Wells Fargo apologizes for online banking outage as $1,400 stimulus checks hit accounts

Wells Fargo online, mobile banking outages reported as stimulus checks to hit accounts
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Wells Fargo Site Crashes As Customers Try To See If They’ve Received Stimulus Payments

Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with operational headquarters in Manhattan,[12] and management offices throughout the United States and overseas. [13]

The company’s main subsidiary is Wells Fargo Bank, N.A., which is registered in Delaware and is headquartered in Sioux Falls, South Dakota. It is the fourth largest bank in the United States in terms of balance sheet total. [15] [16] Wells Fargo is ranked 30th in the 2020 Fortune 500 ranking of the world’s largest companies in terms of total revenue. [17]

In July 2015, Wells Fargo became the world’s largest bank by market capitalization, moving past ICBC before falling behind JPMorgan Chase in September 2016 in the wake of a scandal over the establishment of more than 2 million fake bank accounts and illegal manipulation of other accounts by Wells Fargo employees. [15] In 2017, Wells Fargo fell to third place behind Bank of America after bank deposits[18] and in 2018 to fourth place after total assets. [19]

Wells Fargo in its current form is the result of a merger between San Francisco-based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998, and the subsequent acquisition of Charlotte-based Wachovia in 2008. After the mergers, the company moved its headquarters to Wells Fargo’s San Francisco headquarters and merged its operating subsidiary with Wells Fargo’s operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America and Citigroup, Wells Fargo is one of the “Big Four Banks” in the United States. [20] In June 2018, the company had 8,050 branches and 13,000 ATMs. [5] In 2018, the company was active in 35 countries and had more than 70 million customers worldwide. [5]

In February 2014, Wells Fargo was named the world’s most valuable banking brand for the second year in a row in the study by The Banker and Brand Finance of the 500 most valuable banking brands[21]. [22] In 2016, Wells Fargo ranked 7th on the Forbes Global 2000 list of the world’s largest listed companies and 27th on the Fortune 500 list of the largest companies in the United States. [10] [23] In 2015, the company was ranked 22nd most admired company in the world and 7th most respected company in the world. [10] In December 2018, the company had a credit rating of Standard & Poors of A-. [11] For a short period in 2007, however, the company was the only bank with an AAA rating, reflecting the highest creditworthiness of two companies. [24]

On February 2, 2018, the U.S. Federal Reserve banned Wells Fargo from further growth of its nearly 2 trillion U.S. dollars worth of assets due to years of misconduct until Wells Fargo fixed its internal problems to the satisfaction of the central bank. [25] In April 2018, the Wall Street Journal reported that the U.S. Department of Labor has launched an investigation into whether Wells Fargo is pushing its customers into more expensive retirement plans and wells Fargo’s self-managed pension funds. 26][27] In May 2018, the Wall Street Journal reported that Wells Fargo’s business banking group had improperly altered documents relating to business customers in 2017 and early 2018. [28] In June 2018, Wells Fargo began withdrawing from retail banking in the Midwestern United States by announcing the sale of all physical bank branches in Indiana, Michigan, and Ohio to Flagstar Bank.

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