What it does: It provides financial services, such as; consumer banking and lending, and wealth and investment management.
Mission: “To serve customers at the highest standard”
Size and presence: 268,531 employees
Best known for: Largest empire of stagecoach business in the world in the 1800s.
The good bits: Room for career advancement. Great deal benefit packages. Diverse colleagues. Well-organized system.
The not-so-good bits: As a sales-driven company, there may be pressure and stressing point at some time, particularly for those who work in sales roles.
Wells, Fargo & Company was founded originally by Henry Wells and William George Fargo. After the company was established in 1852, Wells Fargo begin its operation by handling the banking and express business, which was happening during the California Gold Rush. It is important to remember, that at that time, payment delivery must be done manually. There must be a courier who transported the payment to the recipient. And this is where Wells and Fargo worked together, building their financial services.
Wells Fargo manage the purchase, sale, and even transported the gold dust, bullion, specie, and other valuable goods that moved from the West to the East by ship via land. Both founders used their experience to deliver money and valuables by steamboat and stagecoach. Then in 1866, a grand consolidation brought almost all western stagecoach lines under the company’s name. In its stage delivery business, Wells Fargo is known to protect their coach with armed guards. And Well Fargo’s coaches still serve its customer until the early 20th century, specifically where railroads haven’t been operating yet.
The company had undergone a lot of change since 1852, they developed and grew themselves in serving communities and clients as infrastructure and economy were in rapid evolution. Wells Fargo proved it succeeded in adapting the technology to continue its business. Now the company has 70 million customers worldwide and operates in 35 countries.
As a long-running company, Wells Fargo has always been developing their system and work culture throughout the years. And as a company that provides financial services, Wells Fargo has a better well-organized system. The company valued initiative from their employees, some employees stated that there will always be room to advance your career as long as you are willing to learn and willing to be a social person in the company. Since the company consistently promotes inclusivity and diversity in its structure, employees claimed to experience a fun and exciting environment to work with, though it depends on the branch location and there is a higher productivity expectation for some roles and divisions.
Wells Fargo regularly holds a hiring event in several areas, interns and graduates may find the nearest event location on the company’s website. Wells Fargo stated that they accept an applicant with disabilities and provides a special hotline (1-877-255-1606) for them. Job seekers can also apply directly on their websites.
After applying online, the applicant may expect a call from the recruiter to proceed further step. Wells Fargo's interview process varies depending on its business group. The stage consists of a screening interview by telephone, an in-group interview, and a one-on-one interview with the hiring manager. The hiring process may take 21 days, the fastest process was mostly for the teller positions and it takes approximately 17 days.
Some applicants claimed to take a drug test, skill test, personality, and IQ test during the recruiting processes. However, Wells Fargo’s assessment mostly relied on one-on-one and group panel discussion interviews.
In Wells Fargo, graduates may start their career as analysts, consultants, or officers in the company’s management structure and business divisions (community banking, wealth and investment, consumer lending) which offers various roles. Wells Fargo also provides internship roles in the same wide range of areas.
Wells Fargo offers quite handsome pay for interns and graduates, though the number will vary depending on the position and divisions, ranging from $42.000 to $90.000 annually. A sales and trading intern claimed to receive $90.459, a corporate banking intern received $88.215, and an investment banking intern received $74.749 annually. The lowest pay reported was $42.000 for interns in the consumer lending division.
Wells Fargo is committed to contributing to reaching positive impacts for the community and the environment. The company targeted its programs for economic empowerment, diversity and inclusion, sustainable environment, community giving, and environmental risk and management.
In the economic empowerment program, Wells Fargo aimed to strengthen the financial stabilities of the underbanked consumers, stabilize local economies and low/moderate-income neighbourhoods, empower small businesses, and expand access to affordable financial products. The company provides support to access to capital, technical assistance, and business planning to diverse-owned small businesses. Wells Fargo claimed will donate $400 million to support nonprofit organizations that work with small businesses owned by underrepresented individuals.
Wells Fargo reported getting a hand in the fake account scandal in 2016. The company opened more than 1.5 million checking and saving accounts and 500.000 credit cards for their customers without consent. The case drove the company to fire almost 5.300 employees. Wells Fargo then issued a fine of $185 million and agreed to pay settlement claims by the US Department of Justice and the Security and Exchange Commission.