Over 160 years ago, soon after California Gold Rush (1848-1855) at Sutter's Mill in Coloma, California, Henry Wells and William G. Fargo,on March 18, 1852, decided to organized Wells, Fargo & Company, in San Francisco and Sacramento, a joint-stock association with an initial capitalization of $300,000, to provide express and banking services to California including the operation of stagecoach lines, the transportation and safekeeping of gold and the delivery of the U.S. mail.Wells Fargo is headquarter in San Francisco, but has major “hubquarters” in other cities of U.S. ( wellsfargohistory.com). Business Structure:
“Wells Fargo & Company is a corporation organized under the laws of Delaware and a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended”, which provides retail, commercial, and corporate banking services. The company's Community Banking segment offers deposits, such as checking accounts, savings deposits,…..This segment is also provides equipment leases, real estate and other commercial financing, small business administration financing. Wells Fargo Wholesale Banking segment offers commercial loans, equipment leasing, investment management, construction loans, land acquisition, development loans, and…. The bank’s Wealth, Brokerage, and Retirement segment offers financial advisory, wealth management, brokerage, retirement, trust, and reinsurance services financial advisory, wealth management, brokerage, retirement, trust, and reinsurance services.( investing.businessweek.com). In overall, Wells Fargo and Company (NYSE: WFC) is a multinational diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores and more than 12,000 ATMs and the Internet, across North America and internationally. Wells Fargo is ranked as the largest bank by market capitalization (Capitalization Rate = Yearly Income / Total Value), which is at 9.46%, in the United States, and first in market value of stock among the U.S. banks. Among all financial services companies, Wells Fargo is ranked first in market value in the United States, and third in the world, as of December 31, 2012(Quarterly Fact Sheet of Wells Fargo). Wells Fargo and Company is the 4th largest bank by assets ($ 1.4 trillion) after: Bank of America Corporation with assets of nearly $2.28 trillion. JPMorgan Chase with assets of nearly $2.19 trillion. Citigroup with assets of nearly $1.94 trillion. Stock Price:
Early Friday (4/ 12/ 2013):
Wells Fargo grew profits 22% to $5.17 billion.
Per share earnings, including preferred dividend payments, totaled 92 cents, up from 75 cents. The bank had 2.6% decline in income from its mortgage business and drop in net interest margin. In Friday afternoon (4/ 12/ 2013):
The bank shares fell 1.7% to $36.86 in Friday afternoon trading. However, shares look vulnerable to further downside. First Board of Directors:
The early board of directors consisted Henry Wells, William G. Fargo, Johnston Livingston, Elijah P. Williams, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. Financier Edwin B. Morgan of Aurora, New York, was appointed Wells Fargo's first president. Present Board of Directors:
Chairman, President and CEO: John G. Stumpf. John Stumpf became Chairman for Wells Fargo & Company in January 2010. He was named Chief Executive Officer in June 2007, elected to Wells Fargo’s Board of Directors in June 2006, and has been President since August 2005. In 1982, John Stumpf joined the former Norwest Corporation (predecessor of Wells Fargo) as a senior vice president in the loan administration department. Then he became chief credit officer for Norwest Bank, N.A. Minneapolis. According to wellsfargo.com, during this period Stumpf led Norwest’s acquisition of 30 Texas banks with total assets of more than...
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Wells Fargo Quarterly Fact Sheet Statistics. Wellsfargo, n.d. Web. 13 Apr. 2013.
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