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February 14, 2016 4:53 PM ET

Banks

Company Overview of Wells Fargo Corporation

Company Overview

Wells Fargo Corporation operates as a financial holding company that provides commercial and retail banking services in the United States and internationally. The company’s deposit products include savings, NOW, money market, and interest-bearing checking accounts; non-interest-bearing; and consumer time deposits. Its loan portfolio comprises commercial, financial, and agricultural; real estate construction; lease financing; and real estate secured; student; and installment loans. The company also offers corporate lending and commercial leasing services. In addition, it provides investment banking services such as equities, merger and acquisition advisory; interest rate, leveraged finance, h...

301 South College Street

One Wachovia Center

Suite 4000

Charlotte, NC 28288-0013

United States

Founded in 1879

117,227 Employees

Phone:

704-374-6161

Fax:

704-383-0996

Key Executives for Wells Fargo Corporation

Non-Executive Chairman, Chairman of Executive Committee, Member of Audit Committee, Member of Corporate Governance & Nominating Committee, Chief Executive Officer of Tippet Capital LLC and Chairman of Tippet Capital LLC
Age: 73
Chief Executive Officer of Corporate & Investment Bank - Europe, Head of European Fixed Income and Managing Director of Corporate & Investment Bank - Europe
Vice Chairman, Member of Operating Committee and President of General Bank
Age: 71
Executive Vice President, President of Wachovia Card Services, Co-Head of Southtrust Merger Integration and Co-Head of Merger Project Office
Age: 59
President of Wachovia Mortgage & Retail Credit, Chief Operating Officer of Mortgage Business and Chief Administrative Officer of Mortgage Division
Compensation as of Fiscal Year 2015.

Wells Fargo Corporation Key Developments

Wachovia to Pay $53 Million to Resolve Claims Filed by the NCUA

Wachovia has agreed to pay $53 million to resolve claims filed by the NCUA arising from losses related to the purchases of securities by now-closed corporate credit unions. The NCUA filed suit against Wachovia in 2011. Once the settlement is completed, the NCUA will dismiss pending claims against the firm in federal district courts in California, Kansas and New York.

Wells Fargo & Co. and Homeowners to Battle in Court

Homeowners claiming that Wells Fargo & Co. overcharged them are taking the company to court, seeking $629 million The suit is related to mortgages that were owned or serviced by HomEq Servicing, or those managed by Money Store. Joseph Mazzei filed the suit in 2001, claiming borrowers were charged monthly late fees by HomEq even if their mortgages were already in default. The lawsuit is also claiming that HomEq divided attorneys fees in foreclosure and bankruptcy with a unit of Fidelity National Information Services Inc., an act cited in the lawsuit as being both illegal and a violation of its contract.

HSBC Holdings plc and Wells Fargo & Co. Settle Class-Action Insurance Related Lawsuits

HSBC Holdings Plc and Wells Fargo & Co. have agreed to settle class-action lawsuits by borrowers over force-placed insurance on their properties. HSBC is paying as much as $32 million under the proposed settlement agreement filed February 28, 2014, in a federal court in Miami, while Wells Fargo has not disclosed the amount it is paying under the settlement agreement filed March 5. The plaintiffs accused the companies of charging higher rate premiums on their property insurance.

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