BUSINESS REPORT Research Paper Example | Topics and Well Written Essays - 2500 words

BUSINESS REPORT - Research Paper Example The final recommendation is thereafter included in the conclusion. Wells Fargo and Company has its headquarters at 420 Montgomery Street, San Francisco, California. The firm’s forerunner was founded in 1852 in New York City by Henry Wells and William Fargo. It was originally conceived as a â€Å"banking and express services† company, it eventually began offering services in the West where miners, farmers and ranchers, had begun to migrate. In 1888, began offering â€Å"Ocean to Ocrean Services,† consisting of banking and express services to target the needs of pioneers in the Gold Rush. Even during its early beginnings in the 1850s, Wells Fargo already served and employed African Americans, Latinos, and women (today, about two-thirds of the banks employees are female, among whom are some of the Company’s top ranking executives. Through the years the bank has grown in tandem with American History. As of 31 December 2010, the company had 9,000 banking stores located all in 39 U.S. states and the District of Columbia. The firm is one of the major publicly listed companies under the Industry Center classification Money Center Banks. It is a diversified financial holding company that extends, through its different subsidiaries, banking services for retail, commercial, and corporate clientele mostly in the United States. It is strategically segmented into three areas: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. The firm operates in a highly competitive industry which is prone to shocks and presently undergoing adjustment to meet tighter regulatory standards under Basel III. In the United States, the passage of the Dodd-Frank [Wall Street Reform and Consumer Protection] Act promises to impose more stringent controls to avoid a repetition of the previous financial crisis. In the following tables are