The name Wells Fargo is commonly associated with the image of a stagecoach loaded with gold and drawn by six horses at full speed through the American West.

The full history of the company, spanning over 160 years of successful operation, is rich in detail and linked to great events in American history. From the Gold Rush of the mid-19th century to the online banking of the 21st century, through prosperity, depression and war to world fame, over the years Wells Fargo has earned a high reputation for attention and loyalty to its customers, becoming the world's largest bank by capitalization.

In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. The new company offered banking (buying gold and selling bank checks) and express (fast delivery of gold and anything else of value).

Wells Fargo accelerated business wherever possible, using stagecoaches, steamships, ponies and telegraphs, working efficiently, reliably and quickly. In 1866, Wells Fargo combined all major western lines of communication. The postal stagecoaches take the name Wells, Fargo & Co, covering over 3,000 miles of territory, from California to Nebraska, and from Colorado to the gold-mining regions of Montana and Idaho.

After the completion of the transcontinental railroad in 1869, Wells Fargo increased its share of rail traffic. In 1888, after expanding the steel service from the northeast to New York, Wells Fargo becomes the nation's first postal company covering the entire territory of the country. He chose the slogan "Ocean to Ocean!" to describe the service linking 2,500 locations and 25 states, and "Across the Seas!" to highlight the network that links America to the global economy.

In 1905, Wells Fargo & Co's Bank, San Francisco (bank) formally spun off from Wells Fargo & Co Express (postal service). The bank survived the disaster of 1906, when an earthquake shook San Francisco and the entire city was on fire, and gradually began to expand its network throughout the country.

In 1918 Wells Fargo had ten thousand locations throughout the states. In the same year, the federal government nationalized the company's postal network, which was necessary for government purposes in the First World War. Wells Fargo was left with only one bank in San Francisco.

During the prosperity of the 1960s, Wells Fargo becomes a northern California regional bank with a large network of offices.

In the 1980s, Wells Fargo became an All-American and the seventh-largest national bank by launching its Internet customer service.

Reasons for success

Experts note the essential reasons that determine the success of the American banking giant:

1. Diversification of financial services provided, active use of modern technologies.
2. A successful cross-selling technique. The bank knows how to sell products to its customers, and is constantly expanding the range of its offer for regular customers, so that the latter buy more and more from it.
3. Quality customer service. The client must be satisfied not only with the quality of the products themselves, but also with the level and quality of the seller's work.
4. The stable experience of more than 160 years of activity helps the bank maintain an excellent reputation in various business circles.

Well Fargo is a huge financial structure that accumulates all the world's experience in conducting financial banking operations. Reliability, speed in work, the innovative nature of the company and its great history make the American banking giant one of the leaders in the global financial markets.

Wells Fargo is a Fortune 1000 banking company providing diversified financial and insurance services in the United States, Canada and Puerto Rico. Wells Fargo, the fourth largest bank in the United States, is one of the so-called "Big Four US banks, along with major competitors - Bank of America, Citigroup and JP Morgan Chase. The largest shareholder of Wells Fargo is Warren Buffett (controls about 6.5% of the shares).

The company is based in San Francisco, while the banking division is headquartered in Sioux Falls, South Dakota. Wells Fargo was formed from the merger of California-based Wells Fargo & Co. and Norwest, a Minneapolis-based company in 1998.

Wells Fargo & Company is known for its combined banking and postal business. Its history is notable, first of all, for the fact that it was opened by two young men who had absolutely nothing to do with banking. It all started in 1841. Henry Wells, a postal agent from New York, decided to open a postal company and hired a young William Fargo, who at that time was working as an assistant in a Syracuse merchant's shop. The company was opened in 1844, it was called Well & CO, by that time the honest and hardworking Fargo had won the trust of Wells so much that he was offered a small percentage in the newly minted enterprise, whose services were the delivery of gold and other valuables.

Naturally, as in any undertaking, it was not without problems and falls. So in 1849, Well & CO got a tough competitor in the face of Wasson & Company, but the conflict was resolved quite peacefully, thanks to the diplomatic abilities of the wise Henry Wells, and this despite the fact that in those days everything was decided by force. Wells was able to negotiate so brilliantly that it all ended with the merging of enterprises of competing firms into one organization called American Express, which is known to this day, being a symbol of international fast transportation.

Among gold miners, Wells Fargo quickly earned trust and respect. The firm sent money and cargo quickly, never outweighed its customers when buying gold, and its banknotes began to be valued at the level of real gold.

Wells Fargo & Company became one of the major postal systems in the United States. The reliability of the Wells Fargo mail service was high. In addition, Wells Fargo & Company tried to do everything possible to ensure that the mail was delivered as soon as possible. To do this, the company used all available methods of fast delivery: the railroad and steamboats.

The postal and banking business of Wells Fargo & Company grew rapidly, fueled by the development of transportation in the United States, especially the development of western lands. The general growth of the American economy ensured the prosperity of Wells Fargo & Company over the following years. During this time in the life of the company there were both ups (World Wars, absorption of competitors) and downs (legislative acts of the early 20th century).

In 1852, some disagreements arose in the management of the newly-minted company, so a new enterprise was created called the WellsFargo & Company. The first office was opened in San Francisco the same year. Just then in California passions around the gold rush were in full swing, and it was then that the partners came up with a brilliant idea to provide banking services in addition to postal transportation. As a result, the organization began to buy and sell gold dust and bullion, deliver mail throughout America. It is interesting that Well and Fargo managed to do without any conflicts in their activities, despite the huge competition, moreover, all militant companies from competitors became divisions of WellsFargo, because by that time 99% of the orders belonged to them.

Over time, the company began to develop further, a state contract was won. Later, the famous US postal service "Pony Express" was created, whose motto was the expression: "Mail must be delivered under any circumstances." And whose activity was ended in 1861 in connection with the development of telegraph lines. And only when the US state postal service got stronger, WellsFargo began to engage in only banking activities.

The main operating branch of the organization located in the United States is Wells Fargo Bank, N.A., which is legally registered in Sioux Falls, South Dakota. Wells Fargo in its current form is the result of the 1998 acquisition of the California-based Wells Fargo & Co of the Minneapolis-based Norwest Corporation. Although Northwest was technically a legal entity. face, the new organization was renamed Wells Fargo, capitalizing on the entire 150-year history of the nationally recognized name and its trademark.

Following the acquisition, the firm transferred its headquarters to Wells Fargo in San Francisco and merged its operating subsidiaries with Wells Fargo's Sioux Falls subsidiaries.

In 2010, Wells Fargo had 6,335 retail branches (called Wells Fargo stores), 12,000 ATMs, 280,000 employees and over 70 million customers. For the second year in a row, Wells Fargo & Company has been ranked at the top of the Worlds Best Internet Banks ranking by Global Finance magazine. Wells Fargo is one of the Big Four banks in the United States, along with Bank of America, Citigroup Westpac and JP Morgan Chase.

Wells Fargo

(Wells Fargo)

Wells Fargo Management, Wells Fargo, Wells Fargo Bank Museums

History of Wells Fargo & Co, Wells Fargo Lending, Wells Fargo Mortgage Lending, Wells Fargo Consumer Finance

Wells Fargo is

Wells Fargo is a Fortune 1000 company providing diversified financial and insurance services in the United States, Canada and Puerto Rico. Firm is based in , while the banking division is headquartered in Sioux Falls, South Dakota.

CEO of Wells Fargo

Wells Fargo formed from the merger of the Californian organizations Wells Fargo& Co. and Norwest, a Minneapolis firm in 1998. The board of the new organization decided to keep the name Wells Fargo in order to use the well-known name of the company with 150 years of history and its famous symbol - the carriage. Wells Fargo operates 6,062 branches serving over 23 million customers.

The Bank uses a business model to diversify the services provided, thereby trying to meet the needs of customers as fully as possible. At the same time, it provides both banking and financial services, as well as insurance services. This growth model has been very successful for Wells Fargo, with 80% of its revenue growth coming from selling more services to existing customers. Citigroup Westpac used a similar model, but subsequently the company abandoned this business structure. Wells Fargo offers a variety of financial services through its 80 business units. Wells Fargo is one of the first banks that provided their customers with access to bank accounts via the Internet. Since 1995, customers have been able to check accounts, pay bills, and buy or sell securities. Wells Fargo actively lobbied for the repeal of laws passed during the Great Depression that limited the expansion of the firm, in particular Glass-Steagall.

History of Wells Fargo

Wells Fargo & Company is known for its combined banking and postal business. And this is no coincidence. The history of the Wells Fargo organization began in March 1852. Wells Fargo & Company was founded by Henry Wells and William Fargo. The organization was founded during the gold rush, and its main activity was the provision of postal and financial services to gold miners. To fund the activities of Wells Fargo & Company investors were attracted.

Among gold miners, Wells Fargo quickly earned trust and respect. she also sent goods quickly, never underweight her clients when buying gold, and her banknotes began to be valued at the level of a real one. gold.

Wells Fargo & Company became one of the major postal systems USA. The reliability of the Wells Fargo mail service was high. In addition, Wells Fargo & Company tried to do everything possible to ensure that the mail was delivered as soon as possible. To do this, the company used all available methods of fast delivery: the railroad and steamboats.

Wells Fargo (Wells Fargo) is

Wells Fargo & Company's postal and banking business grew rapidly, fueled by the development of transportation in USA, especially the development of western lands. The general growth of the American economy ensured the prosperity of Wells Fargo & Company over the following years. During this time in the life of the company there were both ups (World Wars, absorption of competitors) and downs (legislative acts of the early 20th century).

American bank WellsFargo is widely known today in banking and postal services. Its history is notable, first of all, for the fact that it was opened by two young men who had absolutely nothing to do with banking. It all started in 1841. Henry Wells, a postal agent from New York, decided to open a postal company and hired a young William Fargo, who at that time was working as an assistant in a Syracuse merchant's shop. was opened in 1844, it was called - Well & CO, by that time the honest and hardworking Fargo had won the trust of Wells so much that he was offered a small in the newly minted enterprise, whose services were delivery gold and other values.

Naturally, as in any undertaking, it was not without problems and falls. So in 1849, Well & CO had a tough competitor in the face of Wasson & Company, but the conflict was resolved quite peacefully, thanks to the diplomatic abilities of the wise Henry Wells, despite the fact that in those days everything was decided by force. Wells was able to negotiate so brilliantly that it all ended with the merging of enterprises of competing firms into one organization called American Express, which is known to this day, being a symbol of international fast transportation.

In 1852, some disagreements arose in the leadership of the newly-minted company, so a new one was created called WellsFargo & Company. The first office was opened in San Francisco the same year. Just then in California passions around the gold rush were in full swing, and it was then that the partners came up with a brilliant idea to provide banking services in addition to postal transportation. As a result, the organization began to buy and sell gold dust and bullion, deliver mail throughout America. It is interesting that Well and Fargo managed to do without any conflicts in their activities, despite the huge competition, moreover, all militant companies from competitors became divisions of WellsFargo, because by that time 99% of the orders belonged to them.

Over time, the company began to develop further, a state contract was won. Later, the famous US postal service "Pony Express" was created, whose motto was the expression: "Mail must be delivered under any circumstances." And whose activity was ended in 1861 in connection with the development of telegraph lines. And only when the US state postal service got stronger, WellsFargo began to engage in only banking activities.

The main operating branch of the organization located in the United States is Wells Fargo Bank, N.A., which is legally registered in Sioux Falls, South Dakota. Wells Fargo in its current form is the result of the 1998 acquisition of the California-based Wells Fargo & Co of the Minneapolis-based Norwest Corporation. Although Northwest was technically a legal entity. face, the new organization was renamed Wells Fargo, capitalizing on the entire 150-year history of the nationally recognized name and its trademark.

Following the acquisition, the firm transferred its headquarters to Wells Fargo in San Francisco and merged its operating branches with those of Wells Fargo in Sioux Falls.

In 2010, Wells Fargo had 6,335 retail branches (called Wells Fargo stores), 12,000 ATMs, 280,000 employees and over 70 million customers. For the second year in a row, Wells Fargo & Company has been ranked at the top of the Worlds Best Internet Banks ranking by Global Finance magazine. Wells Fargo is one of the Big Four banks in the United States, along with the Bank of America, Citigroup Westpac and JP Morgan Chase.

Wells Fargo (Wells Fargo) is

WELLS FARGO Bank Museum

This is the same place where Henry Wells and William Fargo (H. Wells and W. Fargo) first started their banking business, during the hot time of the "gold rush", in 1852. The history of a particular business is preserved here, but, since the Wells Fargo bank closely involved in the development of San Francisco and California, the museum is a true treasure for history buffs.

As you would expect from a well-established corporation like Wells Fargo (now one of America's largest banks), the display is well thought out and professionally presented. In the museum, you will see samples of native gold from all the major deposits in the foothills of the Sierra Nevada, banking equipment from the mid-19th century, and a real Wells Fargo stagecoach (their trademark). You will learn the story of Black Bart, who succeeded in 27 robberies of these same stagecoaches (he had to stop there, since the twenty-eighth was not so successful). One of the most interesting exhibits - for those who are often on the road - will be a model of a "moving" stagecoach in which you can sit down and, while listening to a recording of an actor's reading of the diary of a real passenger in 1859, imagine the journey from St. Louis to San Francisco. Sitting in a cramped carriage with a few others and having difficulty imagining a “complete set” of nine people, one begins to understand how petty and unjustified the complaints of modern travelers are.

Wells Fargo (Wells Fargo) is

Sources

Wikipedia - The Free Encyclopedia, WikiPedia

wellsfargo.com - Well Fargo bank site

betafinance.ru - Beta Finance

Biznes-war.ru - All about business

wellsfargohistory.com - Well Fargo History

Encyclopedia of the investor. 2013 .

See what "Wells Fargo" is in other dictionaries:

Wells Fargo- Co. Tipo Pública (NYSE: WFC) Fundación … Wikipedia Español

Wells Fargo- Rechtsform Corporation ISIN US9497461015 Gründung ... Deutsch Wikipedia

Wells Fargo- Co. Type Public company NYSE listed: WFC Founded ... Wikipedia

There's a tsunami of bad news on Wells Fargo. After reports surfaced of bank employees improperly opening customer accounts since 2011, the problems have snowballed. Added to Thursday's fine and mass layoffs were questions about things like executive compensation and questions about the bank's debt.

How it all started

The catalyst for all the bad news was a report about the opening of fraudulent accounts on behalf of clients.

Since 2011, Wells Fargo employees have opened 2 million bank accounts and credit cards on behalf of customers without their knowledge. The goal was to create a commission for the company and enable employees to complete an aggressive sales plan. As a result of the investigation, the bank received allegations of illegal opening of accounts from the Bureau of Financial Consumer Protection, the Office of the Comptroller of the Currency and the Los Angeles Attorney. Last Thursday, September 8, the bank was fined $185 million. In addition, 5,300 employees, about 1% of Wells Fargo's staff, were fired due to illegal opening of accounts.

Effects

Since the announcement of the fine, Wells Fargo has faced not only financial repercussions but disaster in the public arena.

On Monday, September 12, five US senators, members of the US Senate Banking Committee, wrote a letter to the head of the committee, Richard Shelby, asking for an investigation and hearing on the matter.

The letter says:

“The scale of the situation deserves a thorough and comprehensive study. As members of the appropriate Senate committee, we must take urgent action to fully investigate the causes, scope, and consequences of this event, and consider implementing lessons learned."

Senate hearings are scheduled for Sept. 20 and, according to Compass Point policy research director Isaac Boltiansky, they are likely to be reminiscent of the 2013 London Whale hearings, when senators harshly interrogated JP Morgan top executives. He says:

“It seems to us that Senate questioning—specifically by Senators Brown (Ohio), Warren (Massachusetts) and Merkley (Oregon)—will focus on shaping the concept that either Wells Fargo’s size makes it unmanageable, or his management was deliberately involved in fraud."

Democratic Senator Elizabeth Warren, who signed Shelby's letter, told CNN that Wells Fargo had committed a "staggering scam." Democratic presidential candidate Hillary Clinton called opening accounts without the knowledge of customers "outrageous behavior."

"We expect this compromising episode to damage Wells Fargo's reputation immediately."

On Tuesday, Treasury Secretary of the Treasury Jack Lew told CNBC that, according to him, Wells Fargo behaved inappropriately and the allegations showed that banking regulation should not be rolled back. Lew stated:

“I can tell you that there is a lot of talk in Washington these days about repealing or changing the Dodd-Frank (financial consumer protection) act, which created an agency that discovered this (fraud) and took action against it. At this point, people should stop and remember how dangerous the system is if you don't have proper protection."

Answer Wells Fargo

In addition to the fine, Wells Fargo said it would remove sales targets for retail division employees because it was the drive to meet account opening and commission targets that led employees to circumvent the rules and open accounts inappropriately.

The bank's statement quoted CEO John Stumpf as saying:

“We are canceling sales targets because we want to reassure clients that our retail bankers are always focused on client interests.”

Despite this, in an interview with The Wall Street Journal on Tuesday, Stumpf said Wells Fargo "had no incentive to do bad things" and put the blame on employees rather than corporate culture.

Speaking at the Barclays Global Financial Services Conference, Wells Fargo CFO John Shrewsberry said the fraudulent accounts were not set up to generate income for the bank. Several employees have opened them to improve their productivity. According to him, these were employees with poor performance, who were probably trying in such an unsuccessful way to gain a foothold in the workplace.

$125 million

Another reason for the ire of lawmakers and experts was the $ 125 million pension payment that Wells Fargo CEO Carrie Tolsted will receive when she retires at the end of the year.

Tolstead heads the banking division, which oversees part of the retail and credit card business and is responsible for the billing situation.

She is scheduled to retire at the end of the year and receive bank shares and other compensation totaling $125 million.

Not related to the investigation, according to Wells Fargo, Tolstead announced her retirement in July. In addition, the amount of compensation payments is usually set in advance.

However, in the midst of a public scandal, this is yet another headache for the bank.

What will happen next

Wells Fargo Stocks NYSE : Wells Fargo & Company) fell just 6% to $3 per share on the news. The Senate investigation is still looming ahead, and a public scandal will undermine the company. However, minus expenses to a fine, it is not yet clear exactly how the events of the past week will affect the position of Wells Fargo.

Until now, they have not meant too much - at least according to the company itself. Shrewsberry said the billing scandal had little effect on customer behavior, but time will tell if they remain calm going forward.