Watch what is "Wells Fargo" in other dictionaries. WELLS FARGO - WELLS FARGO SUCCESS HISTORY CEO WELLS Fargo

The name of WELLS Fargo is usually associated with the image of the gold-loaded gold-hardened six-horse horses, which in all pairs are worn through the American West.

The full history of the company has more than 160 years of successful work, is rich in detail and is associated with great events of American history. From the gold fever of the mid-19 centuries to the banking Internet sites of the 21st centuries, through prosperity, depression and war to world fame - all these years Wells Fargo earned a high reputation through attention and loyalty to work with their clients, becoming the largest world bank capitalization.

In 1852, Henry Welts and William Fargo founded Wells, Fargo & Co. The new company offered banking (buying gold and selling bank checks) and express (fast delivery of gold and any other valuable).

Wells Fargo accelerated business where only possible using diligeans, steamers, pony and telegraph, working qualitatively, reliably and quickly. In 1866, Wells Fargo combines all the main western lines of messages. Postal diligences take themselves the name "Wells, Fargo & Co", covering more than 3000 miles of the territory, from California to Nebraska, and from Colorado to the regions of gold mining in Montana and Hidaho.

After completing the construction of a transcontinental railway in 1869, WELLS Fargo increases the specific part of rail transport. In 1888, after expanding the steel message from the northeast to New York, WELLS Fargo becomes the first postal company covering the entire territory of the country. He was chosen the slogan "from the ocean to the ocean!" To describe the service connecting 2500 points and 25 states, and "across the sea!", The emphasising network connecting America with the global economy.

In 1905, WELLS Fargo & Co's Bank, San Francisco (Bank) formally separated from Wells Fargo & Co Express (Postal Service). The Bank survived the disaster of 1906, when San Francisco shook the earthquake, and the whole city was arranged by fire, and gradually began to deploy his network across the country.

In 1918, WELLS Fargo had ten thousand items in all states. In the same year, the federal government was the nationalization of the company's postal network, which was necessary for government goals in the First World War. Wells Fargo remained only with one bank in San Francisco.

In the 1960x WELLS Fargo prosperity era, it becomes the Northern California Regional Bank with a large network of offices.

In the 1980s, WELLS Fargo became the All-American and seventh capitalization by the National Bank, having launched its customer service service via the Internet.

Causes of success

Experts note the essential reasons that determines the success of the American banking giant:

Diversification of financial services provided, the active use of modern technologies.
Successfully working cross-sales technique. The bank can sell products to its customers, and constantly expands the range of its proposal for regular customers, in order to buy more and more.
Qualitative service of its customers. The client must be satisfied not only by the quality of the products themselves, and the level and quality of the seller's work.
Stable experience in more than 160 years of activity helps the bank to maintain an excellent reputation in various business circles.

Well Fargo is a huge financial structure that accumulates the whole world experience in conducting financial banking operations. Reliability, speed in the work, innovative nature of the company and its great story make the American banking giant by one of the leaders in the global financial markets.

Wells Fargo (English Wales Fargo) - a banking company providing diversified financial and insurance services in the USA, Canada and Puerto Rico, is included in the Fortune 1000. WELLS Fargo rating, the fourth largest bank in the United States, is included in the so-called "big fourth "US banks together with the main competitors - Bank of America, Citigroup and JP Morgan Chase. The largest shareholder of Wells Fargo - Warren Buffett (controls about 6.5% of the shares).

The company is based in San Francisco, while the headquarters of the banking division is located in Su Falls (South Dakota). Wells Fargo formed as a result of the merger of the California company WELLS FARGO & CO. And Norwest, companies from Minneapolis in 1998.

Wells Fargo & Company is known for combining bank and postal business. His story is noteworthy, first of all, by the fact that it was opened by two young people who did not have any attitude to banking. It all started in 1841. Henry Welts is a post agent from New York, decided to open a postal company and hired a young William Fargo, who at that time worked as an assistant in the Syracuse trading shop. The company was opened in 1844, she was called - Well & Co, by that time, honest and hardworking Fargo won the confidence of Welss so much that he was offered a small percentage in the new enterprise, whose services were delivered gold and other values.

Naturally, as in any beginning, it has not been without problems and falls. So in 1849, WELL & CO has a tough competitor in the face of Wasson & Company organization, but the conflict managed to be resolved by a peaceful way, thanks to the diplomatic abilities of Wise Henry Welx, and this despite the fact that in those days everything was solved with the help of power. Welly managed to negotiate such a brilliant way that everything ended with the association of enterprises of competing firms in one organization called AmericanExpress, which is also known to this day, being a symbol of international fast traffic.

Among the gold miners, WELLS Fargo's organization quickly earned trust and respect. The company sent money and loads quickly, never inspired its customers when buying gold, and its banknotes became valued at the level of real gold.

Wells Fargo & Company has become one of the main US postal systems. The reliability of the WELLS Fargo postal service was at a high level. In addition, WELLS Fargo & Company tried to do everything possible to ensure that the mail is delivered as soon as possible. For this, the company used all available methods of fast delivery: railroad and steamers.

Postal and banking business Wells Fargo & Company rapidly grew, which contributed to the development of transport in the United States, especially the development of Western lands. The overall growth of the America's economy provided the prosperity of WELLS Fargo & Company over the next years. During this time in the life of the company, both upsters (global wars, absorption of competitors) and falls (legislative acts of the early 20th century) were occurring.

In 1852, some disagreements arose in the leadership of a newly connected company, because a new enterprise was created that was called Wellsfargo & Company. The first office was opened in the San Francisco of the same year. Just then, in California, they were played by passion around the gold fever, and it was then that a brilliant idea came to the head of companions in addition to postal transport. As a result, the organization began to engage in buying gold sand and ingots, deliver mail throughout America. Interestingly, Welle and Fargo managed to do without any conflicts in their activities, despite the huge competition, moreover, all the militant companies from competitors became WELLSFARGO divisions, because by that time, 99% of orders belonged to them.

Over time, the firm began to develop further, a state contract was won. Later, the well-known postal service of the United States "Pony Express" was created, whose motto was expression: "Mail must be delivered under any circumstances." And whose activity was completed in 1861 due to the development of telegraph lines. And only when the US state postal service strengthened, wellsfargointed only banking activities.

The main operating branch of the organization located in the United States is Wells Fargo Bank, N.A., which is legally registered in Su-Falls, South Dakota. Wells Fargo in its current form is the result of the acquisition in 1998 by the California WELLS Fargo & Co. Norwest Corporation, located in Minneapolis. Although Northwest was technically existing legal. Face, the new organization was renamed Wells Fargo, capitalizing the entire 150-year history of the nationally recognized name and its trademark.

After the acquisition, the company handed its headquarters to WELLS Fargo in San Francisco and combined their operating branches with WELLS Fargo branches in Su-Falls.

In 2010, WELLS Fargo had 6335 retail offices (the so-called WELLS Fargo stores), 12,000 ATMs, 280,000 employees and more than 70 million customers. For the second year in a row, WELLS Fargo & Company takes up the top positions in the "Best Internet Banks World" rating (Worlds Best Internet Banks), which suits the Global Finance magazine. Wells Fargo is one of the large four banks of the United States, along with the Bank of America, Citigroup WestPac and JP Morgan Chase.

Wells Fargo goes tsunami bad news. After the appearance of messages that since 2011, the Bank's employees improperly opened accounts for customers, problems grow as a snowball. To the fine and massive dismissal of employees on Thursday, questions were added about things such as compensation for top managers and questions about the bank's debt.

Why it all started

The catalyst for all bad news was the report on the opening of fraudulent accounts on behalf of customers.

Since 2011, WELLS FARGO employees have opened 2 million bank accounts and credit cards on behalf of customers without their knowledge. The goal was to create commissions for the company and enable employees to perform an aggressive sales plan. As a result of the investigation, the bank was charged with the illegal opening of accounts from the Consumer Protection Bureau in the financial sector, the control of the monetary circulation controller and the Los Angeles Prosecutor. Last Thursday, September 8, the bank was fined $ 185 million. In addition, 5300 employees are dismissed in connection with the illegal opening of accounts, 1% of WELLS Fargo state.

Effects

Since the announcement of a fine of WELLS Fargo faced not only with financial consequences, but also with a catastrophe in a public field.

On Monday, September 12, five American senators, members of the US Senate Banking Committee, wrote a letter to the chapter of the Committee Richard Shelby with a request to investigate and hearings on this issue.

The letter says:

"The scale of the situation deserves a thorough and comprehensive study. As members of the relevant Senate Committee, we must take urgent measures to fully investigate the causes, scope and consequences of this event, and consider the introduction of the experience gained. "

The hearing in the Senate was scheduled for September 20 and, according to Director of Political Studies Compass Point Isaac Bollyanski, they will probably remind you of the hearing about the "London Kite" 2013, when the senators strictly interrogated top managers of the JP Morgan Bank. He says:

"It seems to us that during the interrogation in the Senate - in particular, on the part of Brown Senators (Ohio), Warren (Massachusetts) and Merkley (Oregon) - the focus will be on the formation of the concept, according to which or the size of Wells Fargo make it uncontrollable or His management was intentionally involved in fraud. "

Senator Democrat Elizabeth Warren, signed by Shelby, said CNN that Wells Fargo made a "stunning fraud." Candidate President of the United States from the Democratic Party Hillary Clinton called the opening of accounts without the knowledge of "outrageous behavior".

"We expect this compromising episode will immediately damage the WELLS Fargo reputation."

On Tuesday, the secretary of the Treasury of Finance Jack Lew reported CNBC, which, according to his data, WELLS Fargo behaved in improperly and charges showed that bank regulation should not be reversed. Lew stated:

"I can tell you that in Washington these days they talk a lot about the cancellation or change of the Dodda-Franca law (about protecting the rights of consumers of financial services), according to which the agency has been created, who has found it (fraud) and adopted measures against him. At this point, people must stop and remember how dangerous system is if you do not have due protection. "

WELLS FARGO answer

In addition to the fine, Wells Fargo stated that it would cancel the target sales targets for the retail units, since it was precisely the desire to fulfill the indicators for opening accounts and receiving commissions forced employees to go around the rules and open accounts inappropriately.

The Bank's statement provides the words of the Director General of John Stampf:

"We cancel sales targets because we want to convince customers that our retail bankers are always focused on customer interests."

Despite this, in the interview with The Wall Street Journal on Tuesday Stampf, said that Wells Fargo "had no stimulus to act badly" and laid the blame for employees, and not on corporate culture.

Speaking at the Global Conference on Financial Services Organized Barclays, WELLS Fargo Financial Director John Shuszberry said that fraudulent accounts were not opened in order to receive income for the bank. Several employees opened them to increase their performance. According to him, these were employees with bad indicators, which probably tried to be so unfortunate in the workplace.

125 million dollars

Another reason for anger of lawmakers and experts were pension payments in size of $ 125 million, which WELLS Fargo Executive Director Carri Tolstyd will receive after retirement at the end of the year.

Tolstoe heads a banking unit, which partially oversees the retail and credit card operations and it is it that is responsible for the situation with the accounts.

It is planned that it will resign at the end of the year and will receive shares of the bank and other types of compensation for the total amount of $ 125 million.

According to WELLS Fargo, a retirement is not related to the investigation, Tolstyd announced the care of July. In addition, the amount of compensation payments is usually installed in advance.

Nevertheless, in the midst of a public scandal, this is another headache for the bank.

What will happen next

WELLS FARGO shares (NYSE: Wells Fargo & Company) have fallen only 6% to $ 3 per share. The investigation into the Senate is still looming ahead, and the public scandal will be tolding the company. However, less Expenditures The fine is not clear how exactly the events of last week will affect the position of WELLS Fargo.

Until now, they mean not too much - at least according to the company itself. According to Shuszberry, the scandal with accounts influenced the behavior of customers, but the time will show if they will retain calm in the future.

Wells Fargo.

(Walls Fargo)

WELLS FARGO, WELLS FARGO, WELLS FARGO MUSEAS

WELLS FARGO & CO Creation, Lending WELLS Fargo, Mortgage Lending Wells Fargo, Consumer Finance WELLS Fargo

Wells Fargo is

Wells Fargo. - This is an organization that provides diversified financial and insurance services in the United States, Canada and Puerto Rico, is included in the Fortune 1000 rating. Firm Based in, while the headquarters of the banking unit is located in Su Falls, South Dakota.

CEO WELLS Fargo

Wells Fargo formed as a result of the merger of California organizations Wells Fargo. & Co. and Norwest, firms from Minneapolis in 1998. The Board of the New Organization was decided to leave the name of WELLS Fargo in order to use the well-known name of the company with 150 years of history and its famous symbol - carriage. Wells Fargo operates 6062 compartments serving more than 23 million customers.

The bank uses a business model for the diversification of the services provided, trying to be more likely to meet the needs of customers as fully as possible. At the same time, it provides both banking and financial services and insurance services. Such a development model is very successful for Wells Fargo: 80% of revenue growth The organization has a large number of services to existing customers. Citigroup WestPac also used the same model, but subsequently the company refused to build such a business building. Wells Fargo offers various financial services through 80 organization units. WELLS FARGO - one of the first banksproviding their customers with access to bank accounts via the Internet. Since 1995, customers can check the status of accounts, pay bills, buy or sell securities. Wells Fargo actively lobbied the abolition of laws adopted during the Great Depression, which limited the expansion of the company, in particular Glass-Stigolla.

WELLS FARGO History

Wells Fargo & Company is known for combining bank and postal business. And it is not by chance. The history of WELLS FARGO has begun in March 1852. Wells Fargo & Company Henry Wels and William Fargo was founded. The organization was founded during the gold fever, and its main activity was the provision of postal and financial services to gold miners. To finance WELLS Fargo & Company Investors were attracted.

Among the gold miners, WELLS Fargo's organization quickly earned trust and respect. sent and cargo quickly, never put out its customers when buying gold, and its banknotes began to be valued at the level of the present gold.

Wells Fargo & Company has become one of the main postal systems USA. The reliability of the WELLS Fargo postal service was at a high level. In addition, WELLS Fargo & Company tried to do everything possible to ensure that the mail is delivered as soon as possible. For this, the company used all available methods of fast delivery: railroad and steamers.

Wells Fargo (Walls Fargo) is

Post and banking business Wells Fargo & Company rapidly grew, to which the development of transport was promoted USAEspecially the development of Western lands. The overall growth of the America's economy provided the prosperity of WELLS Fargo & Company over the next years. During this time in the life of the company, both upsters (global wars, absorption of competitors) and falls (legislative acts of the early 20th century) were occurring.

American bank WellsFarg today is widely known in the banking business and postal service. His story is noteworthy, first of all, by the fact that it was opened by two young people who did not have any attitude to banking. It all started in 1841. Henry Welts is a post agent from New York, decided to open a postal company and hired a young William Fargo, who at that time worked as an assistant in the Syracuse trading shop. It was discovered in 1844, she was called - Well & Co, by that time honest and hardworking Fargo won Welss's confidence so much that he was offered a small in the new enterprise, whose services were delivery gold and other values.

Naturally, as in any beginning, it has not been without problems and falls. So in 1849, WELL & COMPUED THE HARD SUPPORT IN THE PERSON OF WASSON & COMPANY organization, but the conflict managed to be resolved by a peaceful way, thanks to the diplomatic abilities of Wise Henry Welss and this despite the fact that in those days everything was solved with the help of power. Welly managed to negotiate such a brilliant way that everything ended with the association of enterprises of competing firms in one organization called AmericanExpress, which is also known to this day, being a symbol of international fast traffic.

In 1852, some disagreements arose in the leadership of a newly connected company, because a new wearing name was created by WELLSFARGO & COMPANY. The first office was opened in San Francisco of the same year. Just then, in California, they were played by passion around the gold fever, and it was then that a brilliant idea came to the head of companions in addition to postal transport. As a result, the organization began to engage in buying gold sand and ingots, deliver mail throughout America. Interestingly, Welle and Fargo managed to do without any conflicts in their activities, despite the huge competition, moreover, all the militant companies from competitors became WELLSFARGO divisions, because by that time, 99% of orders belonged to them.

The main operating branch of the organization located in the United States is WELLS Fargo Bank, N.A., which is legally registered in Su-Falls, South Dakota. Wells Fargo in its current form is the result of the acquisition in 1998 by the California WELLS Fargo & Co. Norwest Corporation, located in Minneapolis. Although Northwest was technically existing legal. Face, the new organization was renamed Wells Fargo, capitalizing the entire 150-year history of the nationally recognized name and its trademark.

After the acquisition, the company transferred its headquarters to WELLS Fargo in San Francisco And united its operating branches with WELLS Fargo branches in Su-Falls.

Wells Fargo (Walls Fargo) is

Museum of Bank "WELLS FARGO"

This is the place where Henry Wells and William Fargo (H. WELLS and W. Fargo) began their banking business for the first time, for the first time "Golden Fever", in 1852 the history of a particular business remains here, but since WELLS Fargo Bank It was closely involved in the development of San Francisco and California, the museum is a real treasure for history lovers.

As you can expect from such a solid corporation as "Wells Fargo" (now it is one of the largest banks of America), the exposition is well thought out and professionally presented. You will see in the museum samples of native gold from all major deposits in the foothills of Sierra Nevada, Banking Equipment of the middle of the XIX century and the real Wells Fargo Mail Diligence (their corporate sign). You will learn the story of Black Bart, who managed 27 robbery of these most diligences (he had to stop at that, since the twenty-eighth turned out not so successful). One of the most interesting exhibits is for those who are often in the road - there will be a layout of the "moving" diligence, in which you can sit down and, listening to the acting reading of the real passenger diary of 1859, imagine a trip from St. Louis to San Francisco. Sitting in cramped carriage with few others and with difficulty imagining a "complete set" of nine people, you begin to understand how small the complaints of modern travelers are not justified.