Wells Fargo Edit
From Wikia Edit
|Type||Public (NYSE: WFC)|
|Founded||New York City, New York, U.S. (March 18, 1852)|
|Headquarters||San Francisco, California, U.S.|
|Key people||Dick Kovacevich, Chairman|
John G. Stumpf, CEO
Howard I. Atkins, CFO
Consumer FinanceInvestment Banking
|Revenue||US$52.38 billion (2008)|
|Net income||US$8.49 billion (2008)|
|Total assets||US$1.284 trillion (July '09)|
|Total equity||US$99.08 billion (2008)|
Wells Fargo & Co. 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 third largest bank by market cap. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. 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 2008 Financial Crisis.
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 an acquisition of California-based Wells Fargo & Co. by 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.
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.
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.
Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors (previously known as Wachovia Securities). It also offers mutual funds under the Wells Fargo Advantage brand name and Evergreen Funds.
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.
Wells Fargo's Business Online Banking gives small business owners all the services available to consumers, plus services designed specifically for businesses.
The new Wells Fargo vSafe service offers online storage of documents.
The 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 investment banking through Wells Fargo Securities. The company also owns Barington Associates, a middle market investment bank. Wells Fargo historically has avoided large corporate loans as stand-alone products, instead requiring that borrowers purchase other products along with loans—which the bank sees as a loss leader. One area that is very profitable to Wells, however, is asset-based lending: lending to large companies using assets as collateral that are not normally used in other loans. This can be compared to subprime lending, but on a corporate level. The main brand name for this activity is "Wells Fargo Foothill," and is regularly marketed in tombstone ads in the Wall Street Journal. 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).
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