Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a US financial services company with a global presence. Wells Fargo offers a variety of banking, investment, and mortgage products and services, including consumer and commercial finance. Wells Fargo is one of the “ Big Four US Banks ” with over USD 1.6 trillion in consolidated assets (June 2023) alongside JP Morgan Chase, Bank of America, and Citigroup. Wells Fargo generated a total net interest income of USD 45.0 billion and a total non-interest income of USD 28.8 billion in 2022.

The company operates under four business segments: 1) Consumer Banking and Lending offers various financial products for consumers and small businesses; 2) Commercial Banking serves private and public companies; 3) Corporate and Investment Banking provides capital market services; and 4) Wealth and Investment Management caters to affluent clients through various channels.

Around 90% of the company’s revenue comes from US clients or activities of non-US clients in the US. Wells Fargo has announced its intentions to restructure operations to focus on core clients by simplifying its home lending business, exiting correspondent banking, reducing its servicing portfolio, and optimizing its retail team.