Wells Fargo & Company is an American multinational banking and financial services holding company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. In 2011, Wells Fargo was the 23rd largest company in the United States. Wells Fargo is headquartered in San Francisco, California, with "hubquarters" throughout the country.
In 2007 it was the only bank in the United States to be rated AAA by S&P, though its rating has since been lowered to AA− in light of the financial crisis of 2007–2012. 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.
In 2012, Wells Fargo had more than 9,000 retail branches and over 12,000 automated teller machines in 39 states and the District of Columbia. A "Big Four bank", it has over 270,000 employees and over 70 million customers. As of July 12, 2013, Wells Fargo became the world's biggest bank by market capitalization, worth $236 billion, beating to ICBC.
Traded as: NYSE: WFC, S&P 500 Component
Industry: Banking, Financial services
Founded: San Francisco, California, U.S. (March 18, 1852)
Founder(s): Henry Wells, William Fargo
Headquarters: San Francisco, California, United States
Area served: Worldwide
Key people: John G. Stumpf (Chairman, President & CEO)
Products: Consumer banking, corporate banking, credit cards, finance and insurance, foreign currency exchange, investment banking, mortgage loans, private banking, private equity, wealth management
Revenue: Increase US$ 86.08 billion (2012)
Operating income: Increase US$ 28.47 billion (2012)
Profit: Increase US$ 18.89 billion (2012)
Total assets: Increase US$ 1.422 trillion (2012)
Total equity: Increase US$ 157.55 billion (2012)
Employees: 269,200 (2012)