Foundation of Wells Fargo
Wells Fargo was founded by Henry Wells and William G. Fargo to provide express and banking services to California, which was booming due to the Gold Rush.
1852
1861
Wells Fargo Becomes the Overland Mail Company
Wells Fargo took over the operation of the Overland Mail Company, providing mail and freight services across the United States.
1905
Separation of Express and Banking Businesses
Wells Fargo separated its banking and express businesses, focusing the express company on transportation and the bank on financial services.
1918
Nationalization During World War I
Wells Fargo's express business was nationalized by the U.S. government during World War I, leading the company to focus solely on banking services.
1929
Merger with Union Trust Company
Wells Fargo merged with Union Trust Company to form Wells Fargo Bank & Union Trust Company, expanding its banking services significantly.
1954
Renaming to Wells Fargo Bank
The company was renamed Wells Fargo Bank to better reflect its core business of banking.
1960
Expansion into Consumer Finance
Wells Fargo expanded into consumer finance by acquiring several consumer finance companies, broadening its range of services.
1986
Acquisition of Crocker National Corporation
Wells Fargo acquired Crocker National Corporation, significantly increasing its presence in California and enhancing its banking capabilities.
1996
Merger with First Interstate Bancorp
Wells Fargo merged with First Interstate Bancorp, creating one of the largest banking institutions in the United States.
1998
Acquisition by Norwest Corporation
Wells Fargo was acquired by Norwest Corporation, but retained the Wells Fargo name due to its strong brand recognition. This merger expanded Wells Fargo's reach nationally.
2008
Acquisition of Wachovia
Wells Fargo acquired Wachovia, making it one of the largest banks in the United States and significantly expanding its footprint on the East Coast.
2012
Expansion of International Operations
Wells Fargo expanded its international operations, opening new offices in key global financial centers to better serve its international clients.
2016
Account Fraud Scandal
Wells Fargo was involved in a scandal where it was revealed that employees had created millions of unauthorized bank and credit card accounts, leading to significant fines and regulatory scrutiny.
2020
Leadership Changes
Wells Fargo appointed Charles Scharf as CEO to rebuild trust and guide the company through its ongoing regulatory and operational challenges.
2021
Strategic Restructuring
Wells Fargo announced a strategic restructuring plan to streamline operations, reduce expenses, and improve efficiency, aiming to better serve its customers and enhance shareholder value.
2023
Introduction of New Digital Banking Services
Wells Fargo introduced a suite of new digital banking services, leveraging advanced technology to provide more personalized and efficient banking experiences for its customers.
