Wells Fargo

Topics: Wells Fargo, Wachovia, Financial services Pages: 7 (2407 words) Published: December 17, 2012
Wells Fargo

Wells Fargo & Company is a $1.3 trillion diversified financial services company providing banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage and consumer finance through banking stores, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. Since the year 2008, Wells Fargo and Company has seen no negative setbacks, no financial pitfalls, and an exceptional increase in business and financial gains. Although they were doing very well at the time, it was feared that the take over and merge of the Wachovia Corporation would prove to be devastating, but they were willing to take the risk. Improvements needed to be met, but Wells Fargo felt they were up for the challenge. They prepared themselves well to insure that any loss they may incur by Wachovia, they could easily get themselves out of without having to suffer any major loss. However, to their surprise, Wachovia proved to be a major success. As a matter of fact, all of the preparation that Wells Fargo made to protect them was in vain. Better safe than sorry most would say. The Wachovia Corporation sky rocketed almost immediately. It was amazing. The turnover that was happening was unbelievable. 2009 shown an increase of both customers, and investors. The debts incurred by Wachovia prior to the merge, were a little skeptical. Wells Fargo took caution towards this, but found they didn’t need to. After the merge and increase in clientele, Wachovia turned itself over in a heartbeat. The need for backup by Wells Forgo and Company was another wasted effort. As I mentioned before, better safe than sorry.

In this small overview which happens to begin in 2005 you can see the continued growth made by Wells Fargo over the course of five years. This growth of course would have naturally continued on its own but at a slower place and smaller increase had it not been for the merge of the Wachovia Corporation in 2008. The merge was a continual process throughout the next coming years. It would not even have finished until December of 2011. Many of the subsidiaries had to be change over and many new branches had to be built. Forty seven retail banking stores were built for a retail network total of 6,314 stores. Wells Fargo converted a total of 749 Wachovia banking stores in Alabama, Arizona, California, Georgia, Illinois, Kansas, Mississippi, Nevada, Tennessee and Texas, as well as the Wachovia credit card business and ATM network. That’s not all. In 2010, many new customers and clientele shown promise as well, such as the Goodwill. After joining Wells Fargo their financial situation began to increase and show much promise over the balance of time. It was an exciting event for the then small company. A small business or business in general could never go wrong by joining with Wells Fargo. Throughout all of our economies trials and tribulations as of late, Wells Fargo has continued to strive forth and look ahead. No matter how bleak the future may look, Wells Fargo will always want the best for all of us. It’s true that they have become a giant corporation and a very powerful entity. It’s also true that they have remained strong throughout our entire crisis, but the one thing that they will always strive for is their integrity, their morals, and their outstanding family values. Isn’t it nice to be able to have a bank that cares? A bank whose sole interest is in our community, our businesses, our families, and our overall well fair. This is the type of bank to be proud of. Big Business and small business owners should place their trust in Wells Fargo. Business men, companies, and people of means, should most definitely invest in their stock in Wells Fargo. One of Wells Fargo’s mottos is “Together Well Go Far.” They really believe that, and want for all their customers to believe it as well. Two of Wells Fargo’s...
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