Wells Fargo & Co. stands as one of America’s Big Four banks, serving over 70 million customers across 35 countries. The company provides consumer banking, commercial banking, corporate and investment banking, and wealth management services through its nationwide network.
Founded in 1852 during the California Gold Rush, Wells Fargo started as an express and banking service for gold prospectors. The iconic stagecoach remains the company’s trademark symbol. Today, Wells Fargo ranks as the fourth-largest bank in the United States by total assets.
The bank operates through approximately 4,500 branches and 12,000 ATMs nationwide. Its headquarters sits in San Francisco, with major operations centers spread across the country. Wells Fargo holds the distinction of operating under Charter 1, the first national bank charter issued in the United States.
Wells Fargo History
Wells Fargo Co-founders
Wells Fargo Revenue
Wells Fargo generated approximately $78 billion in revenue during fiscal year 2024. The Consumer Banking and Lending segment contributes the largest share at around 42% of total revenue. Net interest income makes up the primary revenue source, supplemented by growing fee-based income from wealth management and investment banking.
Wells Fargo Market Cap
Wells Fargo’s market capitalization reached approximately $267 billion in December 2025, ranking it as the 48th most valuable company globally. The stock trades on the New York Stock Exchange under the ticker WFC. Share price has increased over 200% in the past five years following operational improvements.
Wells Fargo Competitors
Wells Fargo competes with major financial institutions across consumer banking, commercial banking, and investment services. The company ranks fourth among U.S. banks by total assets, trailing JPMorgan Chase, Bank of America, and Citigroup in the “Big Four” category.
| Company | Headquarters | Primary Focus |
|---|---|---|
| JPMorgan Chase | New York, NY | Investment Banking, Consumer Banking |
| Bank of America | Charlotte, NC | Consumer Banking, Wealth Management |
| Citigroup | New York, NY | Global Banking, Credit Cards |
| Goldman Sachs | New York, NY | Investment Banking, Trading |
| Morgan Stanley | New York, NY | Wealth Management, Investment Banking |
| U.S. Bancorp | Minneapolis, MN | Consumer Banking, Payment Services |
| PNC Financial Services | Pittsburgh, PA | Regional Banking, Asset Management |
| Truist Financial | Charlotte, NC | Consumer Banking, Insurance |
| Capital One | McLean, VA | Credit Cards, Digital Banking |
| Charles Schwab | Westlake, TX | Brokerage, Wealth Management |
Wells Fargo Acquisitions
Wells Fargo built its national presence through strategic acquisitions spanning over 170 years. The company traces its charter lineage to 1863, when the Office of the Comptroller of the Currency issued Charter 1 to First National Bank of Philadelphia. That charter eventually passed to Wells Fargo through the Wachovia acquisition in 2008.
The 1998 merger with Norwest Corporation marked a turning point in Wells Fargo’s expansion strategy. Norwest, though technically the acquiring company, adopted the Wells Fargo name and iconic stagecoach branding. This deal combined Norwest’s strong Midwest consumer banking operations with Wells Fargo’s California presence.
Wells Fargo completed its largest acquisition in October 2008 when it purchased Wachovia Corporation for $14.8 billion. The deal came amid the financial crisis and trumped a competing offer from Citigroup. Wachovia brought 3,300 branches across the eastern United States and significantly expanded Wells Fargo’s geographic footprint.
Earlier acquisitions shaped the modern Wells Fargo. The 1986 purchase of Crocker National Corporation from Midland Bank doubled the company’s California branch network. First Interstate Bancorp joined in 1996, adding operations across 13 western states. The 2000 acquisition of First Security Corporation extended reach into the Rocky Mountain region.
In 2021, Wells Fargo sold its asset management division to private equity firms GTCR and Reverence Capital Partners for $2.1 billion. The division, rebranded as Allspring Global Investments, managed $603 billion in assets. This divestiture reflected the company’s strategic focus on core banking operations while simplifying its corporate structure.
FAQs
When was Wells Fargo founded?
Henry Wells and William G. Fargo founded Wells Fargo on March 18, 1852, in San Francisco, California, to provide banking and express services during the Gold Rush.
Is Wells Fargo one of the Big Four banks?
Yes, Wells Fargo ranks among America’s Big Four banks alongside JPMorgan Chase, Bank of America, and Citigroup based on total assets and deposits.
Where is Wells Fargo headquartered?
Wells Fargo maintains its headquarters in San Francisco, California. The company operates central offices and major facilities across the United States.
What happened with the Wells Fargo asset cap?
The Federal Reserve imposed an asset cap in 2018 following the fake accounts scandal. The restriction limited Wells Fargo’s growth until 2025 when regulators lifted it.
How many branches does Wells Fargo have?
Wells Fargo operates approximately 4,500 bank branches and 12,000 ATMs across the United States. The bank serves over 70 million customers nationwide.
