Wells Fargo

By: EconomyWatch   Date: 17 July 2010

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In 2008, Wells Fargo was ranked #41 in Forbes list of Global 2000 public companies. High ranking of Wells Fargo by Forbes Global 2000 was possible due to decent profits, assets, and market value rank.
Wells Fargo is headquartered in San Francisco, USA. It operates about 5,983 retail branches and 3,327 banking branches. Wells Fargo maintains about 5,900 branches across United States of America.

Brief history
In 1852, Henry Wells and William G. Fargo came together to establish Wells, Fargo & Company to offer express banking services in California. They had also founded American Express. Consolidation between Wells Fargo, Holladay, and Overland Mail led to establishment of Wells Fargo name.

Between 1980-90, Wells Fargo made several acquisitions that included Dial Finance (Norwest Financial Service), Crocker National Corporation, Bank of America trust business, and Barclays Bank of California. In 2008, Wells Fargo agreed to acquire Century Bank and Wachovia Corp.

Products and services
Wells Fargo offers a number of banking and financial services and products. Wells Fargo offers products and services in retail banking, mortgages, consumer finance, insurance, payday advance, corporate investment, and banking. Products and services provided to businesses include savings and CDs, credit cards, loans, and international business services.

Financials
In 2007, Wells Fargo's total sales were worth about $54.111 billion. Profits made by this company were nearly $6.64 billion. In 2007, Wells Fargo owned assets worth about $622.361 billion. About 159,800 employees are employed with this public company.

Awards and recognition
In 2007, Barron identified Wells Fargo to be 16th Most Admired Company. Moody's Investor Service gave a credit rating of “Aaa” to this US bank. Global Finance magazine included Wells Fargo in world's top 10 safest banks.

Current financial crisis
Wells Fargo has not been immune to happenings in global financial market. Credit market losses have affected profits of this public company. Second quarter results for Wells Fargo revealed a profit figure of $1.65 billion, which is a dip of 25 percent in earnings.



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