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Wells Fargo & Co. – The Renowned Company Offering Worthwhile Financial Advisory Services
One of the many things that make Wells Fargo & Co. unique is company’s rich 164-year history. Wells Fargo is one of a handful of U.S. companies dating to the mid-1800s that is still in the same business and operates under the same name. In fact, headquarters building at 420 Montgomery St. in San Francisco stands on the same spot where Wells Fargo first opened for business in 1852. It has more than 9000 locations, 13,000 ATMs, the internet and mobile banking offices in 42 countries and territories. IT has approximately 269,000 team members serving 70 million customers across the globe. No wonder, it is ranked 27th on Fortune’s 2016 rankings of America’s largest corporations.
Its current market value
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company whose vision is to satisfy our customers’ financial needs and help them succeed financially. Currently, it owns $1.9 trillion in assets, making it 3rd largest in the United States. It owns $1.5 trillion as assets for retail brokerage clients. The 3rd largest U.S. retail brokerage firm, it also provides banking, insurance, investments, mortgage, and consumer and commercial finance.
Wells Fargo & Co. net income slid to $5.64 billion, or $1.03 a share, from $5.8 billion, or $1.05, a year earlier, the San Francisco-based company said Friday in a statement. The average estimate of 28 analysts surveyed by Bloomberg was for per-share profit of $1.01. Total revenue increased 1.8 percent to $22.3 billion, exceeding analysts’ expectations. The bank’s shares climbed 0.4 percent to $44.92 at 9:41 a.m. in New York.
Total loans increased less than 1 percent to $961.3 billion from the previous quarter, while mortgage banking revenue climbed 4.9 percent to $1.67 billion, according to the statement. Expenses rose 7 percent to $13.3 billion on higher compensation costs and litigation accruals. Third-quarter provisions for credit losses declined 25 percent to $805 million from the previous quarter and climbed 15 percent from a year earlier, Wells Fargo said. Net interest income, including the loan-loss provision, increased 3.7 percent to $11.1 billion. Third-quarter profit from wholesale banking rose 6.3 percent to $2.05 billion from a year earlier, while wealth management net income gained 12 percent to $677 million, according to the statement.
How it originated?
Businessmen in New York establish Wells, Fargo and Company, destined to become the leading freight and banking company of the West. The California economy boomed after the discovery of gold at Sutter’s Mill in 1849, spurring a huge demand for shipping. Henry Wells and William Fargo joined with several other New York investors to create Wells, Fargo and Company to serve and profit from this demand. In July 1852, the company began transporting its first loads of freight between the East Coast and the isolated mining camps of California.
Wells, founder of Wells and Company, and Fargo, a partner in Livingston, Fargo and Company, and mayor of Buffalo, NY from 1862 to 1863 and again from 1864 to 1865, were major figures in the young and fiercely competitive express industry. In 1849, a new rival, John Warren Butterfield, founder of Butterfield, Wasson & Company, entered the express business.
How does it function?
Wells Fargo & Company owns Wells Fargo Bank, which is one of the largest banks in the US with more than 8,800 bank branches in 40-plus states. Community banking represents Wells Fargo’s largest segment. Its wholesale banking arm handles corporate banking across the US and around the world; activities include investment banking and capital markets, securities investment, commercial real estate, and capital finance. Its wealth, brokerage, and retirement segment provide financial advisory services. The bank holding company also runs Wells Fargo Home Mortgage and Wells Fargo Insurance Services.
Wells Fargo Properties For Sale Across the United States :
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming