10 Facts About Wells Fargo

1. In 2015, an analyst at Wells Fargo settled an insider trading case with the SEC.

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2. In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive overdraft fees on checking-account customers.

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3. In October 2012, Wells Fargo was sued by US federal attorney Preet Bharara over questionable mortgage deals.

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4. 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 it operated under the Wachovia Securities banner.

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5. On October 28, 2008, Wells Fargo was the recipient of $25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury.

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6. In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by $4 billion.

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7. In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment financing.

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8. In June 2018, Wells Fargo began retreating from retail banking in the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.

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9. In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the United States.

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10. In February 2014, Wells Fargo was named the world's most valuable bank brand for the second consecutive year in The Banker and Brand Finance study of the top 500 banking brands.

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