Wells Fargo is the choice bank for many consumers, but there is still so much that even the customers of this bank might not know. To educate you on this banking facility, we have compiled a list of everything that you need to know when banking with or considering banking with this renowned bank! Don’t forget to come back and see our part two article, where we reveal the top eight most surprising facts about Wells Fargo of all!
Number Fifteen: 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 Fourteen: Wells Fargo and 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 Thirteen: 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 Twelve: 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 Eleven: 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 Ten: 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 Nine: 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. Don’t forget to come back and see our part two article, where we reveal the top eight most surprising facts about Wells Fargo of all!