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What is Wells Fargo Corporation?

mediapatner.com - Finance is very important in the aspect of national and international development. Efforts to improve and grow the world economy continue to be made in order to ensure a better life. In financial matters, of course, every country has its own authority, apart from all that, every country also needs other countries so that the financial system runs well.
The world bank's center in Washington, DC, United States of America makes this country capable of managing world finances.

from this, many local and national banks have sprung up, one of the banks that has gone global is a bank from the wells fargo company.

What is Well Fargo Corporation?

What is Well Fargo Corporation?

Wells Fargo is a multinational financial services company in the United States. Companies that are considered very consistent and systematic in carrying out financial business processes. The company is headquartered in San Francisco, California, then has operational headquarters in Manhattan, and managerial offices throughout the world. Wells Fargo operates in 35 countries with more than 70 million customers.

Wells Fargo has a subsidiary, namely Wells Fargo Bank, N.A., which is a nationally chartered bank in Wilmington, Delaware, Wells Fargo Bank, N.A Main Office is in Sioux Falls, South Dakota. Wells Fargo Bank is also the fourth largest bank in the United States. the basis for this decision is based on the bank's total assets and deposits, and broad market capitalization supported by Bank of America, JPMorgan Chase, and Citigroup. Wells Fargo has the opportunity to occupy the position of "Big Four Banks" of the United States. Wells Fargo Bank, N.A. Has 8,050 branches and 13,000 ATMs 

Wells Fargo was also considered a merger of Wells Fargo and the Minneapolis-based Norwest Corporation in 1998. Norwest was the company that took the more well-known Wells Fargo name and moved to Wells Fargo in San Francisco. Then its banking subsidiary merged with a Wells Fargo-based banking subsidiary in Sioux Falls. Wells Fargo became a bank with the acquisition of Charlotte-based Wachovia in 2008.

Wells Fargo is ranked 41st on the Fortune 500 list and beats many of the largest corporations in the United States. On February 2, 2018, account fraud by banks resulted in the Federal Reserve barring Wells Fargo from further developing its nearly $2 trillion asset base until the company fixes its internal problems to the Federal Reserve's satisfaction. then September 2021, Wells Fargo filed a further fine from the United States Department of Justice prosecuting fraudulent conduct by banks against foreign currency trading customers. Bloomberg Businessweek reported in March 2022 that Wells Fargo was the only major lender in 2020 to turn down more home refinance applications from black applicants than were approved.

Wells Fargo company goals

For Wells Fargo to grow and develop consistently, the company must have sustainable income and growth. Wells Fargo's goal is to satisfy customers based on their needs. 

Strategic Goals :

  1. Expanding the company through mergers and acquisitions
  2. Increase market share
  3. Innovation development
  4. Satisfying customers with banking services and financial advice

Financial Goals: 

The main goal of Wells Fargo is the company's revenue growth which is an important measure of service, sales, and customer satisfaction. As quoted from the Wells Fargo Corp website, Wells Fargo cannot control the economy, market interest rates, and events that will occur in the world. Wells Fargo focuses on what can be controlled within the company. Apart from that, Wells Fargo also aims to capitalize on rate.

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