Citigroup vs Wells Fargo: Founders, CEOs and History
Citigroup was founded in 1812 by Samuel Osgood, Sanford I. Weill and is led by Jane Fraser. Wells Fargo was founded in 1852 by Henry Wells, William Fargo and is led by Charlie Scharf.
Company facts
Citigroup
- Founded
- 1812
- Headquarters
- New York, New York
- Current CEO
- Jane Fraser
- Employees
- 219,000
Wells Fargo
- Founded
- 1852
- Headquarters
- San Francisco, California, United States
- Current CEO
- Charlie Scharf
- Employees
- 205,000
Founders
Citigroup
Samuel Osgood
The founding of the modern Citigroup conglomerate is the result of the 1998 merger between Citicorp and Travelers Group, but its foundational corporate DNA traces back to the very dawn of American financial power in the early 19th century.
Sanford I. Weill
Sanford 'Sandy' Weill is the architect of the modern Citigroup, having engineered the $73 billion merger of his Travelers Group with Citicorp in 1998, the largest corporate merger in history at the time.
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
Citigroup
- James Stillman1891–1909
President (CEO)
Made National City Bank the largest bank in the United States by the early 1900s.
Source - Walter Wriston1967–1984
Chairman and CEO
Built Citicorp into a technology-led global bank through the negotiable CD, ATMs and international expansion.
Source - Sanford 'Sandy' Weill1998–2003
Chairman and CEO
Created Citigroup through the 1998 Travelers-Citicorp merger and ran the financial-supermarket model.
Source - Jane Fraser2021–present
CEO
Simplified Citi into five businesses and took RoTCE from about 7% in 2024 to 13% in Q2 2026.
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: Citigroup and Wells Fargo side by side
1812Citigroup
City Bank of New York Chartered
City Bank of New York is chartered by the New York State legislature on June 16, 1812, with $2 million in authorized capital and Samuel Osgood as its first president.
1852Wells Fargo
Wells Fargo founded
Henry Wells and William Fargo founded Wells, Fargo & Co. to provide express and banking services.
1865Citigroup
Conversion to National Charter
The bank converts from a state charter to a national bank charter under the National Bank Act, becoming The National City Bank of New York.
1914Citigroup
First U.S. Bank to Open Overseas Branch
Under president Frank Vanderlip, the bank opens a branch in Buenos Aires, Argentina the first overseas branch established by an U.S. National bank under the newly passed Federal Reserve Act.
1955Citigroup
Merger Creates First National City Bank of New York
City Bank of New York merges with First National Bank of New York to form First National City Bank of New York, creating one of the largest banks in the United States at the time.
1977Citigroup
Large-Scale ATM Network Launch
Under then-CEO Walter Wriston, Citicorp becomes one of the first major banks in the United States to deploy automated teller machines at scale in New York City, installing more than 400 units across the metropolitan area.
1984Citigroup
South Dakota Credit Card Relocation
CEO John Reed completes the relocation of Citibank's credit card operations to South Dakota, where the state has repealed usury laws capping interest rates, allowing the bank to charge market-rate interest on revolving credit card balances.
1998Citigroup
Citicorp-Travelers Merger Creates Citigroup
Sandy Weill and John Reed announce the $73 billion merger of Travelers Group and Citicorp on April 6, 1998 at the time the largest corporate merger in history creating Citigroup Inc. With assets exceeding $700 billion.
1998Wells Fargo
Norwest merger
Norwest Corporation merged with Wells Fargo and kept the Wells Fargo name.
2008Citigroup
Financial Crisis: $45 Billion TARP Bailout
Citigroup becomes the largest single recipient of U.S. Government bailout capital under the Troubled Asset Relief Program, receiving $25 billion in October 2008 and an additional $20 billion in November, accompanied by government guarantees on approximately $3…
2008Wells Fargo
Wachovia acquisition
Wells Fargo agreed to acquire Wachovia during the financial crisis.
2010Citigroup
Return to Profitability and TARP Repayment
Citigroup returns to full-year profitability under CEO Vikram Pandit, reporting net income of approximately $10.6 billion the bank's first profitable year since 2007. After Citi repaid $20 billion of TARP preferred stock in December 2009, the U.S.
2016Wells Fargo
Sales-practices scandal
Regulators fined the bank $185 million over unauthorized accounts; CEO John Stumpf resigned.
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.
2020Citigroup
OCC and Federal Reserve Consent Orders
The Office of the Comptroller of the Currency and the Federal Reserve simultaneously issue consent orders against Citigroup in October 2020, citing deficiencies in enterprise-wide risk management, data governance, and internal controls.
2021Citigroup
Jane Fraser Becomes CEO First Woman to Lead a Major U.S. Bank
Jane Fraser is appointed Chief Executive Officer of Citigroup on March 1, 2021, becoming the first woman to lead a major American bank.
2023Citigroup
Sweeping Organizational Restructuring Announced
Fraser announces Citigroup's most fundamental organizational restructuring since the formation of the conglomerate in 1998, eliminating the regional CEO model, compressing management layers, and reorganizing the bank into five client-facing segments: Services,…
2025Citigroup
Decade-High Revenue and Banamex Stake Sale
Citi reports 2025 revenue of $85.2 billion, its highest in more than a decade, and net income of $14.3 billion, and returns $17.6 billion to common shareholders.
2025Wells Fargo
Asset cap lifted
The Federal Reserve lifted the asset cap on June 3, 2025.
2026Citigroup
Investor Day Targets and Best Quarter in a Decade
On May 7, 2026 Citi sets RoTCE targets of 11-13% for 2027-2028 and 14-15% for 2029-2031 and launches a $30 billion buyback. In Q2 2026 it reports $24.8 billion of revenue (up 14%), $5.8 billion of net income (up 45%) and a 13% RoTCE.
2026Wells Fargo
2018 consent order terminated
The Federal Reserve terminated the 2018 consent order on March 5, 2026.
Acquisitions
Citigroup
- Banamex (Banco Nacional de México)2001$12.5B
- Associates First Capital2000$31B
- Travelers Group (Merger)1998$73B
- Salomon Smith Barney (via Travelers)1998Undisclosed
Wells Fargo
- Wachovia Corporation2008$15.1B
- Norwest Corporation1998$34B
- First Interstate Bancorp1996$11.6B
- Crocker National Bank1986Undisclosed
Questions about Citigroup vs Wells Fargo
Who is the CEO of Citigroup Inc. and Wells Fargo?
Citigroup Inc. is led by Jane Fraser 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 Citigroup Inc. founded vs Wells Fargo?
Citigroup Inc. was founded in 1812 — 40 years before Wells Fargo, which was founded in 1852. Citigroup Inc.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Wells Fargo.
How many employees does Citigroup Inc. have compared to Wells Fargo?
Citigroup Inc. employs approximately 219,000 people, while Wells Fargo employs approximately 205,000. Citigroup Inc. has the larger workforce at 219,000 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 Citigroup Inc. and Wells Fargo headquartered?
Citigroup Inc. 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 Citigroup Inc. and Wells Fargo?
Citigroup Inc. was founded by Samuel Osgood, Sanford I. Weill. Wells Fargo was founded by Henry Wells, William Fargo.
Which company has a longer operating history — Citigroup Inc. or Wells Fargo?
Citigroup Inc. has been operating for approximately 214 years, making it the more established of the two companies. Wells Fargo has been in operation for around 174 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 Citigroup vs Wells Fargo overview