Wells Fargo Case Analysis
By:
Annette Garcia
Mikey Tran
Thy Nguyen
Omar Ennabe
April 24, 2007
Wells Fargo & Co. is a diversified financial services company in the United States with consumer finance subsidiaries doing business in Canada and Puerto Rico.
Headquartered in San Francisco, California, Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150 year history of the nationally recognized Wells Fargo name and its trademark stagecoach.
Wells Fargo & Co. is one of the United States top-40 largest private employers. They ranked fifth in assets and fourth in market value of their stock among their peers.
As of December 31, 2006, Wells Fargo has 6,062 retail branches, over 23 million customers, and 158,000 employees.
The company credits its success to its diversified financial services shown below.
History
On March 18, 1852, in New York City, Henry Wells, William Fargo and others signed an article of association for a joint stock company to do banking and express business in distant California. The company opened its first office, in San Francisco, in July 1852.
In 1853, the immediate challenge that faced the presidents of the company (Morgan and Barney) was to try and establish the company in two highly competitive fields under conditions of rapid growth and unpredictable change. At the time California did not regulate the banking or the express industry so both fields were wide open. Because it was so easy for anyone to establish a bank, Wells Fargo actually entered the market pretty late and faced well established competition.
From the beginning, Wells Fargo offered diverse and mutually supportive services: general forwarding and commissions; buying and selling of gold dust, bullion, and specie (or coin); and freight service between New York and California.
1855-1866
During this time Wells Fargo expanded rapidly. It became
Annette Garcia
Mikey Tran
Thy Nguyen
Omar Ennabe
April 24, 2007
Wells Fargo & Co. is a diversified financial services company in the United States with consumer finance subsidiaries doing business in Canada and Puerto Rico.
Headquartered in San Francisco, California, Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150 year history of the nationally recognized Wells Fargo name and its trademark stagecoach.
Wells Fargo & Co. is one of the United States top-40 largest private employers. They ranked fifth in assets and fourth in market value of their stock among their peers.
As of December 31, 2006, Wells Fargo has 6,062 retail branches, over 23 million customers, and 158,000 employees.
The company credits its success to its diversified financial services shown below.
History
On March 18, 1852, in New York City, Henry Wells, William Fargo and others signed an article of association for a joint stock company to do banking and express business in distant California. The company opened its first office, in San Francisco, in July 1852.
In 1853, the immediate challenge that faced the presidents of the company (Morgan and Barney) was to try and establish the company in two highly competitive fields under conditions of rapid growth and unpredictable change. At the time California did not regulate the banking or the express industry so both fields were wide open. Because it was so easy for anyone to establish a bank, Wells Fargo actually entered the market pretty late and faced well established competition.
From the beginning, Wells Fargo offered diverse and mutually supportive services: general forwarding and commissions; buying and selling of gold dust, bullion, and specie (or coin); and freight service between New York and California.
1855-1866
During this time Wells Fargo expanded rapidly. It became