Company Summary
San Francisco-based Wells Fargo & Company is one of the largest financial services companies in the United States, with $1.96 trillion in assets as of Mar 31, 2024. The company provides banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage services and consumer and commercial finance through 4,247 retail bank branches, broad automated telling machines (ATMs) network, the Internet and other distribution channels across North America and globally.
It provides services through four broad segments. Consumer Banking and Lending (36.9% of the total net income as of Mar 31, 2024) offers products and services such as checking and savings accounts, credit and debit cards, as well as home, auto, personal and small business lending to consumers and small businesses with annual sales generally up to $10 million.
Commercial Banking (21.3%) provides banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management, to private, family-owned and certain public companies. Corporate and Investment Banking (43%) delivers services related to capital markets, banking and financial products to corporate, commercial real estate, government and institutional clients globally.
Wealth and Investment Management (8.2%) 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. All other business activities that are not included in the reportable operating segments have been included in a Corporate (net loss of 9.4%) category.
In September 2023, Wells Fargo sold its investment in Norwest Equity Partners and Norwest Mezzanine Partners to a buyer group, including AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon.
In fourth-quarter 2021, Wells Fargo sold its Corporate Trust Services (CTS) business, and asset management unit — Wells Fargo Asset Management. In August 2021, the bank combined its Treasury Management and Global Payment Solutions businesses under the Global Treasury Management umbrella.