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Global 500

Patrick Sison — AP

61

Wells Fargo

WFC

U.S.

Though it had little impact on the bank’s bottom line, a phony accounts scandal dominated 2016 for Wells Fargo, which continues to deal with the costs and fallout stemming from its aggressive sales tactics. (The company paid a $185 million fine and fired more than 5,000 employees who were found to have opened as many as 2 million unauthorized accounts for consumers. Former CEO John Stumpf also resigned in the wake of the scandal, replaced by company COO Tim Sloan.) Still, Wells Fargo grew sales almost 5% in 2016 as higher interest rates also benefited the bank, which is America’s largest retail mortgage and auto lender, with a larger loan portfolio than any of its U.S. peers. Despite the regulatory penalties, the bank’s profits fell just about 4% last year, preserving its place among the most profitable companies in the Fortune 500. Wells Fargo also recently announced plants to close more than 400 branches, following the rest of the industry’s shift away from brick-and-mortar banking in order to boost earnings.

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CEO

Timothy J. Sloan

Sector

Financials

Industry

Banks: Commercial and Savings

HQ Location

San Francisco, CA

Years on Global 500 List

20

Employees

269,100

Key Financials (Last Fiscal Year)
($ Millions)% change
Revenues ($M)$94,1764.6%
Profits ($M)$21,938.0-4.2%
Assets ($M)$1,930,115
Total Stockholder Equity ($M)$199,581
Profit Ratios
Profit as % of Revenues23.3%
Profits as % of Assets1.1%
Profits as % of Stockholder Equity11.0%
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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  • Dividend Yield: n/a

News about Wells Fargo

Wells Fargo's Latest Misconduct Involves Its Corporate Customers

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'A Milestone Moment.' Why RBS Is So Happy to Pay the U.S. a $4.9 Billion Fine

Analysts had estimated the firm would pay more. At Deutsche Bank, they projected $9 billion.

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The Labor Department Is Looking Into Wells Fargo's 401(k) Policies

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