Trade Wells Fargo Income Opportunities Fund
Wells Fargo & Co. is a u.S. multinational financial services company with its headquarters in San Francisco, California, operations headquarters in Manhattan, and administrative offices throughout the United States and abroad. The company's main subsidiary is The National Bank of Wells Fargo Bank, N.A., which was established in Delaware and appoints its head office as Siobhan Falls, South Dakota. It is the fourth largest bank in the United States in terms of total assets. Wells Fargo ranks 30th in the Fortune 500 ranking for 2020 for the world's largest companies in terms of total revenue. In July 2015, Wells Fargo became the world's largest bank by market value, surpassing ICBC, before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of more than two million fake bank accounts and illegal manipulation of other accounts by Wells Fargo employees. Wells Fargo fell behind Bank of America to third place with bank deposits in 2017 and behind Citigroup to fourth place by total assets in 2018. Following the merger, the company moved its headquarters to Wells Fargo headquarters in San Francisco and merged its operating branch with Wells Fargo Operating Company in Siou Falls. Along with JPMorgan Chase, Bank of America, Citigroup, Wells Fargo is one of the "big four banks" in United States. As of June 2018, it had 8,050 branches and 13,000 ATMs. In 2018, the company had operations in 35 countries with more than 70 million customers worldwide. In February 2014, Wells Fargo was named the world's most valuable banking brand for the second year in a row in the Banking and Brand Finance study for the top 500 banking brands. In 2016, Wells Fargo ranked seventh on Forbes' 2000 global list of the world's largest public companies and ranked 27th on the Fortune 500 list of the largest companies in the United States. In 2015, the company ranked 22nd most admired in the world, and 7th most respected in the world. As of December 2018, the company had a credit rating for Standard & Poors from A−. However, briefly in 2007, the company was the only bank to receive an AAA rating, reflecting the highest credit rating of two companies. On February 2, 2018, the U.S. Federal Reserve prevented Wells Fargo from growing its nearly $2 trillion asset base in any further, based on years of misconduct, until Wells Fargo resolved its internal problems to the satisfaction of the Fed. In April 2018, the Wall Street Journal reported that the U.S. Department of Labor had launched an investigation into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as to pension funds run by Wells Fargo itself. Later in May 2018, the Wall Street Journal reported that Wells Fargo Business Banking Group had incorrectly changed documents relating to business customers in 2017 and early 2018. In June 2018, Wells Fargo began rolling back u.S. retail banking services in the Midwest by announcing the sale of all physical bank branch locations in Indiana, Michigan and Ohio to Flagstar Bank.