: Wells Fargo
: United States
Contact Address: 420 Montgomery Street
San Francisco CA 94163
General: Wells Fargo & Company is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores located in 39 states and the District of Columbia. It provides other financial services, through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. As of December 31, 2009, the Company provided banking, insurance, investments, mortgage and consumer finance from more than 10,000 stores under various types of ownership and leasehold agreements.
In April 2010, the Company announces that Wells Fargo Bank, N.A. has completed its acquisition of the North American factoring portfolio of the Commercial Services Division of GMAC Commercial Finance. In July 2010, Wells Fargo & Co. announced the restructuring of its Wells Fargo Financial division, including closing its 638 Wells Fargo Financial stores across the United States and exiting the origination of non-prime portfolio mortgage loans. The remaining consumer and commercial loan products offered through Wells Fargo Financial will be realigned with those offered by other Wells Fargo business units and will be available through Wells Fargo's network of community banking and home mortgage stores.
Community Banking offers a line of diversified financial products and services for consumers and small businesses, including investment, insurance and trust services in 39 states and District of Columbia, and mortgage and home equity loans in all 50 states and District of Columbia. Community Banking includes Wells Fargo Financial. Community Banking also offers investment management and other services to retail customers and securities brokerage through affiliates. These products and services include the Wells Fargo Advantage Funds, a family of mutual funds. Loan products include lines of credit, equity lines and loans, equipment and transportation (recreational vehicle and marine) loans, education loans, origination and purchase of residential mortgage loans and servicing of mortgage loans and credit cards. Other credit products and financial services available to small businesses and their owners include receivables and inventory financing, equipment leases, real estate financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, health savings accounts and merchant payment processing. Consumer and business deposit products include checking accounts, savings deposits, market rate accounts, individual retirement accounts, time deposits and debit cards.
Community Banking serves customers through a range of channels, including traditional banking stores, in-store banking centers, business centers, automated teller machines (ATMs), and Wells Fargo Customer Connection, a 24 hours a day, seven days a week telephone service. Online banking services include single sign-on to online banking, bill pay and brokerage, as well as online banking for small business. Community Banking also includes Wells Fargo Financial consumer finance and auto finance operations. Consumer finance operations make real estate loans to individuals in the United States and the Pacific Rim, and also make direct consumer loans to individuals and purchase sales finance contracts from retail merchants from offices throughout the United States, and in Canada and the Pacific Rim. Auto finance operations specialize in purchasing sales finance contracts directly from auto dealers in Puerto Rico and making loans secured by autos in the United States and Puerto Rico. Wells Fargo Financial also provides credit cards, lease and other commercial financing.
Wholesale Banking provides a line of commercial, corporate, capital markets, cash management and real estate banking products and services. These include traditional commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, mezzanine financing, high-yield debt, international trade facilities, trade financing, collection services, foreign exchange services, treasury management, investment management, institutional fixed-income sales, interest rate, commodity and equity risk management, online/electronic products, such as the commercial electronic office (COO) portal, insurance, corporate trust fiduciary and agency services, and investment banking services....