- Business
- Wells Fargo & Company (NYSE: WFC) operates as a diversified financial services holding company providing retail and commercial banking, mortgage origination and servicing, credit cards, investments, wealth management, and equipment financing to consumers, businesses, and institutions primarily in the United States and internationally across more than 35 countries. Founded in 1852 by Henry Wells and William G. Fargo and headquartered in San Francisco, California, the company offers checking and savings accounts; certificates of deposit; home mortgages and refinances; auto, personal, and small business loans; SBA loans; business lines of credit; Wells Fargo Rewards and business credit cards; debit cards; merchant services; payroll services; online and mobile banking platforms; ATM services; bill pay, Zelle, digital wallet, wire transfers, foreign exchange, and global remittance services; safe deposit boxes; fraud alerts; and security options through its primary subsidiary Wells Fargo Bank, N.A., which maintains over 8,000 branches, 13,000 ATMs, and serves more than 70 million customers. In consumer banking and lending, it ranks as the second-largest U.S. retail mortgage originator, servicing $1.8 trillion in home loans; commercial banking targets businesses with annual revenues from small enterprises to large corporations; corporate and investment banking includes mergers and acquisitions advisory, such as its role in Sycamore Partners' $23.7 billion acquisition of Walgreens Boots Alliance; and wealth and investment management provides IRAs, insurance, advisory services, and brokered deposits. Recent developments include the Federal Reserve lifting its asset cap in June 2025, enabling asset growth beyond $2 trillion, expanded corporate lending through fixed-income offerings like $1 billion in fixed-to-floating rate notes due 2036 and a $250 million debt facility for Aequum Capital, a tax equity partnership with Enlight Renewable Energy providing up to $150 million for the Quail Ranch solar and storage project in New Mexico in November 2025, completion of the sale of its non-agency third-party commercial mortgage servicing business to Trimont in March 2025, branch network expansion in new and legacy markets following optimization, and a raised medium-term return on tangible common equity target of 17-18%.