History of Wells Fargo in Timeline
Wells Fargo & Company is a multinational financial services institution operating in 35 countries and serving over 70 million customers. Recognized as a systemically important financial institution by the Financial Stability Board, it is one of the "Big Four Banks" in the United States, along with JPMorgan Chase, Bank of America, and Citigroup, highlighting its significant role in the global financial landscape.
1918: Wells Fargo featured in "Unclaimed Goods" movie
In the 1918 silent film, Unclaimed Goods, Wells Fargo was a theme or subject.
1937: Wells Fargo featured in "Wells Fargo" movie
In the 1937 film, Wells Fargo, Wells Fargo was a theme or subject.
1939: Wells Fargo featured in "Stagecoach" movie
In 1939, the John Ford-directed movie "Stagecoach" featured a chest plainly marked "Wells Fargo."
1947: Wells Fargo featured in "Cheyenne" movie
In the 1947 film, Cheyenne, Wells Fargo was a theme or subject.
1953: Wells Fargo mentioned in "The Deadwood Stage" song
In 1953, the song "The Deadwood Stage (Whip-Crack-Away!)" from the film Calamity Jane, performed by Doris Day, mentions Wells Fargo stagecoaches.
1954: Name shortened to Wells Fargo Bank
In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.
1956: Wells Fargo featured in "Seven Men from Now" movie
In the 1956 film, Seven Men from Now, Wells Fargo was a theme or subject.
1957: Tales of Wells Fargo TV Series Began
In 1957, the television series Tales of Wells Fargo began, focusing on a fictitious Wells Fargo special agent, and ran until 1962.
1962: Name Changed Back to Wells Fargo Bank
In 1962, Wells Fargo Bank American Trust Company changed its name back to Wells Fargo Bank.
1962: Wells Fargo shown in "The Music Man" film
In 1962, Wells Fargo is depicted as the delivery service for the town band's instruments in the film The Music Man.
1962: Tales of Wells Fargo TV Series Ended
The television series Tales of Wells Fargo, which focused on a fictitious Wells Fargo special agent, ended in 1962.
1968: Federal Banking Charter and Merger with Sonoma Mortgage
In 1968, Wells Fargo was converted to a federal banking charter, becoming 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, which made Trione the largest shareholder until Warren Buffett and Walter Annenberg surpassed him.
1975: REA Privatization
After being nationalized during the First World War, the US Railway Express Agency (REA), which had included Wells Fargo's express business, was privatized and continued service until 1975.
1978: Start of Embezzlement
During 1978-1981, Wells Fargo assistant operations officer Lloyd Benjamin "Ben" Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammad Ali Professional Sports, Inc. (MAPS).
1981: Discovery of Embezzlement
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. Lewis pled guilty to embezzlement and conspiracy charges in 1981 and testified against his co-conspirators for a reduced five-year sentence.
September 1983: White Eagle Robbery
In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut, was the target of the White Eagle robbery. Organized by Los Macheteros, this theft involved an insider armored truck guard and resulted in $7.1 million being stolen, marking it the largest US bank theft at the time.
1986: Acquisition of Crocker National Bank
In 1986, Wells Fargo acquired Crocker National Bank from Midland Bank.
1987: Acquisition of Personal Trust Business
In 1987, Wells Fargo acquired the personal trust business of Bank of America.
1988: Acquisition of Barclays Bank of California
In 1988, Wells Fargo acquired Barclays Bank of California from Barclays plc.
1990: Wells Fargo stagecoach seen in "Back to the Future Part III"
In 1990, a Wells Fargo & Company stagecoach is seen in the film Back to the Future Part III.
1991: Acquisition of Branches from Great American Bank
In 1991, Wells Fargo acquired 130 branches in California from Great American Bank for $491 million.
May 1995: Introduction of Internet Banking
In May 1995, Wells Fargo became the first major U.S. financial services firm to offer internet banking.
1996: Acquisition of First Interstate Bancorp
In 1996, Wells Fargo acquired First Interstate Bancorp for $11.6 billion, but the integration process faced challenges with many executives leaving.
1998: Acquisition by Norwest Corporation
In 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company taking the Wells Fargo name.
1998: Merger with Norwest Corporation
In 1998, Wells Fargo merged with Minneapolis-based Norwest Corporation. The merged company adopted the Wells Fargo name and relocated to Wells Fargo's hub in San Francisco. Additionally, Norwest's banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary.
2001: Acquisition of H.D. Vest Financial Services
In late 2001, Wells Fargo acquired H.D. Vest Financial Services for $128 million.
2007: Acquisition of Greater Bay Bancorp, Placer Sierra Bank, and CIT Group's construction unit
In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction. It also acquired Placer Sierra Bank and CIT Group's construction unit that same year.
October 3, 2008: Agreement to Acquire Wachovia
On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock, after turning down an inferior offer from Citigroup.
October 5, 2008: Injunction Overturned in Wachovia Acquisition
On October 5, 2008, a New York state appeals court overturned a temporary injunction that had blocked the transaction of Wells Fargo acquiring Wachovia.
October 2008: Issuance of Preferred Stock
In October 2008, Wells Fargo issued preferred stock to the United States Department of the Treasury.
October 28, 2008: Receipt of Funds via Emergency Economic Stabilization Act
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.
2008: Acquisition of Wachovia
In 2008, Wells Fargo acquired Charlotte-based Wachovia, expanding its presence to become a coast-to-coast bank.
April 2009: Acquisition of North Coast Surety Insurance Services
In April 2009, Wells Fargo acquired North Coast Surety Insurance Services.
May 2009: Capital Raised
In May 2009, Wells Fargo raised $8.6 billion in capital as a result of requirements of the government stress tests.
July 31, 2009: Lawsuit filed by Illinois Attorney General
On July 31, 2009, Illinois Attorney General Lisa Madigan filed suit against Wells Fargo, alleging the bank steered African Americans and Hispanics into high-cost subprime loans.
December 23, 2009: Redemption of Preferred Stock
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, 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.
March 2010: Agreement with US federal prosecutors
In March 2010, Wells Fargo acknowledged an agreement with US federal prosecutors that between 2004 and 2007, Wachovia (acquired by Wells Fargo) failed to monitor and report suspected money laundering by narcotics traffickers.
August 2010: Fine for Overdraft Practices
In August 2010, Wells Fargo was fined by a United States district court judge for overdraft practices designed to "gouge" consumers and "profiteer" at their expense.
2010: Citco Purchase of Trust Company Operation
In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands.
December 2011: Criticism by Public Campaign
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, and having no federal tax liability.
2011: Hiring of Investment Bankers from Citadel LLC
In 2011, Wells Fargo hired 25 investment bankers from Citadel LLC.
February 9, 2012: National Mortgage Settlement Agreement
On February 9, 2012, Wells Fargo and four other mortgage servicers agreed to a settlement with the US Federal Government and 49 states over improper foreclosure practices. Wells Fargo's share was $5.4 billion.
March 2012: Investment in GEO Group
By March 2012, Wells Fargo's stake in GEO Group, a for-profit private prison provider, had grown to more than 4.4 million shares worth $86.7 million.
April 5, 2012: Punitive Damages for Mortgage Misconduct
On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages for mortgage service misconduct, after improperly charging a homeowner with $24,000 in mortgage fees.
April 2012: Acquisition of Merlin Securities
In April 2012, Wells Fargo acquired Merlin Securities.
August 14, 2012: Settlement with SEC over risky mortgage-backed securities
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.
October 2012: Lawsuit over questionable mortgage deals
In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.
November 2012: Divestment of GEO Group Holdings
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.
December 2012: Loans to firearms and ammunition companies
From December 2012, Wells Fargo reportedly helped firearms and ammunition companies obtain loans, while also handling banking for the National Rifle Association of America (NRA).
December 2012: Rebranding as Wells Fargo Prime Services
In December 2012, Merlin Securities was rebranded as Wells Fargo Prime Services.
April 2013: Settlement with Florida Homeowners over insurance
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.
May 2013: Lawsuit over national mortgage settlement violations
In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement.
May 2013: Settlement Over Overdraft Fees
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.
2013: Income Tax Payment
In 2013, Wells Fargo paid $9.1 billion in income taxes.
2013: Award Affirmed on Appeal
In 2013, the award against Wells Fargo for mortgage service misconduct was affirmed on appeal.
October 2014: Wells Fargo Employee requests raise for all employees
In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO and 200,000 other employees requesting a $10,000 per year raise for all employees to address wage stagnation and income inequality.
2014: Increased Stake in The Rock Creek Group LP
In 2014, Wells Fargo increased its stake in The Rock Creek Group LP to 65%.
February 2015: Settlement for illegally taking interest in homes
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.
May 2015: Settlement over insider information
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 of providing insider information.
2015: Acquisition of GE Capital Rail Services and GE Units
In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged with First Union Rail. Also in late 2015, Wells Fargo acquired three GE units focused on business loans and equipment financing.
2015: Sale of H.D. Vest Financial Services
In 2015, Wells Fargo sold H.D. Vest Financial Services for $580 million, having acquired it in 2001.
2015: Judge sides with Wells Fargo
In 2015, a judge sided with Wells Fargo in the lawsuit filed by New York attorney-general Eric Schneiderman.
July 2016: Carrie Tolstedt Retirement
In July 2016, Carrie Tolstedt, who headed the department at the center of the unauthorized accounts scandal, retired and received $124.6 million in stock, options, and restricted Wells Fargo shares.
September 2016: Fines for Opening Unauthorized Accounts
In September 2016, Wells Fargo was issued $185 million in fines for opening over 1.5 million unauthorized checking and savings accounts and 500,000 credit cards without customer consent.
October 12, 2016: John Stumpf Retirement Announcement
On October 12, 2016, John Stumpf, the then chairman and CEO of Wells Fargo, announced his retirement amidst the scandals, with Timothy J. Sloan succeeding him.
November 2016: Settlement over appraisal overcharges
In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging homeowners for appraisals ordered after they defaulted on their mortgage loans.
December 2016: FINRA fine for failing to store electronic documents correctly
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.
2016: False Claims Act Settlement
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.
February 2017: Cities vote to move deposits
In February 2017, the city councils of Seattle, Washington and Davis, California voted to move $3 billion of deposits from Wells Fargo due to its financing of the Dakota Access Pipeline and the account fraud scandal.
March 2017: Announcement of Smartphone-Based Transactions
In March 2017, Wells Fargo announced plans to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay, and Samsung Pay.
April 2017: Board of Directors Report Release
In April 2017, a report by the Wells Fargo board of directors primarily blamed Stumpf and Tolstedt for the unauthorized accounts scandal. The board chose to use a clawback clause to recover $75 million worth of cash and stock from the former executives.
February 2, 2018: Federal Reserve Restriction on Asset Growth
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.
February 2018: Loans to firearms and ammunition companies
Through February 2018, Wells Fargo reportedly helped firearms and ammunition companies obtain loans, while also handling banking for the National Rifle Association of America (NRA).
April 2018: Department of Labor Launches Probe into Wells Fargo Retirement Plans
In April 2018, the United States Department of Labor launched a probe to investigate whether Wells Fargo was steering its customers into more expensive retirement plans and retirement funds managed by Wells Fargo itself.
May 2018: Wells Fargo Discovers Altered Business Client Documents
In May 2018, Wells Fargo discovered that its business banking group had improperly altered documents pertaining to business clients in 2017 and early 2018.
June 2018: Meeting of Wells Fargo executives
In June 2018, a dozen female Wells Fargo executives from the wealth management division met to discuss the minimal presence of women in senior roles. They reported being turned down for top jobs despite their qualifications.
July 2018: Sale of Stake in The Rock Creek Group LP
In July 2018, Wells Fargo sold its 65% stake in The Rock Creek Group LP back to management.
September 2018: Job Cuts Announcement
In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $4 billion.
March 2019: CEO Tim Sloan Resignation
In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal, and C. Allen Parker became interim CEO.
June 10, 2019: Settlement over auto-loan insurance scam
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.
July 2019: Acquisition by Principal Financial Group
In July 2019, Principal Financial Group acquired Wells Fargo's Institutional Retirement & Trust business.
September 27, 2019: Charles Scharf Announced as New CEO
On September 27, 2019, Charles Scharf was announced as the new CEO of Wells Fargo.
2019: Baseline Year for Emissions Reduction
Wells Fargo established 2019 as the baseline year for its 2022 goal to reduce absolute emissions by companies it lends to in the oil and gas sector by 26% by 2030.
February 2020: Settlement with DOJ and SEC
In February 2020, Wells Fargo agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Exchange Commission.
August 2020: Settlement for alleged hiring discrimination
In August 2020, Wells Fargo agreed to pay $7.8 million in back wages for allegedly discriminating against 34,193 African Americans in hiring for various positions.
August 28, 2020: Wells Fargo to pay fine and restitution
On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 and $10 million in restitution payments after FINRA accused the company of failing to supervise representatives who recommended high-risk energy securities investments in 2014 and 2015.
2020: Home Refinance Applications from Black Applicants
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.
2020: Job Cuts Completion
By 2020, Wells Fargo had cut 26,450 jobs as announced in September 2018, aiming to reduce costs by $4 billion.
2020: Sale of Student Loan Portfolio
In 2020, Wells Fargo sold its student loan portfolio.
2020: Winding down business with NRA
In 2020, Wells Fargo stated that it was winding down its business with the NRA, ceasing participation in the organization's line of credit and mortgage loan commitments.
December 31, 2020: WFAM Assets Under Management
As of December 31, 2020, Wells Fargo Asset Management (WFAM) had $603 billion in assets under management, of which 33% was invested in money market funds. WFAM was sold in 2021 and rebranded as Allspring Global Investments.
May 2021: Sale of Canadian Direct Equipment Finance business
In May 2021, Wells Fargo sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.
September 2021: Fines from the United States Justice Department
In September 2021, Wells Fargo incurred further fines from the United States Justice Department for fraudulent behavior by the bank against foreign-exchange currency trading customers.
2021: Sale of Asset Management Division
In 2021, Wells Fargo sold its asset management division, Wells Fargo Asset Management (WFAM), to private equity firms GTCR and Reverence Capital Partners for $2.1 billion. WFAM was rebranded as Allspring Global Investments.
March 2, 2022: Wells Fargo Donates to American Red Cross for Ukrainian Refugees
On March 2, 2022, Wells Fargo announced a $1 million donation to the American Red Cross for Ukrainian refugees fleeing from the Russian invasion.
March 2022: Rejection of Home Refinance Applications from Black Applicants
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.
April 2022: Wells Fargo Foundation Pledges $210 Million Towards Racial Equity in Homeownership
In April 2022, The Wells Fargo foundation announced a pledge of $210 million toward racial equity in homeownership. $60 million will be awarded in WORTH grants until 2025 and $150 million will lower mortgage rates for minority homeowners.
December 2022: Settlement with CFPB
In December 2022, Wells Fargo agreed to a settlement with the CFPB of $3.7 billion over abuses tied to the fake account scandal as well as mortgages and auto loans.
December 2022: $3.7 Billion Loan-Management Fine
In December 2022, the U.S. levied a $3.7 billion loan-management fine upon Wells Fargo.
2022: Emissions Reduction Goal
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. The company has committed to net zero financed emissions by 2050.
2022: CFPB mandates compensation for account freezes
In 2022, the Consumer Financial Protection Bureau mandated that Wells Fargo provide $160 million in compensation to over a million individuals due to harm caused by freezing and closing bank accounts aggressively between 2011 and 2016.
February 2023: Settlement with shareholders over auto insurance disclosures
In February 2023, Wells Fargo agreed to pay $300 million in a settlement with shareholders over auto insurance disclosures.
March 2023: Technical Glitch and Account Balance Misstatements
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.
April 2023: TD Jakes Group and Wells Fargo Partner for Inclusive Communities
In April 2023, TD Jakes Group and Wells Fargo 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.
May 2023: Settlement of Shareholder Class-Action Suit
Separately, in May 2023, Wells Fargo agreed to pay $1 billion to settle a shareholder class-action suit.
December 2023: Wells Fargo Appoints Darlene Goins as Foundation President
In December 2023, Wells Fargo appointed Darlene Goins as president of the Wells Fargo Foundation and Head of Philanthropy and Community Impact. She previously held leadership roles at FICO and Wells Fargo.
Sep 23, 2024: Wells Fargo supports Tempur Sealy International's acquisition of Mattress Firm Group
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.
October 2024: Unionization drive
As of October 2024, 20 Wells Fargo branch locations have joined Wells Fargo Workers United-CWA, a division of Communications Workers of America, in less than a year, marking the first major national U.S. bank to undergo a successful unionization drive.
December 2024: Sale of San Francisco Headquarters Building
In December 2024, Wells Fargo announced that it would be selling its 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.
December 2024: Withdrawal from Net-Zero Banking Alliance
In December 2024, Wells Fargo withdrew itself from its membership of Net-Zero Banking Alliance.
2030: Target Year for Emissions Reduction
Wells Fargo announced a goal in 2022 to reduce absolute emissions by companies it lends to in the oil and gas sector by 26% by 2030 from 2019 levels.
2050: Target Year for Net Zero Financed Emissions
Wells Fargo has committed to net zero financed emissions by 2050.
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