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Encyclopedia > Wells Fargo
Wells Fargo & Co.
Type Public (NYSEWFC)
Founded New York, New York, USA (March 18, 1852)
Headquarters 420 Montgomery, San Francisco, California, USA
Key people Richard Kovacevich,
Chairman
John Stumpf,
President and CEO
Products Checking accounts
Savings accounts
Insurance
Investments
Mortgages
Consumer finance
Revenue US $35.691 billion (2006)
Operating income US $25.033 billion (2006)
Net income $8.484 billion USD (2006)
Employees 160,000(2007)
Slogan "The Next Stage"
Website www.wellsfargo.com
An older Wells Fargo branch, located in Berkeley, California
An older Wells Fargo branch, located in Berkeley, California
Wells Fargo's corporate headquarters and main branch

Wells Fargo & Co. (NYSEWFC) is a diversified financial services company in the United States with consumer finance subsidiaries doing business in Canada and Puerto Rico. Image File history File links This is a lossless scalable vector image. ... This article does not cite any references or sources. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... New York, New York and NYC redirect here. ... “NY” redirects here. ... is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... 1852 was a leap year starting on Thursday (see link for calendar). ... “San Francisco” redirects here. ... Richard Dick Kovacevich is the CEO of Wells Fargo. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... President is a title held by many leaders of organizations, companies, trade unions, universities, and countries. ... “Chief executive” redirects here. ... Includes demand deposits, ATS, NOW, and other checkable deposits. ... The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Investment is a term with several closely related meanings in finance and economics. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Earnings before interest and taxes (EBIT), also known as operating income and operating profit, is a term used to describe a companys earnings. ... Image File history File links No higher resolution available. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Image File history File links Download high resolution version (700x602, 119 KB) Summary A Wells Fargo bank on College Avenue in Berkeley, California. ... Image File history File links Download high resolution version (700x602, 119 KB) Summary A Wells Fargo bank on College Avenue in Berkeley, California. ... Image File history File linksMetadata Size of this preview: 449 × 599 pixelsFull resolution (979 × 1306 pixel, file size: 181 KB, MIME type: image/jpeg) Took picture myself, GFDL Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... Image File history File linksMetadata Size of this preview: 449 × 599 pixelsFull resolution (979 × 1306 pixel, file size: 181 KB, MIME type: image/jpeg) Took picture myself, GFDL Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Financial services is a term used to refer to the services provided by the finance industry. ... Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ...


Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls, South Dakota), Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998.[1] The new company chose to keep the name Wells Fargo, to capitalize on the 150-year history of the nationally-recognized Wells Fargo name and its trademark stagecoach (the company's slogan, "The Next Stage," is a play on the company's wagons-west motif). After the merger, the company maintained its headquarters in San Francisco. “San Francisco” redirects here. ... Official language(s) English Capital Sacramento Largest city Los Angeles Largest metro area Greater Los Angeles Area  Ranked 3rd  - Total 158,302 sq mi (410,000 km²)  - Width 250 miles (400 km)  - Length 770 miles (1,240 km)  - % water 4. ... Sioux Falls (IPA: [su fÉ‘lz]) is the largest city in the U.S. state of South Dakota, and the county seat of Minnehaha County. ... Official language(s) English Capital Pierre Largest city Sioux Falls Area  Ranked 17th  - Total 77,163 sq mi (199,905 km²)  - Width 210 miles (340 km)  - Length 380 miles (610 km)  - % water 1. ... This article outlines the History of Wells Fargo company from its origins to its take over by Norwest and beyond. ... The Norwest Corporation was a large bank corporation in Minneapolis with offices in many states until, after buying Wells Fargo of San Francisco in 1998, it changed its own name to Wells Fargo and moved its headquarters to San Francisco in 2000. ... Stagecoach in Switzerland A stagecoach is a type of four-wheeled enclosed passenger and/or mail coach, strongly sprung and drawn by four horses, widely used before the introduction of railway transport. ...


As of December 31, 2006, Wells Fargo has 6,062 retail branches, over 23 million customers, and 160,000 employees. is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ...

Contents

Lines of business

Wells Fargo offers a range of financial services, claiming in one investor presentation to operate more than 80 divisions. [2] In addition, the company claims to be one of the most "integrated" of financial services companies. For example, Wells Fargo stock brokers sit in retail branches.[citation needed]


Wells Fargo delineates three different business segments when reporting results: Retail Banking, Wholesale Banking, and Consumer Finance. This is unlike many other financial services companies which provide more detail about particular businesses or product lines. [citation needed] According to investopedia. ... Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ...


Community Banking

The Community Banking segment includes Regional Banking, Wealth Management Group Diversified Products and the Consumer Deposits groups. Wells Fargo personal-account clients are encouraged to purchase multiple-product packages offering preferred-client discounts. Examples of such packages are:

  • "Wells Fargo Free Account" tied to payroll direct deposit from a participating employer;
  • "Wells Fargo Complete Advantage Account" tied to balances in multiple deposit accounts, loans, or a home mortgage;
  • "Wells Fargo Portfolio Management Account" tied to balances in brokerage accounts, IRAs, deposits, and loans.

Wells Fargo also has around 9400 stand alone mortgage branches throughout the country. It also does mortgage wholesale lending through independent mortgage brokers. This article does not cite any references or sources. ... Investment management, also called portfolio management or money management, it is a branch of investment analysis that looks into the process of managing money. ... A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. ...


Internet services

Wells Fargo launched its PC banking service in 1989 and was the first bank to introduce access to banking accounts on the Web in May 1995. Using Wells Fargo's Online Banking, consumers can pay bills to anyone in the U.S., trade securities, view their account information, and transfer money between their Wells Fargo accounts and to other Wells Fargo account holders. In addition to banking and trading online, customers can apply for new accounts and products, find the nearest ATM or branch, change their address, view canceled checks, deposits and statements, enroll in account alerts, track their spending habits through Wells Fargo's "My Spending Report" and set and track savings goals with "My Savings Plan". To protect customers from fraud, Wells Fargo introduced e-mail sent to your online banking or personal e-mail and send wireless alerts if high-risk transactions are detected. Online banking (or Internet banking) is a term used for performing transactions, payments etc. ...


Wells Fargo's Business Online Banking gives small business owners all the services available to consumers, plus access to reporting tools and services to help them manage their business finances. New offerings, such as account-based alerts, check images, spending reports, delegation, and payment suite functionality have been designed specifically for businesses.


Wholesale

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 investment banking through Wells Fargo Capital Management. Wells Fargo historically has avoided large corporate loans as stand-alone products, instead requiring that borrowers purchase other products along with loans-- which the bank sees as a loss leader. One area that is very profitable to Wells, however, is asset-based lending: lending to large companies using assets as collateral that are not normally used in other loans. This can be compared to subprime lending, but on a corporate level. The main brand name for this activity is "Wells Fargo Foothill," and is regularly marketed in tombstone ads in the Wall Street Journal. Wells Fargo also owns the largest real estate investment bank, which assists commercial property owners in obtaining funds in the capital markets, as opposed to direct lending by Wells Fargo itself. Treasury management (or treasury operations) refers to a management of an enterprise holdings in and trading in government and corporate bonds, currencies, financial futures, options and derivatives, payment systems and the associated financial risk management. ... A mutual fund is a form of collective investments that pools money from many investors and invests their money in stocks, bonds, short-term money market instruments, and/or other securities. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Investment banks help companies and governments and their agencies to raise money by issuing and selling securities in the primary market. ... In marketing, a loss leader is an item that is sold below cost in an effort to stimulate other profitable sales. ... In the simplest meaning, asset-based lending is any kind of lending secured by an asset. ... Subprime (also sub-prime, B-Paper, B-tier, non-prime, near-prime, special finance, second chance lending) describes a specific lending market sector. ... Tombstone for securities offering. ... The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ... The capital market is the market for long-term loans and equity capital. ...


Consumer finance

Wells Fargo Financial is the consumer finance segment. It engages in lending through over 1,000 branches throughout the U.S. and in certain other countries. This division also engages in "indirect lending" for such organizations as furniture retailers. This business is based out of Des Moines, Iowa. Norwest purchased DIAL Finance before the merger with Wells Fargo. The Home Mortgage group is based out of West Des Moines, Iowa. Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. ... The term credit can have several meanings in different contexts. ... “Des Moines” redirects here. ... West Des Moines is a city located in Polk County, and partially in Dallas and Warren counties, in the state of Iowa. ...


Business model

The present business model of Wells Fargo is summed up in its vision statement: "We want to satisfy all of our customers' financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies."[3]


Wells Fargo's goal is to encourage its customers to buy all their financial products through Wells Fargo: "We want to earn 100 percent of our customers' business. The more products customers have with Wells Fargo the better deal they get, the more loyal they are, and the longer they stay with the company, improving retention. Eighty percent of our revenue growth comes from selling more products to existing customers. Our goal: sell at least eight products to every customer."[4]


This is a concept known as "cross-selling," or as Wells Fargo refers to it, "needs-based selling," which is popular in the financial services industry. While earlier companies, such as Prudential, pioneered the concept of selling a variety of products, they acted merely as holding companies and each product was sold through its own distribution channel. However, predecessor Norwest pioneered selling all its products through all its channels, with discounts given to those who purchase a larger variety. Cross-selling is the strategy of pushing new products to current customers based on their past purchases. ... Financial services is a term used to refer to the services provided by the finance industry. ... Prudential plc is a United Kingdom based financial services company. ... A holding company is a company that owns part, all, or a majority of other companies outstanding stock. ... Wikibooks has more about this subject: Marketing Distribution is one of the 4 aspects of marketing. ...


The average "cross-sell ratio" for a financial institution is two (based on an average American consumer owning sixteen different financial products from eight different institutions). Wells Fargo purports to have a cross-sell ratio of 5.2 products per Community Banking household (almost one in five have more than eight), six for Wholesale Banking customers, and the average middle-market commercial banking customer has more than seven products, which is among the highest in the country.[5] (Washington Mutual was beating them at the end of 2003 with a 5.59 ratio.[6]) Achieving such a high cross-sell ratio would result in a financial services version of the "agglomerator" business model, most popular among the big-box retailers, such as Home Depot, Office Depot, and Wal-Mart. In order to facilitate achievement of this goal, Wells Fargo lobbied hard for deregulation of the banking industry, and for repeal of many of the laws that were passed during the Great Depression like the Glass-Steagall Act.[citation needed] In financial economics, a financial institution acts as an agent that provides financial services for its clients. ... The Washington Mutual Tower in Seattle, Washington A Washington Mutual Financial Center in San Jose, California Washington Mutual (or WaMu; NYSE: WM) is one of the United Statess leading consumer and small business banks. ... The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products. ... Office Depot (NYSE: ODP) is one of the worlds leading suppliers of office products and services. ... Wal-Mart Stores, Inc. ... For other uses, see The Great Depression (disambiguation). ... Two separate United States laws are known as the Glass-Steagall Act. ...


Wells Fargo Corporate Buildings

Wells Fargo Center in Portland (center) is slightly taller than US Bancorp Tower (right).
Wells Fargo Center in Portland (center) is slightly taller than US Bancorp Tower (right).

Image File history File links Size of this preview: 433 × 599 pixelsFull resolution (1754 × 2427 pixel, file size: 1. ... Image File history File links Size of this preview: 433 × 599 pixelsFull resolution (1754 × 2427 pixel, file size: 1. ... The US Bancorp Tower The US Bancorp Tower is the second tallest skyscraper in Portland, Oregon. ... State capitol building in Saint Paul Saint Paul is the capital and second-largest city of the state of Minnesota in the United States of America. ... The Wells Fargo Center, formerly known as Norwest Center, is the third-tallest building in Minneapolis, Minnesota after 225 South Sixth and the IDS Center tower. ... This article is about the city in Minnesota. ... Wells Fargo Center Wells Fargo Center Wells Fargo Center is a building located in Denver, Colorado, United States. ... This article refers to the state capital of Colorado. ... The Wells Fargo Bank Plaza, formerly the Allied Bank Plaza and First Interstate Bank Plaza, is located in Downtown Houston, Texas. ... Houston redirects here. ... Wells Fargo Center The Wells Fargo Center (Originally known as First National Bank Tower, then First Interstate Bank Tower) is the tallest building in Portland, Oregon. ... Mayor Tom Potter County Multnomah County Population (2003) 538,544 Time zone Pacific (UTC−8) Portland is the largest city in Oregon, and county seat of Multnomah County. ... ... The Salt Lake Temple of The Church of Jesus Christ of Latter-day Saints is Salt Lake Citys top tourist draw. ... Wells Fargo Center is a 429 foot (129 m) office building in downtown Sacramento, California and stands as the tallest building in the city as of 2007. ... Sacramento is a Spanish- and Portuguese-language word meaning sacrament; it is a common toponym in parts of the world where those tongues were or are spoken. ... This page is a candidate for speedy deletion. ...

History

This article outlines the History of Wells Fargo company from its origins to its take over by Norwest and beyond. ...

Key dates

  • 1852: Henry Wells and William G. Fargo, the two founders of American Express, form Wells, Fargo & Company to provide express and banking services to California.
  • 1860: Wells Fargo gains control of Butterfield Overland Mail Company, leading to operation of the western portion of the Pony Express.
  • 1866: 'Grand consolidation' unites Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.
  • 1904: A.P. Giannini creates the Bank of Italy in San Francisco.
  • 1905: Wells Fargo separates its banking and express operations; Wells Fargo's bank is merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.
  • 1918: As a wartime measure, the U.S. government nationalizes Wells Fargo's franchise into a government agency known as the American Railway Express Agency. The government takes control of everything except the bank. The bank begins rebuilding but with a focus on commercial markets.
  • 1923: Wells Fargo Nevada merges with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.
  • 1928: Giannini forms Transamerica Corporation as a holding company for his banking and other interests.
  • 1929: Northwest Bancorporation, or Banco, is formed as a banking association.
  • 1954: Wells shortens its name to Wells Fargo Bank.
  • 1957: Transamerica spins off its banking operations, including 23 banks in 11 western states, as Firstamerica Corporation.
  • 1960: Wells Fargo merges with American Trust Company to form the Wells Fargo Bank American Trust Company.
  • 1961: Firstamerica changes its name to Western Bancorporation.
  • 1962: Wells again shortens its name to Wells Fargo Bank.
  • 1968: Wells converts to a federal banking charter, becoming Wells Fargo Bank, N.A.
  • 1969: Wells Fargo & Company holding company is formed, with Wells Fargo Bank as its main subsidiary.
  • 1981: Western Bancorporation changes its name to First Interstate Bancorp.
  • 1982: Banco acquires consumer finance firm Dial Corporation, which is renamed Norwest Financial Service the following year.
  • 1983: Banco is renamed Norwest Corporation.
  • 1986: Wells Fargo acquires Crocker National Corporation.
  • 1987: Wells Fargo acquires the personal trust business of Bank of America.
  • 1988: Wells Fargo acquires Barclays Bank of California.
  • 1995: Wells Fargo becomes the first major financial services firm to offer Internet banking.
  • 1996: Wells Fargo acquires First Interstate for $17.3 billion.
  • 1998: Norwest acquires Wells Fargo for $31.7 billion and adopts the Wells Fargo name.
  • 2000: Wells Fargo acquires First Security Corporation.
  • 2007: Wells Fargo acquires CIT Construction

Henry Wells (December 12, 1805 - December 10, 1878) was an American businessman. ... William George Fargo (May 20, 1818 - August 3, 1881), pioneer American expressman, was born in Pompey, New York. ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ... The Butterfield Stage, also known as Butterfield Overland Stage and Butterfield Overland Mail was a precursor to todays Information Superhighway in the United States, operating from 1857 to 1861. ... Frank E. Webner, pony express rider c. ... 1928 Time cover featuring Giannini Amadeo Peter Giannini (1870-1949), born in San Jose, California, was one of the founders of the Bank of America. ... An agency is a department of a local or national government responsible for the oversight and administration of a specific function, such as a customs agency or a space agency. ... The Railway Express Agency was a rail express service, at one point the only one in the United States. ... A trust company is normally owned by one of three types of structures; an independent partnership, a bank, or a law firm, each of which specialize in being a trustee of various kinds of trusts, and managing estates. ... Transamerica Corporaion is an insurance and investment company in the United States. ... The Dial Corporation is a maker of personal care and household cleaning products based in Scottsdale, Arizona. ... Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. ... The Barclays Group is based in One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is a global financial services provider operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. ...

Corporate predecessors

Wells Fargo & Company is the end result of more than 2,000 mergers.[citation needed] The holding company was previously known as Norwest Corporation and before that Northwestern National Bank (BANCO). Norwest was "one of the most acquisitive banks of the 1990's...."[7] Most of the management and the business model of the present day Wells Fargo come from Norwest Bank, and the stock history of Wells Fargo is that of Norwest.


Selected predecessor companies

Crocker National Bank was a United States bank headquartered in San Francisco, California. ... First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. ... The Norwest Corporation was a large bank corporation in Minneapolis with offices in many states until, after buying Wells Fargo of San Francisco in 1998, it changed its own name to Wells Fargo and moved its headquarters to San Francisco in 2000. ...

Recent controversy

A Wells Fargo branch in Logan, Utah

Like many large-scale companies, Wells Fargo has attracted many vocal detractors who protest their business practices [citation needed], customer service,[citation needed] fee levels, and other aspects of the company. There is even a Wells Fargo Watch project dedicated to tracking all alleged instances of corporate malfeasance, especially ongoing investigations into alleged predatory lending practices[8] in Wells' mortgage division. Image File history File linksMetadata Download high resolution version (799x915, 316 KB)Wells Fago building, corner of Main Street and Center Street, looking southwest, Logan, Utah. ... Image File history File linksMetadata Download high resolution version (799x915, 316 KB)Wells Fago building, corner of Main Street and Center Street, looking southwest, Logan, Utah. ... This article does not cite any references or sources. ... In criminology, corporate crime refers to crimes either committed by a corporation, i. ... Predatory lending is a pejorative term used to describe practices of some lenders. ...


In September 2003, New York State Attorney General Eliot Spitzer sought information about the lending practices of Wells Fargo and other national banks. Two suits seeking injunctive relief were filed against Spitzer, one by the Office of the Comptroller of Currency and one by the Clearinghouse association of banks, asserting that Spitzer had no authority to regulate the activities of national banks. The suits both resulted in the granting of injunctive relief preventing the continuation of Spitzer's efforts to obtain bank information, including Wells Fargo information. See also Attorney General. ... Eliot Laurence Spitzer (born June 10, 1959) is an American lawyer, politician and the current Governor of New York. ... Look up Injunction in Wiktionary, the free dictionary. ...


In December 2005, the parachurch group Focus on the Family ended its banking relationship[9] with Wells Fargo, due to the group's opposition to the gay rights movement, after the company announced that it was matching contributions to GLAAD. Wells Fargo continued the program and received widespread support in the face of the boycott, which had no other high-profile participants. The graphic identity of Focus on the Family is intended to recall old time traditional values. ... LGBT rights Around the world By country History · Groups · Activists Declaration of Montreal Same-sex relationships Marriage · Adoption Opposition · Discrimination Violence This box:      LGBT social movements share related goals of social acceptance of homosexuality, bisexuality, or transgenderism. ... Gay and Lesbian Alliance Against Defamation or GLAAD is an organization intended to promote and ensure fair, accurate and inclusive representation of people and events in the media as a means of eliminating homophobia and discrimination based on gender identity and sexual orientation. ...


In August 2007 National account frozen status' has been applied to all accounts. All customers have no access to funds in their accounts and are given absolutely no explanation as to why. On Sunday August 19th 2007 approx. 3 p.m CST any account holder of whom tried to use an ATM, *POS* purchases (point of sale purchases and signature based purchases are needed for retail), Online banking, transfers between accounts, etc. Basically any type of monetary transactions are declined. When Customer service is called the only explanation given is that "All systems are unavailable and we have no estimated time of resolution." On the August 19th the incident lasted nearly 48 hours.


On September 9th 2007, nearly to the minute of exactly three weeks later to the prior August incident the problem has occured once again. Given the same response by any customer service representative spoken to, we still dont know when systems will be available or access to funds will be granted. *Ironic??*


On the other hand, Wells Fargo has been seen as avoiding many of the ethical problems of other financial services companies in the past decade:

  • Its stock research operations were never part of the Global settlement paid by other companies for conflicted research
  • Its insurance brokerage division was not accused by Eliot Spitzer of engaging in an illegal contingent commission scheme, even though it has the 5th largest insurance brokerage practice and nearly all other major brokerages were accused
  • Its Mutual Fund division was not found to have let others engage in illegal market timing, even though many of the largest fund companies were accused of this.
  • Its subprime lending division, although criticized by ACORN and others, never had to pay out any of the major fines that its peers such as Household Financial or CitiFinancial had to.

The Global Settlement was a legal settlement reached to resolve issues of conflict of interest at brokerage firms. ... This article or section does not cite its references or sources. ... Citigroup Inc. ...

See also

Stagecoach in Switzerland A stagecoach is a type of four-wheeled enclosed passenger and/or mail coach, strongly sprung and drawn by four horses, widely used before the introduction of railway transport. ... The Butterfield Stage, also known as Butterfield Overland Stage and Butterfield Overland Mail, was a stagecoach route in the United States, operating from 1857 to 1861. ... Frank E. Webner, pony express rider c. ... Wells Fargo Center may refer to: Wells Fargo Center, 3rd tallest building in Denver, Colorado, USA Wells Fargo Center, 3rd tallest building in Minneapolis, Minnesota, USA This is a disambiguation page, a list of pages that otherwise might share the same title. ...

External links

  1. ^ [1]
  2. ^ Oman, Mark. "UBS Global Financial Services Conference." [PDF] Investor Presentation. San Francisco: Wells Fargo & Co., 11 May 2005. pp. 17, 23. URL accessed 7 November 2005.
  3. ^ "Where We're Headed: Our Vision." Vision and Values. URL accessed 26 October 2005.
  4. ^ "How We Measure Success." Vision and Values. URL accessed 26 October 2005.
  5. ^ "Financial Review: Overview." 'Wells Fargo Annual Report 2004. [PDF] San Francisco: Wells Fargo & Co., 2005. p. 35. URL accessed on 27 October 2005.
  6. ^ "2003 Highlights." [PDF] '2003 Summary Annual Report. Seattle, Washington: Washington Mutual, 2004. p. 3. URL accessed 27 October 2005.
  7. ^ "Attractions in Denver Colorado: Wells Fargo Center." Denver Travel Guide. URL accessed 26 October 2005.
  8. ^ ACORN. "Under Pressure, Wells Fargo Makes Reforms." Press Release. 16 September 2005. URL accessed 19 October 2005.
  9. ^ Focus on the Family. Focus on the Family Severs Ties with Wells Fargo. 1 December 2005. URL accessed 27 March 2006.

“Yahoo” redirects here. ... It has been suggested that GStock be merged into this article or section. ... Predatory lending is a pejorative term used to describe practices of some lenders. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ...

References

  • "Frequently Asked Questions." Wells Fargo History. URL accessed 26 October 2005.
  • "Is there a way to look up relatives who may have worked as stagecoach drivers for Wells Fargo?" Wells Fargo History. URL accessed 26 October 2005.
  • Mehta, Julie. "Merger means a bigger bank but uncertainty for employees." Cupertino Courier. 31 January 1996. URL accessed 26 October 2005.
  • Segal, Dave. "Both CB Bancshares' Ronald Migita and Central Pacific's Clint Arnoldus have been through bruising bank battles before." Honolulu Star-Bulletin. 13 July 2003. URL accessed 26 October 2005.
  • Svaldi, Aldo. "Wells Fargo learned hard way about deals." Denver Business Journal. 12 June 1998. URL accessed 26 October 2005.
  • Vault.com. "Wells Fargo Company Profile." Excite Careers. 2000. URL accessed 26 October 2005.
  • Baker, David R. "When hostile takeovers backfire." San Francisco Chronicle. 19 December 2004. p. C1. URL accessed 26 October 2005.

 
 

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