On February 2, 2018, account fraud by the bank resulted in the Federal Reserve barring Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixed its internal problems to the satisfaction of the Federal Reserve. The company has been the subject of several investigations by regulators. Wells Fargo is ranked 41st on the Fortune 500 list of the largest companies in the U.S. It is one of the most valuable bank brands. It is the fourth largest bank in the United States by total assets and is also one of the largest as ranked by bank deposits and market capitalization. federal courts as a citizen of South Dakota). The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank that designates its Sioux Falls, South Dakota site as its main office (and is therefore treated by most U.S.
Wells Fargo became a coast-to-coast bank with the 2008 acquisition of Charlotte-based Wachovia. At the same time, its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco. Wells Fargo, in its present form, is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. It is a systemically important financial institution by the Financial Stability Board and is considered one of the " Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup. The company operates in 35 countries and serves over 70 million customers worldwide. Wells Fargo & Company is an American multinational financial services company with a significant global presence. $2 stamp and 10 cents stamped envelope with Pony Express cancellation, carried from San Francisco to New York City in 12 days, during June 1861
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