:Wells Fargo

File:Wells Fargo Bank.svg

{{Main|Wells Fargo (1852–1998)|History of Wells Fargo}}

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Henry Wells and William G. Fargo, who founded American Express along with John Butterfield, formed Wells Fargo & Company in 1852 to provide "express" and banking services to California, which was growing rapidly due to the California Gold Rush.{{Cite book |last=Rivera |first=Sheila |title=California Gold Rush |publisher=ABDO |year=2004 |isbn=1-59197-281-7 |location=Edina, Minnesota |pages=32 |language=en}} Its earliest and most significant tasks included transporting gold from the Philadelphia Mint and "express" mail delivery that was faster and less expensive than U.S. Mail. American Express was not interested in serving California.

By the end of the California Gold Rush, Wells Fargo was a dominant express and banking organization in the West, making large shipments of gold and delivering mail and supplies. It was also the primary lender of Butterfield Overland Mail Company, which ran a 2,757-mile route through the Southwest to San Francisco and was nicknamed the "Butterfield Line" after the name of the company's president, John Butterfield. In 1860, Congress failed to pass the annual Post Office appropriation bill, leaving the Post Office unable to pay Overland Mail Company. This caused Overland to default on its debts to Wells Fargo, allowing Wells Fargo to take control of the mail route.{{Cite book |last=Ely |first=Glen Sample |title=The Texas Frontier and the Butterfield Overland Mail, 1858–1861 |publisher=University of Oklahoma Press |year=2016 |isbn=978-0-8061-5221-9 |location=Norman |pages=273 |language=en}} Wells Fargo then operated the western portion of the Pony Express.{{Cite web | url=https://www.parks.ca.gov/?page_id=25444 | title=Butterfield Overland Mail | publisher=California State Parks}}File:Wells, Fargo & Co. Display Ad 1868.jpg

Six years later, the "Grand Consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.{{Citation |title=Wells Fargo Investment Advisors |date=1989 |url=http://dx.doi.org/10.1007/978-1-349-10905-0_67 |work=Macmillan Guide to International Asset Managers |pages=276–280 |access-date=November 15, 2023 |place=London |publisher=Macmillan Education UK |doi=10.1007/978-1-349-10905-0_67 |isbn=978-1-349-10907-4 }}

File:Wells, Fargo & Co. Ad 1870.jpg

In 1872, Lloyd Tevis, a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad, became president of the company after acquiring a large stake, a position he held until 1892.{{Cite web | url=https://sandiegohistory.org/journal/v59-1/v59-1engstrand.pdf | title=Wells Fargo: California's Pioneer Bank | first=Iris | last=Engstrand | publisher=San Diego History}}

In 1905, Wells Fargo separated its banking and express operations, and Wells Fargo's bank merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.{{Cite web | url=https://stories.wf.com/enlisting-stagecoach-wwi/ | title=Enlisting the stagecoach during WWI | publisher=Wells Fargo | date=June 29, 2018}}

During the First World War, the United States government nationalized Wells Fargo's express business into a federal agency known as the US Railway Express Agency (REA).{{Cite web |title=Wells and Fargo start shipping and banking company |url=https://www.history.com/this-day-in-history/wells-and-fargo-start-shipping-and-banking-company |publisher=History.com}} After the war, the REA was privatized and continued service until 1975.

In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.{{Cite journal

| url=https://online.ucpress.edu/scq/article-abstract/66/4/377/86139/A-SALUTE-TO-THE-SOCIETY-S-CORPORATE-PATRONS-WELLS

| journal=Southern California Quarterly

| year=1984| volume=66 | issue=4 | pages=377–378 | doi=10.2307/41171130 | jstor=41171130 | title=A Salute to the Society's Corporate Patrons: Wells Fargo Bank, N.a. }}

In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank. Four years later, it merged with American Trust Company to form the Wells Fargo Bank American Trust Company.{{cite news | url=https://www.nytimes.com/1960/03/26/archives/wells-fargo-american-trust-merge-as-the-11th-biggest-bank.html | title=Wells Fargo, American Trust Merge as the 11th Biggest Bank | work=The New York Times | date=March 26, 1960 | url-access=limited}} It changed its name back to Wells Fargo Bank in 1962.

In 1968, Wells Fargo was converted to a federal banking charter and became Wells Fargo Bank, N.A. In that same year, Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him.{{cite news |url=https://www.pressdemocrat.com/article/news/santa-rosa-power-broker-philanthropist-henry-trione-dies-at-94-2/ |title=Santa Rosa power broker, philanthropist Henry Trione dies at 94 | work=The Press Democrat | first=Guy | last=Kovner | date=February 12, 2015}}

One year later, Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.{{Cite news | url=https://www.nytimes.com/1969/01/31/archives/wells-fargo-bank-is-given-holding-company-approval.html | title=Wells Fargo Bank Is Given Holding Company Approval | work=The New York Times | date=January 31, 1969}}

In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut, was the victim of the White Eagle robbery.{{Cite book |last=Calderón |first=Fernando Herrera |title=Twentieth Century Guerrilla Movements in Latin America: A Primary Source History |publisher=Routledge |year=2021 |isbn=978-0-415-73179-9 |location=Oxon |pages=173 |language=en}} The robbery was organized by Los Macheteros (a guerrilla group seeking Puerto Rican independence from the United States) and involved an insider armored truck guard. It was the largest US bank theft to date with $7.1 million stolen.{{Cite news | url=https://www.courant.com/news/connecticut/hc-xpm-2008-02-29-0802290303-story.html | title=NOT GUILTY PLEA IN 1983 ARMED ROBBERY | first=EDMUND H. | last=MAHONY | work=Hartford Courant | date=February 29, 2008}}{{Cite news | url=https://www.nytimes.com/1983/12/11/nyregion/wells-fargo-theft-3-months-later-only-tantalizing-leads-to-7-million.html | title=WELLS FARGO THEFT, 3 MONTHS LATER: ONLY TANTALIZING LEADS TO $7 MILLION | first= Richard L. | last=Madden | work=The New York Times | date=December 11, 1983 | url-access=limited}}

Throughout the 1980s and '90s, Wells Fargo completed a series of acquisitions. In 1986, it acquired Crocker National Bank from Midland Bank.{{Cite news | url=https://www.nytimes.com/1986/05/31/business/crocker-absorbed-into-wells-fargo.html | title=CROCKER ABSORBED INTO WELLS FARGO

| first=Andrew

| last=Pollack

| work=The New York Times

| date=May 31, 1986 | url-access=subscription}}{{Cite news | url=https://www.chicagotribune.com/news/ct-xpm-1986-02-08-8601100645-story.html | title=WELLS FARGO BUYS CROCKER | first=William | last=Gruber | work=Chicago Tribune | date=February 8, 1986 | url-access=limited}} Then, in 1987 it acquired the personal trust business of Bank of America.{{Cite web | url=https://www.wellsfargohistory.com/assets/pdf/annual-reports/1987-annual-report.pdf | title=Wells Fargo & Company 1987 Annual Report}} In 1988, it acquired Barclays Bank of California from Barclays plc.{{cite news | url=https://www.nytimes.com/1988/01/16/business/company-news-wells-fargo-to-buy-barclays-in-california.html | title=Wells Fargo to Buy Barclays in California | author=Lawrence M. Fisher | work=The New York Times | date=January 16, 1988}} In 1991, Wells Fargo spent $491 million to acquire 130 branches in California from Great American Bank.{{cite news |title=Regulators seize Great American Bank |url=https://www.upi.com/Archives/1991/08/09/Regulators-seize-Great-American-Bank/3015681710400/ | work=United Press International | date=August 9, 1991}} In 1996, Wells Fargo acquired First Interstate Bancorp for $11.6 billion.{{cite news |last=Hansell |first=Saul |date=January 25, 1996 |title=Wells Fargo Wins Battle for First Interstate |work=The New York Times |url=https://www.nytimes.com/1996/01/25/business/wells-fargo-wins-battle-for-first-interstate.html}} Integration went poorly as many executives left.{{cite news |last=Baker |first=David R. |date=December 19, 2004 |title=When hostile takeovers backfire |work=San Francisco Chronicle |url=https://www.sfgate.com/business/article/When-hostile-takeovers-backfire-Putting-back-2662818.php}}{{cite news |last=Svaldi |first=Aldo |date=June 12, 1998 |title=Wells Fargo learned hard way about deals |work=American City Business Journals |url=https://www.bizjournals.com/denver/stories/1998/06/15/newscolumn3.html}}

Wells Fargo became the first major US financial services firm to offer internet banking, in May 1995.{{Cite web | url=https://stories.wf.com/wow-two-decades-of-banking-online/ | title=Wow! Two decades of banking online |

publisher=Wells Fargo | date=May 18, 2015}}

After its string of acquisitions, in 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name.{{cite news | url=https://money.cnn.com/1998/06/08/deals/wells/ | title=Wells Fargo, Norwest pair | work=CNN | date=June 8, 1998}}{{cite news | url=https://www.nytimes.com/1998/06/09/business/wells-fargo-and-norwest-plan-merger.html | title=Wells Fargo And Norwest Plan Merger | first=Timothy L. | last=O'Brien | work=The New York Times | date=June 9, 1998 | url-access=limited}}

It then began on another set of acquisitions, starting in 2000, when Wells Fargo Bank acquired National Bank of Alaska and First Security Corporation.{{cite news |date=December 22, 1999 |title=Wells Fargo to Buy Alaskan Bank |work=Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1999-dec-22-fi-46332-story.html |url-access=limited}} In late 2001, it acquired H.D. Vest Financial Services for $128 million, but sold it in 2015 for $580 million.{{cite news | url=https://www.investmentnews.com/h-d-vest-to-be-acquired-by-internet-company-blucora-for-580-million-64836 | title=H.D. Vest to be acquired by Internet company Blucora for $580 million | work=Investment News | date=October 15, 2015}} The 2008 financial crisis resulted in many bank takeovers. In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction.{{cite press release | url=https://www.sec.gov/Archives/edgar/data/775473/000119312507103058/dex991.htm | title=Wells Fargo, Greater Bay Bancorp Agree to Merge | publisher=PR Newswire | date=May 4, 2007}}{{cite news |url=https://www.sfgate.com/business/article/Wells-Fargo-buys-bank-Greater-Bay-has-41-2596780.php |title=Wells Fargo buys bank / Greater Bay has 41 branches in the Bay Area |work=San Francisco Chronicle |date=May 5, 2007 |first=Carolyn| last=Said}}{{cite news | url=https://dealbook.nytimes.com/2007/05/07/wells-fargo-gobbles-up-greater-bay-bancorp/ | title=Wells Fargo Gobbles Up Greater Bay Bancorp | work=The New York Times | date=May 7, 2007}}{{Cite news | url=https://www.wsj.com/articles/SB117828294558292197 | title=Wells Fargo Agrees to Acquire Greater Bay Bancorp for $1.5 Billion | first=Mike | last=Barris | work=The Wall Street Journal | date=May 4, 2007 | url-access=subscription}} It also acquired Placer Sierra Bank and CIT Group's construction unit that same year.{{cite news |date=January 9, 2007 |title=Wells Fargo to purchase Placer Sierra Bank, owner of four Bank of Lodi branches |work=Lodi News-Sentinel |url=https://www.lodinews.com/news/article_edd85243-a297-5f13-8cdc-072e1a3f9eee.html}}{{cite news | url=https://www.americanbanker.com/news/wells-fargo-to-purchase-cit-unit | title=Wells Fargo to Purchase CIT Unit | work=American Banker | date=June 22, 2007}}{{Cite news | url=https://www.reuters.com/article/idUSWNAS452520070621 | title=Wells Fargo to buy CIT Group's construction unit | first=Jonathan | last=Stempel | work=Reuters | date=June 22, 2007}} In 2008, Wells Fargo acquired United Bancorporation of Wyoming and Century Bancshares of Texas.{{cite news |date=January 15, 2008 |title=Wells to acquire United Bancorp of Wyoming |work=American City Business Journals |url=https://www.bizjournals.com/eastbay/stories/2008/01/14/daily23.html}}{{cite news | url=https://www.bizjournals.com/dallas/stories/2008/08/11/daily50.html | title=Wells Fargo to acquire Century Bank | work=American City Business Journals | author=Chad Eric Watt | date=August 13, 2008}}

On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock.{{cite news | url=http://usatoday30.usatoday.com/money/economy/2008-10-03-378872640_x.htm | title=Wells Fargo agrees to buy Wachovia; Citi objects | work=USA Today | agency=Associated Press | date=October 4, 2008}} The next day, a New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out.{{cite web |url=https://abc7ny.com/archive/6432867/ | title=Court tilts Wachovia fight toward Wells | work=WABC-TV | date=October 5, 2008}} Citigroup alleged that it had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by the New York state appeals court.{{cite web |url=https://economictimes.indiatimes.com/news/international/court-tilts-wachovia-fight-toward-wells-fargo/articleshow/3564421.cms |title=Court tilts Wachovia fight toward Wells Fargo | work=Times Internet | date=October 6, 2008}} Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. The negotiations failed. Citigroup was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but sought damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.{{cite news | url=http://usatoday30.usatoday.com/money/economy/2008-10-09-2208148309_x.htm | title=Wells Fargo plans to buy Wachovia; Citi ends talks | work=USA Today | agency=Associated Press | date=October 9, 2008}}

On October 28, 2008, Wells Fargo received $25 billion of funds via the Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury.{{cite web| url=https://fraser.stlouisfed.org/scribd/?item_id=519794&filepath=/docs/historical/fct/treasury/treasury_tarp_transreport_20081117.pdf | title=Capital Purchase Program Transaction Report | series=Transactions Report (Troubled Asset Relief Program) | date=November 17, 2008}}{{cite news | last1=Landler | first1=Mark | last2=Dash | first2=Eric |name-list-style=amp |title=Drama Behind a $250 billion Banking Deal | url=https://www.nytimes.com/2008/10/15/business/economy/15bailout.html | work=The New York Times |date=October 15, 2008 | url-access=limited}} As a result of requirements of the government stress tests, the company raised $8.6 billion in capital in May 2009.{{Cite news | url=https://www.sfgate.com/business/article/Wells-Fargo-stock-offering-raises-8-6-billion-3162358.php | title=Wells Fargo stock offering raises $8.6 billion | first=James | last=Temple | work=San Francisco Chronicle | date=May 9, 2009}} On December 23, 2009, Wells Fargo redeemed $25 billion of preferred stock issued to the United States Department of the Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008.{{cite news | url=https://www.marketwatch.com/story/wells-repays-25-billion-it-got-from-tarp-2009-12-23 | title=Citigroup and Wells Fargo exit TARP | first=Alistair | last=Barr | work=MarketWatch | date=December 23, 2009 | url-access=limited}}

In April 2009, Wells Fargo acquired North Coast Surety Insurance Services.{{cite news | url=https://www.bizjournals.com/charlotte/stories/2009/04/20/daily3.html | title=Wells Fargo buys North Coast Surety Insurance | work=American City Business Journals | date=April 20, 2009}}

In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands.{{Cite news | url=https://www.fnlondon.com/articles/citco-cayman-acquisition-20101123 | title=Fund administration giant buys Cayman rival; Asset managers are returning to the offshore domicile after retreating in the aftermath of the Crisis | first=Elizabeth | last=Pfeuti | date=November 23, 2010 | work=Financial News}}

In 2011, the company hired 25 investment bankers from Citadel LLC.{{cite news | last=Ahmed | first=Azam| url=https://dealbook.nytimes.com/2011/08/15/wells-fargo-brings-aboard-citadels-investment-banking-unit/ | title=Wells Fargo Brings Citadel's Investment Banking Unit Aboard | work=The New York Times | date=August 15, 2011 | url-access=limited}}{{cite news | url=https://www.wsj.com/articles/SB10001424053111903480904576510020766912988 | title=Wells Fargo Scores Citadel Investment-Bank Talent, Deals | first1=Liz | last1=Moyer | first2=Matthias | last2=Rieker | work=The Wall Street Journal | date=August 16, 2011 | url-access=subscription}}{{Cite news | url=https://www.forbes.com/sites/halahtouryalai/2011/08/16/dont-read-too-much-into-wells-fargos-deal-with-citadel/ | title=Don't Read Too Much Into Wells Fargo's Deal With Citadel | first=Halah | last=Touryalai | work=Forbes | date=August 16, 2011}}

In April 2012, Wells Fargo acquired Merlin Securities.{{cite press release | url=https://www.businesswire.com/news/home/20120427005199/en/Wells-Fargo-to-Acquire-Merlin-Securities-LLC | title=Wells Fargo to Acquire Merlin Securities, LLC | publisher=Business Wire | date=April 27, 2012}}{{cite news | url=https://dealbook.nytimes.com/2012/04/27/wells-fargo-to-buy-prime-brokerage/ | title=Wells Fargo to Buy Prime Brokerage Firm | work=The New York Times | date=April 27, 2012 | url-access=limited}} In December 2012, it was rebranded as Wells Fargo Prime Services.{{cite press release | url=https://www.businesswire.com/news/home/20121203005890/en/Wells-Fargo-Rebrands-Merlin-Securities-to-Wells-Fargo-Prime-Services | title=Wells Fargo Rebrands Merlin Securities to Wells Fargo Prime Services | publisher=Business Wire | date=December 3, 2012}} In December of that year, Wells Fargo acquired a 35% stake in The Rock Creek Group LP. The stake was increased to 65% in 2014 but sold back to management in July 2018.{{cite press release | url=https://www.businesswire.com/news/home/20180705005587/en/Wells-Fargo-Announces-the-Sale-of-Its-Majority-Stake-in-The-Rock-Creek-Group | title=Wells Fargo Announces the Sale of Its Majority Stake in The Rock Creek Group | publisher=Business Wire | date=July 5, 2018}}

In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged in with First Union Rail.{{Cite news | url=https://www.bloomberg.com/news/articles/2015-09-30/wells-fargo-agrees-to-buy-general-electric-railcar-leasing-unit |title=Wells Fargo Agrees to Acquire GE's Railcar Leasing Business | date=September 30, 2015 |work=Bloomberg News | url-access=subscription}} In late 2015, Wells Fargo acquired three GE units focused on business loans equipment financing.{{Cite news | url=https://www.latimes.com/business/la-fi-wells-fargo-ge-20151014-story.html | title=Wells Fargo buys 3 GE units focused on equipment financing | last=Koren | first=James Rufus | work=Los Angeles Times | date=October 14, 2015 | url-access=limited}}

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.{{cite news | url=https://techcrunch.com/2017/03/27/wells-fargo-lets-you-use-apple-pay-and-android-pay-to-withdraw-money/ | title=Wells Fargo will let you use Apple Pay and Android Pay to withdraw money | work=TechCrunch| first=Romain | last=Dillet | date=March 27, 2017}}

In June 2018, Wells Fargo sold all 52 of its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.{{cite news | url=https://www.bloomberg.com/news/articles/2018-06-05/wells-fargo-sells-all-its-branches-in-indiana-michigan-ohio | title=Wells Fargo sells all its branches in Indiana, Michigan, Ohio | first=Hannah | last=Levitt | work=Bloomberg News | date=June 5, 2018 | url-access=subscription}}{{cite news | url=https://money.cnn.com/2018/06/05/news/companies/wells-fargo-sells-branches-indiana-michigan/index.html |title=Wells Fargo sells all its branches in three Midwestern states | first=Matt | last=Egan| work=CNN | date=June 5, 2018}}{{Cite news | url=https://www.reuters.com/article/us-wells-fargo-divestiture-flagstar-banc/wells-fargo-pulls-back-from-u-s-midwest-selling-52-branches-to-flagstar-idUSKCN1J12P6 | title=Wells Fargo pulls back from U.S. Midwest, selling 52 branches to Flagstar | first=Imani | last=Moise | work=Reuters | date=June 5, 2018}}

In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $4 billion.{{Cite news |url=https://www.huffpost.com/entry/wells-fargo-job-cuts_n_5ba4aecae4b0181540dbd52d | title=Wells Fargo Plans To Eliminate Up To 26,450 Jobs By 2020 | agency=Reuters |work=HuffPost | date=September 21, 2018}}{{Cite news | url=https://money.cnn.com/2018/09/20/news/companies/wells-fargo-job-cuts/index.html | title=Wells Fargo plans to cut up to 26,500 jobs over three years | first=Matt | last=Egan | work=CNN | date=September 20, 2018}}

In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO.{{Cite news | url=https://www.npr.org/2019/03/28/707738077/wells-fargo-ceo-quits-in-wake-of-consumer-financial-scandals | title=Wells Fargo CEO Quits In Wake Of Consumer Financial Scandals | first=JENNIFER | last=LIBERTO | work=NPR | date=March 28, 2019}}

In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business.{{cite press release | url=https://investors.principal.com/investor-relations/news-and-events/financial-press-releases/press-release-details/2019/Principal-Completes-Acquisition-of-Wells-Fargo-Institutional-Retirement--Trust-Business/default.aspx | title=Principal Completes Acquisition of Wells Fargo Institutional Retirement & Trust Business | publisher=Principal Financial Group | date=July 1, 2019}}

On September 27, 2019, Charles Scharf was announced as the firm's new CEO.{{cite news | url=https://www.cnn.com/2019/09/27/business/wells-fargo-ceo-charles-scharf/index.html | title=Wells Fargo names financial veteran Charles Scharf as its new CEO | first=Matt | last=Egan | work=CNN | date=September 27, 2019}}

In 2020, the company sold its student loan portfolio.{{Cite press release | url=https://www.businesswire.com/news/home/20201218005687/en/Wells-Fargo-Agrees-to-Sell-Private-Student-Loan-Portfolio | title=Wells Fargo Agrees to Sell Private Student Loan Portfolio | publisher=Business Wire | date=December 18, 2020}}{{Cite news | url=https://www.bizjournals.com/sanfrancisco/news/2020/12/21/wells-fargo-cost-cutting-student-loan-portfolio.html | title=Wells Fargo sells off private student loan business | first=Kevin | last=Truong | work=American City Business Journals | date=December 21, 2020}}

In May 2021, the company sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.{{cite press release | url=http://td.mediaroom.com/2021-05-03-TD-Bank-Group-completes-acquisition-of-Wells-Fargos-Canadian-Direct-Equipment-Finance-Business | title=TD Bank Group completes acquisition of Wells Fargo's Canadian Direct Equipment Finance Business | publisher=Toronto-Dominion Bank | date=May 3, 2021}}

In 2021, the company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.{{cite news | url=https://www.reuters.com/article/us-wells-fargo-divestiture/wells-fargo-sells-asset-management-arm-to-private-equity-firms-for-2-1-billion-idUSKBN2AN106 | title=Wells Fargo sells asset management arm to private equity firms for $2.1 billion | first1=David | last1=French | first2=Noor | last2=Hussain | work=Reuters | date=February 23, 2021}} WFAM had $603 billion in assets under management as of December 31, 2020,{{cite press release | url=https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Enters-Agreement-with-GTCR-and-Reverence-Capital-Partners-to-Sell-Wells-Fargo-Asset-Management/default.aspx | title=Wells Fargo Enters Agreement with GTCR and Reverence Capital Partners to Sell Wells Fargo Asset Management | publisher=Wells Fargo | date=February 23, 2021}}{{Cite news | url=https://www.cnbc.com/2021/02/23/wells-fargo-sells-asset-management-arm-to-private-equity-firms-for-2point1-billion-.html | title=Wells Fargo sells asset management arm to private-equity firms for $2.1 billion | agency=Reuters | work=CNBC | date=February 23, 2021}} of which 33% was invested in money market funds.{{cite news | url=https://www.pionline.com/money-management/wells-fargo-unit-sale-hailed-opportunity | title=Wells Fargo unit sale hailed as opportunity |first1=Sophie | last1=Baker | first2=James |last2=Comtois | work=Pensions & Investments | date=March 11, 2021}} WFAM was rebranded as Allspring Global Investments.{{Cite press release | url=https://www.businesswire.com/news/home/20210726005312/en/Wells-Fargo-Closed-End-Funds-Announce-Change-of-Name | title=Wells Fargo Closed-End Funds Announce Change of Name | publisher=Business Wire | date=July 26, 2021}}{{cite news | url=https://www.institutionalinvestor.com/article/b1stw3c32v97v2/Wells-Fargo-Asset-Management-to-Get-New-CEO-and-New-Brand | title=Wells Fargo Asset Management to Get New CEO and New Brand | first=Julie | last=Segal | work=Institutional Investor | date=July 26, 2021}}

In December 2024, Wells Fargo announced that it would be selling it decades-long San Francisco headquarters building to downsize its footprint in San Francisco by moving to another building nearby. The move was interpreted by bankers as a sign of the financial industry drifting away from San Francisco and California.{{cite news|url=https://www.latimes.com/business/story/2024-12-12/wells-fargos-move-is-a-milestone-in-california-banking|title=Why Wells Fargo's San Francisco Downsizing is Bad News for California banking|newspaper=Los Angeles Times|author=Laurence Darmiento|date=December 12, 2024|access-date=December 26, 2024}}

In 2022, Wells Fargo announced a goal of reducing absolute emissions by companies it lends to in the oil and gas sector by 26% by 2030 from 2019 levels. Some critics say these goals conflict with the bank being the largest lender to fossil fuel companies in the U.S. and one of the largest globally.{{Cite news | url=https://www.reuters.com/business/finance/wells-fargo-set-emissions-reduction-targets-oil-gas-power-clients-2022-05-06/ | title=Wells Fargo set emissions reduction targets for oil, gas, power clients | first1=Elizabeth Dilts | last1=Marshall | first2=Ross | last2=Kerber | work=Reuters | date=May 6, 2022}} The company has committed to net zero financed emissions by 2050; however, major environmental groups are skeptical that this goal will be achieved.{{Cite news | url=https://www.banktrack.org/article/wells_fargo_makes_net_zero_commitment_but_does_not_rule_out_continued_financing_of_fossil_fuels | title=Wells Fargo makes net zero commitment but does not rule out continued financing of fossil fuels | work=BankTrack | date=March 8, 2021}} The company has stated that it will not finance any hydrocarbon exploration projects in the Arctic.{{Cite news | url=https://www.sierraclub.org/sierra/wells-fargo-top-banker-fracked-oil-and-gas-ditches-arctic-drilling | title=Wells Fargo, Top Banker of Fracked Oil and Gas, Ditches Arctic Drilling | first=Garet | last=Bleir | work=Sierra Club | date=March 3, 2020}} The company has also provided financing to renewable energy projects.

In December 2024, Wells Fargo withdrew itself from its membership of Net- Zero Banking Alliance.{{Cite news |date=December 21, 2024 |title=Wells Fargo departs climate banking group in another high-profile exit after Goldman |url=https://www.reuters.com/sustainability/sustainable-finance-reporting/wells-fargo-departs-climate-banking-group-another-high-profile-exit-after-2024-12-20/}}

{{Criticism section|date=December 2024}}

Image:Logan, Utah corner of Main & Center St.jpg]]

The company has been the subject of several investigations by regulators. Many of these issues have resulted in reputational damage. On February 2, 2018, the Wells Fargo account fraud scandal resulted in the Federal Reserve barring Wells Fargo from growing its nearly $2 trillion asset base any further until the company fixed its internal problems to the satisfaction of the Federal Reserve.{{cite news |url=https://www.nytimes.com/2018/02/02/business/wells-fargo-federal-reserve.html |title=Federal Reserve Shackles Wells Fargo After Fraud Scandal | first1=Emily | last1=Flitter | first2=Binyamin | last2=Appelbaum | first3=Stacy | last3=Cowley | author-link2=Binyamin Appelbaum | work=The New York Times | date=February 2, 2018 | url-access=limited}} In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.{{cite web |url=https://www.cnbc.com/2021/09/27/wells-fargo-pays-37-million-to-resolve-justice-department-claims-it-defrauded-currency-customers.html|title=Wells Fargo pays $37 million to resolve Justice Department claims it defrauded currency customers | first=Hugh | last=Son | work=CNBC |date=September 27, 2021|access-date=September 27, 2021}} Bloomberg L.P. reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinance applications from Black applicants than it approved.{{cite news |url=https://www.bloomberg.com/graphics/2022-wells-fargo-black-home-loan-refinancing/ |title=Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom |last1=Donnan |first1=Shawn|last2=Choi| first2=Ann |last3=Levitt| first3=Hannah|last4= Cannon |first4=Christopher | work=Bloomberg News | date=March 11, 2022 | url-access=subscription}}

In December 2022, the U.S. levied a $3.7 billion loan-management fine upon Wells Fargo. In March 2023, Wells Fargo blamed a technical glitch for misstating the balances of customers' accounts, in many cases incorrectly deeming the customers as having a negative bank balance.{{cite web |url=https://www.thestreet.com/finance/wells-fargo-just-made-another-huge-mistake|title=Wells Fargo Just Made Another Huge Mistake|author=Collette Bennett|publisher=The Street|date=March 10, 2023|access-date=March 11, 2023|quote=The controversial bank is trending yet again.}} Subsequently, in 2023, prison sentencing took place for employee-directed money laundering and funneling cash illegally to Mexico through the creation of fictitious accounts.{{cite web|url=https://www.justice.gov/usao-sdca/pr/wells-fargo-personal-banker-sentenced-money-laundering-and-bank-fraud|title=Wells Fargo Personal Banker Sentenced for Money Laundering and Bank Fraud|date=March 2, 2023 |publisher=United States Department of Justice|access-date=March 14, 2023}}

In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history through its Beverly Drive branch. During 1978–1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammad Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of $300,000 was paid to Lewis, who pled guilty to embezzlement and conspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.[https://books.google.com/books?id=vs9wCQAAQBAJ&pg=PT666 Miller, Wilbur R.]The Social History of Crime and Punishment in America: An Encyclopedia, SAGE Publications, 2012, page 666. Retrieved September 11, 2018. (Boxer Muhammad Ali had received a fee for the use of his name, and had no other involvement with the organization.{{cite news | url=https://www.nytimes.com/1981/02/01/sports/sports-of-the-times-the-maps-boxing-scandal.html | last=Anderson | first=Dave | title=Sports of The Times; The Maps Boxing Scandal | work=The New York Times | date=February 1, 1981 | url-access=limited}})

{{Main|Redlining}}

Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steered African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."{{Cite news |url=https://www.reuters.com/article/hotStocksNews/idUSTRE56U6Q920090731 |title=Illinois Files Bias Suit Against Wells Fargo | work=Reuters |date=July 31, 2009}} An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."{{Cite news | url=https://www.nytimes.com/2009/06/07/us/07baltimore.html | title=Bank Accused of Pushing Mortgage Deals on Blacks | work=The New York Times | last=Powell | first=Michael | date=June 7, 2009 | url-access=limited}} According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report presented data from the city of Baltimore, where more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant, and 71 percent of those are in predominantly black neighborhoods. Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.{{cite news | url=https://www.baltimoresun.com/news/bs-xpm-2012-07-12-bs-md-ci-wells-fargo-20120712-story.html | title=Wells Fargo agrees to pay $175M settlement in pricing discrimination suit | last=Broadwater |first=Luke | work=The Baltimore Sun | date=July 13, 2012 | url-access=limited}}{{cite news| title=Wells Fargo settles discrimination case | last=Yost | first=Pete |date=July 13, 2012| agency=Associated Press | url=https://www.csmonitor.com/Business/2012/0712/Wells-Fargo-to-pay-175M-in-discrimination-lawsuit}}{{Cite press release | url=https://www.justice.gov/opa/pr/justice-department-reaches-settlement-wells-fargo-resulting-more-175-million-relief | title=Justice Department Reaches Settlement with Wells Fargo Resulting in More Than $175 Million in Relief for Homeowners to Resolve Fair Lending Claims | publisher=United States Department of Justice | date=July 12, 2012}}

In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.{{Cite news | last=Smith | first=Michael | date=June 29, 2010 | url=https://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html/ | title=Banks Financing Mexico Gangs Admitted in Wells Fargo Deal | work=Bloomberg News | url-access=subscription}}

In August 2010, Wells Fargo was fined by United States 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.{{cite news | url=https://www.inquirer.com/philly/columnists/jeff_gelles/20100815_Consumer_10_0__How_Wells_Fargo_held_up_debit-card_customers.html | title=Consumer 10.0: How Wells Fargo held up debit-card customers | first=Jeff | last=Gelles | work=The Philadelphia Inquirer | date=August 15, 2010}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2010-aug-10-la-fi-wells-20100810-story.html | title=Wells Fargo loses consumer case over overdraft fees | date=August 10, 2010 | agency=Bloomberg News | work=Los Angeles Times | url-access=limited}} In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive overdraft fees on checking-account customers.{{Cite news | url=https://www.reuters.com/article/us-wellsfargo-overdraft-decision/wells-fargo-ordered-to-pay-203-million-in-overdraft-case-idUSBRE94E14320130515 | title=Wells Fargo ordered to pay $203 million in overdraft case | first=Jonathan | last=Stempel | work=Reuters | date=May 15, 2013}}

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states over improper foreclosure practices in the 2010 United States foreclosure crisis, including "robo-signing" (having someone fraudulently sign that they know the contents of a document they do not in fact know) and foreclosing without standing via MERS.{{cite web |url=http://www.nationalmortgagesettlement.com/faq |title=Joint State-Federal Mortgage Servicing Settlement FAQ |publisher=National Mortgage Settlement}} The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the federal and state governments; Wells Fargo's share was the second largest, at $5.4 billion.[https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html?hp New York Times, Mortgage Plan Gives Billions to Homeowners, but With Exceptions, February 9, 2012] This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.{{Cite news | url=https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html |title=Mortgage Plan Gives Billions to Homeowners, but With Exceptions | work=The New York Times | last1=Schwartz | first1=Nelson D. | last2=Creswell | first2=Julie | date=February 10, 2012 | url-access=limited}} 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.{{cite news | url=https://observer.com/2012/02/oklahoma-mortgage-settlement-scott-pruitt-02092012/ | title=Did Oklahoma A.G. Scott Pruitt, Mortgage Settlement Holdout, Sell Out His State for Wall Street? | date=February 9, 2012}}

On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $24,000 in mortgage fees, after the bank misallocated payments to interest instead of principal. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations.{{Cite news | url=https://www.huffpost.com/entry/elizabeth-magner-new-orleans-wells-fargo_n_1412412 | title=Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage | work=HuffPost | last=Hallman | first=Ben | date=September 4, 2012}}{{Cite news | url=https://archive.thinkprogress.org/judge-blasts-wells-fargos-reprehensible-actions-awards-homeowner-3-million-4dc1f299936a/ | title=Judge Blasts Wells Fargo's 'Reprehensible' Actions, Awards Homeowner $3 Million | first=PAT | last=GAROFALO | work=ThinkProgress | date=April 10, 2012}} The award was affirmed on appeal in 2013.{{Cite web | url=https://www.casemine.com/judgement/us/5914f7a5add7b0493499668e | title=Jones v. Wells Fargo Home Mortg., Inc. | date=March 19, 2013}}

In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.{{Cite news | url=https://money.cnn.com/2013/10/02/news/companies/new-york-sues-wells-fargo/index.html | title=Wells Fargo charged with violating mortgage deal | first=Chris | last=Isidore | work=CNN | date=October 2, 2013}} In 2015, a judge sided with Wells Fargo.{{Cite news | url=https://www.reuters.com/article/wells-far-lawsuit/judge-rules-for-wells-fargo-in-ny-challenge-over-mortgage-settlement-idUSL1N0VC2GA20150202 | title=Judge rules for Wells Fargo in NY challenge over mortgage settlement | first1=Aruna | last1=Viswanatha | first2=Karen | last2=Freifeld | work=Reuters | date=February 2, 2015}}

On August 14, 2012, Wells Fargo agreed to pay around $6.5 million to settle U.S. Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.{{Cite news | last=Blumenthal | first=Jeff | title=Wells Fargo paying $6.5M to settle charges with SEC | work=American City Business Journals | url=https://www.bizjournals.com/philadelphia/news/2012/08/14/wells-fargo-paying-65m-to-settle.html | date=August 14, 2012}}

In 2016, Wells Fargo agreed to pay $1.2 billion to settle allegations that the company violated the False Claims Act by underwriting over 100,000 Federal Housing Administration (FHA) backed loans when over half of the applicants did not qualify for the program.{{Cite press release | url=https://www.justice.gov/opa/pr/wells-fargo-bank-agrees-pay-12-billion-improper-mortgage-lending-practices | title=Wells Fargo Bank Agrees to Pay $1.2 Billion for Improper Mortgage Lending Practices | publisher=United States Department of Justice | date=April 8, 2016}}{{cite news | url=https://www.wsj.com/articles/SB10000872396390444024204578046823657285356 | title=U.S. Sues Wells Fargo for Faulty Mortgages | work=The Wall Street Journal | date=October 10, 2012 | last=Raice | first=Shayndi | url-access=subscription}}

In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.{{cite news| title=U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud | work=The New York Times |url=https://dealbook.nytimes.com/2012/10/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/ |date=October 24, 2012 | url-access=limited}}

In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE Insurance, in which Wells Fargo was accused of inflating premiums on forced-place insurance.{{cite web | url=https://www.propertycasualty360.com/2013/05/17/wells-fargo-qbe-agree-on-19-3m-force-placed-settle/ | title=Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement | work=Property Casualty 360 | date=May 17, 2013}}

In February 2015, Wells Fargo agreed to pay $4 million, including a $2 million penalty and $2 million in restitution for illegally taking an interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners.{{Cite news| last=Freifeld |first=Karen| title=Wells Fargo to pay $4 million for violations on credit card accounts: New York| url=https://www.reuters.com/article/us-wells-credit-settlement-idUSKBN0L92C720150205 | work=Reuters |date=February 5, 2015}}

In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 2008–2010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession.{{cite news | last=Portero |first=Ashley |title=30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010 |url=https://www.ibtimes.com/30-major-us-corporations-paid-more-lobby-congress-income-taxes-2008-2010-380982 |work=International Business Times |archive-url=https://web.archive.org/web/20120107173713/http://www.ibtimes.com/articles/264481/20111209/30-major-u-s-corporations-paid-lobby.htm |archive-date=January 7, 2012 |url-status=live }} However, in 2013, the company paid $9.1 billion in income taxes.{{Cite news | url=https://www.usatoday.com/story/money/personalfinance/2013/03/17/companies-paying-highest-income-taxes/1991313/ | title=Companies paying the most in income taxes | first=Douglas | last=McIntyre | work=USA Today | date=March 17, 2013}}

{{main|Prison–industrial complex}}

The company has invested its clients' funds in GEO Group, a multi-national provider of for-profit private prisons.{{cite web | url=https://www.rawstory.com/2011/11/group-calls-on-wells-fargo-to-come-clean-about-private-prison-investments/ | title=Wells Fargo takes heat over investments in private prison industry | first=Eric W. | last=Dolan | date=November 10, 2011 | work=The Raw Story | archive-url=https://web.archive.org/web/20121016231401/http://www.rawstory.com/rs/2011/11/10/group-calls-on-wells-fargo-to-come-clean-about-private-prison-investments/ | archive-date=October 16, 2012 | quote=The advocacy group Small Business United on Thursday called on Wells Fargo to provide a full accounting of investments related to private prisons and immigrant detention centers. |url-status=live }} By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.

{{cite news | url=https://www.salon.com/2012/04/11/wells_fargos_prison_cash_cow/ | title=Wells Fargo's prison cash cow | last=Greenwald | first=Glenn | author-link=Glenn Greenwald| date=April 12, 2012 | work=Salon.com| quote=The bailed-out bank has used its taxpayer money to invest in private prisons.}} As of November 2012, Wells Fargo divested 33% of its holdings of GEO's stock, reducing its stake to 4.98% of Geo Group's common stock, below the threshold of which it must disclose further transactions.{{cite web

| url=https://www.pcasc.net/2012/10/25/breaking-news-wells-fargo-dumps-75-of-geo-group-stock/

| title=CORRECTION: Wells Fargo Dumps 33% of Geo Group Stock | work=pcasc | date=October 25, 2012}}{{Cite news | url=https://prisondivest.com/2012/11/02/correction-wells-fargo-private-prison-divestment/ | title=CORRECTION: WELLS FARGO PRIVATE PRISON DIVESTMENT | work=Prison Industry Divestment Movement | date=November 2, 2012}}

In August 2020, the company agreed to pay $7.8 million in back wages for allegedly discriminating against 34,193 African Americans in hiring for tellers, personal bankers, customer sales and service representatives, and administrative support positions. The company agreed to provide jobs to 580 of the affected applicants.{{Cite news | url=https://www.dol.gov/newsroom/releases/ofccp/ofccp20200824 | title=WELLS FARGO AGREES TO PAY $7.8 MILLION IN BACK WAGES AFTER U.S. DEPARTMENT OF LABOR ALLEGES HIRING DISCRIMINATION | publisher=United States Department of Labor | date=August 24, 2020}}[https://news.bloomberglaw.com/daily-labor-report/wells-fargo-to-pay-7-8-million-to-settle-hiring-bias-claims "Wells Fargo to Pay $7.8 Million to Settle Hiring Bias Claims"] Paige Smith, Bloomberg Law, August 24, 2020. Retrieved July 1, 2022.

In May 2015, Gregory T. Bolan Jr., a stock analyst at Wells Fargo agreed to pay $75,000 to the U.S. Securities and Exchange Commission to settle allegations that he gave Joseph C. Ruggieri, a stock trader, insider information on probable ratings charges. Ruggieri was not convicted of any crime.{{Cite news | url=https://www.wsj.com/articles/insider-trading-charges-against-former-wells-fargo-trader-dismissed-1442270256 | title=Insider-Trading Charges Against Former Wells Fargo Trader Dismissed | first=Maria | last=Armental | work=The Wall Street Journal | date=September 14, 2015 | url-access=subscription}}{{cite news | title=Update: 2-Ex-Wells Fargo trader beats SEC insider trading charges | work=Reuters | url=https://www.reuters.com/article/usa-insidertrading-wellsfargo-idUSL1N11K1MU20150914 | first=Nate | last=Raymond | date=September 14, 2015}}{{cite news | url=https://www.law360.com/articles/661291/ex-wells-fargo-analyst-settles-insider-trading-case | title=Ex-Wells Fargo Analyst Settles Insider Trading Case | work=Law360 | date=May 28, 2015 | url-access=subscription}}

{{main|Wells Fargo cross-selling scandal}}

In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent. The Consumer Financial Protection Bureau (CFPB) issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency.{{Cite web| url=https://www.usatoday.com/story/money/2016/09/08/wells-fargo-fined-185m-over-unauthorized-accounts/90003212/|title=Wells Fargo fined $185M for fake accounts; 5,300 were fired |website=USA Today | date=September 8, 2016}} The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.{{Cite news |url=https://www.wsj.com/articles/wells-fargo-to-pay-185-million-fine-over-account-openings-1473352548 |title=Wells Fargo Fined for Sales Scam |last=Glazer |first=Emily | work=The Wall Street Journal |issn=0099-9660 |date=September 9, 2016 | url-access=subscription}} Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.{{cite magazine| last1=Gandel|first1=Stephen| title=Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million|magazine=Fortune |url=https://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/ |date=September 12, 2016}}{{cite news| url=https://www.nytimes.com/2016/09/21/business/dealbook/wells-fargo-ceo-john-stumpf-senate-testimony.html|date=September 20, 2016|last=Corkery|first=Michael|newspaper=The New York Times| title= Illegal Activity at Wells Fargo May Have Begun Earlier, Chief Says|access-date=September 20, 2016}}

On October 12, 2016, John Stumpf, the then chairman and CEO, announced that he would be retiring amidst the scandals. President and chief operating officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.{{cite news | last=Roberts| first=Deon | title=Wells Fargo reveals latest post-scandal customer traffic numbers| url=https://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article115298388.html | work=Charlotte Observer | url-access=subscription}} In response to the event, the Better Business Bureau dropped accreditation of the bank.{{cite news | url=https://www.cnbc.com/2016/10/20/wells-fargo-just-lost-its-accreditation-with-the-better-business-bureau.html | title=Wells Fargo just lost its accreditation with the Better Business Bureau | first=Jeff | last=Cox | work=CNBC | date=October 20, 2016}}{{Cite news | url=https://www.bizjournals.com/sanfrancisco/news/2016/10/12/wells-fargo-better-business-bureau-john-stumpf.html | title=Wells Fargo loses Better Business Bureau accreditation, which could take years to regain | first=Richard | last=Procter | work=American City Business Journals | date=October 12, 2016}} Several states and cities ended business relations with the company.{{Cite news | url=https://www.reuters.com/article/us-wells-fargo-accounts-massachusetts-idUSKCN12I2HQ | title=Massachusetts latest to bar Wells Fargo as underwriter | work=Reuters | date=October 18, 2016}}

An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, who 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. Wells Fargo coined the phrase, "Go for Gr-Eight" – or, in other words, aim to sell at least 8 products to every customer. The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives.{{Cite news | url=https://nytimes.com/2017/04/10/business/wells-fargo-pay-executives-accounts-scandal.html | title=Wells Fargo to Claw Back $75 Million From 2 Former Executives| last1=Cowley | first1=Stacy | last2=Kingson | first2=Jennifer A. | work=The New York Times | date=April 10, 2017 | url-access=limited}}

In February 2020, the company agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Exchange Commission. The settlement did not prevent individual employees from being targets of future litigation.{{cite news | url=https://www.cnn.com/2020/02/21/business/wells-fargo-settlement-doj-sec/index.html | title=US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal | first=Matt | last=Egon | work=CNN | date=February 22, 2020}} The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit.{{cite news |url=https://www.wsj.com/articles/wells-fargo-sold-assets-to-stay-under-fed-asset-cap-as-markets-lurched-11596200731?mod=hp_lead_pos1 |title=Wells Fargo Sold Assets to Stay Under Fed Asset Cap as Markets Lurched | work=The Wall Street Journal |last1=Steinberg |first1=Julie |last2=Eisen| first2=Ben |date=July 31, 2020 | url-access=subscription}}

In December 2022, the bank agreed to a settlement with the CFPB of $3.7{{nbsp}}billion over abuses tied to the fake account scandal as well as mortgages and auto loans. The total was split between $1.7{{nbsp}}billion for a civil penalty and $2{{nbsp}}billion for customers.{{Cite web |last=Son |first=Hugh |title=Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses |url=https://www.cnbc.com/2022/12/20/wells-fargo-agrees-to-3point7-billion-settlement-with-cfpb-over-consumer-abuses.html |access-date=December 20, 2022 |website=CNBC |date=December 20, 2022 |language=en}} Separately, in May 2023, the bank agreed to pay $1{{nbsp}}billion to settle a shareholder class-action suit.{{cite news |last=Eisen |first=Ben |date=May 15, 2023 |title=Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit |url=https://www.wsj.com/articles/wells-fargo-agrees-to-pay-shareholders-1-billion-to-settle-class-action-suit-82e67977 |work=The Wall Street Journal}}

In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners fees of $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.{{Cite news | last=Aubin | first=Dena | title=Wells Fargo agrees to $50 million settlement over homeowner fees | url=https://www.reuters.com/article/us-wellsfargo-settlement-idUSKBN12V27F | work=Reuters | date=October 31, 2016}}

Wells Fargo is a lender on the Dakota Access Pipeline, a {{convert|1,172|mi|km|adj=mid|-long}} underground oil pipeline transport system in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.{{Cite news | url=https://www.yesmagazine.org/people-power/how-to-contact-the-17-banks-funding-the-dakota-access-pipeline-20160929 | title=How to Contact the 17 Banks Funding the Dakota Access Pipeline | last=Fuller | first=Emily | work=YES! Magazine | date=September 29, 2016}}

In February 2017, the city councils of Seattle, Washington and Davis, California voted to move $3 billion of deposits from the bank due to its financing of the Dakota Access Pipeline as well as the Wells Fargo account fraud scandal.{{Cite news | url=https://www.npr.org/sections/thetwo-way/2017/02/08/514133514/two-cities-vote-to-pull-more-than-3-billion-from-wells-fargo-over-dakota-pipelin | title=2 Cities To Pull More Than $3 Billion From Wells Fargo Over Dakota Access Pipeline | last=Chappell | first=Bill | date=February 8, 2017}}

In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo $5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.{{cite news |title=FINRA fines Wells Fargo, others $14 mln for records' changeable format | url=https://www.reuters.com/article/wells-fargo-finra/finra-fines-wells-fargo-others-14-mln-for-records-changeable-format-idUSL1N1EG0UI | work=Reuters | date=December 21, 2016 |archive-url=https://web.archive.org/web/20210908022931/https://www.reuters.com/article/wells-fargo-finra/finra-fines-wells-fargo-others-14-mln-for-records-changeable-format-idUSL1N1EG0UI |archive-date=September 8, 2021 |url-status=live}}

From December 2012 through February 2018, Wells Fargo reportedly helped two of the biggest firearms and ammunition companies obtain $431.1 million in loans.{{cite news | title=Wells Fargo is the top banker for the NRA and gunmakers| url=https://www.latimes.com/business/la-fi-wells-fargo-guns-20180307-story.html |agency=Bloomberg News | work=Los Angeles Times | url-access=limited |date=March 7, 2018 |archive-url=https://web.archive.org/web/20180307211256/https://www.latimes.com/business/la-fi-wells-fargo-guns-20180307-story.html |archive-date=March 7, 2018 |url-status=live}} It also handled banking for the National Rifle Association of America (NRA) and provided bank accounts and a $28-million line of credit.

In 2020, the company said that it was winding down its business with the NRA.{{Cite news | url=https://www.reuters.com/article/us-wells-fargo-guns/wells-fargos-relationship-with-nra-is-declining-ceo-idUSKCN22A2ZU | title=Wells Fargo's relationship with NRA is 'declining': CEO | first=Imani | last=Moise | work=Reuters | date=April 28, 2020 |archive-url=https://web.archive.org/web/20200428194959/https://www.reuters.com/article/us-wells-fargo-guns/wells-fargos-relationship-with-nra-is-declining-ceo-idUSKCN22A2ZU |archive-date=April 28, 2020 |url-status=live}} Scharf claimed Wells Fargo's relationship with the NRA was "declining," with the company no longer participating in the organization's line of credit and mortgage loan commitments.{{Cite web |last=Moise |first=Imani |title=Wells Fargo's relationship with NRA is 'declining' - CEO |url=https://www.reuters.com/article/us-wells-fargo-guns/wells-fargos-relationship-with-nra-is-declining-ceo-idUSKCN22A2ZU/ |website=Reuters}}

{{further|Glass ceiling}}

In June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 were women.{{Cite news |url=https://www.wsj.com/articles/at-wells-fargo-discontent-simmers-among-female-executives-1535707801 |title=At Wells Fargo, Discontent Simmers Among Female Executives |last=Glazer |first=Emily |date=August 31, 2018| work=The Wall Street Journal | url-access=subscription | issn=0099-9660}} Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.{{Cite news| url=https://www.cnbc.com/2018/08/31/wells-fargo-investigating-reports-of-gender-bias-in-wealth-division.html |title=Wells Fargo said to be investigating reports of gender bias in its wealth division |last=Rooney |first=Kate |work=CNBC |date=August 31, 2018}} The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.

There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."{{Cite news | url=https://www.wsj.com/articles/at-wells-fargo-discontent-simmers-among-female-executives-1535707801 | title=At Wells Fargo, Discontent Simmers Among Female Executives | first=Emily | last=Glazer | work=The Wall Street Journal | date=August 31, 2018 | url-access=subscription}}

On June 10, 2019, Wells Fargo agreed to pay $385 million to settle a lawsuit accusing it of allegedly scamming millions of auto-loan customers into buying insurance they did not need from National General Insurance.{{cite news | url=https://www.bizjournals.com/charlotte/news/2019/06/10/wells-fargo-agrees-to-385m-settlement-for-auto.html | last=Hudson | first=Caroline | title=Wells Fargo agrees to $385M settlement for auto insurance scheme| work=American City Business Journals | date=June 10, 2019}}

In February 2023, Wells Fargo agreed to pay $300 million in a settlement with shareholders over auto insurance disclosures.{{Cite web |last=Godoy |first=Jody |title=Wells Fargo agrees to pay $300 mln to settle with shareholders over auto insurance disclosures |url=https://www.reuters.com/legal/wells-fargo-agrees-pay-300-mln-settle-with-shareholders-over-auto-insurance-2023-02-07/ |website=Reuters}}

On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their assets in high-risk energy securities in 2014 and 2015.{{cite web | title=FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2015045713304 | url=https://www.finra.org/sites/default/files/fda_documents/2015045713304%20Wells%20Fargo%20Advisors%2C%20LLC%20nka%20Wells%20Fargo%20Clearing%20Services%2C%20LLC%20CRD%2019616%20AWC%20jlg.pdf |date=August 28, 2021}}

In April 2018, the United States Department of Labor launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself.{{cite news |url=https://www.wsj.com/articles/wells-fargos-401-k-practices-probed-by-labor-department-1524757138 |title=Wells Fargo's 401(k) Practices Probed by Labor Department| first1=Gretchen | last1=Morgenson | first2=Emily | last2=Glazer| author-link1=Gretchen Morgenson | work=The Wall Street Journal |date=April 26, 2018 | url-access=subscription}}{{cite news |url=https://www.cnbc.com/2018/04/26/labor-department-is-investigating-wells-fargos-401k-unit-wsj.html |title=Labor Department is reportedly investigating Wells Fargo's 401(k) unit| first=Kate | last=Rooney| work=CNBC |date=April 26, 2018}}

In May 2018, the company discovered that its business banking group had improperly altered documents about business clients in 2017 and early 2018.{{cite news | url=https://money.cnn.com/2018/05/17/news/companies/wells-fargo-alter-documents/index.html | title=Wells Fargo altered documents about business clients | first=Matt | last=Egan | work=CNN | date=May 17, 2018}}

With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranked number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a $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 U.S. federal minimums.{{cite news |url=https://www.huffpost.com/entry/wells-fargo-email_n_5960072 |title=Wells Fargo Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email |work=HuffPost |first=Kevin| last=Short| date=October 9, 2014}}{{cite news |url=https://www.startribune.com/schafer-wells-fargo-missed-mark-after-worker-requested-10-000-raises-for-all/279224582/ |title=Schafer: Wells Fargo missed mark after worker requested $10,000 raises for all |last=Schafer |first=Leo | work=Star Tribune |date=October 15, 2014}}

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee.{{cite web |title=H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act |url=https://www.congress.gov/bill/111th-congress/house-bill/4173|website=Congress.gov|date=July 21, 2010 }}

The Consumer Financial Protection Bureau found that, between 2011 and 2016, Wells Fargo had been freezing entire consumer deposit accounts based on automated fraud detection. This freeze extended to the entire account, not just the suspicious amount, and all access to funds was blocked. As a result, customers were unable to access their funds until the accounts were closed and the funds were returned. In 2022, the Consumer Financial Protection Bureau mandated that Wells Fargo provide $160 million in compensation to more than a million individuals, addressing the significant harm caused by its aggressive tactic of freezing and closing bank accounts during the period from 2011 to 2016.[https://files.consumerfinance.gov/f/documents/cfpb_wells-fargo-na-2022_consent-order_2022-12.pdf"2022-CFPB-0011_Wells Fargo Bank N.A. - Consent Order"]

The company was a theme or the subject in several films. In the 1939 John Ford-directed movie "Stagecoach", at the 5:22 mark two men can be seen hoisting a chest plainly marked "Wells Fargo." Seven Men from Now (a 1956 film), Cheyenne (the 1947 film), Wells Fargo (a 1937 film) and Unclaimed Goods (a 1918 silent) are examples. A long running television series, Tales of Wells Fargo ran from 1957 to 1962, focusing on a fictitious Wells Fargo special agent.

Wells Fargo stagecoaches are mentioned in the song "The Deadwood Stage (Whip-Crack-Away!)" in the 1953 film Calamity Jane performed by Doris Day: "With a fancy cargo, care of Wells and Fargo, Illinois - Boy!".{{cite web |url=https://www.lyricsfreak.com/d/doris+day/deadwood+stage+whip+crack+away+calamity+jane_20181026.html | title=Deadwood Stage (Whip Crack Away, Calamity Jane) Lyrics |work=lyricsfreak.com}} Wells Fargo is also shown as the delivery service bringing the instruments for the town band in the 1962 film The Music Man. A Wells Fargo & Company stagecoach is seen passing through the town of Hill Valley as Marty is walking down the street in the 1990 film, Back to the Future Part III.

The song "The Wells Fargo Wagon" is part of the Broadway musical The Music Man, referring to Wells, Fargo & Company's stagecoach delivery in the early 20th century, the time in which The Music Man is set.

On March 2, 2022, Wells Fargo announced $1 million donation to the American Red Cross that will be used for Ukrainian refugees fleeing from the Russian invasion.{{cite web

|author=Amiah Taylor

|language = en

|url = https://fortune.com/2022/03/07/google-poland-office-ukraine-aid-russia-invasion/

|title =Google transforms Poland office into help center for Ukrainian refugees

|publisher = Fortune

|date = March 7, 2022

|access-date = March 8, 2022}}

In April 2022, The Wells Fargo foundation announced its pledge of $210 million toward racial equity in homeownership. With $60 million of the donation awarded in Wealth Opportunities Restored through Homeownership (WORTH) grants which will run until 2025. Additionally, $150 million will be committed to lower mortgage rates and reducing the refinancing costs to aid minority homeowners.{{cite journal|date=April 15, 2022|url= https://philanthropynewsdigest.org/news/wells-fargo-commits-210-million-toward-racial-equity-in-homeownership|title=Wells Fargo commits $210 million toward racial equity in homeownership|journal= Philanthropy News Digest|access-date=May 4, 2022|url-status=}}

In April 2023, TD Jakes Group and Wells Fargo have formalized a 10-year partnership to create inclusive communities for people of all income levels. Wells Fargo has committed approximately $1 billion to fund projects that align with the overall strategy.

The first of the projects focuses on the development of mixed-income housing and retail facilities outside of Atlanta.{{Cite web|language=en|url=https://www.cbsnews.com/news/td-jakes-group-wells-fargo-10-year-partnership/|title=T.D. Jakes Group, Wells Fargo join forces for 10-year partnership promoting inclusive communities|website=CBS News|date=April 27, 2023 |access-date=2024-02-07|archive-date=2023-12-18|archive-url=https://web.archive.org/web/20231218200812/https://www.cbsnews.com/news/td-jakes-group-wells-fargo-10-year-partnership/}}

In December 2023, Wells Fargo appointed Darlene Goins as president of the Wells Fargo Foundation and Head of Philanthropy and Community Impact. Previously, she had held leadership roles at FICO, a leading data and analytics company, and at Wells Fargo, she was responsible for helping low-income populations as head of philanthropy for financial health. She also led the Banking Inclusion Initiative, a 10-year commitment to help people access low-cost basic accounts and help those without bank accounts gain easy access to low-cost banking services and financial education.{{Cite news|language=en|url=https://www.businesswire.com/news/home/20231208646694/en/Wells-Fargo-Names-Darlene-Goins-Head-of-Philanthropy-and-Community-Impact-President-of-Wells-Fargo-Foundation|title=Wells Fargo Names Darlene Goins Head of Philanthropy and Community Impact, President of Wells Fargo Foundation|website=Businesswire|access-date=2024-02-07|archive-date=2023-12-10|archive-url=https://web.archive.org/web/20231210095726/https://www.businesswire.com/news/home/20231208646694/en/Wells-Fargo-Names-Darlene-Goins-Head-of-Philanthropy-and-Community-Impact-President-of-Wells-Fargo-Foundation}}

On Sep 23, 2024,Wells Fargo launched a $1.6 billion delayed-draw term loan to support Tempur Sealy International's acquisition of Mattress Firm Group.{{Cite web |date=2024-09-22 |title=Wells Fargo launches US$1.6 billion loan for Tempur Sealy deal |url=https://www.businesstimes.com.sg/companies-markets/wells-fargo-launches-us1-6-billion-loan-tempur-sealy-deal |access-date=2024-10-25 |website=The Business Times |language=en}}

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