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Wells Fargo Essay Example

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The company began operation with $ 300,000, and it faced very numerous challenges, beginning with stiff competition from established banking organizations and couriers, to the collapse of the Californian banking system in 1855 (Johnson, 2010).Cariboni, Joossens and Uboldi (2010) denote that the bank was able to survive this panic of banking system, in as much as it made considerable losses which amounted to one third of the net worth of the business organization. By surviving this crisis, the company was able to acquire two advantages. One advantage is that the company did not face any competition from California, and the company was able to build its image as a banking organization that is reliable, and dependable. From the periods of between 1855, to 1866, Wells Fargo was able to expand its business, and engaged in a variety of businesses, which includes communication, transportation, courier services, banking, etc (Cariboni, Joossens and Uboldi, 2010).In 1905, the company was able to separate its express operations, from the banking services that it was offering. It is important to denote that it is during this year, that the company was able to form a merger, between the banking organization of Wells Fargo, and the Nevada National Bank. It is important to denote that the San Francisco earthquake of 1906, presented a significant history for the bank (Cariboni, Joossens and Uboldi, 2010). This is because the earthquake made it possible to be a massive reconstruction process in San Francisco, and the bank was able to attract a massive deposit, which amounted to $ 35 million in a period of 18 months. 1907 was a bad year for the bank, and this is because the bank lost close to $ 1 million per week, for six consecutive weeks (Andrews, 2007).This is because the banking organizations in New York tried to manipulate the share prices, as a result, investors were not able to pay for the various stocks they purchased. The banking organizations were forced to suspend paying for these stocks (Cariboni, Joossens and Uboldi, 2010). It is important to denote that this problem affected the entire banking sector in the United States. Between the periods of 1940, to the year 1970 were good years for the bank. The bank was able to acquire several banking organizations such as the First National Bank situated in Antioch, this was in 1954 (Andrews, 2007).The bank was also able to acquire

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References

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Andrews, D. (2007). Luke Dawson: Wells Fargo gun. New York: Avalon Books.

Berger, A. N. (2010). The Oxford handbook of banking. Oxford: Oxford University Press.

Cariboni, J., Joossens, E., & Uboldi, A. (2010). The promptness of European Deposit Protection

Schemes to face banking failures. Journal of Banking Regulation, 11(3), 191-209.

Fradkin, P. L. (2002). Stagecoach: Wells Fargo and the American West. New York: Simon &

Schuster Source.

Johnson, C. E. (2010). Wells Fargo History Museum, Portland. Steve Greenwood, curator. The

Public Historian, 32(4), 149-152.

Singh, S. (2010). Handbook of business practices and growth in emerging markets. Hackensack,

NJ: World Scientific.

Fargo. (n.d.). Wells Fargo. About Us. Retrieved April 7, 2014, from

https://www.wellsfargo.com/

Wray, L. R. (2013). What Do Banks Do? What Should Banks Do? A Minskian Perspective.

Accounting, Economics and Law, 3(3), 244-251.

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