Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[73]. Rather than the mass layoffs that were typical of many mergers, Wells Fargo announced a workforce reduction of only 4,000 to 5,000 employees over a two-year period. Earnings were only up 12% in 1979, compared with an average of 19% between 1973 and 1978. This merger would have been notable since both companies were founded by the same people, Wells and Fargo. Although at first inclined to accept a September 29 agreement brokered by the Federal Deposit Insurance Corporation to sell its banking operations to Citigroup for $2.2 billion, on October 3, Wachovia accepted Wells Fargo's offer to buy all of the financial institutions for $15.1 billion. In May 1988, Wells Fargo acquired Barclays Bank of California from Barclays plc. In 1859, there was a crisis when Congress failed to pass the annual post office appropriation bill, thereby leaving the post office with no way to pay for the Overland Mail Company's services. 2 Vice President Jobs at Wells Fargo 2 Jobs sorted by: Relevance. President and Head of Wells Fargo Advisors. “I am delighted to welcome Bill to Wells Fargo,” said Scharf. Surviving the Panic of 1855 gave Wells Fargo two advantages. Arati Randolph From 1997 to 2000, Daley was Secretary of Commerce in the Clinton administration. (704) 743-6968 Continuing the Norwest tradition of making numerous smaller acquisitions each year, Wells Fargo acquired 13 companies during 1999 with total assets of $2.4 billion. Frederick L. Lipman was then elected president. ", In January 1981, the banking community was shocked to learn that a routine audit by the Assistant Operations Officer of the Wells Fargo Miracle Mile branch, Judith Allyn MacLardie, had revealed a $21.3 million embezzlement scheme. [45][46][47] Wells Fargo CEO and chairman Richard P. "Dick" Cooley (November 25, 1923 – September 22, 2016), who resigned his post in late 1982,[48] was quoted in 1981, remarking that Lewis had "carried out a 'brilliantly simple' scheme that cracked the bank's auditing system. Before and after the acquisition, Reichardt and Hazen aggressively cut costs and eliminated unprofitable portions of Wells Fargo's business. First Name Last Name. Several New York banks, deeply involved in efforts to manipulate the stock market, experienced a run when speculators were unable to pay for stock they had purchased. But the character of Wells Fargo's participation changed when it helped start the Overland Mail Company. A bank run on Page, Bacon & Company, a San Francisco bank, began when the collapse of its St. Louis, Missouri parent was made public. Senior Vice President, Regional Credit Manager, Commercial Services Group, Managing Director, Head of Loan Sales and Syndications, Managing Director, Head of Receivables Securitization, Executive Vice President, Wells Fargo Capital Finance, Executive Vice President and Head of Commercial Services Group, Senior Managing Director, Head of Supply Chain Finance, Wells Fargo Capital Finance, Senior Managing Director, National Head of Loan Originations, Executive Vice President, Head of Wells Fargo Commercial Capital, Executive Vice President and Head of the Corporate Finance Group, Executive Vice President, Chief Administrative Officer – Strategic Services Group, Executive Vice President, Western Region Manager, Commercial Services Group, Executive Vice President, Managing Director, Retail Finance, Senior Vice President, Regional Manager                                           Commercial Services Group - Government Services. He stepped down to run Al Gore's campaign for President in 2000. The name was again shortened to Wells Fargo Bank in 1962. Even though American Express was going through a very expensive and ambitious technological upgrade, it still would have lagged greatly behind Wells Fargo's systems, posing tremendous integration risk. Wells Fargo aimed to generate $800 million in annual operational savings out of the combined bank within 18 months, and immediately upon completion of the takeover announced a workforce reduction of 16 percent, or 7,200 positions, by the end of 1996. Wells Fargo had launched its personal computer banking service in 1989 and was the first bank to introduce access to banking accounts on the web in May 1995. [63][64] In June 2007, Wells Fargo acquired CIT's construction unit. The bank's aggressive marketing of its services included seminars explaining modern portfolio theory. Initially, 30,000 merchants participated in the plan. By contrast, First Interstate had emphasized personalized relationship banking, and its customers were used to dealing with tellers and bankers not machines. Although Norwest was the nominal survivor, the merged company retained the Wells Fargo name because of the latter's greater public recognition and the former's regional connotations. Arbuckle retired as chairman at the end of 1977. [76][77] Tests by the Federal government revealed that Wells Fargo needs an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate further under stress test scenarios. Of these, Wells, Fargo, Livingston, and McKay were also on the board of American Express.[2]. The bank began selling stamps through its automated teller machines (ATMs), for example, and in 1995 was partnering with CyberCash, Inc., a software startup company, to begin offering its services over the Internet. [34] Wells Fargo continued some overseas express operations until the 1960s; as an operator of bank armored cars, it did business as Wells Fargo Armored Security Corporation and Wells Fargo Armored Service. Smith and Henry D. Rice. All of this, however, came at a price: control of Wells Fargo shifted to Tevis. The perpetrators were apprehended by the Federal Bureau of Investigation and two were sentenced to jail terms of 55 and 65 years while another suspect has been on the FBI Ten Most Wanted Fugitives list since 1984. The following Tuesday, Wells Fargo reopened in sound condition, despite a loss of one-third of its net worth. Vest Financial Services for $128 million, but sold it in 2015 for $580 million. © Copyright 2020 Wells Fargo Capital Finance. [84], Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the Alaskan Gold Rush era. [74] The proposed merger was approved by the Federal Reserve as a $12.2 billion all-stock transaction on October 12 in an unusual Sunday order. The bank's 25% holding in Allgemeine Deutsche Credit-Anstalt, a West Germany bank, cost Wells Fargo $4 million due to bad real estate loans. Other banks came forward as potential "white knights", including Norwest Corporation, Bank One Corporation, and First Bank System. "Stanford Dean Named by Wells Fargo Bank". Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well-established investment banking practice which operated under the Wachovia Securities banner. Undaunted, Wells and Fargo decided to start their own business while continuing to fulfill their responsibilities as officers and directors of American Express. In an opinion by Acting Presiding Justice William Newsom, the court held that Wells Fargo was not subject to tort liability for breach of the implied covenant of good faith and fair dealing just because it had taken a "hard-line" approach in negotiations with its borrowers, and refused to modify or forbear enforcing the terms of the relevant promissory notes. The armored car business merged with competitor Loomis in 1997, originally as Loomis Fargo & Company;[35] after other reorganizations, it is now known simply as Loomis. In 1885 Wells Fargo also began selling money orders. "Integrity amid Tumult: Wells, Fargo & Co.'s Gold Rush Banking. September 1983 marked the date of the White Eagle Robbery when the Wells Fargo depot in West Hartford, Connecticut was robbed by members of the pro-Puerto Rican independence guerilla group Boricua Popular Army (Los Macheteros) in what was then the "largest cash heist in U.S. history". [3][4], In 1855, Wells Fargo faced its first crisis when the California banking system collapsed as a result of unsound speculation. Soon after the new company was formed, Wells, the first president of American Express, and Fargo, its vice president, proposed expanding their business to California.

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