Wells Fargo & Co. is a diversified monetary companies firm with operations all over the world. Wells Fargo is the fourth largest bank within the US by belongings and the third largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, residence mortgage servicing, and debit card. In 2007 it was the one financial institution in america to be rated AAA by S&P, although its score has since been lowered to AA in gentle of the monetary crisis of 2007–2010.
The agency’s main U.S. working subsidiary is nationwide financial institution Wells Fargo Bank, N.A., which designates its primary workplace as Sioux Falls, South Dakota for legal purposes.
Wells Fargo in its current kind is a results of an acquisition of California-based mostly Wells Fargo & Company. by Minneapolis-based mostly Norwest Corporation in 1998. Though Norwest was technically the surviving entity, the brand new firm renamed itself Wells Fargo, capitalizing on the one hundred fifty-12 months historical past of the nationally-acknowledged title and its trademark stagecoach. Following the acquisition, the corporate transferred its headquarters to Wells Fargo’s headquarters in San Francisco and merged its working subsidiary with Wells Fargo’s working subsidiary in Sioux Falls.
In 2009 Wells Fargo had 6,650 retail branches (called stores by Wells Fargo), 12,260 automated teller machines, 276,000 workers and over forty eight million prospects. Wells Fargo operates shops and ATMs underneath the Wells Fargo and Wachovia names. As of March 20, 2010 Wachovia Dealer Services grew to become Wells Fargo Seller Companies.
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