Wells Fargo & Co.

Wells Fargo’s deposits totaled $847.9 billion at December 31, 2010, compared with $824.0 billion at December 31, 2009. (p 53 on 10k)

Competition is quickly encroaching on SunTrust’s territory. The financial crisis helped rivals gain more presence in SunTrust’s core markets through key acquisitions. BB&T bank, one of SunTrust’s main competitors, recently increased its presence with its acquisition of Florida-based BankAtlantic. This acquisition increased BB&T’s deposit market share to 6th in the Miami market. (BB&T Corporate Profile)

Wells Fargo & Company is an American multinational operating in banking and financial services, headquartered in San Francisco. Known as fourth largest bank in United States of America, Wells Fargo has created benchmark in bank deposits, home mortgage servicing and debit cards. The company

Wells Fargo is an international company based in United States and Canada. Wells Fargo has several divisions and services, ranging from basic deposit accounts to complex commercial loans.

Dubbing itself “the nation’s leading originator of home loans to ethnic minority customers.” (Coates X) Well Fargo intentions was simple, it was to make black people believe that what their bank is doing is for them but really all it really matter was taking all of their money by telling the blacks that they are going to educate them about “generational wealth”. Soon after Wells Fargo would pay back for what they have been doing for the past 5 years, “In 2010, the Justice Department filed a discrimination suit against Wells Fargo alleging that the bank had shunted blacks into predatory loans regardless of their creditworthiness.” (Coates X) While this may seem to be a win for the black community the damage was already done “In 2009, half the properties in Baltimore whose owners had been granted loans by Wells Fargo between 2005 and 2008 were

Businessmen in New York establish Wells, Fargo and Company, destined to become the leading freight and banking company of the West.

The largest six publically traded banks in the United States who are FDIC insured account for seventy-eight percent of the market, while the top four account for sixty-eight percent of the market. These top six banks include: Wells Fargo and Company, JPMorgan Chase and Company, Bank of American, Citigroup, US Bancorp, and PNC Financial Services. Wells Fargo, the market share leader, holds over twenty-percent of the market with JPMorgan Chase falling just under twenty percent (Oja, 2015). The top four banks as listed above, accounted for almost half of the revenue, at nearly two hundred and eighteen billion dollars. The top eight banks, of the eighty-one, managed an astonishing seventy-five percent of the total revenue for all banks (Oja, 2015). These other two banks were Branch Banking and Trust Corporation (BB&T) and SunTrust Banks and the total revenue in 2014 were at four hundred and forty-three billion dollars. Specifically, as of 2014, JPMorgan Chase

Wells Fargo’s second part of their mission statement is “Our value added is financial advice and guidance” which is complementary to their vision statement “We want to satisfy our customers’ financial needs and help them succeed

Wells Fargo is an American multinational diversified financial services company. The company operates throughout the world. It is one of the largest banks in the US in the state of assets. Moreover, Wells Fargo is the largest market capitalization bank in the US. It takes the second category in the field of deposits, delivery of home mortgage services, and delivery of credit cards. The company has its headquarters in Francisco, California. The company has coverage of more than twenty-four states in the US. In every state, it has established its headquarters that act as distribution and storage regions for the company's products and services. The company offers insurance, banking, mortgage, and consumer financing through the sale and distribution of its networks across the US. The advantages of Wells Fargo Company are widely distributed: they have helped it realize a stable market in the United States and around the globe.

Wells Fargo has a social responsibility to its customers to fulfill their economic, legal, ethical, and philanthropic needs. The scandal has presented numerous legal issues. It was negligent of the bank's executives and managers by placing impossible sales goals on lower level employees then encouraging, and pressuring them to meet these goals. The use of customer's information for fraudulent purposes was an invasion of customers privacy. Wells Fargo has violated the Federal Trade Commission Act which protects customers from unfair practices and has also violated the Sarbanes-Oxley Act (Thorne, 2011).

Mach 18, 1852 the Wells Fargo’s Company was founded by Henry Wells and Williams Fargo’s. Consequently, this new company offers banking and financial services. There headquarter were in San Francisco, California, this banking company became one of the world’s second largest bank. Over the years, Wells Fargo’s became an international company for banking and has one of the larger market capitalization: in the US by their assets. On June 8. 1998, the California-based Wells Fargo and Minneapolis banking company did a merger of equal stock valued at 34. billion. This created the Western Hemispheres for banking and financial services. Furthermore, Wells Fargo employees over 264.7 thousand full-time works in banks all over the US. Years later, Wachovia

Our paper today will be on Wells Fargo. Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees.

Wells Fargo was established in 1852 by Henry Wells and Williams Fargo who joined a group of other investors to form a transportation and banking company. In 1849, gold was discovered in California, which encouraged a huge demand for its cross country shipping and by 1852 Wells Fargo shipped its first consignment of gold. Wells Fargo also established merger deals with Pony expresses which made them one of the pioneers of pony transportation. This company later expanded to a company that offered not just pony and gold transportation services, but also offered banking services by purchasing gold and selling paper bank drafts as good as gold. In 1905, the banking branch of the company merged with the Nevada National Bank and established its new headquarters in San Francisco. ("Wells and Fargo start shipping and banking company", 2016).

Wells Fargo founded in 1852 is known for being a financial services company. Wells Fargo provides banking, insurance, investment, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATM’s, online, and mobile devices. Wells Fargo is headquartered in San Francisco, California but has a vision of being decentralized from that location. Being decentralized allows each location to act as a headquarters to provide their customers with specific financial services. Wells Fargo employs approximately 268,000 employees to serve 70 million customers.

Wells Fargo scored high on Strategic Direction due to their clear strategy of focusing on selling new goods and services to their existing customer base, which is called cross selling. Somehow this strategy has worked for Wells Fargo unlike their competitors. The three banks do not seem to have large international recognition, majority of their business is based in the United States.