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from the classic shipping company to one of the largest banks in the world so what is Wells Fargo 1852 New York City Henry wells and William Fargo with other investors saw an opportunity in cross country shipping business with the discovery of gold in California in 1949 which prompted a huge spike in demand for shipping companies Wells and Fargo decided to take advantage of this great opportunity in July 1852 the company shipped its first loads of freight from the East Coast to mining camps scattered around Northern California the company contracted with independent stagecoach companies to provide the fastest possible transportation and delivery of gold dust important documents and other valuable Freight the company also served as a bank buying gold dust selling paper bank drafts and providing loans to help fuel California's growing economy in 1857 well Fargo and company formed the Overland Mail Company known as the Butterfield line which provided regular mail and passenger service along an ever-growing number of routes in the booming economy of the 1850s the company earned a reputation as a trustworthy and reliable business and its logo the classic stagecoach became famous for a premium price Wells Fargo & Company would send an employee on horseback to deliver or pick up a message or package Wells Fargo & Company merged with several other Pony Express and stagecoach lines in 1866 to become the unrivaled leader in transportation in the West when the Transcontinental Railroad was completed three years later the company began using railroad to transport it straight after splitting from the freight business in 1905 the banking branch of the company merged with the Nevada National Bank and established new headquarters in San Francisco during World War one the American government nationalized the company's shipping routes and combined him with the railroads into the American railway express effectively putting an end to Wells Fargo and company as a transportation and delivery business the following April the banking headquarters was destroyed in a major earthquake but the vaults remained intact from the bank's business continued to grow after to urges the Wells Fargo Bank American Trust Company shortened its name to the Wells Fargo Bank in 1962 and since it had become and has remained one of the biggest banking institutions in America today Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco California with central offices throughout the United States it is the world's fourth largest bank by market capitalization and the fourth largest bank in the u.s. by total assets the bank has current assets of 1.8 trillion dollars and operates in more than 40 countries the bank has over 8,000 branches and over 13,000 ATMs the company has over 250,000 employees the current chairman of the bank is Charles shaft major stake in the company is owned by Warren Buffett's Berkshire Hathaway around 10% major ownership of the company includes Wells Fargo Advisors well Fargo Bank Wells Fargo rail and Wells Fargo securities Wells Fargo is ranked number 26 on the 2018 fortune 500 rankings of the largest US companies by total revenue in July 2015 Wells Fargo became the world's largest bank by market capitalization edging past ICBC of China Wells Fargo faced crisis in 2016 in the wake of a scandal involving the creation of over 2 million fake bank accounts by employees this caused Wells Fargo fall behind JPMorgan and Bank of America to third buy bank deposits and behind Citigroup to fourth by total assets in America the bank is a proud sponsor of Wells Fargo Championship which is a professional golf tournament in North Carolina sin 2003 the bank also serves as the official retail Bank of Major League Soccer and signed a new four-year deal in 2017 the company also sponsored National Football League with Los Angeles Rams franchise the bank offered debit and credit cards with the logos and prints of Los Angeles Rams for its fans the Wells Fargo ski CAF boasts the longest-running professional ski race in the country and serves as a signature fundraiser for the National Sports Center for the disabled now let's move towards did you know section Wells Fargo has over 70 million customers and serves 1 in 3 US households it has a retail store or an ATM within two miles of nearly one-half of the population of the United States over 80 percent of Wells Fargo's deposit customer Corrections are self-service one in 10 small businesses does business with Wells Fargo and is the largest auto lender in the country the average salary at Wells Fargo is around $60,000 the salaries vary from forty thousand two hundred and twenty thousand dollars [Music]