Wells Fargo & CompanyCompany logo since 2009Wells Fargo's headquarters complex in San Francisco, CaliforniaTypePublicTraded asNYSE: WFCS&P 100 ComponentS&P 500 ComponentISINUS9497461015IndustryBankingFinancial servicesInsurancePredecessorsCollapsible listCrocker National BankFirst Interstate BancorpBank of North AmericaFirst Security CorporationNorwest CorporationWachoviaFoundedMarch 18, 1852 (166 years ago) (1852-03-18) in New York, New York, USFounderHenry WellsWilliam FargoHeadquarters420 Montgomery Street, San Francisco, California, USNumber of locations8,050 branches(2018)13,000 ATMs(2018)Area servedWorldwideKey peopleElizabeth Duke(Chair)Timothy J. Sloan(President& CEO)John R. Shrewsberry(CFO)ProductsCollapsible listAsset managementBrokerage servicesBankingCommoditiesCredit cardsEquities tradingFinance and insuranceForeign currency exchangeForeign exchange tradingFutures & options tradingInvestment managementMoney market tradingRisk managementTreasury & security servicesUnderwritingWealth managementRevenue US$86.40 billion (2018)Operating income US$30.28 billion (2018)Net income US$22.39 billion (2018)Total assets US$1.895 trillion (2018)Total equity US$197.06 billion (2018)OwnerBerkshire Hathaway(10%)Membersc. 70 million (2018)Number of employeesc. 258,700 (2018)SubsidiariesWells Fargo AdvisorsWells Fargo Bank, N.A.Wells Fargo RailWells Fargo SecuritiesRatingFitch: A+ (2018)Moody's: A2 (2018)S&P: A− (2018)Websitewellsfargo.comFootnotes / references Wells Fargo branchin Berkeley, CaliforniaWells Fargo & Company is an American multinational financial servicescompany headquartered in San Francisco, California, with central offices throughout the United States.It is the world's second-largest bankby market capitalizationand the fourth largest bank in the USby total assets.Wells Fargo is ranked #26 on the 2018 Fortune 500rankings of the largest US corporations by total revenue.In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC,before slipping behind JPMorgan Chasein September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accountsby Wells Fargo employees.Wells Fargo surpassed Citigroupto become the third-largest US bank by assets at the end of 2015 but fell behind Bank of Americato third in bank deposits in 2017. The firm's primary operating subsidiary is national bankWells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporationin 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.As of June 2018[update], it had 8,050 branchesand 13,000 ATMs.In 2018 the company had operations in 35 countries with over 70 million customers globally. In February 2014, Wells Fargo was named the world's most valuable bank brand for the second consecutive yearin The Bankerand Brand Financestudy of the top 500 banking brands.In 2016, Wells Fargo ranked 7th on the Forbes MagazineGlobal 2000list of largest public companies in the world and ranked 27th on the Fortune 500list of the largest companies in the US.In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.As of December 2018[update], the company had a Standard & Poorscredit ratingof A−.However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms. On February 2, 2018, the US Federal Reserve Bankbarred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve.In April 2018, The Wall Street Journalreported that the US Department of Laborhad launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plansas well as into retirement fundsmanaged by Wells Fargo itself.Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo's business banking group had improperly altered documents about business clients in 2017 and early 2018.In June 2018, Wells Fargo began retreating from retail bankingin the Midwestern United Statesby announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohioto Flagstar Bank. Contents1 History1.1 Wells Fargo History Museums1.2 Key dates1.3 Wachovia acquisition1.4 Investment by US Treasury Department during 2008 financial crisis1.4.1 History of Wells Fargo Securities1.5 Environmental record2 Operations and services2.1 Community banking2.1.1 Consumer lending2.1.2 Wells Fargo private student loans2.1.3 Equipment lending2.2 Wealth and Investment Management2.2.1 Wells Fargo Securities2.3 Cross-selling2.4 International operations2.5 Charter3 Lawsuits, fines and controversies3.1 1981 MAPS Wells Fargo embezzlement scandal3.2 Higher costs charged to African-American and Hispanic borrowers3.3 Failure to monitor suspected money laundering3.4 Overdraft fees3.5 Settlement and fines regarding mortgage servicing practices3.6 SEC fine due to inadequate risk disclosures3.7 Lawsuit by FHA over loan underwriting3.8 Lawsuit due to premium inflation on forced place insurance3.9 Lawsuit regarding excessive overdraft fees3.10 2015 Violation of New York credit card laws3.11 Executive compensation3.12 Tax avoidance and lobbying3.13 Prison industry investment3.14 SEC settlement for insider trading case3.15 Wells Fargo account fraud scandal3.16 Racketeering lawsuit for mortgage appraisal overcharges3.17 Dakota Access Pipeline investment3.18 Failure to comply with document security requirements3.19 2018 advertising campaign3.20 Connections to the gun industry and NRA3.21 Discontent among female workers
WFC Stock Price & News - Wells Fargo & Co.
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WFC (U.S.: NYSE) search View All companiesAT CLOSE 4:00 PM EST 01/18/19 $50.01 USD 0.78 1.58% Volume 34,956,372 AFTER HOURS 7:04 PM EST 01/18/19 $50.03 0.02 0.04% AFTER HOURS Vol 1,423,938 Volume 34,956,372 65 Day Avg Vol 25,093,787 1 Day Range 48.86 - 50.155 52 Week Range 43.02 - 66.31 (12/26/18 - 01/29/18) 1 D5 D
Wells Fargo Dealer Services
Wells Fargo Dealer Services Login WELLS FARGO DEALER SERVICES Wells Fargo Dealer ServicesWells Fargo Dealer Services Founded on March 18, 1852; Wells Fargo and Company is an International Banking and Financial Services Holding Company that is based in the United States of America. Based on market capitalization, Wells Fargo and Company is considered to be the world’s second largest bank. Wells Fargo’s headquarters are located in San Fransisco, California and it has what they call as ‘hubquarters’ all around the United States. Wells Fargo saw a lot of ups and downs with regard to its world ranking by market capitalization. In the year 2015 in July, Wells Fargo was the world’s largest bank based on market capitalization and it surpassed ICBC. In the year 2016, however, it dropped down a rank in market capitalization in September and JP Morgan Chase took its place as the largest bank. This happened because Wells Fargo was involved in a scandal where many of their employees were accused of creating over 2 million bank accounts that were not authentic. Sponsored Links In the United States of America, in the year 2015, Wells Fargo and Co. became the third largest bank by assets as it managed to surpass Citigroup Inc. Wells Fargo is also considered to be the second largest bank in the United States based on the number of deposits, home mortgage servicing, and debit cards. National Bank Wells Fargo’s bank is the major United States operating subsidiary located in N.A. and its headquarters are based in Sioux Falls in South Dakota, USA. Stephen Sanger is Wells Fargo’s Chairman, Elizabeth Duke is Wells Fargo’s Vice Chair, and Timothy J. Sloan is Well’s Fargo’s President and the Chief Executive Officer. Wells Fargo provides the following services; Asset Management, Brokerage Services, Commercial Banking, Commodities, Consumer Banking, Corporate Banking, Credit cards, Consumer Finance, Equities Trading, Finance and Insurance, Foreign Currency Exchange, Foreign Exchange Trading, Insurance, Investment Banking, Investment Management, Monet Market Trading, Mortgage Loans, Prime Brokerage, Private Baking, Retail Baking, Retail Brokerage, Risk Management, Treasury and Security Services, Underwriting, and Wealth Management. Wells Fargo runs its operations worldwide primarily in countries like Hong Kong, London, Dubai, Tokyo, India, Toronto, and Singapore where it has its specific head offices. Charter Number 1 was the very first national bank charter that was started in the United States of America and Wells Fargo operates under that charter. Wells Fargo Dealer ServicesWells Fargo, as we have already noted earlier provides a tremendous array of services all over the world to the public. Wells Fargo Dealer Services is one of the many divisions of Wells Fargo, primarily the Wells Fargo Bank, N.A. Wells Fargo Dealer Services is considered to be United State of America’s, one of the many auto lenders services. Their main duty is to provide integrated financial services and solutions to the dealer community of the nation. Wells Fargo Dealer Services has offices all over the United States of America. Apart from the integrated financial services and solutions, Wells Fargo also provides auto financing, real estate, floor plan financing, commercial banking services, and many such other services that can help dealers in the nation. These services are meant to help dealers operate better and more efficiently. Wells Fargo Dealer Services operates by having good relations with many auto deals all over the country. As of today, Wells Fargo Dealer Services is affiliated with around 14,000 auto dealers in the United States of America! Wells Fargo dealer Services also gives a lot of importance to their customers and always make them their top priority. Their main aim is to provide them with excellent service and also help out the many communities they provide service to. They take a lot of time to understand and analyze their customers in order to provide them with better services. Wells Fargo Dealer Services is very popular for its community service. They basically serve many communities and hence, their team of efficient volunteers always make sure to support these communities by doing many resourceful activities for them. Wells Fargo does activities like raising funds, sponsoring book fairs, canned food drives, blood drives, collecting school supplies and much more and by doing this, they believe that they can help build a better and an integrated society. Wells Fargo Dealer Services also provide service to various non-profit organizations that help for the betterment of the communities. Some of these organizations are; Big Brothers Big SistersLoma Linda University Children’s HospitalCommunity WorksMuscular Dystrophy AssociationSpecial OlympicsCystic Fibrosis FoundationWells Fargo Dealer Services: DealersLike mentioned earlier, Wells Fargo always believes in creating and holding excellent relations with all their customers as well as dealers. They provide really good and useful products and services to their dealers in order to increase their market value and this is why Wells Fargo Dealer Services is one of the largest Auto Finance Companies in the United States. They have Regional Business Centers around 47 states in the nation and they work with a team that is an expert at what they do. They have the best auto financing professionals who have a lot of useful and widespread knowledge about the local market. Wells Fargo Dealer Services also provide all their dealers with banking services that relate to real estate, floor plan, and so many such useful services that will help their dealers operate more fluently and with lots of benefits. To Wells Fargo Dealer Services, a customer of their dealer is their own customer and hence, they take real good care of them and provide them with an array of consumer benefits. They provide these consumers with Online access of eServices through personal accounts. They provide an amazing customer service by being at their beck and call every time from Monday to Friday from 5:00 am to 7:00 pm. And they also provide these consumers with something known as Automatic Loan Payment program where they can pay their monthly payments of their loans conveniently. Wells Fargo Dealer Services have an advanced application processing system known as CreditRevue, which enables them to effectively and finely manage and decide credit applications to cater to the needs of their priced dealers. Wells Fargo Dealer Services leverages their systems and integrates them with online tools such as Dealertrack and RouteOne, to actively commit to finesse and velocity through automatic techniques. These techniques are coupled with a dealer’s personal credit expertise to make sure that the dealer is provided with the decision he or she needs quickly and accurately. They provide their dealers with quick and flexible credit decisions and fast funding that is local. To their dealers, they are available for service 24×7. They also provide them with credit services, deposit and treasury management solutions, insurance services, wealth building strategies, and employee benefits. Wells Fargo Dealer Services: ConsumersWells Fargo Dealer Services provides excellent consumer or customer services. A customer can contact Wells Fargo Dealer Services with any problem or query via eServices, a phone call or a simple text message. How to make use of eServices A consumer can manage his or her loans without leaving their home and in a very secure manner. But before that, the customer must Register to the main website to make use of these services provided online. This is a very simple process and is very useful. The customer needs to first make a paymentThe customer then needs to make sure to view his or her payment and transaction historyThen, the customer must Sign up for eStatements on the official websiteThe customer can then change his or her address if requiredThen finally, the customer gets a payoff quote for safe keeping
Wells Fargo finds even more customers that it overcharged
Wells Fargo finds even more customers that it overchargedby Matt Egan @MattEganCNNJuly 13, 2018: 4:15 PM ET Buffett acknowledges Wells Fargo's 'cardinal sin'Wells Fargo keeps finding new parts of its vast banking empire that overcharged innocent customers. On Friday, Wells Fargo (WFC) disclosed it's setting aside another $285 million to refund foreign-exchange and wealth-management clients That's on top of Wells Fargo's infamous consumer scandals. The bank has already paid out rebates to customers for opening fake accountsin their names, forcing them into car insurance they didn't needand charging them mortgage fees they didn't deserve. The laundry list of legal troubles is hurting Wells Fargo's financial results. The company said on Friday its profits dropped more than feared as expenses mounted. Wells Fargo's deposits also dipped because of tough penalties from the Federal Reservethat limit the size of the bank's balance sheet. Wells Fargo said that a third-party investigation into its foreign-exchange business found the bank may be on the hook for $171 million to clients. That includes $31 million in refunds for instances where customers "received pricing inconsistent" with the bank's commitments. The remainder of the foreign-exchange rebates cover a review of the rates Wells Fargo charged to clients over a seven-year period. The bank said those refunds are part of its "efforts to make things right and rebuild trust." Like other investment banks, Wells Fargo handles currency exchange and hedging transactions for businesses and other clients. Related: Wells Fargo's scandals are hurting its bottom line Wells Fargo previously disclosed that it received inquiries from government agencies in connection with its foreign-exchange business. Last fall, The Wall Street Journal reportedthat federal prosecutors are investigating the business and the bank fired at least four foreign-exchange bankers. Wells Fargo confirmed in a statement that the employees are no longer with the bank, but declined to comment on whether they were fired. The foreign-exchange business is in the process of revamping its policies, practices and procedures relating to pricing and other issues, the bank said. Wells Fargo installed new leadership for the unit last October. Wells Fargo's pricing problems go beyond the foreign-exchange business though. The bank on Friday said it's setting aside $114 million to rebate fiduciary and custody clients in its wealth management business that were charged "incorrect fees" over the past seven years. These customers are primarily individuals with trust, estate and custodial accounts managed by Wells Fargo. Wells Fargo, which previously disclosed the charging of incorrect fees, cautioned that the complex review may uncover additional refunds are warranted. "We've accounted for what we know so far," but there's likely to be "a little more to do" as the review continues, John Shrewsberry, Wells Fargo's chief financial officer, told reporters on Friday. Profit at Wells Fargo's wealth management division fell 37% last quarter, driven by the refunds and the sale of an asset management platform at a loss. Shrewsberry said that although Wells Fargo's "reputational issue is something we have to work hard on," it's not having a meaningful impact on the wealth management division's results. Related: Wells Fargo accused of misconduct again The bank is still cleaning up its better-known scandals that involve retail customers. In June, a judge gave final approval to the $142 million class action settlement for Wells Fargo customers hurt by the fake-accounts scandal. Wells Fargo also said it set aside an unspecified amount of money last quarter to pay additional refunds to customers who were wrongly charged for auto insurance and locking in mortgage rates. Shewsberry expressed optimism that Wells Fargo's exhaustive review of potential problems inside the bank may be nearing an end. "We're pretty far along, or perhaps done, going business to business looking for areas to correct," Shrewsberry told reporters. "At this point, I would be very surprised if anything else emerged." CNNMoney (New York) First published July 13, 2018: 1:05 PM ET
Wells Fargo Corporate Office Headquarters HQ
Wells Fargo Corporate Office Headquarters HQ420 Montgomery StreetSan Francisco, California 94163Corporate Phone Number: 1-866-249-3302Corporate Fax Number: n/aCorporate Email: [email protected]Corporate Stock Symbol: WFCWells Fargo is a bank with branches in all 50 US States. Wells Fargo operates ATM machines, credit card processing, consumer credit cards, mortgage lending, commercial lending and general banking services. Wells Fargo and Company is one of the premier banking and mortgage institutions in the United States.Wells Fargo's Customer Service Phone Number is 1-800-869-3557. The company does encourage users to use their technical support system and help forums on their website.
Wells Fargo Begins Refunds of Add
3 CommentsWells Fargo & Co. is issuing refunds for monthly fees it charged on so-called add-on products that customers may not have fully understood. “We are reviewing add-on products sold to consumers by the bank or its service providers and if issues are found during this review, we will make things right with customers in the form of refunds or remediation,” Catherine Pulley, a Well Fargo spokeswoman, said in a statement Thursday. “We are working with our regulators on the ongoing review.” The fees affected hundreds of thousands of customers and the total cost could climb to more than $180 million, the Wall Street Journal reported earlier, citing people familiar with the matter. Pulley declined to comment on the potential costs. The bank said in a May regulatory filing that it was reviewing the products and providing remediation for problems it found. Wells Fargo stopped selling the add-on products last year, said a person briefed on the matter, who asked not to be identified. Add-on products often come attached to financial accounts and can include identity theft and debt-protection services, pet insurance, and legal advice. Chief Executive Officer Tim Sloan, who took the helm after scandals began erupting in 2016, continues to face costs from cleaning up the bank’s messes. The lender booked more than $300 million of expenses in the second quarter for refunding clients of its wealth management and foreign-exchange trading units, and in April agreed to a $1 billion settlement that covered missteps in Wells Fargo’s auto-lending and mortgage units. The Consumer Financial Protection Bureau is probing the add-on fees, the Journal said. The bank said in the May filing that it was working with regulators on the review of the add-on products. In 2015, the company entered into a consent order with the Office of the Comptroller of the Currency over add-ons, the bank has said. Copyright 2019 Bloomberg.Was this article valuable?
Bureau de change
See alsoBureau de changeHard currencyCurrency pairForeign exchange fraudCurrency interventionvteA bureau de change(plural bureaux de change, both /ˌbjʊəroʊ də ˈʃɒnʒ/) (British English) or currency exchange(American English) is a business where people can exchange one currencyfor another. Contents1 Nomenclature2 Location3 Business models4 Peer to Peer Foreign Exchanges5 Consumer issues6 Illegal activity7 References8 See alsoNomenclatureAlthough originally French, the term “bureau de change” is widely used throughout Europe and French Speaking Canada, where it is common to find a sign saying "exchange" or "change." Since the adoption of the euro, many exchange offices incorporate its logotypeprominently on their signage. In the United Statesand English-speaking Canadathe business is described as “currency exchange” and sometimes “money exchange”, sometimes with various additions such as “foreign”, “desk”, “office”, “counter”, “service”, etc.; for example, “foreign currency exchange office”. LocationA bureau de change is often located at a bank, at a travel agent, airport, main railway stationor large stores—namely, anywhere there is likely to be a market for people needing to convert currency. They are particularly prominent at travel hubs, although currency can be exchanged in many other ways both legally and illegallyin other venues. Some of the major players include HSBC, Travelex, JPMorgan Chase & Co., Wells Fargo, and Bank of America. Business modelsA bureau de change is a business which, in competition with other similar businesses, makes its profit by selling currency at a higher exchange ratethan a rate at which it buys the same currency, as well as any commissionor fee it may charge. In setting its exchange rates, it must keep an eye on the rates quoted by competitors, and may be subject to government foreign exchange controlsand other regulations. The exchange rates charged at bureaux are generally related to the spot pricesavailable for large interbank transactions, and are adjusted to ensure a profit. The rate at which a bureau will buy currency differs from that at which it will sell it; for every currency it trades both will be on display, generally in the shop window. So the bureau sells at a lower rate from that at which it buys. For example, a UK bureau may sell €1.40 for £1 but buy €1.60 for £1. Quite often the terms "buy" and "sell" are used the other way round by a bureau de change, and the buy rate may seem higher that the sell rate: in such cases it means "we buy/sell our local currency at the rate showed" (examples from Google Images). So if the spot price on a particular day is €1.50 to £1, in theory £2 will buy €3, but in practice this would be hard if not impossible for average consumers to get. If the bureau de change buys £1 from a consumer for €1.40 and then sells £1 for €1.60, the 20 pence difference contributes to expenses and profit. This business model can be upset by a currency run when there are far more buyers than sellers (or vice versa) because they feel a particular currency is overvalued or undervalued. The business may also charge a commission on the transaction. Commission is generally charged as a percentageof the amount to be exchanged, or a fixed fee, or both. Some bureaux do not charge commission but may adjust their offered exchange rates. Some bureaux offer special deals for customers returning unspent foreign currency after a holiday. Bureaux de change rarely buy or sell coins, but sometimes will at a higher profit margin, justifying this by the higher cost of storage and shipping compared with banknotes. A bureau de change at a Thaiairport.In recent years together with emergence of online banking, currency exchange services have appeared on the Internet. This new model allows more competitive exchange rates and threatens traditional bricks-and-mortar bureaux de change.Online currency exchange has two main models: the more popular model is provided by an established bureau de change, while social currency exchange platforms such as WeSwapallows participants to ask or bid for currency at their own rates (usually with an additional transaction fee). It is estimated that the total revenue of this industry is 362 billion $ Peer to Peer Foreign ExchangesThe rise of peer to peerforeign currency exchange platforms and FinTechhas led to disruptive p2p forexplatforms that significantly undercuts traditional banks and financial institutions. Providers that use the p2p model to satisfy offsetting currency demands without an intermediary (such as a broker) has result in significant margin and spread compression in the foreign exchange business model. Consumer issuesChanging money at a bureau is often more expensive than withdrawing it from an automatic teller machineat one’s destination or paying directly by debitor credit card, but this varies depending on the card issuer and the type of account. Fees from multiple ATM withdrawals should also be considered. Some people may feel uncomfortable carrying a lot of cash and so prefer to use a card and carry minimal cash for tipping cabs, hotels, and restaurants. Hotels and rental cars many times also need cards for temporary holds. Some may also prefer to hold foreign currency rather than change it back if they are expecting to return to where it is used. Companies that frequently send employees abroad may essentially act as their own exchange by reimbursing their employees in the local currency and holding the foreign currency. If exchange rates are relatively stable, the fees charged by a bureau may exceed any likely fluctuation and it also makes the company’s accountancyeasier. In the alternate, some prefer to buy their currency before they travel, either just for a sense of security against credit card fraudtypically achieved by tampered card readers or hackers, or because they speculatethe exchange rate is better at that time than it will be when they make their trip. As well, some places may only take cash or have credit card terminals down. In 2002, many bureaux reported substantial reductions in profit due to the replacement of many European currencies with the euro. Illegal activityMain article: Money launderingBureaux de change offer an opportunity for money laundering, and a number of countries require bureaux de change to register as money service businessesand are subject to their anti-money launderingmeasures. References^See, for example, A tourist site for London, A Bureau de change, Bureau de change exchange rates^See, for example, Kennedy International AirportArchivedSeptember 16, 2009, at the Wayback Machine.^http://www.gf24.pl/14561/jak-e-kantory-zrewolucjonizowaly-polski-rynek^"How to avoid currency cowboys while cutting the cost of transfers". The Daily Telegraph. Retrieved 2013-11-11.^"What Is A Money Services Business?". ComplyAdvantage. Retrieved 2018-07-12.
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