Wells Fargo
Wells Fargo & Company
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legal form | Corporation |
ISIN | US9497461015 |
founding | 1852 |
Seat | San Francisco , United States |
management | Elizabeth A. Duke (Chairwoman) Charles W. Scharf ( CEO ) |
Number of employees | 259,800 |
sales | $ 85.1 billion (2019) |
Branch | Universal bank |
Website | www.wellsfargo.com |
As of December 31, 2019 |
Wells Fargo is a San Francisco -based financial services company with consumer finance subsidiaries operating in Canada , the Northern Mariana Islands, and the Caribbean . The company is listed in the S&P 500 share index. Measured by market capitalization , it was the second most valuable bank in the world after JP Morgan Chase in February 2017 at $ 274 billion . The largest shareholders in 2018 were Berkshire Hathaway (9.80%), The Vanguard Group (6.48%) and BlackRock (5.90%).
The bank is one of the 30 major banks that the Financial Stability Board (FSB) as "systemically important financial institution" ( systemically important financial institution ) were classified. It is therefore subject to special monitoring and higher requirements for the endowment with equity .
Company history
The company's roots go back to 1852. It was then that Henry Wells and William Fargo , who were also co-founders of American Express , founded the Wells Fargo Company in the western United States to provide transportation and (later) financial services. In particular, the company's stagecoaches were part of the streetscape in the so-called Wild West .
Today's company is the result of the 1998 takeover of the Californian company Wells Fargo & Company by the Minneapolis- based Norwest Corporation . Although the acquired company mostly adopts the name of the acquirer, Norwest decided instead to use its name in favor of the acquired Wells Fargo , as the nearly 150-year history of the name Wells Fargo and its stagecoach stories from the Wild West seemed attractive.
At the end of 2008, Wells Fargo took over its US competitor Wachovia .
Financial crisis
The financial crisis also affected Wells Fargo. On October 28, 2008, the bank received $ 25 billion from the US government.
Wells Fargo announced on December 15, 2009 that it would repay state aid received in the wake of the financial crisis. The 25 billion US dollars in taxpayers' money from the American government's bank rescue plan should be paid off as quickly as possible. A capital increase of 10.4 billion US dollars is planned for financing .
In September 2011, the rating agency Moody's downgraded the creditworthiness of Wells Fargo 's long-term loans by one notch from "A1" to "A2". It is less likely that the US government will step in to save a troubled big bank from a crisis.
The bank was able to recover over the next few years. In the 2016 financial year, the profit was 24 billion US dollars, making it one of the most profitable banks in the world again.
Because of the systematic exploitation of customers, the Federal Reserve Wells banned Fargo in early 2018 from showing total assets above 1.95 trillion US dollars. The Iowa Department of Justice announced in late 2018 that the company had reached a settlement with 50 states . Accordingly, $ 575 million should be paid to settle the case.
Business figures
year | Total assets in US $ million |
Sales in US $ million |
Balance sheet profit in million US $ |
Price per share in US $ |
Employees |
---|---|---|---|---|---|
2005 | 481.741 | 40,407 | 7,671 | 21.10 | |
2006 | 481.996 | 47,979 | 8,420 | 24.51 | |
2007 | 575,442 | 53,723 | 8,057 | 25.77 | |
2008 | 1,309,639 | 51,632 | 2,369 | 22.65 | |
2009 | 1,243,646 | 98,636 | 7,990 | 18.83 | |
2010 | 1,258,128 | 93,249 | 11,632 | 22.83 | |
2011 | 1,313,867 | 87,597 | 15,025 | 22.96 | |
2012 | 1,422,968 | 91,247 | 17,999 | 27.57 | |
2013 | 1,523,502 | 88,069 | 20,889 | 34.69 | 264,900 |
2014 | 1,687,155 | 88,372 | 21,821 | 44.68 | 264,500 |
2015 | 1,787,632 | 90.033 | 21,470 | 49.92 | 264,700 |
2016 | 1,930,115 | 94.176 | 20,373 | 45.95 | 269.100 |
2017 | 1,951,757 | 97,741 | 20,554 | 53.16 | 263,000 |
Trivia
Director Frank Lloyd set a monument for the company in 1937 by sketching the rise of the transport company in his Western Frisco Express (original title: Wells Fargo) and using the fictional character Ramsay MacCay (played by Joel McCrea ) to depict its development in the context of American history .
An employee of the historical shipping service plays a role in the opera La fanciulla del West by Giacomo Puccini (premiered in 1910). The transport company is also in the song The Wells Fargo Wagon from the musical The Music Man by Meredith Willson mentioned (premiered in 1957).
The American TV series Tales of Wells Fargo was broadcast on NBC from 1957 to 1962. It ran from 1965 under the title Wells Fargo in some regional programs of the ARD .
The company plays an important role in the Lucky Luke band The Stagecoach .
Web links
Individual evidence
- ↑ a b Annual Report 2019 (PDF), accessed on May 19, 2020
- ^ A b Wells Fargo on the Forbes Global 2000 List . In: Forbes . ( forbes.com [accessed November 16, 2017]).
- ↑ Wells Fargo replaces Chinese ICBC as largest bank in the world WSJ Online, accessed July 24, 2013
- ^ Policy Measures to Address Systemically Important Financial Institutions. In: Financial Stability Board (FSB) of November 4, 2011 (PDF)
- ↑ Update of the group of global systemically important banks (G-SIBs) (PDF) from November 1, 2012
- ↑ Wells Fargo, Wachovia Agree to Merge ( memento of December 18, 2012 in the web archive archive.today ) - press release of October 3, 2008
- ^ Wells Fargo settles debts
- ↑ Unprecedented intervention: Wells Fargo must not continue to grow at srf.ch , February 3, 2018, accessed on December 29, 2018.
- ↑ With 50 US states - Wells Fargo concludes a multi-million dollar settlement at srf.ch, December 29, 2018, also accessed.
- ^ Wells Fargo Financial Statements 2005-2018 | WFC. Retrieved October 22, 2018 .
- ↑ Company profile . Retrieved October 22, 2018 .