Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California, with “hubquarters” throughout the country. It is the world’s second-largest bank by market capitalization and the third largest bank in the U.S. by assets. Wells Fargo surpassed Citigroup Inc. to become the third-largest U.S. bank by assets at the end of 2015. Wells Fargo is the second-largest bank in deposits, home mortgage servicing, and debit cards.
Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo’s headquarters in San Francisco and merged its operating subsidiary with Wells Fargo’s operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the “Big Four Banks” of the United States. As of December 31, 2016, it had 8,700 retail branches and 13,000 automated teller machines. The company operates across 35 countries and has over 70 million customers globally.