Stock info Wells Fargo | Filter  Basic-Info

Wells Fargo is an American financial services business corporation with headquarters in San Francisco and with consumer finance subsidiaries in Canada, the Northern Mariana Islands and in the Caribbean operate. The company is listed in the stock index S&P 500 and New York Stock Exchange. By market capitalization, the U.S. financial institution in July 2013 with U.S. $ 236 billion became the largest bank in the world. This Bank is one of the 28 major banks that from the Financial Stability Board (FSB) as "systemically important financial institution" (systemically important financial institution) were classified. So that it is subject to special monitoring and more stringent requirements for the equipment with equity. For the year 2013, Wells Fargo & Co. declared an annual revenue of US $89.4 Billion and a net profit of US $21.9 Billion. The Wells Fargo & Company was created on 18 March 1852 by Henry Wells and William Fargo, creators with John Warren Butterfield of American Express. It does not wished to participate in the expansion of business in California where they had discovered gold. Wells Fargo merged in 1905 with the Bank of Nevada, led by Isaias W. Hellman, who was later renamed Nevada National Bank in 1898. Wells Fargo is the result of an acquisition, California Wells Fargo & Co. based in California by the Minneapolis based Corporation Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the long history of national recognition of Wells Fargo. Following the acquisition, the parent company moved its headquarters to San Francisco. In October 2008, Wells Fargo reaches agreement Wachovia for its purchase for US $15 billion. While some days ago Citigroup had made a proposal for Wachovia only US $2 billion. Finally after protest Citigroup on non-compliance with the exclusive bargaining agreement it had signed with Wachovia, Citigroup agreed Wells Fargo acquired Wachovia. The financial crisis also affected Wells Fargo. On 28 October 2008, the Bank received US $25 billion from the U.S. government provided. Wells Fargo announced on 15 December 2009 to repay the state aid received during the financial crisis. The US $25 billion in taxpayer money from the bank rescue plan of the U.S. government to be settled as quickly as possible. In September 2011, the rating agency downgraded Moody's lowered the credit rating of long-term loans from Wells Fargo by one notch from "A1" to "A2". It is less likely that the U.S. government would intervene to keep a troubled bank before a crisis. A series of mergers and acquisitions developed the foundation of what the enterprise is today. Recent transactions delivered the company with a growing market share along the south-eastern United States. Before 2005, the corporation was known all through the east coast as a leading commercial bank that concentrate on middle market and minor business banking. In 2006, the company attained Golden West Financial and Westcorp is entering the west coast banking atmosphere which has been primarily served by Bank of America and Wells Fargo. In 2007, Wachovia also accomplished its acquisition of A.G. Edwards & Sons Inc.