 3, 2014.
  12. ↑ "The Top 500 Banking Brands, 2014". The Banker. February 3, 2014.
  13. ↑ "Click "Wells Fargo In-Store Branches" for a pop-up with this information". Wellsfargo.com. Retrieved 28 December 2014.
  14. ↑ Q3 2011, Inside Mortgage Finance, Sept. 2011
  15. ↑ "Browser Warning". Wellsfargo.com. Retrieved 2012-03-13.
  16. 1 2 "Bank of the Year: How Wells Fargo conquered America". Euromoney. July 2013.
  17. ↑ "Warren Buffett Seal of Approval Goes To... Wells Fargo Bankers? Date 11 Apr 2011". Blogs.wsj.com. 2011-04-11. Retrieved 2012-03-13.
  18. ↑ "Our strategy: How we’re going to get there". Wellsfargo.com. Retrieved 2012-10-07.
  19. 1 2 Smith, Randall (February 28, 2011). "In Tribute to Wells, Banks Try the Hard Sell". The Wall Street Journal. Retrieved April 4, 2012.
  20. 1 2 Touryalai, Halah (January 25, 2012). "The Art Of The Cross-Sell". Forbes. Retrieved April 4, 2012.
  21. ↑ Wells Fargo: International Offices
  22. ↑ Riggs, Charles (July 6, 2009). "Wells Fargo’s Charter Number (cont’d)". Wells Fargo.
  23. ↑ Wells Fargo History: Museums
  24. ↑ "B.F. Hastings Building". California State Railroad Museum Foundation. Retrieved 24 February 2015.
  25. ↑ "Old Town State Historic Park i". San Diego History Center. Retrieved 24 February 2015.
  26. ↑ Wells Fargo History Museums: Alaska
  27. ↑ Lawrence M. Fisher (January 16, 1988). "Wells Fargo to Buy Barclays in California". New York Times.
  28. ↑ Saul Hansell (January 25, 1996). "Wells Fargo Wins Battle for First Interstate". New York Times.
  29. ↑ "Wells Fargo and Norwest to Merge". Wellsfargo.com. June 8, 1998. Retrieved 2012-03-13.
  30. ↑ "Wells Fargo to buy NBA". Juneau Empire. December 22, 1999.
  31. ↑ "Wells Fargo and Norwest to Merge". Wellsfargo.com. June 8, 1998. Retrieved 2012-03-13.
  32. ↑ "H.D. Vest to be acquired by Internet company Blucora for $580 million". Investment News. October 15, 2015.
  33. ↑ "Wells Fargo to Acquire CIT's Construction Unit" (Press release). PRNewswire. June 21, 2007.
  34. ↑ "Wells Fargo, Greater Bay Bancorp Agree to Merge" (Press release). PRNewswire. May 4, 2007.
  35. ↑ "Wells Fargo Gobbles Up Greater Bay Bancorp". New York Times. May 7, 2007.
  36. ↑ "Wells to acquire United Bancorp of Wyoming". San Francisco Business Times. January 15, 2008.
  37. ↑ Chad Eric Watt (August 13, 2008). "Wells Fargo to acquire Century Bank". Dallas Business Journal. Retrieved February 2, 2015.
  38. ↑ "Wells Fargo Acquires North Coast Surety Insurance Services". Reuters (Press release). Business Wire. April 17, 2009.
  39. ↑ "Wells Fargo to Acquire Merlin Securities, LLC" (Press release). Wells Fargo. April 27, 2012.
  40. ↑ "Wells Fargo to Buy Prime Brokerage Firm". New York Times. April 27, 2012.
  41. ↑ "Wells Fargo agrees to buy Wachovia; Citi objects". Associated Press. USA Today. October 4, 2008. Retrieved October 4, 2008.
  42. ↑ "Court tilts Wachovia fight toward Wells". October 5, 2008. Retrieved October 5, 2008.
  43. ↑ "Court tilts Wachovia fight toward Wells Fargo".
  44. ↑ "Wells Fargo plans to buy Wachovia; Citi ends talks". Associated Press (USA Today). October 9, 2008. Retrieved October 11, 2008.
  45. ↑ "Capital Purchase Program Transaction Report" (PDF). November 17, 2008. Retrieved January 4, 2009.
  46. ↑ Landler, Mark and Dash, Eric (October 15, 2008). "Drama Behind a $250 billion Banking Deal". The New York Times. Retrieved February 4, 2009.
  47. ↑ "News Releases". Wells Fargo. December 18, 2009. Retrieved December 30, 2012.
  48. ↑ "First Union To Expand Investment Banking Capabilities With Acquisition Of Bowles Hollowell Conner" (Press release). PRNewswire. March 10, 1998.
  49. ↑ Ahmed, Azam (August 15, 2011). "Date 15 Aug 2011". Dealbook.nytimes.com. Retrieved 2012-03-13.
  50. ↑ Rothacker, Rick (2011-08-04). "Wells Fargo Securities to occupy new uptown space | CharlotteObserver.com & The Charlotte Observer Newspaper". Charlotteobserver.com. Retrieved 2012-03-13.
  51. ↑ "Newsweek: HP top 'green' company". Silicon Valley Business Journal. September 25, 2009. Retrieved 5 August 2015.
  52. ↑ "Wells Fargo mortgage consultant team joins Century 21 Ludecke, Inc.". Monrovia Weekly. January 22, 2013. Retrieved August 5, 2015.
  53. ↑ "Wells Fargo Environmental Forum". Blog.wellsfargo.com. Retrieved June 12, 2010.
  54. ↑ "Money Economics Top 10 Banks Project". Moneyeconomics.com. Retrieved 2012-03-13.
  55. ↑ "Illinois Files Bias Suit Against Wells Fargo". Reuters.com. 2009-07-31. Retrieved December 30, 2012.
  56. ↑ Michael Powell (June 6, 2009). Bank Accused of Pushing Mortgage Deals on Blacks. The New York Times. Retrieved May 4, 2015.
  57. ↑ Smith, Michael (June 29, 2010). "Banks Financing Mexico Gangs Admitted in Wells Fargo Deal". Bloomberg. Retrieved December 6, 2011.
  58. ↑ Gelles, Jeff (August 15, 2010). "Consumer 10.0: How Wells Fargo held up debit-card customers". The Philadelphia Inquirer.
  59. ↑ Numerian (August 12, 2010). "The checking account scam—How Wells Fargo gouged its customers". The Agonist. Retrieved August 15, 2010.
  60. ↑ "Wells Fargo loses consumer case over overdraft fees". Los Angeles Times. August 10, 2010.
  61. ↑ "Joint State-Federal Mortgage Servicing Settlement FAQ". Retrieved 15 June 2015.
  62. ↑ New York Times, Mortgage Plan Gives Billions to Homeowners, but With Exceptions, February 9, 2012
  63. ↑ "Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage". The Huffington Post. Retrieved December 28, 2014.
  64. ↑ "Scribd". Scribd.com. Retrieved December 28, 2014.
  65. ↑ Jones, supra
  66. ↑ "Wells Fargo Racial Discrimination Investigation Launched By HUD". The Huffington Post. Retrieved December 28, 2014.
  67. ↑ Broadwater, Luke (July 13, 2012). "Wells Fargo agrees to pay $175M settlement in pricing discrimination suit". The Baltimore Sun. Retrieved 2012-07-13.
  68. 1 2 Yost, Pete (July 13, 2012). "Wells Fargo settles discrimination case". Associated Press and the Express.
  69. ↑ Suris, Oscar. "Wells Fargo Announces Settlement with U.S. Department of Justice Regarding Mortgages". Wells Fargo Bank. Retrieved 2012-07-13.
  70. ↑ Blumenthal, Jeff (August 14, 2012), "Wells Fargo paying $6.5M to settle charges with SEC", Philadelphia Business Journal, bizjournals.com, retrieved September 9, 2012
  71. ↑ Schroeder, Peter (August 14, 2012). "Wells Fargo to pay $6.5 million to settle SEC charges". The Hill. "On The Money" blog. Retrieved August 15, 2012.
  72. ↑ Raice, Shayndi (October 10, 2012). "U.S. Sues Wells Fargo for Faulty Mortgages". The Wall Street Journal. Retrieved October 10, 2012.
  73. ↑ "U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud". The New York Times. October 24, 2012. Retrieved October 26, 2012.
  74. ↑ "Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement". Property Casualty 360. May 17, 2013.
  75. ↑ Freifeld, Karen. "Wells Fargo to pay $4 million for violations on credit card accounts: New York". Reuters. Retrieved 5 February 2015.
  76. ↑ Short, Kevin (October 9, 2014). "Wells Fargo Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email". The Huffington Post.
  77. ↑ Schafer, Leo (October 15, 2014). "Schafer: Wells Fargo missed mark after worker requested $10,000 raises for all". Star Tribune (Minneapolis).
  78. ↑ 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 26 December 2011. Retrieved 26 December 2011.
  79. ↑ Christopher Helman. "Wells Fargo - In Photos: The 25 U.S. Corporations That Pay The Highest Taxes". Forbes.
  80. ↑ Eric W. Dolan (November 10, 2011). "Wells Fargo takes heat over investments in private prison industry". news, commentary. The Raw Story. Archived from the original on 2012-11-08. Retrieved November 8, 2012. The advocacy group Small Business United on Thursday called on Wells Fargo to provide a full accounting of investments related to private prisons and immigrant detention centers.
  81. ↑ 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.
  82. ↑ Cervantes-Gautschi, Peter (November 2, 2012). "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 divested 75% of its Geo stock. We regret the error.
  83. ↑ Downey, John (February 26, 2009). "Duke moves HQs to Wachovia tower – Charlotte Business Journal". Charlotte.bizjournals.com. Retrieved June 12, 2010.

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