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More info of Wells Fargo
Among the most representative banks of the US economy, is Wells Fargo. Like others of his class, he is among a select group that has gone through the most significant moments in this country. Next, we present a summary so that you know its origins and its current influence.
Wells Fargo Bank present
More than a modern bank, Wells Fargo & Co. is a financial services brand with operations around the globe. It is considered one of the Big 4 in the United States, along with Bank of America, Citibank and Chase Bank for having the second market share in categories such as deposits, debit cards and mortgage services. It is said that 1 in 3 American families is linked to this bank.
Once listed as the safest US bank in the world, its headquarters are in San Francisco (CA). Its latest version is the product of the merger between the original brand and the Norwest Corporation of Minneapolis (MN), for which it now shares operations with Wachovia. Its name was kept for the historical legacy it represents.
Today, the Wells Fargo bank has at least 6,000 branches, employs about 259,000 people and manages an ATM network that reaches 13,000 machines in the United States. Despite suffering the consequences of the economic crisis of 2008 and its good dose of scandals, it remains one of the most solid institutions.
Wells Fargo & Co Principles
To address the origins of this prestigious financial institution, we have to travel more than 160 years into the past.
This company was created in 1852 by Henry Wells and Willam George Fargo, who had also helped establish the American Express Company. Before the “Gold Rush” in California, they included purchase services combined with the shipment of all kinds of merchandise.
After 1855, it began its shipping expansion, using carriages to cover major land routes in the West. They were known to belong to the Pony Express and the route between Salt Lake City and San Francisco. By 1866, all courier lines were in Wells Fargo's name, giving them the largest fleet of carriages on the planet.
In fact, the recognition of this company comes from those days when parcels reached all corners of the country regardless of obstacles. Its brave and courteous messengers, plus its transcontinental operations, gave rise to its iconic logo: the 9-seater carriage pulled by 6 horses.
Additionally, they had a reputation for catering to any customer, regardless of origin, race, or gender.
Separation of banking and mail services
At the time, Wells Fargo & Co. was better known for its logistics services than for its banking products. This would change with the appearance of the transcontinental railroad (1869) and then with the division of these branches in 1905.
That year the first merger with the Nevada Bank took place, to become the Wells Fargo National Nevada Bank. Later (1923), the integration with the Union Trust Company would come to form the Wells Fargo Bank & Union Trust Co.
By 1954, its name would change to Wells Fargo Bank and in 1960 it would merge again, this time with the American Trust Company, taking the designation Wells Fargo Bank American Trust Company. With the creation of the financial group Wells Fargo & Co. in 1968, this would be the new denomination that would prevail from that moment until today.
It is worth remembering that this institution not only survived the catastrophic San Francisco earthquake (1906), it has also played a distinguished commercial role. During its early days (1910-1920), it supported the agriculture, aerospace, automobile, and motion picture industries.
It dealt with the Great Depression, collaborated with World War II and during the postwar period, it was there to satisfy the needs of the public in times of plenty.
Relevant data from Wells Fargo Bank
From its days as a shipping company and a bank fueled by migration to the west, the Wells Fargo brand is synonymous of tradition, evolution and good treatment. This is further manifested by such facts as:
- After remaining with a single bank in San Francisco during World War I, this institution prevailed to be the 7th largest in the 80s and then the 4th in the United States.
- True to its values of courtesy and convenience, it promoted important innovations within the sector, such as ATMs, telephone and online banking, credit cards and external windows.
- Today, it has the largest number of branches in the US and offers different financial services, such as mortgages, insurance, investment management and retail banking.
If you want to learn more about Wells Fargo bank products, in the Busconómico comparator/search engine you will find information on all its products for private customers, professionals and small businesses.
En español: Información del banco Wells Fargo
Wells Fargo & Co.
420 Montgomery Street, San Francisco, CA 94104