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Wells Fargo must ensure that their upper level management pays close attention to the external environment with emphasis on governmental and legal changes to the industry standard. Wells Fargo has been in business since 1852. Their first office opened in San Francisco during the gold rush. The stage coach was used to transport gold and other valuables. Wells Fargo helped establish the Great Overland Mail service continuing to use the stagecoach but also adding steam ship, rail road, pony rider, and telegraph. From their humble beginnings they expanded from California to the rest of the nation. In 1910 they had 6,000 locations nationwide. Then the federal government took over due to the First World War leaving Wells Fargo with just their initial San Francisco location. Once again Wells Fargo was resistant and expanded again. By 1990 they gained back all of their locations across the nation. In the 1980’s Wells Fargo was the seventh largest bank in the nation. (Wells Fargo, 2011) Wells Fargo continued to expand throughout the Midwest with their merger with Norwest in 1998. The merger combined the largest bank presence on the West coast with the largest presence in the Midwest. After the merger the bank rated first in financial services in the western hemisphere, mortgage origination services, internet banking, agriculture lending, student loans, small business loans, commercial real estate, auto finance, and insurance agency sales. (Wells Fargo, 1998) Wells Fargo merged with Wachovia in 2009 gaining greater presence on the East coast and Southern states. Wells Fargo now had banking presence in 39 states and the District of Columbia. Core Products Banking Online Banking: Online banking includes mobile and text messaging banking. Wells Fargo offers standard online banking as well as applications for mobile devices and text banking. Currently three are 18.3 million active online banking customers. ATM Banking: Wells Fargo currently has 12,196 ATM’s. 8,029 of these ATM’s are envelope free accepting checks and bills directly. We offer email receipts and transactions in seven different on screen language. Our ATM’s also feature voice instructions for visually impaired. The ATM’s are also used to market new products and services to the current customer base. Business Banking: Our business banking serves over 2.5 million businesses with annual revenues up to 20 million. Business banking also includes business lending through capital lines of credit, business credit cards, equipment loans, and commercial real estate loans. We offer merchant services and process $108 billion in annual credit card sales. Business payroll services are available as well as year end tax reporting services. Wholesale Banking: Wholesale banking is comprised of commercial banking, treasury management, receivables solutions, payments solutions, and technology solutions. Commercial banking offers solutions that are tailored to the middle market businesses with annual revenues from $10-$750 million dollars. Government & Institutional Banking: This option provides solutions for government, education, health care, and nonprofit organizations. This can be split into education & nonprofit banking, government banking, health care financial services, public finance investment banking, and sales, trading, ...Show more

Summary

Wells Fargo is a stable and long term company providing financial products such as banking, mortgages, credit cards, insurance, and investment services to consumers and business clientele. Wells Fargo’s mission, vision, and values have propelled them through rough financial times in the great depression as well as the current economic downturn…
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