Wells Fargo

About Wells Fargo

Founded by Henry Wells and William Fargo in 1852 as an express transport and banking company serving the California Gold Rush. Wells Fargo stagecoaches became an icon of the American West. The bank evolved into a commercial bank. Wells Fargo merged with Norwest in 1998, keeping the Wells Fargo name. The bank acquired Wachovia in 2008 during the financial crisis. The 2016 fake accounts scandal, where employees created over 3 million unauthorized accounts, devastated Wells Fargos reputation. The bank paid over 3 billion in fines. CEO John Stumpf resigned. The Federal Reserve imposed an asset cap, unique among major US banks. Wells Fargo has struggled to rebuild trust.