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Wells Fargo, in its present form, is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. The merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco.
Wells Fargo was an American banking company based in San Francisco, California, that was acquired by Norwest Corporation in 1998. During the California Gold Rush in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits.
Wells Fargo Securities was established in 2009 to house Wells Fargo's new capital markets group, which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well-established investment banking practice which operated under the Wachovia ...
However, it retains Norwest's pre-1998 stock price history and corporate structure, and all pre-1998 SEC filings are under Norwest, not Wells Fargo. Former Wells Fargo stockholders held 52.5 percent of the newly combined company and former Norwest stockholders held 47.5 percent. Paul Hazen, chairman and CEO of Wells Fargo, become chairman of ...
Charles W. Scharf (born April 24, 1965) [1] is an American investment banker and business executive who is the chief executive officer and president of Wells Fargo. He was previously the CEO of Visa Inc. [ 2 ] and BNY .
Scharf stepped down in 2019 to become the new CEO of Wells Fargo. Thomas "Todd" Gibbons served as BNY Mellon's CEO from 2020 to 2022. [142] Robin A. Vince was appointed president and CEO in August 2022, succeeding Gibbons. Upon his appointment, Robin Vince also became a member of the company’s board of directors. [143] [144]
The Federal Reserve unanimously approved the merger with Wells Fargo on October 12, 2008. [64] The combined company retained the Wells Fargo name, and was based in San Francisco. However, Charlotte remained as the headquarters for the combined company's East Coast banking operations, and Wachovia Securities remained in Charlotte [citation ...
Wells Fargo Advisors is a subsidiary of Wells Fargo, located in St Louis, Missouri. It is the third largest brokerage firm in the United States as of June 30, 2021 with $1.9 trillion retail client assets under management .