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Wells Fargo: Big Bank

July 30, 2015

Wells Fargo & Company is a nationwide, diversified, community-based financial services and bank holding company. The company was founded by Henry Wells and William G. Fargo in March 18, 1852, and is headquartered in San Francisco, California.

The present day Wells Fargo is the product of a 1998 merger between Minneapolis-based Norwest Corporation and the original Wells Fargo. The new company kept the Wells Fargo name to capitalize on the long history of the nationally recognized Wells Fargo name and its trademark stagecoach. The firm’s primary US operating subsidiary is national bank, Wells Fargo Bank, NA, which designates its main office as Sioux Falls, South Dakota.

The company operates throughout 35 countries and has more than 70 million customers globally. It reportedly became the wold’s largest bank by market capitalization in July 2015, overtaking ICBC.

It is one of the “Big Four Banks” of the United States, along with rivals JPMorgan Chase, Bank of America, and Citigroup. Wachovia on October 3, 2008, agree to bought by Wells Fargo for around $14.8 billion in an all-stock transaction. This caused some controversy as the Federal Deposit Insurance corporation had days earlier made moves to have Citigroup buy Wachovia for $2.1 billion.

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