Professional Documents
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6001x Additional Resources2
6001x Additional Resources2
6001x Additional Resources2
Wells Fargo
Wells Fargo & Company is an American multinational financial
services company headquartered in San Francisco, California, with
Wells Fargo & Company
central offices throughout the United States.[9] It is the world's fourth-
largest bank by market capitalization and the fourth largest bank in the
US by total assets.[10][11] Wells Fargo is ranked #26 on the 2018
Fortune 500 rankings of the largest US corporations by total
revenue.[12] In July 2015, Wells Fargo became the world's largest bank
by market capitalization, edging past ICBC,[11] before slipping behind
JPMorgan Chase in September 2016, in the wake of a scandal involving
the creation of over 2 million fake bank accounts by Wells Fargo
employees.[10] Wells Fargo fell behind Bank of America to third by Company logo since 2009
bank deposits in 2017[13] and behind Citigroup to fourth by total assets
in 2018.[14]
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On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo Francisco, California, US
from growing its nearly US$2 trillion-asset base any further, based Founders Henry Wells
upon years of misconduct, until Wells Fargo fixes its internal problems William Fargo
to the satisfaction of the Federal Reserve.[20] In April 2018, The Wall
Headquarters 420 Montgomery Street,
Street Journal reported that the US Department of Labor had launched
San Francisco, California,
a probe into whether Wells Fargo was pushing its customers into more
US
expensive retirement plans as well as into retirement funds managed
Number of 8,050 branches (2018)
by Wells Fargo itself.[21][22] Subsequently in May 2018, The Wall Street locations
Journal reported that Wells Fargo's business banking group had
13,000 ATMs (2018)
improperly altered documents about business clients in 2017 and early Area served Worldwide
2018.[23] In June 2018, Wells Fargo began retreating from retail Key people Elizabeth Duke
banking in the Midwestern United States by announcing the sale of all (Chair)
its physical bank branch locations in Indiana, Michigan, and Ohio to
C. Allen Parker
Flagstar Bank.[24][13]
(Interim President & CEO)
John R. Shrewsberry
(CFO)
Contents Products Collapsible list
History Revenue US$86.40 billion (2018)
Wells Fargo History Museums
Key dates Operating US$30.28 billion (2018)
Wachovia acquisition
income
Investment by US Treasury Department during 2008 financial Net income US$22.39 billion (2018)
crisis US$1.895 trillion (2018)
Total assets
History of Wells Fargo Securities
Environmental record Total equity US$197.06 billion (2018)
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Executive compensation
Tax avoidance and lobbying
Prison industry investment
SEC settlement for insider trading case
Wells Fargo account fraud scandal
Racketeering lawsuit for mortgage appraisal overcharges
Dakota Access Pipeline investment
Failure to comply with document security requirements
Connections to the gun industry and NRA
Discrimination against female workers
Auto insurance
Wells Fargo branch in Berkeley,
CEO-to-worker pay ratio
California
See also
Notes
References
External links
History
Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan
Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the
Alaskan Gold Rush era.[28]
Key dates
1852: Henry Wells and William G. Fargo, the two founders of American
Express, formed Wells Fargo & Company to provide express and banking
services to California.
1860: Wells Fargo gained control of Butterfield Overland Mail Company,
leading to operation of the western portion of the Pony Express.
1866: "Grand consolidation" united Wells Fargo, Holladay, and Overland
Mail stage lines under the Wells Fargo name.
1905: Wells Fargo separated its banking and express operations; Wells
Fargo's bank was merged with the Nevada National Bank to form the
Wells Fargo Nevada National Bank.
A late 19th Century Wells Fargo
Bank in Apache Junction, Arizona
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Wachovia acquisition
On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about
US$14.8 billion in an all-stock transaction. This news came four days after the
US Federal Deposit Insurance Corporation (FDIC) made moves to have
Citigroup buy Wachovia for US$2.1 billion. Citigroup protested Wachovia's
agreement to sell itself to Wells Fargo and threatened legal action over the
matter. However, the deal with Wells Fargo overwhelmingly won shareholder
approval since it valued Wachovia at about seven times what Citigroup offered.
To further ensure shareholder approval, Wachovia issued Wells Fargo Wells Fargo in Laredo, Texas
preferred stock that holds 39.9% of the voting power in the company.[44]
Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First
Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition,
high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public
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finance capabilities.[51]
Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington
Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the
investment banking arm of Citadel LLC.[52]
Environmental record
In 2009, Wells Fargo ranked #1 among banks and insurance companies, and #13
overall, in Newsweek Magazine's inaugural "Green Rankings" of the country's 500
largest companies.[54] In 2013, the company was recognized by the EPA Center for
Corporate Climate Leadership as a Climate Leadership Award winner, in the category
"Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this
recognition was for the company's aim to reduce its absolute greenhouse gas emissions
from its US operations by 35% by 2020 versus 2008 levels.[55]
As of 2013, Wells Fargo had provided more than US$6 billion in financing for
environmentally beneficial business opportunities, including supporting 185
commercial-scale solar photovoltaic projects and 27 utility-scale wind projects
nationwide.[56]
Wells Fargo has launched what it believes to be the first blog among its industry peers
to report on its environmental stewardship and to solicit feedback and ideas from its
stakeholders.[57][58]
Community banking
The Community Banking segment includes Regional Banking, Diversified Map of Wells Fargo branches in
Products, and Consumer Deposits groups, as well as Wells Fargo Customer August 2015
Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the
National Business Banking Center, and Credit Card Customer Service). Wells
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Fargo also has around 2,000 stand-alone mortgage branches throughout the country.[59] There are mini-branches located
inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basic teller services, and,
space permitting, an office for private meetings with customers.[60] In March 2017, Wells Fargo announced a plan to offer
smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.[61]
Consumer lending
As of Q3 2011, Wells Fargo Home Mortgage was the largest retail mortgage lender in the United States, originating one out
of every four home loans.[62] Wells Fargo services US$1.8 trillion in home mortgages, the second largest servicing portfolio
in the US[63] It was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, the then-CEO
John Stumpf had said the numbers were misleading because about half of that share represented the aggregation of
smaller loans that were then sold on in the secondary market. In 2013, its share was closer to 22%; of which eight
percentage points was aggregation.[64]
Equipment lending
Wells Fargo has various divisions that finance and lease equipment to different types of companies.[66] One venture is
Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail.[67]
In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment
financing.[68]
Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009,
when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.
In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by US$4 billion.[69]
Wells Fargo Asset Management (WFAM) is the trade name for the mutual fund Management, LLC
division of Wells Fargo & Co. Mutual funds are offered under the Wells Fargo Type Subsidiary
Advantage Funds brand name.
Industry Mutual funds
Headquarters Kansas City,
Wells Fargo Securities Missouri
Wells Fargo Securities (WFS) is the investment banking division of Wells Fargo Area served Worldwide
& Co. The size and financial performance of this group is not disclosed publicly, Website wellsfargofunds
but analysts believe the investment banking group houses approximately 4,500 .com (https://wellsfa
employees and generates between US$3 and US$4 billion per year in rgofunds.com/)
investment banking
revenue. By comparison, Wells Fargo Securities, LLC
two of Wells Fargo's largest
competitors, Bank of
America and J.P. Morgan
Chase generated
approximately US$5.5 Type Subsidiary
billion and US$6 billion Industry Investment Banking
respectively in 2011 (not
Headquarters Charlotte, North Carolina
including sales and trading
Area served Worldwide
revenue).[70] WFS
headquarters are in Website www.wellsfargo.com/com/securities/
(https://www.wellsfargo.com/com/se
Charlotte, North Carolina,
curities/)
with other US offices in
The Seagram Building:
New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with
Home of Wells Fargo
Securities' New York offices international offices in London, Hong Kong, Singapore, and Tokyo.
and trading floors
Cross-selling
A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy
additional banking products.[71] Customers inquiring about their checking account balance may be pitched mortgage deals
and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the
bank.[72][73] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street
Journal as a hard sell technique);[72] Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[73]
International operations
Wells Fargo has banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo,
Toronto.[74][75] They operate back-offices in India and the Philippines with more than 3,000 staff.[76]
Charter
Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued
to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[77] Traditionally,
acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of
Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many
acquisitions.
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Overdraft fees
In August 2010, Wells Fargo was fined by US District Court judge William Alsup for overdraft practices designed to
"gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed
transactions and assessed overdraft fees.[86][87][88]
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On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citi,
JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[89] The
settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about US$26 billion in
relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount
makes the NMS the second largest civil settlement in US history, only trailing the Tobacco Master Settlement
Agreement.[90] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held
out and agreed to settle with the banks separately.
On April 5, 2012, a federal judge ordered Wells Fargo to pay US$3.1 million in punitive damages over a single loan, one of
the largest fines for a bank ever for mortgaging service misconduct.[91] Elizabeth Magner, a federal bankruptcy judge in the
Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[92] stating that Wells Fargo has taken
advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is
Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to
fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting
methods."[93]
In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.[97]
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In February 2015, Wells Fargo agreed to pay US$4 million for violations where an affiliate took interest in the homes of
borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit
card laws. There was a US$2 million penalty with the other US$2 million going towards restitution to customers.[99]
Executive compensation
With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the
S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning US$15 per hour
emailed the CEO—copying 200,000 other employees—asking that all employees be given a US$10,000 per year raise
taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted
by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above
US federal minimums.[100][101]
While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo
to divest from private prison companies like GEO Group, the company continues to make such investments.[107]
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to the firing of nearly 5,300 employees and US$5 million being set aside for customer refunds on fees for accounts the
customers never wanted.[111] Carrie Tolstedt, who headed the department, retired in July 2016 and received US$124.6
million in stock, options, and restricted Wells Fargo shares as a retirement package.[112][113] On October 12, 2016, John
Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his
company. It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed,
effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank
plummeted.[114] In response to the event, the Better Business Bureau dropped accreditation of the bank,[115] S&P Global
Ratings lowered its outlook for Wells Fargo from stable to negative,[116] and several states and cities across the US ended
business relations with the company.[117] An investigation by the Wells Fargo board of directors, the report of which was
released in April 2017, primarily blamed Stumpf, whom it said had not responded to evidence of wrongdoing in the
consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to
respond when subordinates disagreed with them.[118] The board chose to use a clawback clause in the retirement contracts
of Stumpf and Tolstedt to recover US$75 million worth of cash and stock from the former executives.[118]
In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a
move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus
accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council
of Davis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of
2017.[121]
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In a March 2018 statement Wells Fargo said, "Any solutions on how to address this epidemic will be complicated. This is
why our company believes the best way to make progress on these issues is through the political and legislative process. ...
We plan to engage our customers that legally manufacture firearms and other stakeholders on what we can do together to
promote better gun safety for our communities." [123] Wells Fargo's CEO subsequently said that the bank would provide its
gun clients with feedback from employees and investors.[124]
Auto insurance
On June 10, 2019, Wells Fargo settled a lawsuit for $ 385 million that was filed in 2017 concerning their customers and
National General Insurance.[127]
Total 2018 compensation for Timothy J. Sloan, CEO, was $18,426,734, and total compensation for the median employee
was estimated to be $65,191. The resulting pay ratio was determined to be 283:1.[129]
See also
List of Wells Fargo directors
List of Wells Fargo presidents
Wells Fargo Arena
Wells Fargo Center
Notes
1. "2018 annual results" (https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/fourth-quarter
-2018-earnings.pdf) (PDF). Wells Fargo & Company.
2. "Wells Fargo Today (2nd Quarter 2018)" (https://www08.wellsfargomedia.com/assets/pdf/about/corporate/wells-fargo-t
oday.pdf) (PDF). Wells Fargo & Company. June 2018. Retrieved December 3, 2018.
3. Wells Fargo & Company 2015 Form 10-K Annual Report (https://www.sec.gov/Archives/edgar/data/72971/000007297
116001045/wfc-12312015xex13.htm)
4. "Contact Info For Wells Fargo CEO John Stumpf And Friends" (https://consumerist.com/2008/09/24/contact-info-for-w
ells-fargo-ceo-john-stumpf-and-friends/). September 24, 2008.
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5. "Wells Fargo & Company, Form 10-K, Annual Report, Filing Date Mar 1, 2018" (http://edgar.secdatabase.com/0/72971
18000272/filing-main.htm). secdatabase.com. Retrieved May 13, 2018.
6. Stempel, Jonathan. "Buffett becomes Bank of America's top shareholder" (https://www.reuters.com/article/us-berkshir
e-bank-of-america-idUSKCN1B92LE). Retrieved September 9, 2018.
7. "Wells Fargo Q1 earnings report 2018" (https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/first-q
uarter-2018-earnings-supplement.pdf) (PDF). Wells Fargo. 2018.
8. "Debt Rating Summary (3rd Quarter 2018)" (https://web.archive.org/web/20181203034001/https://www.wellsfargo.co
m/about/investor-relations/debt-rating/). Wells Fargo & Company. 2018. Archived from the original (https://www.wellsfa
rgo.com/about/investor-relations/debt-rating/) on December 3, 2018. Retrieved December 3, 2018.
9. "Wells Fargo & Company, Form 10-K, Annual Report, Filing Date Feb 27, 2009" (http://edgar.secdatabase.com/867/9
5013409003967/filing-main.htm). secdatabase.com. Retrieved May 13, 2018.
10. Laura J. Keller and Katherine Chiglinsky (September 13, 2016). "Wells Fargo Eclipsed by JPMorgan as World's Most
Valuable Bank" (https://www.bloomberg.com/news/articles/2016-09-13/wells-fargo-eclipsed-by-jpmorgan-as-world-s-m
ost-valuable-bank). Bloomberg L.P. Retrieved September 16, 2016.
11. "This is the most valuable bank in the world" (http://fortune.com/2015/07/23/wells-fargo-worlds-most-valuable-bank/).
Fortune. Retrieved July 24, 2015.
12. "Fortune 500 Companies 2018: Who Made the List" (http://fortune.com/fortune500/list/). Fortune. Retrieved
November 9, 2018.
13. Hannah Levitt (June 5, 2018). "Wells Fargo sells all its branches in Indiana, Michigan, Ohio" (https://www.bloomberg.c
om/news/articles/2018-06-05/wells-fargo-sells-all-its-branches-in-indiana-michigan-ohio). Bloomberg, L.P. Retrieved
June 5, 2018.
14. Deon Roberts (July 19, 2018). "Here's another way Wells Fargo is falling behind competitors in the wake of scandals"
(https://www.charlotteobserver.com/news/business/banking/article215157110.html). The Charlotte Observer.
Retrieved February 13, 2019.
15. "FRB: Large Commercial Banks-- March 31, 2016" (http://www.federalreserve.gov/releases/lbr/current/).
16. "Wells Fargo Tops List of World's Most Valuable Bank Brands, Leads Strong US Growth" (http://brandfinance.com/ne
ws/in_the_news/wells-fargo-tops-list-of-worlds-most-valuable-bank-brands-leads-strong-us-growth). Brand Finance.
February 3, 2014.
17. "The Top 500 Banking Brands, 2014" (http://www.thebanker.com/Banker-Data/Banker-Rankings/The-Top-500-Banking
-Brands-2014). The Banker. February 3, 2014.
18. "Fortune 500 #30: Wells Fargo" (http://beta.fortune.com/fortune500/wells-fargo-27). Fortune Magazine. Retrieved
July 24, 2015.
19. "Wells Fargo Bank Becomes S&P's Only "AAA" Credit-rated U.S. Bank" (http://www.prnewswire.com/news-releases/w
ells-fargo-bank-becomes-sps-only-aaa-credit-rated-us-bank-57919847.html) (Press release). PRNewswire. February
14, 2007.
20. Emily Flitter, Binyamin Appelbaum, and Stacy Cowley (February 2, 2018). "Federal Reserve Shackles Wells Fargo
After Fraud Scandal" (https://www.nytimes.com/2018/02/02/business/wells-fargo-federal-reserve.html). The New York
Times. Retrieved February 3, 2018.
21. Gretchen Morgenson and Emily Glazer (April 26, 2018). "Wells Fargo's 401(k) Practices Probed by Labor
Department" (https://www.wsj.com/articles/wells-fargos-401-k-practices-probed-by-labor-department-1524757138).
The Wall Street Journal. Retrieved April 26, 2018. "Department is examining if bank pushed participants in low-cost
401(k) plans into more expensive IRAs"
22. Kate Rooney (April 26, 2018). "Labor Department is reportedly investigating Wells Fargo's 401(k) unit" (https://www.cn
bc.com/2018/04/26/labor-department-is-investigating-wells-fargos-401k-unit-wsj.html). CNBC. Retrieved April 26,
2018.
23. Matt Egan (May 17, 2018). "Wells Fargo altered documents about business clients" (http://money.cnn.com/2018/05/1
7/news/companies/wells-fargo-alter-documents/index.html). CNN. Retrieved May 17, 2018.
24. Matt Egan (June 5, 2018). "Wells Fargo sells all its branches in three Midwestern states" (http://money.cnn.com/2018/
06/05/news/companies/wells-fargo-sells-branches-indiana-michigan/index.html). CNN. Retrieved June 5, 2018.
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68. Koren, James Rufus. "Wells Fargo buys 3 GE units focused on equipment financing" (http://www.latimes.com/busines
s/la-fi-wells-fargo-ge-20151014-story.html). latimes.com. Retrieved May 14, 2018.
69. Reuters (September 21, 2018). "Wells Fargo Plans To Eliminate Up To 26,450 Jobs By 2020" (https://www.huffingtonp
ost.com/entry/wells-fargo-job-cuts_us_5ba4aecae4b0181540dbd52d). Huffington Post. Retrieved October 1, 2018.
70. "Warren Buffett Seal of Approval Goes To... Wells Fargo Bankers? Date 11 Apr 2011" (https://blogs.wsj.com/deals/201
1/04/11/warren-buffett-seal-of-approval-goes-to-wells-fargo-bankers/?mod=WSJBlog). Blogs.wsj.com. April 11, 2011.
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71. "Our strategy: How we're going to get there" (https://www.wellsfargo.com/invest_relations/vision_values/4).
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72. Smith, Randall (February 28, 2011). "In Tribute to Wells, Banks Try the Hard Sell" (http://online.wsj.com/article/SB100
01424052748704430304576170702480420980.html). The Wall Street Journal. Retrieved April 4, 2012.
73. Touryalai, Halah (January 25, 2012). "The Art Of The Cross-Sell" (https://www.forbes.com/sites/halahtouryalai/2012/0
1/25/the-art-of-the-cross-sell/). Forbes. Retrieved April 4, 2012.
74. "International Locations and Contacts – Wells Fargo Commercial" (https://www.wellsfargo.com/com/international/locati
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75. Glazer, Emily (April 13, 2015). "A Look at Wells Fargo's Overseas Expansion" (https://blogs.wsj.com/moneybeat/2015/
04/13/a-look-at-wells-fargos-overseas-expansion/). Retrieved August 25, 2016.
76. "Why US banking giant Wells Fargo is creating back-office jobs in India" (http://www.firstpost.com/world/why-us-banki
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77. Riggs, Charles (July 6, 2009). "Wells Fargo's Charter Number (cont'd)" (https://blogs.wf.com/guidedbyhistory/2009/07/
last-week-ryan-baum-began/). Wells Fargo.
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79. Anderson, Dave (https://www.nytimes.com/1981/02/01/sports/sports-of-the-times-the-maps-boxing-scandal.html)
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80. "Illinois Files Bias Suit Against Wells Fargo" (https://www.reuters.com/article/hotStocksNews/idUSTRE56U6Q9200907
31). Reuters. Reuters.com. July 31, 2009. Retrieved December 30, 2012.
81. Powell, Michael (June 7, 2009). "Bank Accused of Pushing Mortgage Deals on Blacks" (https://www.nytimes.com/200
9/06/07/us/07baltimore.html). The New York Times. NYTimes.com. Retrieved June 24, 2018.
82. Michael Powell (June 6, 2009). Bank Accused of Pushing Mortgage Deals on Blacks (https://www.nytimes.com/2009/
06/07/us/07baltimore.html?pagewanted=all&_r=3&). The New York Times. Retrieved May 4, 2015.
83. Broadwater, Luke (July 13, 2012). "Wells Fargo agrees to pay $175M settlement in pricing discrimination suit" (http://a
rticles.baltimoresun.com/2012-07-12/news/bs-md-ci-wells-fargo-20120712_1_mike-heid-wells-fargo-home-mortgage-s
ubprime-mortgages). The Baltimore Sun. Retrieved July 13, 2012.
84. Yost, Pete (July 13, 2012). "Wells Fargo settles discrimination case". Associated Press and the Express.
85. Smith, Michael (June 29, 2010). "Banks Financing Mexico Gangs Admitted in Wells Fargo Deal" (https://www.bloombe
rg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html/). Bloomberg.
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86. Gelles, Jeff (August 15, 2010). "Consumer 10.0: How Wells Fargo held up debit-card customers" (http://www.philly.co
m/inquirer/business/20100815_Consumer_10_0__How_Wells_Fargo_held_up_debit-card_customers.html). The
Philadelphia Inquirer.
87. Numerian (August 12, 2010). "The checking account scam—How Wells Fargo gouged its customers" (http://agonist.or
g/numerian/20100812/the_checking_account_scam_how_wells_fargo_gouged_its_customers). The Agonist.
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88. "Wells Fargo loses consumer case over overdraft fees" (http://articles.latimes.com/2010/aug/10/business/la-fi-wells-20
100810). Los Angeles Times. August 10, 2010.
89. "Joint State-Federal Mortgage Servicing Settlement FAQ" (http://www.nationalmortgagesettlement.com/faq). NMS.
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90. Schwartz, Nelson D.; Creswell, Julie (February 10, 2012). "Mortgage Plan Gives Billions to Homeowners, but With
Exceptions" (https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.ht
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External links
Official website (http://www.wellsfargo.com)
Business data for Wells Fargo & Co: Google Finance (https://www.google.com/finance?q=WFC) · Yahoo! Finance (htt
ps://finance.yahoo.com/q?s=WFC) · Bloomberg (https://www.bloomberg.com/quote/WFC:US) · Reuters (https://www.r
euters.com/finance/stocks/overview?symbol=WFC) · SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=g
etcompany&CIK=72971)
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