Many
wonder exactly how the developments of banks have affected modern society as a
whole. Slowly but surely, banks have became a second nature to humans.
Everything from Debit and Credit cards to loans goes through banks. One of the
most common banks throughout the entire world is known today as Wells Fargo.
From Northwest Corporation in 1998 to Wells Fargo & Company upon the
purchasing of Century Bank and Wachovia in 2008, Wells Fargo became the fourth
holding company in the United States based on the National Information Center
with an astonishing $1,488,055,00 Total Asset, most currently on December
31,2013 ("Top 50 holding," 2013).This media company is expanding
rapidly each day with more than 9,000 stores and over 12,000 ATMS, and the
Internet (wellsfargo.com), and has offices in more than 35 countries to support
the bank’s customers who conduct business in the global economy ("Wellsfargo shareowner," 2013) With banks being such a high demand for money
reasons, Wells Fargo & Company’s media holdings will continue to grow
successfully.
Wells
Fargo & Company was founded in 1852 by Henry Wells and William Fargo. This
bank is one of the most vastly known banks in the world. Many have heard this
banks’ famous slogan, “Together we’ll go far”. Indeed this slogan is correct.
Upon ample amounts of research of the company, an article from Galileo in
November 11, 2013 is titled, “Wells Fargo Expands Commercial Banking in Madison”
Julia Voss, who has been building the company’s commercial banking business in
Madison, Wisconsin since 2010, was promoted to regional vice president and head
of the new Regional Commercial Banking Office for south and southwest Wisconsin
("Wells fargo expands," 2013). Not only did this promotion help Voss,
but also Wells Fargo as a whole by showing its commitment to the region and
production of more customers ("Wells fargo expands," 2013). Basically, more customers equal more money. Fortunately, this will lead to even
more media holdings in the long run.
A
popular branch of Wells Fargo & Company is the Shareowner services. These
services include both stocks and investments. Many people in the United States
invest in stocks. For example, Apple came out with the iPhone series. Believe
it or not, the sales of these products skyrocket every year, simply because of
the genius idea of developing a newer version of the phone that comes out every
year. The latest iPhone is the 5s. Coming for a current user of the phone, I
personally think it is an astonishing phone. However, I purchased this phone
through T-Mobile after making the transition from AT&T back in January of
2014. Needless to say, the iPhone 6 is already under construction with even
more technological gadgets and perks. With stock and sales rising, one should
definitely consider buying stocks through Apple. Although companies have their
bad days, you are more than likely investing in something positive rather than
negative.
In
a recent article from Business Wire, a new study by GROUP FIVE states that Wells
Fargo Shareowner services had received the industry’s highest satisfaction
rating from corporate customers of U.S. security transfer agents (“Wells fargo shareowner,” 2013). GROUP FIVE is well known for their research poll studies.
Every year, the company conducts studies to find out personal opinions of
services provided by United States security transfer agents ("Wells fargo shareowner," 2013). Surprisingly, Wells Fargo produced an 88% percent
consumer ranking and the highest overall ranking in satisfaction service and
client fees and a 22.5% mortgage market share rate in houses ("Wells fargo shareowner," 2013) (Derousseau, 2013). With that being said, Wells Fargo
contributes to pretty much everything from money to stocks, to even home
mortgages. However, the mortgage market share is ridiculously high. “[Wells]
has a lot to gain from a housing recovering,” says Morningstar analyst, James
Sinegal (Derousseau, 2013). Even though Wells Fargo is the leading bank in home
mortgages, the percentage shows the negatives of the holdings of the company as
well. Although Wells Fargo is productive and successful, it will always have its faults just like any other large company in the world.
In
Conclusion, I believe that Wells Fargo is in fact one of the biggest media
companies in the United States, if not the whole world. Whether a good or bad
cause, media companies will always be around simply because it is an easy
investment and source of money. For instance, you can drive through any city
and there is at least some type of bank there. Furthermore, many banks compete
against each other to try and collect customers. What made Wells Fargo like it
is known as today was because of promotion of stores and ATMs. Wells Fargo will
always be a relentlessly growing bank regardless of any of its negatives. If
you do not believe it, next time you are in public, take a look around. More
than likely, you will see the infamous red and gold sign or even the blue debit
cards being swiped away.
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Works Cited
Eds.a.ebscohost.com.
(2014). Wells fargo expands commercial banking in madison: discover galileo.
[online] Retrieved from:
http://eds.a.ebscohost.com/eds/detail?sid=70239fe1-aa10-4afa-9f6f-0a43d89af8cf@sessionmgr4001&vid=1&hid=4113&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ==
[Accessed: 11 Feb 2014].
Eds.a.ebscohost.com.
(2014). Stock x-ray: wells fargo: discover galileo. [online] Retrieved
from:
http://eds.a.ebscohost.com/eds/detail?vid=2&sid=ce421b2b-d800-4b47-b8ff-1a945b40863a@sessionmgr4001&hid=4113&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ==
[Accessed: 11 Feb 2014].
Eds.b.ebscohost.com.
(2014). Wells fargo shareowner services rated industry’s top transfer agent:
discover galileo. [online] Retrieved from:
http://eds.b.ebscohost.com/eds/detail?sid=82efb378-d934-46a8-b1c3-6a7c7d605c14@sessionmgr113&vid=1&hid=105&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ==
[Accessed: 11 Feb 2014].
Ffiec.gov.
(2014). Top 50 holding companies summary page. [online] Retrieved from:
https://www.ffiec.gov/nicpubweb/nicweb/top50form.aspx [Accessed: 11 Feb 2014].
Wells
Fargo. (2014). [image online] Available at: https://www01.wellsfargomedia.com/assets/images/photography/product/413x185/dcr_debitsweepsconspmf-cd3200_413x185.jpg
[Accessed: 11 Feb 2014].
