Category Archives: Wells Fargo

Wells Fargo – Locations and Subsidiaries

Head Office

Wells Fargo & Company

420 Montgomery Street

San Francisco

California 94163

USA

P:1 866 249 3302

F:1 651 4504033

http://www.wellsfargo.com

Other Locations and Subsidiaries

Wells Fargo Financial Acceptance, Inc

3101 West

69th Street

Minneapolis

Minnesota 55435

USA

Wells Fargo Century 119 West 40th Street New York City New York 10018 USA

InnoVentry Corporation 534, 4th Street San Francisco CA 94107 USA

Ragen MacKenzie Group Incorporated

999 3rd Avenue

Suite 4300

Seattle

WA 98104

USA

Wells Fargo Equipment Finance, Inc

733 Marquette Avenue

Suite 700

Minneapolis

MN 55402

USA

Wells Fargo & Company

100 West Washington

25th Floor

S4101-251

Phoenix

Arizona 85003

USA

Wells Fargo & Company 3800 Howard Hughes Pkwy 4th Floor Las Vegas Nevada 89109-0925 USA

Wells Fargo & Company

13621 University Avenue

Clive

Illinois 50325

USA


Wells Fargo Insurance Services, Inc

Wells Fargo Home Mortgage

150 North Michigan Avenue

405 SW 5th Street

Chicago

Des Moines

Illinois 60601-7524

Illinois 50309

USA

USA


Wells Fargo – Key Facts


Head Office

Wells Fargo & Company 420 Montgomery Street San Francisco California 94163 USA

Phone

1 866 249 3302

Fax

1 651 4504033

Web Address

http://www.wellsfargo.com

Revenue / turnover (USD Mn)

39,390.0

Financial Year End

December

Employees

159,800

New York Ticker

WFC

Wells Fargo – Business Description

Wells Fargo & Company (Wells Fargo) is a diversified financial services company. It provides financial services such as banking, insurance, investments, mutual funds, mortgage home loans, consumer finance through a network of banking stores and other distribution channels such as the internet. Wells Fargo combined has around 6,000 stores and more than 6,841 ATMs across its businesses.

The company primarily conducts its operations through three business segments: community banking, wholesale banking and Wells Fargo Financial.

The community banking division of the company offers banking, diversified financial products, and services to consumers and small businesses across the US, with annual sales of about $20 million. It also offers investment management, wealth management insurance, securities brokerage through affiliates and venture capital financing. The division provides mutual fund products, personal trusts and agency assets as well as loan products such as lines of credit, equity lines and loans, equipment and transportation loans, education loans, the origination and purchase of residential mortgage loans, and the servicing of mortgage loans.The division also undertakes activities such as receivables financing, inventory financing, equipment leases, real estate financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, Health Savings Accounts and credit and debit card processing for small businesses.

The community banking deposit products include checking accounts, savings deposits, market rate accounts, individual retirement accounts, time deposits and debit cards.The division serves customers through a wide range of channels, which include traditional banking stores, in-store banking centers, business centers, ATMs and internet. Also, the phone banking centres and the National Business Banking Center provide a 24-hour telephone support.

The company’s wholesale banking division serves businesses across the US with annual sales of about $10 million. The division mainly provides commercial, corporate and real estate banking products and services.These include traditional commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, mezzanine financing, international trade facilities, foreign exchange services, treasury management, investment management, institutional fixed income and equity sales. It also offers online/electronic products such as the Commercial Electronic Office (CEO) portal, insurance brokerage services and investment banking services.Wholesale banking manages and administers institutional investments, employee benefit trusts and mutual funds, including the Wells Fargo Advantage Funds. The wholesale banking division has majority ownership interest in the Wells Fargo HSBC Trade Bank, which provides trade financing, letters of credit and collection services.

The wholesale banking division also offers construction loans for commercial and residential development, land acquisition and development loans, secured and unsecured lines of credit, interim financing arrangements for completed structures, rehabilitation loans, affordable housing loans and letters of credit, permanent loans for securitization, commercial real estate loan servicing, and real estate and mortgage brokerage services.

Wells Fargo Financial provides consumer financing and auto finance operations for the company. Consumer finance operations lend direct consumer and real estate loans to individuals. In addition, it purchases sales finance contracts from retail merchants from offices throughout the US and international markets such as Canada and Latin America. Automobile finance operations specialize in purchasing sales finance contracts directly from automobile dealers. Wells Fargo Financial also provides credit cards as well as lease and other commercial financing.

Wells Fargo – History

The company was formed in 1998, following a merger between Norwest Corporation and Wells Fargo & Company. The merged entity was named ‘Wells Fargo & Company’. Prior to the merger, Norwest provided banking services to customers in 16 states of US, and other financial services through its subsidiaries. The company acquired First Security Corporation in 2000.

In 2001 Wells Fargo acquired HD Vest, the largest provider of financial services delivered via tax professionals in the US. Wells Fargo acquired FAS Holdings in 2002, a San Diego-based provider of full-service brokerage and investment services to retail clients through independent contractor, financial consultants and broker/dealers. The company purchased 85% of the assets of Commerzbank’s US asset management subsidiary in 2002.The assets were managed by San Francisco based Montgomery Asset Management. A year later Wells Fargo acquired Pacific Northwest Bancorp. This acquisition significantly increased Wells Fargo’s presence in western and central Washington.

Wells Fargo acquired assets under management, valued at $34 billion, from Strong Financial in 2004.The purchase included $27 billion in mutual fund assets and $7 billion in institutional investment accounts. Later the same year, the company acquired First Community Capital Corporation, a Houston-based bank holding company. It also announced the sale of its Consumer Auto Receivables business unit to CompuCredit Corporation, an Atlanta-based consumer finance company.

In 2005 Trans Canada Credit Corporation, the company’s consumer finance business changed its name to Wells Fargo Financial Corporation Canada. Also, the company acquired Strong Financial in the same year. Later the same year, Wells Fargo & Company announced that Wells Fargo Securities, its investment banking subsidiary, would subsequently discontinue the provision of sell-side institutional equity brokerage and research products and services. Wells Fargo Bank acquired Regulus Group’s wholesale remittance processing operations in 2005.Wells Fargo acquired a $140 billion mortgage servicing portfolio from Washington Mutual in July 2006. In August 2006, Wells Fargo launched contact-less Visa credit cards for customers.

During 2006 the company acquired: Barrington Associates a private investment banking firm; Reilly Mortgage Group, a privately-owned, real estate finance firm; and employee benefit trust business of LaSalle Bank. It also opened a technology resource facility in Hyderabad, India. The company acquired Evergreen Funding Corporation, a Dallas-based factoring company that served small and middle market companies, in December 2006.Wells Fargo reached an agreement with Placer Sierra Bancshares to acquire it in a stock-for-stock merger, in January 2007. In the next month the company renamed its insurance brokerage service Acordia, to Wells Fargo Insurance Services. Wells Fargo opened its first commercial banking branch in Oklahoma in March 2007.

In May 2007, Wells Fargo HSBC Trade Bank, an exclusive international trade firm launched a cross-border lending initiative to offer financing in both domestic and foreign currency for middle market firms doing business in China. Following that it announced a new affiliate, Wells Fargo Foothill

Canada that would offer flexible, senior secured financing solutions to middle-market companies across Canada. In the same month Greater Bay Bancorp, a California based financial services company, signed a definitive merger agreement with Wells Fargo. Also during the month, the bank launched mobile banking services for business customers.

In June 2007, the company announced that it signed a purchase agreement to acquire CIT Construction, the U.S. construction lending business unit of CIT. The company announced that it would close its nonprime wholesale lending business, which processes and funds nonprime loans for third-party mortgage brokers. In the same month, the company announced that it will acquire Universal Insurance Services, Inc., in Grand Rapids, Michigan. In the following month the company announced that it will offer electricity price hedging to middle market companies to help them manage their power costs.

Wells Fargo completed the merger of Greater Bay Bancorp in September 2007. In November 2007, Wells Fargo’s subsidiary announced that it signed a definitive agreement to acquire Rogers & Belding Insurance Agency, Inc., a single-office agency in El Paso, Texas, and its subsidiaries.

In December 2007, Wells Fargo announced that its subsidiary has completed four more acquisitions namely Rogers & Belding Insurance Agency, Inc., a single-office agency in El Paso, Texas and its subsidiaries; Dover, the N.H.-based The Richardson Group; the Employee Benefits Division of The Brehm Group, Inc. of Minneapolis; and Technology Insurance Services, Inc., a single-office agency in Redwood City, California.

Wells Fargo and United Bancorporation of Wyoming Inc. announced in January 2008 that they signed a definitive agreement for Wells Fargo to acquire United Bancorporation of Wyoming’s five banking operations in Wyoming and eastern Idaho. In February 2008, Wells Fargo announced that it acquired St. Louis-based Insurance Brokers of America (IBA).

In April 2008, Wells Fargo Bank, N.A., a subsidiary of Wells Fargo and Citibank, N.A., a subsidiary of Citigroup Inc. signed a definitive agreement for Wells Fargo to acquire the account relationships of Citibank’s customer households in six northern Nevada and two California Sierra Foothills communities, including approximately $500 million in deposits and $60 million in loans. In the following month, Wells Fargo announced that it acquired the business of Flatiron Credit Company, Inc. and its operating subsidiaries. In May 2008, Wells Fargo and Bank of America Corporation announced the formation of a joint venture to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. The new entity, called Pariter Solutions LLC, will be the processor of ACH payments.

Wells Fargo – Key Employees

Name

Job Title

Board

Compensation

Richard M Kovacevich

Chairman

Executive Board

22874952 USD

John G Stumpf

President and Chief Executive Officer

Executive Board

12568917 USD

John S. Chen

Director

Non Executive Board

198900 USD

Lloyd H Dean

Director

Non Executive Board

228967 USD

Susan E Engel

Director

Non Executive Board

208967 USD

Enrique Hernandez J

Director

Non Executive Board

216967 USD

Robert L Joss

Director

Non Executive Board

249967 USD

Richard D McCormick

Director

Non Executive Board

217967 USD

Cynthia H Milliga

Director

Non Executive Board

220967 USD

Nicholas G Moore

Director

Non Executive Board

214967 USD

Philip J Quigley

Director

Non Executive Board

259967 USD

Donald B Rice

Director

Non Executive Board

217967 USD

Judith M Runstad

Director

Non Executive Board

200967 USD

Stephen W Sanger

Director

Non Executive Board

222967 USD

Susan G Swenson

Director

Non Executive Board

222967 USD

Michael W Wright

Director

Non Executive Board

204967 USD

Howard I Atkins

Senior Executive Vice President and Chief Financial Officer

Senior Management

5115716 USD

David A Hoyt

Senior Executive Vice President, Wholesale Banking

Senior Management

6381131 USD

Mark C Oman

Senior Executive Vice President, Home And Consumer Finance

Senior Management

6420163 USD

Carrie L Tolstedt

Group Executive Vice President, Regional Banking

Senior Management

3991751 USD

Richard D Levy

Executive Vice President, Controller

Senior Management

Michael J Loughlin

Executive Vice President and Chief Credit Officer

Senior Management

James M Strother

Executive Vice President, General Counsel, Law and Government Relations

Senior Management

Julie M. White

Executive Vice President, Community Banking

Senior Management