Founded in 1852 in New York, Wells Fargo is a diversified financial group with total assets of $1.9 trillion. Today's Wells Fargo was renamed after the acquisition of the former Wells Fargo by Northern Bank in 1998 and moved to San Francisco's headquarters in San Francisco. Wells Fargo ranked 26th in Fortune magazine's 2018 US company rankings.
In September 2016, Wells Fargo admitted that some employees began using fake customer accounts to earn business commissions in 2011 and are willing to pay $185 million to settle settlements with regulatory authorities. In July 2017, Wells Fargo was exposed that its auto loan customers had purchased non-essential insurance without their knowledge, resulting in tens of thousands of customers being unable to pay for car loans and insurance. In April 2018, Wells Fargo agreed to pay a $1 billion fine to the regulatory authorities for its previous improper operations in the car loan and mortgage business.
After a series of scandals, Wells Fargo decided to get rid of these negative effects by transforming its image. Recently, Wells Fargo launched a new brand image system, including the new LOGO and the carriage totem.