Bank of America vs Wells Fargo: Founders, CEOs and History
Bank of America was founded in 1904 by Amadeo Peter Giannini and is led by Brian Moynihan. Wells Fargo was founded in 1852 by Henry Wells, William Fargo and is led by Charlie Scharf.
Company facts
Bank of America
- Founded
- 1904
- Headquarters
- Charlotte, North Carolina
- Current CEO
- Brian Moynihan
- Employees
- 213,000
Wells Fargo
- Founded
- 1852
- Headquarters
- San Francisco, California, United States
- Current CEO
- Charlie Scharf
- Employees
- 205,000
Founders
Bank of America
Amadeo Peter Giannini
The founding of Bank of America is arguably the most radical and socially disruptive story in the history of American finance. It was not founded by wealthy Wall Street aristocrats, but by A. P. Giannini, the San Jose born son of Italian immigrants.
Wells Fargo
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.
William Fargo
William G. Fargo co-founded Wells, Fargo & Co. with Henry Wells in 1852. He later served as president of American Express and was mayor of Buffalo, New York, in the 1860s.
CEOs and their tenures
Bank of America
- Amadeo Peter Giannini1904–1945
Founder and Chairman
Giannini was born in San Jose, California, in 1870 to Italian immigrant parents and sold fruit and vegetables from a horse-drawn wagon before opening the Bank of Italy in San Francisco at the age of 34.
Source - Hugh L. McColl Jr.1998–2001
Chairman and Chief Executive Officer
McColl joined the company in 1959 as a management trainee and built NationsBank through interstate acquisitions before its 1998 combination with San Francisco based BankAmerica, which took the Bank of America name and created the first coast-to-coast U.S.
Source - Ken Lewis2001–2009
Chairman and Chief Executive Officer
Lewis joined the company in 1969 as a credit analyst, ran corporate strategy from 1999, and became chairman and chief executive officer on April 25, 2001 when Hugh McColl retired.
Source - Brian Moynihan2010–present
Chair of the Board and Chief Executive Officer
Moynihan became chief executive officer on January 1, 2010, after running the general counsel, consumer banking and wealth management units, and he also chairs the board.
Source
Wells Fargo
- John Stumpf2007–2016
Former Chairman and CEO
Resigned in October 2016 after the fake-accounts scandal became public; regulators later fined him and barred him from the banking industry.
Source - Charles W. Scharf2019–present
Chairman and Chief Executive Officer
Under Scharf, the Federal Reserve lifted the asset cap in June 2025 and terminated the 2018 consent order in March 2026.
Source - Scott Powell2019–present
Senior Executive Vice President and Chief Operating Officer
Named to succeed Derek Flowers as Chief Risk Officer in January 2027.
Source - Mike Santomassimo2020–present
Senior Executive Vice President and Chief Financial Officer
Member of the Operating Committee, based in New York.
Source
Timeline: Bank of America and Wells Fargo side by side
1852Wells Fargo
Wells Fargo founded
Henry Wells and William Fargo founded Wells, Fargo & Co. to provide express and banking services.
1904Bank of America
Bank of Italy Founded: A.P. Giannini founded the Bank of Italy in San Francisco to expand access to banking for immigrants, wage earners, and small merchants.
1906Bank of America
San Francisco Earthquake Response: After the 1906 earthquake, Giannini resumed lending while much of San Francisco's banking system was disrupted.
1930Bank of America
Bank of Italy Renamed Bank of America: The Bank of Italy changed its name to Bank of America on November 1, 1930.
1958Bank of America
BankAmericard Introduced: Bank of America introduced BankAmericard in 1958, a revolving-credit card that later became part of the Visa system.
1998Bank of America
NationsBank and BankAmerica Merge: The 1998 merger of Charlotte-based NationsBank and San Francisco's BankAmerica created the first coast-to-coast U.S. bank under the Bank of America name.
1998Wells Fargo
Norwest merger
Norwest Corporation merged with Wells Fargo and kept the Wells Fargo name.
2006Bank of America
MBNA Merger Completed: The MBNA merger expanded the card business to more than 40M active accounts and nearly $140B in managed balances, according to the company's January 2006 release.
2008Bank of America
Countrywide Acquisition Approved: The Federal Reserve approved Bank of America's acquisition of Countrywide in June 2008.
2008Bank of America
Merrill Lynch Acquisition Approved: The Federal Reserve approved the acquisition of Merrill Lynch in November 2008.
2008Wells Fargo
Wachovia acquisition
Wells Fargo agreed to acquire Wachovia during the financial crisis.
2014Bank of America
Mortgage Settlements With the Justice Department and FHFA: Bank of America agreed in August 2014 to a $16.65B settlement with the Justice Department over mortgage claims tied to Countrywide and Merril…
2016Wells Fargo
Sales-practices scandal
Regulators fined the bank $185 million over unauthorized accounts; CEO John Stumpf resigned.
2018Bank of America
Erica Launched: Bank of America launched Erica in 2018 as an AI-enabled virtual assistant inside digital banking.
2018Wells Fargo
Asset cap imposed
The Federal Reserve capped total assets under a consent order.
2019Wells Fargo
Charlie Scharf named CEO
Charles Scharf became CEO in October 2019.
2023Bank of America
CFPB and OCC Orders on Fees, Rewards and Accounts: In July 2023 the CFPB ordered Bank of America to pay more than $100M to customers for repeat non-sufficient-funds fees, withheld credit card rewards…
2025Bank of America
$113.1B FY2025 Revenue: The company reported $113.1B in total revenue net of interest expense and $30.5B in net income for FY2025.
2025Bank of America
Co-Presidents Named: On September 12, 2025 Bank of America named Dean Athanasia and Jim DeMare Co-Presidents and gave Chief Financial Officer Alastair Borthwick the added title of executive vice presi…
2025Wells Fargo
Asset cap lifted
The Federal Reserve lifted the asset cap on June 3, 2025.
2026Wells Fargo
2018 consent order terminated
The Federal Reserve terminated the 2018 consent order on March 5, 2026.
Acquisitions
Bank of America
- Countrywide Financial2008$4B
- Merrill Lynch2008$50B
- LaSalle Bank2007$21B
- MBNA2006$35B
- FleetBoston Financial2004$47B
- BankAmerica / NationsBank merger1998Undisclosed
Wells Fargo
- Wachovia Corporation2008$15.1B
- Norwest Corporation1998$34B
- First Interstate Bancorp1996$11.6B
- Crocker National Bank1986Undisclosed
Questions about Bank of America vs Wells Fargo
Who is the CEO of Bank of America Corporation and Wells Fargo?
Bank of America Corporation is led by Brian Moynihan and Wells Fargo is led by Charlie Scharf. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Bank of America Corporation founded vs Wells Fargo?
Wells Fargo was founded in 1852 — 52 years before Bank of America Corporation, which was founded in 1904. Wells Fargo's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Bank of America Corporation.
How many employees does Bank of America Corporation have compared to Wells Fargo?
Bank of America Corporation employs approximately 213,000 people, while Wells Fargo employs approximately 205,000. Bank of America Corporation has the larger workforce at 213,000 employees, compared to Wells Fargo's 205,000. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Bank of America Corporation and Wells Fargo headquartered?
Bank of America Corporation is headquartered in United States and Wells Fargo is headquartered in USA. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Bank of America Corporation and Wells Fargo?
Bank of America Corporation was founded by Amadeo Peter Giannini. Wells Fargo was founded by Henry Wells, William Fargo.
Which company has a longer operating history — Bank of America Corporation or Wells Fargo?
Wells Fargo has been operating for approximately 174 years, making it the more established of the two companies. Bank of America Corporation has been in operation for around 122 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bank of America vs Wells Fargo overview