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.