Wells Fargo

For other uses, see Wells Fargo (disambiguation).
Wells Fargo & Company
Public
Traded as NYSE: WFC
S&P 500 Component
Industry Banking, Financial services
Founded March 18, 1852 (1852-03-18)
New York City, New York, United States[1][2]
Founder Henry Wells
William Fargo
Headquarters San Francisco, California, U.S.
Area served
 Worldwide
Key people
 John G. Stumpf
(Chairman & CEO)[3]
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$86.10 billion (2015)[4]
Decrease US$33.84 billion (2015)[4]
Profit Decrease US$23.03 billion (2015)[4]
Total assets Increase US$1.79 trillion (2015)[4]
Total equity Increase US$193.1 billion (2015)[4]
Number of employees
 265,200 (2015)[4]
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 which is headquartered in San Francisco, California, with "hubquarters" throughout the country.[5] It is the third largest bank in the U.S. by assets and the largest bank by market capitalization.[6][7] 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. Wells Fargo ranked 10th among the Forbes Global 2000 (2015) and the 30th largest company in the United States, according to Fortune 500 (2015).[8]

In 2007 it was the only bank in the United States to be rated AAA by S&P,[9] though its rating has since been lowered to AA-[10] in light of the financial crisis of 2007–08. 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.

Wells Fargo is one of the "Big Four Banks" of the United States, along with JPMorgan Chase, Bank of America, and Citigroup—its main competitors.[11][12] The company operates across 35 countries and has over 70 million customers globally.[13] In 2012, it had more than 9,000 retail branches and over 12,000 automated teller machines in 39 states and the District of Columbia. In July, 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC.[7]

In February 2014 Wells Fargo was named the world's most valuable bank brand for the second year running[14] in The Banker and Brand Finance study of the top 500 banking brands.[15]

Wells Fargo has various divisions that finance and lease equipment to all manners 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.

History

The current Wells Fargo is a result of a 1998 merger between Minneapolis-based Norwest Corporation and the original Wells Fargo.[16] The new company kept the Wells Fargo name to capitalize on the long history of the nationally recognized Wells Fargo name and its trademark stagecoach (the company's previous slogan, "The Next Stage," is likely a nod to the company's trademark). After the acquisition, the parent company kept its headquarters in San Francisco. 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).

In-store branches

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.[17]

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.[18]

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.[19] 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.[20] 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.[21]

Predecessors

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 in turn had inherited it through one of its many acquisitions.

Selected predecessor companies

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.[23][24] 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.[25]

Environmental record

Wells Fargo ranked No.1 among banks and insurance companies – and No.13 overall – in Newsweek magazine’s inaugural "Green Rankings" of the country’s 500-largest companies.[26]

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.[27]

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.[28]

"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."

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

Operations

Map of Wells Fargo branches.

Wells Fargo offers a range of financial services in over 80 different business lines.[30] 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.

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.[31] Wells Fargo services $1.8 trillion in home mortgages, the 2nd largest servicing portfolio in the U.S.[32] 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.[33]

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.[13]

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.

Internet services

Wells Fargo launched its personal computer banking service in 1989 and was the first bank to introduce access to banking accounts on the web in May 1995.[34]

Wholesale banking

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 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).

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. It is the 9th largest in the U.S. (2011 fee estimates from Thomson SDC) and exists today as an amalgamation of several legacy enterprises, most notably Wachovia Securities. 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 generate approximately $5.5 billion and $6 billion respectively (not including sales and trading revenue).[35] 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.

WFS History

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.[36][37]

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. WFS most recently acquired the investment banking arm of Citadel LLC.[38]

Duke Energy Center, home of WFS [39]

WFS Growth plans

In 2009, then-Wells Fargo Chairman Dick Kovacevich stated that he believed Wells Fargo Securities would be among the top five investment banks in the 'next few years'.[40] Regarding Wells Fargo’s traditional aversion to complex institutional capital markets business lines, current CEO John Stumpf said that investment banking had "changed a lot", that Wells Fargo now had fewer competitors and was a bigger company with more clients who need capital market access.[35] According to Jonathan Weiss and Robert Engel, co-heads of investment banking and capital markets, the group intends to grow by 10% to 20% per year for the foreseeable future. Wells Fargo disclosed that investment banking revenue from underwriting and M&A advisory increased 44% in 2010 over the prior year.[35] As of April 14, 2015, Wells Fargo became the world's second biggest bank by market capitalization, worth $281 billion, trailing ICBC which regained its tag as the World's Biggest Bank.[41]

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.[42] 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.[43][44] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique);[43] Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[44]

International operations

Wells Fargo provides banking services throughout the world, with main offices in Hong Kong and London.[45][46] Also, as announced in 2011, Wells Fargo Securities has planned an expansion of its investment banking practice internationally, adding positions to its existing offices in Asia, Europe, and Latin America.

Wells Fargo has an office in the Middle East, in Dubai at Dubai Financial Centre. Wells Fargo has a presence in India as well. Wells Fargo India Solutions (WFIS) is a wholly owned subsidiary of Wells Fargo in India.[47]

Small business loans

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

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.

Corporate affairs

Historical data

[48]

Wells Fargo Bank was the fifth largest bank at the end of 2008 as an individual bank. (Not including subsidiaries)

Major shareholders

As of 2012, Berkshire Hathaway was the single largest shareholder, having a stake of 411 million shares.[49] Contains 5,266,300,000 in outstanding stock[50]

Controversies

A Wells Fargo branch in Logan, Utah

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..."[51] 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."[52]

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.[53]

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.[54][55][56]

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.[57] 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.[58] 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.[59] Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[60] 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."[61]

The fine has come at a time that the Department of Housing and Urban Development (HUD) has 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.[62]

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.[63][64] Wells Fargo spokespersons denied all claims and are settling only to avoid contested litigation.[64][65]

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.[49][66]

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.[67]

In October 2012, Wells Fargo was sued by U.S. federal attorney Preet Bharara over questionable mortgage deals.[68]

In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which they were accused of inflating premiums on forced-place insurance. 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.[33]

In February 2015, Wells Fargo agreed to pay $4 million for violations where an affiliate took interest in the homes of borrowers. There was a $2 million penalty with the other $2 million going towards restitution to customers.[69]

Income inequality

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.[70][71]

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.[72] 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.[73]

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.[74] By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.[75] 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.[76]

Notable buildings

Wells Fargo and Deloitte in Los Angeles
  1. ^ Cite error: The named reference charlotte.bizjournals.com was invoked but never defined (see the help page).
  2. ^ [1]

See also

Notes

  1. ↑ "Wells Fargo History". wellsfargohistory.com. August 14, 2012. Archived from the original on August 14, 2012. Retrieved December 30, 2012.
  2. ↑ "Wells Fargo History – Frequently Asked Questions". wellsfargo.com. June 17, 2014. Archived from the original on June 17, 2014. Retrieved June 17, 2014.
  3. ↑
  4. 1 2 3 4 5 6 "2015 annual results". Wells Fargo & Co.
  5. ↑ "Wells Fargo Annual Report 2008" (PDF). Wellsfargo.com. Retrieved 28 December 2014.
  6. ↑ "Wells Fargo & Company: NYSE:WFC quotes & news". Google Finance. Retrieved November 5, 2011.
  7. 1 2 "This is the most valuable bank in the world". Fortune. Retrieved 24 July 2015.
  8. ↑ Fortune http://fortune.com/fortune500/wells-fargo-30/. Retrieved 24 July 2015. Missing or empty |title= (help)
  9. ↑ "Wells Fargo Bank Becomes S&P's Only "AAA" Credit-Rated U.S. Bank". Wellsfargo.com. February 14, 2007. Retrieved March 13, 2012.
  10. ↑ "S&P Downgrades Wells Fargo, U.S. Bancorp, Other Banks". BusinessWeek. June 17, 2009. Retrieved July 29, 2009.
  11. ↑ "Citigroup posts 4th straight loss; Merrill loss widens". USA Today. Associated Press. October 16, 2008. Retrieved December 17, 2009.
  12. ↑ Temple, James; The Associated Press (November 18, 2008). "Bay Area job losses likely in Citigroup layoffs". The San Francisco Chronicle. Retrieved December 17, 2009.
  13. 1 2 "Wells Fargo Today" (PDF). Wells Fargo, Inc. Retrieved June 28, 2012.
  14. ↑ "Wells Fargo Tops List of World's Most Valuable Bank Brands, Leads Strong US Growth". Brand Finance. February 3, 2014.
  15. ↑ "The Top 500 Banking Brands, 2014". The Banker. February 3, 2014.
  16. ↑ "Wells Fargo and Norwest to Merge". Wellsfargo.com. June 8, 1998. Retrieved 2012-03-13.
  17. ↑ "Click "Wells Fargo In-Store Branches" for a pop-up with this information". Wellsfargo.com. Retrieved 28 December 2014.
  18. ↑
  19. ↑
  20. ↑ "Court tilts Wachovia fight toward Wells Fargo".
  21. ↑
  22. ↑ Meng, Henrik (June 14, 2010). "The end of one era and continuation of another". Wells Fargo. Archived from the original on June 18, 2010.
  23. ↑
  24. ↑ Landler, Mark and Dash, Eric (October 15, 2008). "Drama Behind a $250 billion Banking Deal". The New York Times. Retrieved February 4, 2009.
  25. ↑ "News Releases". Wells Fargo. December 18, 2009. Retrieved December 30, 2012.
  26. ↑ "Newsweek: HP top 'green' company". http://www.bizjournals.com/. Silicon Valley Business Journal. Retrieved 5 August 2015. External link in |website= (help)
  27. ↑ "Wells Fargo mortgage consultant team joins Century 21 Ludecke, Inc.". http://www.monroviaweekly.com. Retrieved 5 August 2015. External link in |website= (help)
  28. ↑ "Wells Fargo Environmental Forum". Blog.wellsfargo.com. Retrieved June 12, 2010.
  29. ↑ Chad Eric Watt (August 13, 2008). "Wells Fargo to acquire Century Bank". Dallas Business Journal. Retrieved February 2, 2015.
  30. ↑ Oman, Mark (May 11, 2005). UBS Global Financial Services Conference Investor Presentation (PDF). San Francisco: Wells Fargo & Co. p. 17 & 23. Retrieved November 7, 2005.
  31. ↑ Q3 2011, Inside Mortgage Finance, Sept. 2011
  32. ↑ "Browser Warning". Wellsfargo.com. Retrieved 2012-03-13.
  33. 1 2 "Bank of the Year: How Wells Fargo conquered America". Euromoney. July 2013.
  34. ↑ "Wells Fargo's Mobile Banking Scores Pair of Independent Awards". Bloomberg. Bloomberg. Retrieved 30 September 2014.
  35. 1 2 3 "Warren Buffett Seal of Approval Goes To... Wells Fargo Bankers? Date 11 Apr 2011". Blogs.wsj.com. 2011-04-11. Retrieved 2012-03-13.
  36. ↑
  37. ↑ "Bowles Hollowell Conner & Co". Investing.businessweek.com. April 30, 1998. Retrieved 2012-03-13.
  38. ↑ Ahmed, Azam (August 15, 2011). "Date 15 Aug 2011". Dealbook.nytimes.com. Retrieved 2012-03-13.
  39. ↑ 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.
  40. ↑ "Wells Fargo CEO: "What I've Learned Since Business School"". November 9, 2009. Retrieved 2012-03-13.
  41. ↑ "World's Largest Banks". Relbanks.
  42. ↑ "Our strategy: How we’re going to get there". Wellsfargo.com. Retrieved 2012-10-07.
  43. 1 2 Smith, Randall (February 28, 2011). "In Tribute to Wells, Banks Try the Hard Sell". The Wall Street Journal. Retrieved April 4, 2012.
  44. 1 2 Touryalai, Halah (January 25, 2012). "The Art Of The Cross-Sell". Forbes. Retrieved April 4, 2012.
  45. ↑
  46. ↑ "Browser Warning". Wellsfargo.com. Retrieved July 8, 2011.
  47. ↑ "Wells Fargo India". Wells Fargo. Retrieved 22 May 2012.
  48. ↑ "Money Economics Top 10 Banks Project". Moneyeconomics.com. Retrieved 2012-03-13.
  49. 1 2 Calvey, Mark (August 14, 2012), "Buffett's Berkshire Hathaway dumps Intel, trims Visa, buys more Wells Fargo", San Francisco Business Journal, retrieved September 11, 2012
  50. ↑ "Search Results: lcddata". Nyse.com. Retrieved December 28, 2014.
  51. ↑ "Illinois Files Bias Suit Against Wells Fargo". Reuters.com. 2009-07-31. Retrieved December 30, 2012.
  52. ↑ Michael Powell (June 6, 2009). Bank Accused of Pushing Mortgage Deals on Blacks. The New York Times. Retrieved May 4, 2015.
  53. ↑ Smith, Michael (June 29, 2010). "Banks Financing Mexico Gangs Admitted in Wells Fargo Deal". Bloomberg. Retrieved December 6, 2011.
  54. ↑ Gelles, Jeff (August 15, 2010). "Consumer 10.0: How Wells Fargo held up debit-card customers". The Philadelphia Inquirer.
  55. ↑ Numerian (August 12, 2010). "The checking account scam—How Wells Fargo gouged its customers". The Agonist. Retrieved August 15, 2010.
  56. ↑ "Wells Fargo loses consumer case over overdraft fees". Los Angeles Times. August 10, 2010.
  57. ↑ "Joint State-Federal Mortgage Servicing Settlement FAQ". Retrieved 15 June 2015.
  58. ↑ New York Times, Mortgage Plan Gives Billions to Homeowners, but With Exceptions, February 9, 2012
  59. ↑ "Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage". The Huffington Post. Retrieved December 28, 2014.
  60. ↑ "Scribd". Scribd.com. Retrieved December 28, 2014.
  61. ↑ Jones, supra
  62. ↑ "Wells Fargo Racial Discrimination Investigation Launched By HUD". The Huffington Post. Retrieved December 28, 2014.
  63. ↑ Broadwater, Luke (July 13, 2012). "Wells Fargo agrees to pay $175M settlement in pricing discrimination suit". The Baltimore Sun. Retrieved 2012-07-13.
  64. 1 2 Yost, Pete (July 13, 2012). "Wells Fargo settles discrimination case". Associated Press and the Express.
  65. ↑ Suris, Oscar. "Wells Fargo Announces Settlement with U.S. Department of Justice Regarding Mortgages". Wells Fargo Bank. Retrieved 2012-07-13.
  66. ↑ 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.
  67. ↑ Raice, Shayndi (October 10, 2012). "U.S. Sues Wells Fargo for Faulty Mortgages". The Wall Street Journal. Retrieved October 10, 2012.
  68. ↑ "U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud". The New York Times. October 24, 2012. Retrieved October 26, 2012.
  69. ↑ Freifeld, Karen. "Wells Fargo to pay $4 million for violations on credit card accounts: New York". Reuters. Retrieved 5 February 2015.
  70. ↑ Short, Kevin (October 9, 2014). "Wells Fargo Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email". The Huffington Post.
  71. ↑ Schafer, Leo (October 15, 2014). "Schafer: Wells Fargo missed mark after worker requested $10,000 raises for all". Star Tribune (Minneapolis).
  72. ↑ 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.
  73. ↑ Christopher Helman. "Wells Fargo - In Photos: The 25 U.S. Corporations That Pay The Highest Taxes". Forbes.
  74. ↑ 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.
  75. ↑ 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.
  76. ↑ 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.
  77. ↑ 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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