Wells Fargo
Company History
Wells Fargo History: Founding, Growth & Key Milestones
Founded 1852 in San Francisco, California, United States
When was Wells Fargo founded?
Wells Fargo was founded in 1852 in San Francisco, California, United States by Henry Wells and William Fargo, making it 174 years old.
- Founded
- 1852
- Founding place
- San Francisco, California, United States
- Founders
- Henry Wells and William Fargo
- Headquarters today
- San Francisco, California, United States
- Milestones documented
- 12 (1852–2026)
- Current CEO
- Charlie Scharf
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1852 | Wells Fargo founded |
| 1986 | Acquired Crocker National Bank |
| 1995 | Online Banking |
| 1996 | Acquired First Interstate Bancorp |
| 1998 | Norwest merger |
| 2008 | Wachovia acquisition |
| 2016 | Sales-practices scandal |
| 2018 | Asset cap imposed |
| 2019 | Charlie Scharf named CEO |
| 2020 | $3 Billion Settlement |
| 2025 | Asset cap lifted |
| 2026 | 2018 consent order terminated |
- Where was Wells Fargo founded?
- Wells Fargo was founded in San Francisco, California, United States in 1852. wikidata.org
- Who founded Wells Fargo?
- Wells Fargo was founded by Henry Wells and William Fargo.
- When did Wells Fargo start?
- Wells Fargo was founded in 1852.
- How old is Wells Fargo?
- Wells Fargo is 174 years old as of 2026.
Founding Story
Wells Fargo was organized in New York in March 1852 by Henry Wells and William G. Fargo, two express-business veterans who had also helped found American Express. Seeing the demand created by the California Gold Rush, they opened an office in San Francisco in July 1852 that bought gold dust, sold bank drafts, and carried gold, mail, and valuables by express. The stagecoach that the company used in that era remains its brand symbol today.
Founders
Henry Wells
Henry Wells was an American express-business pioneer. After helping form American Express in 1850, he and William Fargo organized Wells, Fargo & Co. in 1852 to provide banking and express services to Gold Rush California. He also founded Wells College in Aurora, New York. Henry Wells was born in 1805 in Thetford. Wells was born on December 12, 1805 and died on December 10, 1878. He worked as a freight agent before entering the express business. His companies competed with the United States Post Office by carrying mail below the government rate. He also founded Wells College in Aurora, New York.
William Fargo
William Fargo (1818-1881) co-founded both American Express (1850) and Wells Fargo & Company (1852) alongside Henry Wells. Recognizing the massive financial opportunity of the California Gold Rush, he established Wells Fargo to provide secure express delivery and banking services to pioneers out West. He served as President of American Express and heavily influenced the early infrastructure of the American financial system. William George Fargo was born on May 20, 1818 and died on August 3, 1881. He was also a politician and a co-founder of American Express. (Exact birth year remains publicly undisclosed).
Key Milestones
Wells Fargo founded
Henry Wells and William Fargo founded Wells, Fargo & Co. to provide express and banking services.
Source: wellsfargo.comAcquired Crocker National Bank
Wells Fargo acquired Crocker National Bank. Expanded Wells Fargo's California branch network.
Source: en.wikipedia.orgOnline Banking
Wells Fargo began offering account access over the internet in 1995.
Source: en.wikipedia.orgAcquired First Interstate Bancorp
Wells Fargo acquired First Interstate Bancorp for $11.6 billion.
Source: en.wikipedia.orgNorwest merger
Norwest Corporation merged with Wells Fargo and kept the Wells Fargo name.
Source: en.wikipedia.orgWachovia acquisition
Wells Fargo agreed to acquire Wachovia during the financial crisis.
Source: en.wikipedia.orgSales-practices scandal
Regulators fined the bank $185 million over unauthorized accounts; CEO John Stumpf resigned.
Source: en.wikipedia.orgAsset cap imposed
The Federal Reserve capped total assets under a consent order.
Source: federalreserve.gov$3 Billion Settlement
Wells Fargo agreed in February 2020 to pay $3 billion to settle US criminal and civil investigations into its sales practices.
Source: en.wikipedia.org2018 consent order terminated
The Federal Reserve terminated the 2018 consent order on March 5, 2026.
Source: newsroom.wf.comMajor Acquisitions
Crocker National Bank
1986Expanded Wells Fargo's California branch network.
First Interstate Bancorp
1996Hostile takeover that added a large Western U.S. banking footprint.
Norwest Corporation
1998Merger in which Minneapolis-based Norwest combined with Wells Fargo and adopted the Wells Fargo name.
Wachovia Corporation
2008All-stock deal during the financial crisis that added East Coast branches and a large brokerage business.
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Wells Fargo Company History FAQ
When and how was Wells Fargo originally founded?
Wells Fargo was founded in 1852 in San Francisco, California, by Henry Wells and William G. Fargo to provide express delivery, stagecoach transport, and banking services during the California Gold Rush.
When were Wells Fargo's banking and express delivery businesses separated?
In 1905, Wells Fargo separated its banking operations from its express delivery business, merging the bank with Nevada National Bank under the leadership of financier Isaias W. Hellman.
What was the significance of the 1998 Norwest Corporation merger?
In 1998, Minneapolis-based Norwest Corporation executed a $34 billion merger of equals with Wells Fargo, retaining the historic Wells Fargo brand name and San Francisco corporate headquarters.
How did Wells Fargo acquire Wachovia Corporation in 2008?
During the peak of the 2008 global financial crisis, Wells Fargo outbid Citigroup to acquire troubled banking giant Wachovia for $15.1 billion, instantly securing an expansive East Coast retail branch network.
What was the 2016 fake accounts sales practices scandal?
In September 2016, regulators revealed that Wells Fargo employees had opened millions of unauthorized deposit and credit card accounts to meet unrealistic cross-selling quotas, sparking nationwide investigations.
What was the Federal Reserve's $1.95 trillion asset cap imposed in 2018?
In February 2018, the Federal Reserve took the unprecedented regulatory step of capping Wells Fargo's total assets at $1.95 trillion until the bank completely overhauled its governance and compliance systems.
When did the Federal Reserve finally lift Wells Fargo's asset cap?
In June 2025, after more than seven years of comprehensive risk management overhauls under CEO Charlie Scharf, the Federal Reserve lifted the $1.95 trillion asset cap.
When were Wells Fargo's remaining regulatory consent orders terminated?
In March 2026, the Federal Reserve and OCC formally terminated the milestone 2018 consent orders, concluding a multi-year regulatory remediation era for the bank.
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