Wells Fargo is an American multinational financial services company and the choice bank for many consumers. To educate you on this banking facility, MusicSnake Magazine has compiled a list of fifteen interesting facts you probably didn’t know about Wells Fargo.
Number One: The Customer Base. The reason for this mass amount of locations is widely due to its astounding number of customers. The company serves a total of over 2 million customers with online services alone, and roughly 10 million on mobile.
Number Two: Progress Pioneers. Before any other bank today, Wells Fargo introduced online banking as early as 1995. By 2005, they became the first to offer online money-management services as well. They have proven to be a pioneer in the way of banking to fit the mobile and computer-based needs of the modern day.
Number Three: Better for Small Businesses. Not only is this bank one of the most popular destinations for personal financial needs, WF are also number one in the world of small businesses and startup companies. In the United States, it is estimated that more than 10% of all small businesses go through this company for their financial needs.
Number Four: Build Your Own Stagecoach. This old, western company is best known for its classic stagecoach pictured in its logo. Believe it or not, many of the banks fanatics are especially interested in building a model stagecoach of their very own. If you are one of these people, the bank provides a set of blueprints for the building of your very own stagecoach via the Oregon Historical Society.
Number Five: Wells Fargo is Super Convenient. Over the past few years, consumers have watched Wells Fargo locations sprout up like wildfire over the nation. Because of this, the company can proudly claim that they now have ATM locations within two miles of more than half of America’s population.
Number Six: From the Wild West. In addition to the company’s iconic stagecoach, many other items from the wild west are commonly associated with the history of this bank. According to their digital marketing campaign, Wells Fargo offered a line of commemorative belt buckles and star-shaped badges copyrighted by the company in the 1970s that you can still get your hands on today.
Number Seven: WF Stats. This bank has boomed in the past few years and for very good reason. It has become known as the most popular and renowned banking institution in the nation, being the owner of 9,000 total stores over all 50 states, and maintaining over 12,000 ATMs.
Number Eight: HQ Status. We know this bank to be one of the most widely available institutions, but every company has to have a hometown. Of all places, Wells Fargo is stationed mainly in South Dakota. Oddly enough, this state is one of the most well-known locations for consistent banking support, mainly for its laws against charging excess interest.
Number Nine: Environmentally Friendly Wells Fargo. Since 1886, roughly 31 years after their start, this institution has been taking steps to make our world more environmentally friendly. They pride themselves in having a company responsible for over a century of saving trees by recycling paper.
Number Ten: Wells Fargo & Company. In addition to the banking company as we know it, many people don’t know that this bank is actually a branch of Wells Fargo & Company, the main holding company. This business is centered in San Francisco, as every booming company is these days.
Number Eleven: The Biggest Lender. In terms of lending money, this bank is the leading institution. Among the 70 million customers of this company, it is the primary choice for attaining loans. It is estimated that roughly 87% of all outstanding debt in the bank takes the form of a mortgage, student, or automobile loan.
Number Twelve: Warren Buffett’s Stake. Wells Fargo is owned by a wide variety of shareholders due to its large portion of common stock, but a vast majority of the company’s stocks are owned by businessman Warren Buffet. About 463 million shares, to be exact. At the modern prices, his stakes in the company are worth roughly $19.8 billion.
Number Thirteen: Making Money. This institution has earned the title of the bank with the highest profit in recent days. As the bank emerged into the investing realm in 2008, they made out with a whopping profit of $5.7 billion for the final quarter of that year alone. This level of profit is higher than any other banking institution for that year, approached only by Chase bank with a profit of $5.4 billion.
Number Fourteen: The Parent Institution. Most of us aren’t familiar with Norwest Bank, but it is actually the institution that sprouted Wells Fargo. In 1998, Norwest and Wells Fargo merged, and a large number of Norwest’s executives took over the responsibilities of the company. The joining of the two institutions made the best of the two companies, combining the investing power of Wells Fargo with the assets of Norwest.
Number Fifteen: They are Very Well-Capitalized. Institutions such as banks have to encounter a lot of risk-taking in their line of duty, and Wells Fargo is one of the best at this technique. The masterminds at this bank are exceptionally good at making the best decisions to build their capital gains. In 2008 alone, the company owned over $142.5 billion in the highest level of stock, and assets have only grown since this time.