Last Updated:

2024-03-13 12:23:12

Wells Fargo

American multinational financial services company

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American multinational financial services company

Wells Fargo is one of the 'Big Four Banks' in the U.S., with operations in 35 countries. It is the fourth-largest bank in the U.S. by total assets, offering various financial services and having a significant global presence. The company is known for its cross-selling strategy and faced the Wells Fargo cross-selling scandal. Wells Fargo originated one out of every four home loans in the U.S. and is considered a systemically important financial institution.

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1800-01

Wells Fargo History Museum Opens

The Wells Fargo History Museum in San Francisco's financial district showcases nearly two centuries of the company's history.

1841

Henry Wells starts his own business

After recognizing the demand for extending services west of Buffalo, New York; Chicago; and St. Louis, Henry Wells left Harnden’s company to start a business of his own. This decision marked a pivotal moment in the history of Wells Fargo.

1845

Wells and Fargo partnership

In 1845, Wells worked with Fargo, hiring him as a messenger, to extend his express service to Cleveland, Chicago, and other points in the Midwest. Fargo used that experience to later set up business under his name and hire his own messengers.

1852

Founding of Wells Fargo

Wells Fargo, a financial services company, was established in 1852 in San Francisco.

1852-03-18

Founding of Wells, Fargo & Co.

On March 18, 1852, Henry Wells and William G. Fargo founded Wells, Fargo & Co. to provide express and banking services to California, which was growing rapidly due to the California Gold Rush.

1855

Panic of 1855 and Wells Fargo's Survival

The Panic of 1855 led to the collapse of the California banking system, but Wells Fargo managed to survive and reopen in sound condition, gaining a reputation for dependability and soundness. This event gave Wells Fargo a significant advantage in the banking and express business in California.

1857

Formation of Overland Mail Company

In 1857, the Overland Mail Company was formed by individuals with substantial interests in leading express companies, including Wells Fargo. It was later awarded a government contract to carry mail over the southern overland route, marking a significant shift in Wells Fargo's participation in the staging business.

1858

Government Contract for Overland Mail

In 1858, Overland Mail was awarded a government contract to carry the U.S. mail over the southern overland route from St. Louis to California. Wells Fargo was the primary lender and banker for Overland Mail from the beginning.

1859

Crisis in Overland Mail Company

In 1859, a crisis occurred when Congress failed to pass the annual post office appropriation bill, leaving the post office with no way to pay for the Overland Mail Company's services. This led to increasing indebtedness to Wells Fargo and disenchantment with Butterfield's management strategy.

1860-03

Wells Fargo's Threat to Foreclose

In March 1860, Wells Fargo threatened to foreclose as a compromise due to increasing disenchantment with Butterfield's management strategy. Butterfield resigned as president of Overland Mail, and control of the company passed to Wells Fargo.

1861

Wells Fargo's Involvement in Pony Express

After Overland Mail, controlled by Wells Fargo, was awarded a $1 million government contract in early 1861 to provide daily mail service over a central route, Wells Fargo took over the western portion of the Pony Express route from Salt Lake City to San Francisco.

1863-06-20

Charter No. 1 Issued

Charter No. 1, the first national bank charter issued in the United States, was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.

1866

Grand Consolidation of Wells Fargo

The 'Grand consolidation' united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.

1869-10-04

Wells Fargo and Pacific Union Express Company Agreement

On October 4, 1869, William Fargo, his brother Charles, and Ashbel Barney met with Tevis and his associates in Omaha, Nebraska. There Wells Fargo agreed to buy the Pacific Union Express Company at a much-inflated price and received exclusive express rights for ten years on the Central Pacific Railroad and a much-needed infusion of capital. All of this, however, came at a price: control of Wells Fargo shifted to Tevis.

1870

Ashbel Barney Resignation

Ashbel Barney resigned in 1870 and was replaced as president by William Fargo.

1872

Lloyd Tevis Acquires Control of Wells Fargo

Lloyd Tevis, a friend of the Central Pacific 'Big Four' and holder of rights to operate an express service over the Transcontinental Railroad, acquires control of the company.

1876

Separation of Banking and Express Operations

Until 1876, both banking and express operations of Wells Fargo in San Francisco were carried on in the same building at the northeast corner of California and Montgomery Streets. In 1876 the locations were separated, with the banking department moving to a building at the northeast corner of California and Sansome Streets.

1882

Challenging Chinese immigration ban

In 1882, Wells Fargo was involved in challenging the Chinese immigration ban, showcasing the company's commitment to diversity and accessibility.

1885

Commencement of Money Order Sales

In 1885, Wells Fargo began selling money orders, expanding its financial services offerings. This initiative contributed to the company's evolution into a comprehensive financial institution.

1892

John J. Valentine, Sr. Becomes President

In 1892 John J. Valentine, Sr., a long time Wells Fargo employee, was made president of the company.

1901-12

Death of Valentine and Succession by Dudley Evans

Valentine died in late December 1901 and was succeeded as president by Dudley Evans on January 2, 1902.

1904

A.P. Giannini opens the Bank of Italy

In 1904, A.P. Giannini opened the Bank of Italy in San Francisco, which later contributed to the lineage of First Interstate Bancorp, a company eventually acquired by Wells Fargo.

1905-04-22

Formation of Wells Fargo Nevada National Bank

The Wells Fargo Nevada National Bank was formed on April 22, 1905, through a merger with the Nevada National Bank.

1906-04

Impact of San Francisco Earthquake

The San Francisco earthquake and fire in April 1906 destroyed most of the city's business district, including the Wells Fargo Nevada National Bank building. This event had a significant impact on the company's operations and infrastructure.

1907

Panic of 1907

The Panic of 1907, which began in New York in October, resulted in a significant loss of deposits for Wells Fargo. The bank lost $1 million in deposits weekly for six consecutive weeks, leading to a slow and painstaking recovery in the following years.

1910-04

Succession of William Sproule as President of Wells Fargo & Company Express

Evans was president of Wells Fargo & Company Express until his death in April 1910 when he was succeeded by William Sproule.

1917

Nationalization of Express Operations

The U.S. federal government nationalized Wells Fargo's express operations due to World War I, creating the U.S. Railway Express Agency (REA) as a federal agency to run express services.

1918

Nationalization of Wells Fargo's Express Franchise

As a wartime measure, the US Federal Government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency. The bank began rebuilding with a focus on commercial markets.

1920

Leadership Change at Wells Fargo

In 1920, I.W. Hellman II briefly succeeded his father as president of Wells Fargo, followed by Frederick L. Lipman. Lipman's management strategy focused on expansion and conservative banking practices.

1923

Formation of Wells Fargo Bank & Union Trust Company

Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.

1924-01-01

Merger of Wells Fargo Nevada National Bank with Union Trust Company

On January 1, 1924, Wells Fargo Nevada National Bank merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.

1929

Formation of Northwest Bancorporation

In 1929, several Midwest banks joined forces within a banking cooperative called Northwest Bancorporation, which later evolved into Norwest Corporation, a key player in the history of Wells Fargo.

1933

Wells Fargo's Support During the Great Depression

Following the collapse of the banking system in 1933, Wells Fargo was able to extend immediate and substantial help to its troubled correspondents, demonstrating its resilience during the Great Depression.

1936

Publication of Treasure Express: Epic Days of the Wells Fargo

The book 'Treasure Express: Epic Days of the Wells Fargo' by Neill C. Wilson was published in New York in 1936, providing insights into the historical significance of Wells Fargo.

1943

Isaias W. Hellman III elected president of Wells Fargo

Isaias W. Hellman III was elected president of Wells Fargo in 1943 during the war years, which marked the beginning of a modest expansion program in the 1950s.

1945

Publication of Via Western Express and Stagecoach

Oscar O. Winther's book 'Via Western Express and Stagecoach' was published in Stanford, California in 1945, shedding light on the Western express and stagecoach system, including its connection to Wells Fargo.

1949

Publication of 'Wells Fargo: Advancing the American Frontier'

In 1949, Edward Hungerford published 'Wells Fargo: Advancing the American Frontier' which provides insights into the history of Wells Fargo.

1954

Wells Fargo Bank Name Change

After previous mergers, the bank shortened its name to simply Wells Fargo Bank, reflecting its growth into a major West Coast regional bank.

1955

Acquisition of First National Bank of San Mateo County

In 1955, Wells Fargo acquired the First National Bank of San Mateo County as part of its expansion program under Isaias W. Hellman III's leadership.

1957

First Interstate Bancorp emerges as a separate company

In 1957, First Interstate Bancorp emerged as a separate company, marking a significant milestone in its history and eventual acquisition by Wells Fargo.

1960

Merger of Wells Fargo Bank and American Trust Company

In 1960, Wells Fargo Bank merged with American Trust Company to form the Wells Fargo Bank American Trust Company, which was later renamed Wells Fargo Bank in 1962. This merger created the 11th largest banking institution in the United States and significantly expanded Wells Fargo's presence in California.

1961

Wells Fargo by Ralph Moody

Ralph Moody's book 'Wells Fargo' was published in 1961, providing insights into the history of Wells Fargo.

1962

Wells Fargo shortens its name again

In 1962, Wells again shortens its name to Wells Fargo Bank.

1964

H. Stephen Chase elected president of Wells Fargo

H. Stephen Chase was elected president of Wells Fargo in 1964, following the merger of California's two oldest banks, creating the 11th largest banking institution in the United States.

1966-11-10

Richard P. Cooley elected president and CEO of Wells Fargo

On November 10, 1966, Richard P. Cooley was elected president and CEO of Wells Fargo, becoming one of the youngest men to head a major bank at the age of 42.

1967

Introduction of Master Charge card (now MasterCard)

In 1967, Wells Fargo, together with three other California banks, introduced a Master Charge card (now MasterCard) to its customers as part of its plan to challenge Bank of America in the consumer lending business.

1968-08-15

Wells Fargo Charter Conversion

In 1968, Wells Fargo changed from a state to a federal banking charter, allowing it to set up subsidiaries for businesses such as equipment leasing and credit cards. This move was made to avoid the need to create special divisions within the bank.

1969

Formation of Wells Fargo & Company

In 1969, Wells Fargo formed a holding company, Wells Fargo & Company, and purchased the rights to its own name from the American Express Corporation. This allowed Wells Fargo to use its name in any area of financial services it chose.

1973

Wells Fargo's Key Policy Changes

In 1973, Wells Fargo made significant policy changes by targeting the medium-sized corporate and consumer loan businesses with higher interest rates. This strategic shift led to the elimination of excess debt and a much healthier balance sheet by 1974.

1974

Wells Fargo's Real Estate Lending Strategy

Under the leadership of Carl Reichardt, Wells Fargo focused on real estate lending in California's flourishing home and apartment mortgage business, which significantly improved the bank's bottom line.

1975

Wells Fargo's International Operations Challenges

In 1975, Wells Fargo faced challenges in its international operations, including significant financial losses from its holdings in West German and London-based banks. The bank responded by slowing its overseas expansion program and focusing on developing its own overseas branches.

1976-07

Pioneering at Wells Fargo Bank in Fortune

Fortune magazine highlights the pioneering efforts at Wells Fargo Bank in July 1976.

1977

Leadership changes at Wells Fargo

In 1977, Arbuckle retired as chairman and Cooley assumed the chairmanship in January 1978, with Reichardt succeeding him as president.

1978

Wells Fargo's legal victory in California

In 1978, Wells Fargo secured a major legal victory in California, upholding the constitutionality of the state's statutory nonjudicial foreclosure procedure. This victory ensured the bank's ability to provide credit to borrowers at affordable rates.

1979-06

Golden Jubilee for Two Holding Companies in Twin Cities

The ABA Banking Journal in June 1979 covers the golden jubilee of two holding companies in the Twin Cities.

1980

Slowdown in Wells Fargo's Overall Growth

By the end of 1980, Wells Fargo's overall growth had slowed, with earnings up only 12 percent compared to an average of 19 percent in the previous years. Richard Cooley, the chairman, expressed the need to slow down due to strain on capital, liquidity, and people.

1981-01

Wells Fargo $21.3 Million Embezzlement Scheme

In January 1981, a routine audit at the Wells Fargo Miracle Mile branch revealed a $21.3 million embezzlement scheme orchestrated by Lloyd Benjamin Lewis and involving collusion with a former employee of the branch and the president of Muhammed Ali Professional Sports, Inc. Lewis wrote phony debit and credit receipts to benefit the boxing promotional company and its founder, leading to a significant scandal and policy change at Wells Fargo.

1983-01

Recession of the Early 1980s

The early 1980s saw a sharp decline in Wells Fargo's performance, leading to a plan to scale down operations overseas and concentrate on the California market. This period marked significant changes in leadership and strategic focus for the bank.

1983-09

White Eagle Robbery at Wells Fargo Armored Truck Depot

In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut, was the victim of the White Eagle robbery. The robbery was organized by Los Macheteros and involved an insider armored truck guard. It was the largest US bank theft to date with $7.1 million stolen, making it a significant event in the history of bank robberies.

1985-07-26

Branching Out: Two Minnesota Banks Illustrate the Pitfalls of Interstate Networks

The Wall Street Journal on July 26, 1985, discusses the challenges faced by two Minnesota banks in interstate networks.

1986-02-24

Wells Fargo's Acquisition of Crocker

Business Week reported on February 24, 1986, that Wells Fargo may have made a beneficial acquisition with Crocker.

1987-01-05

On the Money: Norwest Corp. Has Been Making the Right Moves

An article in Barron's on January 5, 1987, discusses Norwest Corp.'s strategic moves.

1988-05-09

Two California Banks Riding Different Waves

Business Week's report on May 9, 1988, compares two California banks, possibly including Wells Fargo.

1989-08-24

Legal Victory for Wells Fargo

On August 24, 1989, Wells Fargo obtained an important legal victory from the California Courts of Appeal, which held that Wells Fargo was not subject to tort liability for breach of the implied covenant of good faith and fair dealing. This victory had significant implications for Wells Fargo's credit operations.

1990-04-02

Business Week's Coverage of Wells Fargo

Business Week's coverage on April 2, 1990, highlighted the less glamorous yet sure aspects of Wells Fargo.

1991-03-04

The Wal-Mart of Banking in Forbes

Forbes features an article referring to Wells Fargo as 'The Wal-Mart of Banking' on March 4, 1991.

1992-10-26

Norwest Corp.: Earnings Surge at Bank Company's Consumer, Mortgage Operations

An article in Barron's on October 26, 1992, discusses the surge in earnings at Norwest Corp.'s consumer and mortgage operations.

1993

Reduction of Labor Force and Technical Innovations

In 1993, Wells Fargo slashed its labor force and boosted cash flow with technical innovations, such as selling stamps through its ATM machines.

1994-03-14

Banking on Independence

An article in the Los Angeles Business Journal on March 14, 1994, discusses banking on independence, potentially related to Wells Fargo.

1994-08-01

Farewell to Wells Fargo in Business Week

An article in Business Week bids farewell to Wells Fargo on August 1, 1994.

1994-12-16

Wells Fargo Hitches Wagon to Commerce on the Net

The San Francisco Business Times on December 16, 1994, discusses Wells Fargo's involvement in commerce on the internet.

1995-01-06

The Boy Wonder Banker Relaxes--Just Briefly

An article in the San Diego Daily Transcript on January 6, 1995, discusses the relaxation of a prominent banker.

1995-10-19

Wells Fargo Bid for First Interstate

Wells Fargo's bid for First Interstate in California is driven by a chance to cut costs, as reported in the Wall Street Journal on October 19, 1995.

1996-01-24

Wells Fargo Sets Big Cuts in California After Merger

Wells Fargo sets big cuts in California after a merger with First Interstate, potentially impacting branches and personnel, according to the Wall Street Journal on January 24, 1996.

1996-03-25

Wells Fargo Wagon Rolls On in San Francisco Chronicle

An article in San Francisco Chronicle discusses the continued progress of the Wells Fargo wagon on March 25, 1996.

1997-01-21

Norwest Passage

An article in Financial World on January 21, 1997, discusses Norwest Passage.

1997-06-09

Wells Fargo's Defensive Strategy

Business Week's coverage on June 9, 1997, discussed Wells Fargo's defensive strategy.

1997-06-26

Merger Woes Hurt Wells Fargo's Reputation in San Francisco Chronicle

San Francisco Chronicle reports on how merger woes affect Wells Fargo's once sterling reputation on June 26, 1997.

1997-07-21

Wells Fargo Discovers Difficulty in Merging with First Interstate

Wells Fargo's attempt to merge operations with First Interstate led to the alienation of customers, as reported in the Wall Street Journal on July 21, 1997.

1998-06-09

Norwest, Wells Fargo Agree to a Merger

The Wall Street Journal reported on June 9, 1998, that Norwest and Wells Fargo agreed to a merger, signifying a significant event in the banking industry.

1999-08-10

Dick Kovacevich Successfully Piloting the New Wells Fargo

Dick Kovacevich is successfully piloting the new Wells Fargo after a merger, as reported in the San Francisco Examiner on August 10, 1999.

2000-05-15

Dick Kovacevich Does It His Way

An article in Fortune on May 15, 2000, highlights Dick Kovacevich's unique approach in leading Wells Fargo.

2000-10-23

Challenges Faced by the Wells Fargo Wagon in Business Week

Business Week discusses the challenges encountered by the Wells Fargo wagon on October 23, 2000.

2007

Purchase of Greater Bay Bancorp

Wells Fargo purchased Greater Bay Bancorp for $1.5 billion, adding 41 more branches in the San Francisco Bay Area, further expanding its network.

2008-10-03

Wells Fargo's Acquisition of Wachovia

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. This acquisition significantly expanded Wells Fargo's presence and influence in the banking industry.

2008-10-28

Wells Fargo's Receipt of Funds via the 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. This financial support was a crucial event during the economic crisis of that time.

2009-12-23

Redemption of Preferred Stock Issued to the United States Department of the Treasury

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, marking a significant financial transaction.

2010-08

Wells Fargo Overdraft Fees Fine

In August 2010, Wells Fargo was fined by United States district court judge for overdraft practices designed to 'gouge' consumers and 'profiteer' at their expense.

2011-12

Public Campaign Criticizes Wells Fargo for Tax Liability and Lobbying

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.

2012-02-09

National Mortgage Settlement (NMS)

The five largest mortgage servicers 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' and foreclosing without standing via MERS. The settlement required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the federal and state governments.

2012-04-05

Federal Judge Orders Wells Fargo to Pay $3.1 Million

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 a homeowner with $24,000 in mortgage fees.

2012-08-14

Wells Fargo Settles SEC Charges

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.

2013-04

Wells Fargo Settles Suit with 24,000 Florida Homeowners

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.

2013-05

Wells Fargo Settlement for Excessive 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.

2014-10

Wage inequality and executive compensation at Wells Fargo

Wells Fargo faced criticism for CEO John Stumpf's significantly higher compensation compared to the median employee, ranking number 33 among the S&P 500 companies for CEO-employee pay inequality.

2015-01

Armed Robbery at Wells Fargo History Museum

In January 2015, armed robbers in an SUV smashed through the Wells Fargo History Museum's glass doors and stole gold nuggets. The museum also displays original stagecoaches, photographs, and mining artifacts.

2015-02

Wells Fargo Agrees to Pay $4 Million for Violation of New York Credit Card Laws

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.

2015-05

Wells Fargo Settlement for Insider Trading Case

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 insider information on probable ratings charges.

2016-09-08

CFPB fines Wells Fargo

The Consumer Financial Protection Bureau fined Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized accounts. The bank was also required to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.

2016-09-20

John Stumpf appearance before the Senate Banking Committee

On September 20, 2016, John Stumpf, then CEO of Wells Fargo, appeared before the Senate Banking Committee. He delivered prepared testimony and was questioned about the bank's actions. The hearing raised doubts about the independence of the fired employees and the leadership during the period of the fraud.

2016-10-12

Stumpf resigns as CEO of Wells Fargo

John Stumpf resigned as the CEO of Wells Fargo on October 12, roughly a month after the fines by the CFPB were announced. He was replaced by COO Timothy Sloan.

2017-01

Wells Fargo announces branch closures

After decreased profitability following the scandal, Wells Fargo announced it would close over 400 of its approximately 6000 branches by the end of 2018.

2017-02

Seattle and Davis move deposits from Wells Fargo

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.

2017-03

Wells Fargo $142 million customer compensation settlement

In March 2017, Wells Fargo agreed to settle for $142 million with consumers who had accounts opened in their names without permission. The settlement money repaid fraudulent fees and paid damages to those affected.

2017-04

Wells Fargo board blames Stumpf and Tolstedt for scandal

In April 2017, an investigation by the Wells Fargo board primarily blamed Stumpf and Tolstedt for the scandal, with the board choosing to use a clawback clause in the retirement contracts of the former executives to recover $75 million worth of cash and stock.

2017-05

Wells Fargo cost-cutting measures

In May 2017, Wells Fargo announced plans to cut costs through investment in technology while decreasing reliance on its sales organization. The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.

2017-12

Lawsuit by Navajo Nation against Wells Fargo

In December 2017, the Navajo Nation sued Wells Fargo, claiming that the bank's employees misled elderly members who did not speak English into believing that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank with operations on a national scale with the Navajo Nation.

2018-02-02

Wells Fargo Account Fraud Scandal

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.

2019-06-10

Wells Fargo settles lawsuit for overselling auto insurance

On June 10, 2019, Wells Fargo agreed to pay $385 million to settle a lawsuit accusing it of scamming millions of auto-loan customers into buying unnecessary insurance, resulting in a significant settlement for the bank.

2019-09-27

Appointment of Charles Scharf as Wells Fargo's New CEO

On September 27, 2019, Charles Scharf was announced as the firm's new CEO. This appointment marked a significant change in the leadership of Wells Fargo.

2020-08-28

Wells Fargo fined for failure to supervise representatives

Wells Fargo agreed to pay a fine of $350,000 and $10 million in restitution payments to certain customers after being accused of failing to reasonably supervise two registered representatives who recommended high-risk energy securities to customers in 2014 and 2015.

2021-09

Wells Fargo Fines by United States Justice Department

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.

2022-03-02

Wells Fargo's donation to the American Red Cross for Ukrainian refugees

Wells Fargo announced a $1 million donation to the American Red Cross to aid Ukrainian refugees fleeing from the Russian invasion.

2023-03

Wells Fargo Technical Glitch Misstating Balances

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.

2023-04

Partnership between TD Jakes Group and Wells Fargo for inclusive communities

Wells Fargo formalized a 10-year partnership with TD Jakes Group to create inclusive communities for people of all income levels, committing approximately $1 billion to fund projects aligned with the overall strategy.

2023-05

Wells Fargo pays $1 billion to settle shareholder class-action suit

In May 2023, Wells Fargo agreed to pay $1 billion to settle a shareholder class-action suit.

2023-08-17

Wells Fargo Market Cap and P/E Ratio

As of August 17, 2023, Wells Fargo has a market cap of $155.43 billion and a P/E ratio of 10.53.

2023-09

Ongoing legal and reputational impact on Wells Fargo

As recently as September 2023, the creation of fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives.

End of the Timeline
Wells Fargo