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Global 500

Rick Wilking—Reuters

62

Wells Fargo

WFC

U.S.

2017 was a relatively light year for controversy among big banks that have been heavily scrutinized since the 2008-09 financial crisis. What’s more, stock prices soared, interest rates rose, and a new administration looked favorably upon fewer regulations. Things were looking up for Wall Street’s giants—except one. Though Wells Fargo emerged from 2008 relatively unscathed, new CEO Tim Sloan spent 2017 issuing apology after apology. After losing consumer confidence for creating 2.1 million fake accounts a year earlier, Wells Fargo admitted in 2017 that an additional 1.7 million fake accounts had been made. The bank also admitted that it had charged as many as 570,000 consumers for unneeded auto insurance. And, further tarnishing its “golden child” moniker, Wells Fargo revealed a $1 billion charge for previously disclosed regulatory investigations into its pre-crisis mortgage activities. Though Wells Fargo’s revenue grew in 2017, its stock price underperformed peers as investors viewed the bank’s regulatory headaches and reputational woes as a financial liability—now and into the future.

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CEO

Timothy J. Sloan

Sector

Financials

Industry

Banks: Commercial and Savings

HQ Location

San Francisco

Years on Global 500 List

21

Employees

262,700

Key Financials (Last Fiscal Year)
($ Millions)% change
Revenues ($M)$97,7413.8%
Profits ($M)$22,183.01.1%
Assets ($M)$1,951,757
Total Stockholder Equity ($M)$206,936
Profit Ratios
Profit as % of Revenues22.7%
Profits as % of Assets1.1%
Profits as % of Stockholder Equity10.7%
STOCK QUOTE
()0.00 0.00 (0)
  • Previous Close:
  • Market Cap: NaNB
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  • 52 Week Change %: 0.00
  • P/E Ratio: n/a
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