• The financial company Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo. It offers a variety of services to consumers and businesses.

  Wells Fargo was one of the troubled businesses which received money from the government through the $700 billion bail out package. The company received $25 billion through the bailout. Amidst widespread criticism, Wells Fargo canceled their 12-day retreat to Las Vegas in February 2009, which would have been part of an annual conference for its top mortgage officers. Wells Fargo had booked rooms for the event at the two five-star hotels Wynn Las Vegas and Encore Las Vegas. CBS 11: Bailed-Out Wells Fargo Plans Vegas Casino Junkets(February 3, 2009)msnbc.com: Wells Fargo cancels Las Vegas trip (February 3, 2009)

• Fast Facts

  1. Stock symbol: NYSE: WFC
  2. Annual revenue (2007): $39.39 billion (United States|US)
  3. Founder(s): Henry Wells and William G. Fargo
  4. Year Established: 1852
  5. Industry: Financial Services
  6. Phone: 800-869-3557
  7. HQ: San Francisco, California
  8. President and CEO: John Stumpf
  9. Staff: 160,000 (2007)
  10. Other key people: Richard Kovacevich, Chairman
  11. Received $25 billion from the government's $700 billion bail out package in 2008
  12. Bought Wachovia Corporation in 2008
  13. Wachovia and Wells Fargo are two separate banks, but will eventually merge into one bankWells Fargo: [2009https://www.wellsfargo.com/wachovia/faqs/wellsfargo#Q1 Customer Frequently Asked Questions]

• Key Dates

  1. 1852: Wells Fargo Founded
  2. 1923: Merged with Union Trust Company
  3. 1960: Merged with American Trust Company to form Wells Fargo Bank American Trust Company
  4. 1962: Shortened name to Wells Fargo Bank
  5. 1968: Converted to a federal banking charter
  6. 1995: First financial service that allowed internet banking
  7. 2007: Acquired CIT Construction
  8. 2008: Bought the bank Wachovia Corporation
  9. 2008: Received $25 billion from the federal government through the bailout package

• Product List

  1. Retail Banking
  2. Insurance
  3. Payday advance
  4. Mortgages
  5. Consumer Finance
  6. Corporate and Investment Banking

• Corporate Retreats

  In February 2009, it was reported that Wells Fargo would hold a 12-day retreat in Las Vegas, part of a conference for top mortgage officers, which are held yearly in different locations. Previous retreats have included helicopter rides, wine tasting, horseback riding, concerts and other perks. The company had decided to hold the 2009 conference at two five-star hotels despite having received $25 billion from the federal government through the $700 bailout package approved in 2008.CBS 11: Bailed-Out Wells Fargo Plans Vegas Casino Junkets(February 3, 2009)

  Wells Fargo canceled this trip in response to widespread criticism that the company was misusing their $25 billion bailout money. In a news release the company noted that it had never planned to use the bailout money to fund the trip.msnbc.com: Wells Fargo cancels Las Vegas trip (February 3, 2009)

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