Wells Fargo & Company
NYSE:WFC
$ 57.12
+ $0.02 (0.04%)
$ 57.12
+ $0.02 (0.04%)
Real-time: 03/22/2024 15:59

Wells Fargo & Stock

About Wells Fargo &

Wells Fargo & Company operates as a financial services company. As of December 31, 2023, Wells Fargo Bank, N.A. was the company’s principal subsidiary. Wells Fargo & share price history

The company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet (www.wellsfargo.com) and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in countries outside the U.S.

The company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending. In addition, the company offers financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions to businesses through products and services, including traditional commercial loans and lines of credit, letters of credit, asset-based lending and leasing, trade financing, treasury management, and investment banking services.

Segments

The company operates through four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending. Wells Fargo & share price history

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. The company operates through financial advisors in its brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade and Intuitive Investor.

Corporate includes corporate treasury and enterprise functions, and the company’s investment portfolio and venture capital and private equity investments. In third quarter 2023, the company sold investments in certain private equity funds, which had a minimal impact to net income.

Loans

As of December 31, 2023, the company’s loans included commercial loans, such as commercial and industrial loans (the U.S. and non-U.S.), commercial real estate mortgage loans, commercial real estate construction loans, and lease financing loans; and consumer loans, such as residential mortgage loans (first lien and junior lien), credit card loans, auto loans, and other consumer loans.

Investment Securities

The company’s debt securities portfolio predominantly consists of liquid, high-quality U.S. Treasury and federal agency debt, and agency mortgage-backed securities (MBS). The portfolio also includes securities issued by the U.S. states and political subdivisions and highly rated collateralized loan obligations (CLOs).

Deposits

As of December 31, 2023, the company’s deposits included noninterest-bearing demand deposits; interest-bearing demand deposits; savings deposits; time deposits; and interest-bearing deposits in non-U.S. offices.

Regulation and Supervision

The company is a financial holding company and a bank holding company (BHC) registered under the Bank Holding Company Act of 1956, as amended (BHC Act).

As a BHC, the company is subject to regulation under the BHC Act and to inspection, examination and supervision by its primary regulator, the Board of Governors of the Federal Reserve System (Federal Reserve Board or FRB). The company is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, both as administered by the SEC.

The company’s subsidiary national banks, and their subsidiaries, are subject to regulation and examination primarily by the Office of the Comptroller of the Currency (OCC) and also by the Federal Deposit Insurance Corporation (FDIC), the FRB, the Consumer Financial Protection Bureau (CFPB), the SEC and the Commodities Futures Trading Commission (CFTC).

Many of the company’s nonbank subsidiaries are also subject to regulation by the FRB and other applicable federal and state agencies. The company’s insurance subsidiaries are subject to regulation by applicable state insurance regulatory agencies, as well as the FRB. The company’s brokerage subsidiaries are regulated by the SEC, the Financial Industry Regulatory Authority (FINRA) and, in some cases, the CFTC and the Municipal Securities Rulemaking Board, and state securities regulators.

The Dodd-Frank Act and the numerous rules to implement its provisions have resulted in enhanced regulation and supervision of large BHCs, such as Wells Fargo. The company’s subsidiaries include banks in the U.S., such as Wells Fargo Bank, N.A., that are insured by the FDIC.

The company’s subsidiaries include banks, such as Wells Fargo Bank, N.A., that are insured by the FDIC. Through the Deposit Insurance Fund (DIF) maintained by the FDIC, the FDIC insures the deposits of the company’s insured banks up to prescribed limits for each depositor and funds the DIF through assessments on member banks.

The company is subject to Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) because the company is required to file periodic reports with the SEC under the Securities Exchange Act of 1934.

History

Wells Fargo & Company was founded in 1852.

Country
Industry:
Founded:
1852
IPO Date:
01/02/1968
ISIN Number:
I_US9497461015

Contact Details

Address:
420 Montgomery Street, San Francisco, California, 94104, United States
Phone Number
866 249 3302

Key Executives

CEO:
Scharf, Charles
CFO
Santomassimo, Michael
COO:
Powell, Scott