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25 - Wells Fargo

FILE - In this Sept. 21, 2016 file photo, a customer uses a Wells Fargo bank ATM in New York. Opting for a small local bank over a big national institution can mean fewer and lower fees and an appealing focus on community, helping offset some technological and access drawbacks for consumers. (AP Photo/Patrick Sison) Patrick Sison — AP

Though it had little impact on the bank’s bottom line, a phony accounts scandal dominated 2016 for Wells Fargo, which continues to deal with the costs and fallout stemming from its aggressive sales tactics. (The company paid a $185 million fine and fired more than 5,000 employees who were found to have opened as many as 2 million unauthorized accounts for consumers. Former CEO John Stumpf also resigned in the wake of the scandal, replaced by company COO Tim Sloan.) Still, Wells Fargo grew sales almost 5% in 2016 as higher interest rates also benefited the bank, which is America’s largest retail mortgage and auto lender, with a larger loan portfolio than any of its U.S. peers. Despite the regulatory penalties, the bank’s profits fell just about 4% last year, preserving its place among the most profitable companies in the Fortune 500. Wells Fargo also recently announced plants to close more than 400 branches, following the rest of the industry’s shift away from brick-and-mortar banking in order to boost earnings.

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Key Metrics & Financials (Last Fiscal Year)

Revenues ($M)$94176
Revenue Percent Change4.6%
Profits ($M)$21,938.0
Profits Percent Change-4.2%
Assets ($M)$1930115
Market Value — as of March 31, 2017 ($M)$278,516
Employees269,100
Previous Rank27

Company Facts

Employees269,100
SectorFinancials
IndustryCommercial Banks
HQ LocationSan Francisco, CA
CEOTimothy J. Sloan
CEO Title-
Websitewww.wellsfargo.com
Years on Fortune 500 List23

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