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Home / Lifestyle / Wells Fargo trivia: 80 interesting facts about the American bank!

Wells Fargo trivia: 80 interesting facts about the American bank!

Wells Fargo is one of the biggest financial services currently in America with their headquarters in San Francisco!

It recently had a problem with its online banking! So it’s the perfect time to find out some interesting facts about this huge enterprise!

  1. Wells Fargo & Company is an American multinational financial services company
  2. Its headquarters are in San Francisco, California
  3. It has central offices throughout the United States
  4. It is the world’s second- largest bank by market capitalization
  5. Wells Fargo also is the fourth largest bank in the US by total assets
  6. Wells Fargo is ranked #26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue
  7. In July 2015, Wells Fargo became the world’s largest bank by market capitalization, edging past ICBC
  8. It has since slipped behind JPMorgan Chase in September 2016
  9. That happened in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo employees
  10. Wells Fargo surpassed Citigroup to become the third- largest US bank by assets at the end of 2015
  11. It has since fell behind Bank of America to third in bank deposits in 2017
  12. The firm’s primary operating subsidiary is national bank Wells Fargo Bank, N.A.
  13. It designates its main office as Sioux Falls, South Dakota
  14. 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
  15. And the subsequent 2008 acquisition of Charlotte- based Wachovia
  16. Following the mergers, the company transferred its headquarters to Wells Fargo’s headquarters in San Francisco
  17. It also merged its operating subsidiary with Wells Fargo’s operating subsidiary in Sioux Falls
  18. Along with JPMorgan Chase, Bank of America, and Citigroup, it is one of the “Big Four Banks” of the United States
  19. As of June 2018, it had 8,050 branches
  20. With 13,000 ATMs
  21. In 2018 the company had operations in 35 countrie
  22. It has over 70 million customers globally
  23. In February 2014, Wells Fargo was named the world’s most valuable bank brand
  24. This happened for the second consecutive year
  25. It was named s in The Banker and Brand Finance study of the top 500 banking brands
  26. In 2016, it had ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world
  27. And 27th on the Fortune 500 list of the largest companies in the US
  28. In 2015, the company was ranked the 22nd most admired company in the world
  29. It was also the 7th most respected company in the world
  30. As of December 2018, the company had a Standard & Poors credit rating of A−
  31. However, for a brief period in 2007, the company was the only AAA‑ rated bank
  32. This was a reflection of the highest credit rating from two firms
  33. On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion- asset base any further
  34. This was based upon years of misconduct
  35. And it will be put until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve
  36. In April 2018, The Wall Street Journal reported that the US Department of Labor had launched a probe into whether the bank was pushing its customers into more expensive retirement plans
  37. As well as into retirement funds managed by the bank itself
  38. Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo’s business banking group had improperly altered documents about business clients
  39. This happend both in 2017 and early 2018
  40. In June 2018, Wells Fargo began retreating from retail banking in the Midwestern United States
  41. This happend by announcing the sale of all its physical bank branch locations in Indiana, Michigan
  42. And Ohio to Flagstar Bank
  43. In 1852 Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California
  44. In 1860 it had gained control of Butterfield Overland Mail Company, leading to operation of the western portion of the Pony Express
  45. In 1866 “Grand consolidation” united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name
  46. In 1905 it had been separating its banking and express operations; Wells Fargo’s bank was merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank
  47. In 1918 as a wartime measure, the US Federal Government nationalized the bank’s express franchise into a federal agency known as the US Railway Express Agency
  48. The US Federal Government took control of the express company
  49. The bank began rebuilding but with a focus on commercial markets
  50. After the war, REA was privatized and continued service until 1975
  51. In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company
  52. In 1929 the Northwest Bancorporation was formed as a banking association
  53. In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank
  54. In 1960, the bank merged with American Trust Company to form the Wells Fargo Bank American Trust Company
  55. In 1962, Wells Fargo American Trust again shortened its name to Wells Fargo Bank
  56. In1968 Wells Fargo converted to a federal banking charter, becoming Wells Fargo Bank, N.A
  57. In 1969 Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary
  58. In1982 the Northwest Bancorporation acquired consumer finance firm Dial Finance which is renamed Norwest Financial Service the following year
  59. In 1983 the Northwest Bancorporation was renamed Norwest Corporation
  60. In 1983 the White Eagle, the largest US bank heist to date took place at a Wells Fargo depot in West Hartford, Connecticut
  61. In 1986,Wells Fargo acquired Crocker National Corporation from Midland Bank
  62. In 1987, Wells Fargo acquired the personal trust business of Bank of America
  63. In 1988, it also acquired Barclays Bank of California from Barclays plc
  64. In 1995, Wells Fargo became the first major US financial services firm to offer Internet banking
  65. In 1996, Wells Fargo acquired First Interstate Bancorp for US$11.6 billion
  66. In 1998,Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis
  67. Norwest was the surviving company, however, it chose to continue business under the more well- known bank name
  68. In 2000, the bank acquired National Bank of Alaska
  69. Also in 2000, Wells Fargo acquired First Security Corporation
  70. In 2001, Wells Fargo acquired H.D. Vest Financial Services for US$128 million
  71. It also sold it in 2015 for US$580 million
  72. In 2007, Wells Fargo acquired CIT’s construction unit
  73. It also acquired Placer Sierra Bank
  74. And the Greater Bay Bancorp, which had US$7.4 billion in assets
  75. This happened in a US$1.5 billion transaction
  76. In 2008, Wells Fargo acquired United Bancorporation of Wyoming
  77. It also acquired Century Bancshares of Texas
  78. And the Wachovia Corporation
  79. In 2009, Wells Fargo acquired North Coast Surety Insurance Services
  80. In 2012 it acquired Merlin Securities and, also, acquired stake in The Rock Creek Group LP

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