Wells Fargo & Company operates as a financial services company.
The company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet (www.wellsfargo.com) and other distribution channels to individuals, businesses, and institutions in all 50 states, the District of Columbia and in countries outside the U.S.
The company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, as well as small business lending. In addition, the company offers financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions to businesses through products and services, including traditional commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
Consumer Banking and Lending
This segment offers diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.
This segment provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.
Corporate and Investment Banking
This segment delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.
Wealth and Investment Management
This segment provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. The company operates through financial advisors in its brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade and Intuitive Investor.
As of December 31, 2021, the company’s investment securities included securities of the U.S. treasury and federal agencies; non-U.S. government securities; securities of the U.S. states and political subdivisions; federal agency mortgage-backed securities; non-agency mortgage-backed securities; collateralized loan obligations; and other debt securities.
As of December 31, 2021, the company’s loans included commercial loans, such as commercial and industrial loans (the U.S. and non-U.S.), real estate mortgage loans, real estate construction loans, and lease financing loans; and consumer loans, such as residential mortgage loans – first lien and junior lien, credit card loans, auto loans, and other consumer loans.
As of December 31, 2021, the company’s deposits included noninterest-bearing demand deposits; interest-bearing demand deposits; savings deposits; time deposits; and interest-bearing deposits in non-U.S. offices.
Regulation and Supervision
As a bank holding company, the company is subject to regulation under the Bank Holding Company Act of 1956, as amended and to inspection, examination and supervision by its primary regulator, the Board of Governors of the Federal Reserve System (Federal Reserve Board or FRB). The company is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, both as administered by the SEC. As a company with securities listed on the New York Stock Exchange (NYSE), the company is subject to the rules of the NYSE for listed companies.
The company’s subsidiary national banks, and their subsidiaries, are subject to regulation and examination primarily by the Office of the Comptroller of the Currency (OCC) and also by the Federal Deposit Insurance Corporation (FDIC), the FRB, the Consumer Financial Protection Bureau (CFPB), the SEC, and the Commodities Futures Trading Commission (CFTC). The non-U.S. branches and representative offices of the company’s subsidiary national banks are subject to regulation and examination by their respective financial regulators, as well as by the OCC and the FRB.
Many of the company’s nonbank subsidiaries are also subject to regulation by the FRB and other applicable federal and state agencies. The company’s insurance subsidiaries are subject to regulation by applicable state insurance regulatory agencies, as well as the FRB. The company’s brokerage subsidiaries are regulated by the SEC, the Financial Industry Regulatory Authority (FINRA), and in some cases, the CFTC and the Municipal Securities Rulemaking Board, and state securities regulators.
The company’s subsidiaries include banks in the U.S., such as Wells Fargo Bank, N.A., which are insured by the FDIC. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the numerous rules to implement its provisions have resulted in enhanced regulation and supervision of large bank holding companies, such as the company.
The company’s subsidiaries include banks, such as Wells Fargo Bank, N.A., which are members of the Deposit Insurance Fund (DIF) maintained by the FDIC. The company is subject to the Sarbanes-Oxley Act of 2002 because the company is required to file periodic reports with the United States Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.
Wells Fargo & Company was founded in 1852.