Wells Fargo: Corporate Rap Sheet

Wells Fargo: Corporate Rap Sheet

Wells Fargo could be the littlest of this four leaders that now dominate the U.S. commercial banking business, however it has surpassed its bigger counterparts when you look at the level to which it’s been embroiled in a few scandals involving careless financing techniques and consumer deception.

Causing the Stagecoach

The title Wells Fargo evokes the stagecoach that is legendary, however the big bank now going by that name is clearly the descendant of Norwest, a bank keeping business situated in Minneapolis. Norwest had its beginning in 1929, whenever several struggling Midwest banking institutions joined up with forces in a cooperative called Northwest Bancorp (called Banco).