January 27, 2013
Wells Fargo and Company
As a Global American company known for its diversified financial services, Wells Fargo and Company is the fourth largest bank in the United States when it comes to total assets and the second largest bank in deposits, home mortgage servicing, and debit cards. With the growing rate of the banking industry after the bailouts in 2009, it has been reported as of September 30, 2012 quarterly fact sheet that Wells Fargo and Company’s assets reached a total of $1.4 trillion. The current Chairman, President and CEO, John G. Stumpf, could not have imagined the business plan the founders of Wells Fargo had for this company.
Henry Wells and William G. Fargo were the founders of American Express and decided in 1852 to form Wells Fargo and Company during the gold rush in the west. Their decision was based on the need to provide California with express and banking services, establishing its first office in San Francisco. The company provided banking services and secure express delivery of gold, notes, and other valuable assets.
In the 1860’s, Wells Fargo and Company handled its business by the quickest way possible, via stagecoach, steamship, railroad, pony, or telegraph. During this time Wells Fargo and Company opened the stagecoach line making trips through the Wild West to guarantee delivery across the country and sealing their reputation for trustworthiness. Around the late 1880’s Wells Fargo and Company became the first nationwide express company in the country. The company was known for guarding the gold wherever there was mining and offering services such as money orders, travelers checks, and transfer of funds by telegraph in large and small towns. By the 1900’s Wells Fargo and Company opened new offices in thousands of communities including the Upper Midwest and the Great Lakes regions and also establishing the famous Wells Fargo Wagon, which delivered various goods. It was during 1954 that the company’s name was shortened to Wells Fargo Bank. It was in 1968 that Wells Fargo Bank converts to a federal banking charter, becoming Wells Fargo Bank, NA. Wells Fargo Bank has merged and acquired numerous well known banks and companies.
Today, the headquarters of Wells Fargo Bank is based in San Francisco, but the company considers every Wells Fargo store to be a headquarters in order for them to meet the financial needs of all their customers. Wells Fargo Bank does business with one out of in every three households. They have over 70 million customers, 273,000 team members, more than 9,000 stores and more than 12,000 ATM locations. Their main lines of business are community retail banking, wholesale banking, and wealth, brokerage, and retirement.
Community retail banking offers financial products such as mortgage and equity loans, small business administration financing, venture capital financing, credit cards, student loans, and much more. Wholesale banking offers commercial and corporate financial solutions to business and financial institutions. Wealth, brokerage and retirement offers to the affluent and high-net-worth clients, wealth management. To the ultra-high-net-worth they offer brokerage and advisory services. For retirement Wells Fargo Bank gives institutional retirement, trust services, 401k, advises individuals on retirement and for the life insurance industry they provide reinsurance services.
Wells Fargo maintains its relationships with its ranges of expertise in different markets. They have expanded their enterprise so they can help an individual with every need one possibly can want. One of the main components of Wells Fargo Bank is their community retail banking. This component offers financial products such as mortgage and equity loans, small business administration financing, venture capital financing, credit cards, student loans, and far more. One of the main areas focused on was the mortgage…