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No, not exactly true. Native people could vote in many states earlier that that. However, it is partly true in that in some states Native people were being prevented from voting before the 1970s. In some states Native people continue to be prevented from voting to this day. It has been a very long path for voting rights for Native people in the US. It has much in common with voting rights for other minorities but with its own twists and turns and it is less well known.In 1924, Native Americans got US citizenship in the Indian Citizenship Act. Before that about 1/2 were citizens by other means. After 1924, in theory, all Natives should have been able to vote. But it was not the case for many people. It should be noted that this was also the case for man minorities in many places in the 1920s.It helps to go back over the history. In 1880 John Elk, who was Winnebago tried to registrar to vote in Omaha. He said he was a citizen under the 14th amendment. In Elk v Wilkins the Supreme Cort ruled he was not a citizen. Elk v. Wilkins, 112 U.S. 94 (1884)In 1890, the United States Census formally enumerated all of the Indians of the country. According to the Census, there were a total of 248,253 Indians in the United States. However because of racism in some places Native people did not report that were Native. In New England many passed as French Canadians, for example.The Indian Naturalization Act of 1890 was passed and finally granted citizenship to some Native Americans by an application process. The Commissioner of Indian Affairs announced that the 8th of February was to be celebrated as Franchise Day. It was on this day that the Dawes Act was signed into law. The Dawes Act provided the legal mechanism for Indians to become citizens of the United States, its primary purpose was to break up communal land holdings on reservations and to give each Indian family a small plot of land to farm.Then, in Matter of Heff, the Supreme Court held in 1905 that Indians became American citizens as soon as they accepted their land allotment as was happening under the Dawes Act. The decision infuriated Congress and the Bureau of Indian Affairs who had insisted that Indians who accepted allotments could not become citizens until the end of their trust period of twenty years.Matter of Heff, 197 U.S. 488 (1905)In 1916 the United States v. Nice, had the Supreme Court take away some rights and said that Native people could be citizens and also treated as minors. United States v. Nice, 241 U.S. 591 (1916)Ethan Anderson (of the Pomo tribe) first attempted to register to vote with the Lake County clerk in 1915, and was denied. He and several members of his met and worked to raise money for two years so that he might take his case to court. A state court ruled in his favor in 1917, for under the Burke Act of 1906 any Native American who had received a patent-in-fee or left a reservation to lead a “civilized life” was granted citizenship and through that the right to vote. The court case (Anderson versus Mathews) gave non-reservation Indians the right to vote. Anderson had attempted to register to vote in Mendocino County and was refused. The court case, which was decided by the California Supreme Court, was funded by the Indian Board of Cooperation. Anderson v. MathewsDuring World War I, Indians were required to register for the draft but were ineligible to be drafted since they were not citizens. Yavapai physician Dr. Carlos Montezuma protested the draft policy and urged the United States to make Indians citizens and then draft them. They enlisted in large numbers. Around 10,000 Indians served in the military in WWI. In 1919, Congress passed an act which provided citizenship for all Indians who served in the military or in naval establishments during World War I.In North Carolina, the Eastern Cherokee tribal council drafted a resolution which argued that the fact that the Eastern Cherokee were denied the right to vote in North Carolina also denied them fair treatment and equal rights by county draft boards. The council asserted that“any organization or group that would deprive a people of as sacred a right as the right of suffrage would not hesitate to deprive them of other constitutional rights including the three inalienable rights – life, liberty, and the pursuit of happiness, if the opportunity to do so presents itself.”After WWI there was a great deal of pressure to grant citizenship by Native rights groups and allies. The 1924 act was promoted by progressives who were concerned about the constitutional rights of Indians and who wished to free Indians from federal control.Two days after passing the Indian Citizenship Act, Congress passed a bill to allot the Eastern Cherokee in North Carolina. However they neglected to upgrade the language in the bill to account for the Indian Citizenship Act. The bill said that the Eastern Cherokee would become citizens only after receiving and registering their allotments. The NC State Attorney General said that the Eastern Cherokee were not citizens because this bill superseded the Indian Citizenship Act. The Bureau of Indian Affairs said they were citizens. The Cherokee NC were treated as though they were not citizens and were not allowed to register to vote.Charles Curtis was the 31st Vice President of the United States from 1929 to 1933. He was a Native American from the Kaw tribe (and also Osage and Potawatomi). He had been Senator from Kansas from 1907 to 1929 (except for 2 years) and was majority leader. During his time in the Senate, Curtis became an original sponsor of the Equal Rights Amendment. The Republican part had the ERA on its part platform plank from 1940 until 1980. Before that he had been in the House from 1893 to 1907.Here is VP Curtis campaigning on the in Montana with Crow tribal members in 1928. In the Depression he pushed Hoover to create a 5 da work week to help with jobs.In Congress passed another act in 1928 which specifically granted citizenship to the North Carolina Cherokee. Two years later Eastern Cherokee leader Henry M. Owl was denied the right to register to vote in 1930. The state of NC said he was not a citizen. So, Congress passed another act once again reaffirming citizenship for the Eastern Cherokee. The Southern states said is was interfering with “States Rights”. The same lies they used to stop African American voting. Henry Owl had a MA in Cherokee history from University of North Carolina at Chapel Hill. This is his dissertation: The Eastern band of Cherokee Indians before and after the removalIn Arizona two Pima Indians (Gila River Indian Community), Peter H. Porter and Rudolph Johnson, attempted to vote in 1928. The Arizona Supreme Court in Porter v. Hall concluded that Indians were not entitled to vote because they were “wards of the government” and persons “under guardianship” were prohibited from voting by the state constitution. Porter v. Hall, 34 Ariz. 308Other states continued to fight voting b Native Americans as well. The Montana state constitution was amended in 1932 to permit only taxpayers to vote. Since Indians on reservations did not pay some local taxes, they could not become voters.A 1937 report by the US Solicitor General found that several states denied Indians the right to vote. It found that four states—Idaho, New Mexico, Maine, and Washington. Colorado’s attorney general replied: “It is our opinion that until Congress enfranchises the Indian, he will not have the right to vote.” Indians were not allowed to serve on juries in Colorado until 1956. Tribal members on reservations were not allowed to vote there until 1970.NC continued to deny Cherokees the vote until after World War II. North Carolina now claimed that Indians were illiterate. The superintendent of the Cherokee Agency reported: “We have had Indian graduates of Carlisle, Haskell, and other schools in stances much better educated than the registrar himself, turned down because they did not read or write to his satisfaction.”In 1940 the Nationality Act which again conferred citizenship on American Indians and required that Indian men register for the draft. In spite of the reconfirmation of citizenship, some states, such as New Mexico and Arizona, refused to allow Indians to vote. The Act was opposed by the Indian Defense League of America. Tuscarora leader Clinton Rickard urged those who wish to volunteer for the armed services do so as alien non-residents.At the Tohono O’Odham village of Toapit in Arizona, 30 men under the leadership of Pia Machita refused to register for the draft in 1904. Marshalls and Indian police attempted to arrest the leader, but they were roughed up and forced to release the 84 year old Machita. The Tohono O’Odham escaped into the desert.During the World War II, 24,521 American Indians served in the military and received the following awards: Air Medal (71), Silver Star (51), Bronze Star (47), Distinguished Flying Cross (34), and Medal of Honor (2). More than 480 Indians were killed during the war. Brigadier General Clarence Tinker, an Osage from Oklahoma, headed the Hawaiian Air Force. Joseph (“Jocko”) Clark, a Cherokee from Oklahoma, was the only Indian naval admiral.In the Pacific, two American Indian Marines were involved in raising the American flag on top of Mount Suribachi on the Japanese island of Iwo Jima.Louis Charlo, the great-grandson of the Bitterroot Salish Chief Charlo, was born in Missoula, Montana in 1926. In November 1943 he enlisted in the U.S. Marines. The battle for Iwo Jima started on February 19, 1945 and four days later Private Charlo and seven other Marines reached the summit of Mount Suribachi. At 10:20 AM, Charlo and the other Marines used a 20-foot section of pipe to raise an American flag from Missoula at the top of the mountain. Several hours later, this flag was replaced by a larger flag. Charlo was killed by a sniper on March 2, 1945Ira Hayes was born in 1923 on the Gila River Pima Indian Reservation. He enlisted in the Marines in August, 1942. He became a “paramarine”. On top of Mount Suribachi, he was one of six Marines photographed raising the second larger American flag. He did not want to be identified but later was. He did not like the attention and had troubles after the war. He was found dead of exposure near his home in Arizona on January 24, 1955, only 32 years old.The draft board in Gallup, New Mexico decided that non-English speaking Navajo were not eligible to be drafted. Tribal leaders objected to the ruling because many Navajo wanted to serve.In Arizona, six Hopi men were arrested for not registering for the draft. The Hopi claimed that registration was against their religious traditions, but a federal judge ruled that these traditions did not have any bearing on draft registration. The Hopi men were sentenced to a year and a day in a prison camp.In New York, the Six Nations Iroquois – Mohawk, Seneca, Oneida, Onondaga, Tuscarora, Cayuga – declared war on the Axis Powers (Germany, Italy, and Japan) in 1942.The Fort Peck Tribal Executive Board (Sioux and Assiniboine tribes) in Montana passed a resolution supporting U.S. involvement in the war and pledged men, women, and materials to the war effort. The Board asked to use $10,000 of their tribal money to purchase defense bonds.On Attu Island in the Aleutians Aleut people were the primary inhabitants. On June 7, 1942, six months after the Japanese attack on Pearl Harbor, the 301st Independent Infantry Battalion of the Japanese Northern Army landed on the island. Three Natives died in the attack. The 42 Attu inhabitants who survived the Japanese invasion were taken to a prison camp near Otaru, Hokkaidō. Sixteen of them died while they were imprisoned.In 1945, a Japanese bomb carried by balloon landed on the Hupa reservation in Northern California.Indian veterans returned home with different expectations about how they were to be treated. They had fought in Europe and in the Pacific and had been treated as equals. They returned home to find that they were still second-class citizens (and in some states, the recognition of their citizenship lacking). The Indian veterans expected to be able to vote and when states attempted to deny them that right, they took their case to the courts. Throughout the country, barriers to Indian voting began to fall. But just as in the segregated South, some other states tried to refuse voting rights. The last states to refuse with state law were New Mexico and Arizona and UtahAfter WWII in 1946, North Carolina county registrars refused to register Eastern Cherokee war veterans to vote. The Cherokee appealed the decision to the governor and attorney general. Nothing was done.In 1948, Miguel Trujillo Sr fought the case in New Mexico. He was a Isleta Pueblo tribal member. He attended the Albuquerque Indian School and then the Haskell Institute in Lawrence, Kan. That is where Trujillo met his wife, Ruchanda Paisano. He eventually earned a bachelor’s degree from the University of New Mexico. He had been in the Marines in WWII. He was back in New Mexico getting his master’s degree from the University of New Mexico. He and his wife also taught at the Bureau of Indian Affairs Laguna Pueblo Day School.The state’s constitution barred American Indians living on reservations from participating in elections. It prohibited from voting “idiots, insane persons, persons convicted of felonious or infamous crime unless restored to political rights, and Indians not taxed.” That had been condemned by the President’s Committee on Civil Rights in 1947. That line in the constitution was written before American Indians were granted citizenship, but they were paying taxes to the state and federal government like other citizens.This is Trujillo and his daughter.Both his son and daughter, Josephine Waconda (in photo), went into medicine. Dr. Michael Trujillo was director of the Indian Health Service under President Bill Clinton.Felix Cohen, a prominent Indian civil rights lawyer took the case. He was Jewish, from New York, and had written The Handbook of Federal Indian Law in 1941. The Court found that New Mexico had discriminated against Indians by denying them the vote, especially since they paid all state and federal taxes except for private property taxes on the reservations.The federal judge said:“We all know that these New Mexico Indians have responded to the needs of the country in time of war. Why should they be deprived of their rights to vote now because they are favored by the federal government in exempting their lands from taxation.”In that same year, in Arizona a lawsuit by another veteran, Frank Harrison and Harry Austin, both Mohave-Apache at the Fort McDowell Indian Reservation, resulted in Indians being able to vote for the first time in that state. (Harrison and Austin v. Laveen). Cohen was also on that case. Harrison and Austin had tried to register to vote in Maricopa County, Arizona, and been denied by the county recorder, Roger Laveen. The Felix Cohen was also one of the attorneys in this landmark case. The National Congress of American Indians, the Department of Justice, and the Department of the Interior also filed amicus curiae (friends of the court) briefs in these cases. In Harrison v. Laveen the Arizona Supreme Court agreed with the plaintiffs that their Arizona and United States constitutional rights had been violated. With this decision, Indians were granted the right to vote in the state of Arizona. Harrison v. LaveenNew Mexico and Utah had said Native people weren’t residents of the state, making them ineligible to vote. The laws remained on the books until 1957 in Utah and 1962 in New Mexico. However Native people were voting in New Mexico after 1948. Here are people registering to vote after the Trujillo decision on 27th of Sept 1948.Utah denied Indians the vote because Indians on reservations were not actually residents of Utah but were residents of their own nations. Indians were thus considered non-residents and hence not eligible to vote. In 1957, the Utah state legislature finally repealed the legislation that prevented Indians living on reservations from voting. It did so only after being forced by a federal judge.New Mexico in 1962, the last state to enfranchise Native Americans. It took five years after that to change the state’s constitution.Today, New Mexico has the highest registration rate for American Indians in the country. According to the National Congress of American Indians, Native Americans 77 percent of potential Native voters are registered to vote, compared to 73 percent for African Americans and 70 percent of white voters, 78 percent Hispanic and 62 percent for Asian Americans.Even with the lawful right to vote in every state, Native Americans suffered from the same mechanisms and strategies, such as poll taxes, literacy tests, fraud and intimidation, that kept African Americans from exercising that right.In 1965, with passage of the Voting Rights Act and subsequent legislation in 1970, 1975, and 1982, voting protections were reaffirmed and strengthened. However, there has needed to be many law cases brought to tr to force states to stop Native people from voting. There have repeatedly been voting rights abuses against Native Americans in Alaska, South Dakota, Montana, Arizona, New Mexico, and other states with significant Native American populations. At least 70 cases have needed to be brought.The Native American Voting Rights Coalition (NAVRC) was formed in 2015 to address this. It is made up of the Native American Rights Fund (NARF); National Congress of American Indians (NCAI); American Civil Liberties Union, Voting Rights Project (ACLU); Lawyers Committee for Civil Rights (LCCR); Fair Elections Center; Western Native Voice; and Four Directions. Home - Native American Voting Rights CoalitionSome recent cases are:October 30, 2018, Spirit Lake Tribe and six individual plaintiffs sued to ensure that eligible Native American voters residing on reservations in North Dakota will be able to cast a ballot in the 2018 midterm elections and in all future elections.On December 13, 2017, the Native American Rights Fund again brought action against the state of North Dakota seeking to overturn North Dakota’s newest discriminatory voter ID law.For decades San Juan County in Utah has prevented Native American representation, voting, and presence on juries. It is an area of 7,933 sq mi. That is bigger than Delaware or Connecticut or NJ. County clerks kept Native candidates off the ballot, refused to register Native voters, and held written elections in English, disenfranchising those who were illiterate or didn’t speak the English well. In the mid-1980s, the U.S. Department of Justice sued San Juan County for violating the Voting Rights Act. Then, the county drew its lines still violated the Voting Rights Act, because it packed minority voters into a single district while spreading the white vote over multiple districts. That meant Native voters could only elect one representative. Navajos were kept off the school board too. A U.S. Department of Justice official who later reviewed disparities in course offerings between the county’s white and Native schools said in 1997 that he “hadn’t seen anything so bad since the ’60s in the South.”Even though Native Americans are the majority in the in the 14,750-person county, the county commissioner and school board district lines were gerrymandered to give white Mormon voters disproportionate power for more than three decades. Under both the Voting Rights Act and Utah state law, counties must redraw voting districts at least every 10 years to ensure that the population is spread evenly across districts. But San Juan County hadn’t redrawn its voting districts since 1986. Actions in the last few years changed that. The 2018 election ended that. Navajo are now the majority on the county commission. Grayeyes wins county seat in historic electionHere is one of the Navajo winners, Kenneth Maryboy.In late 2018, Senator Udall introduced the Native American Voting Rights Act of 2018. It has a poor chance of passing right now because of Republican obstruction and racism. Text - S.3543 - 115th Congress (2017-2018): Native American Voting Rights Act of 2018“In 1948 – 70 years ago – my grandfather, Levi Udall, served as Chief Justice of the Arizona Supreme Court where he authored the opinion extending the right to vote to Native Americans then living on-reservation. My grandfather wrote, ‘To deny the right to vote… is to do violence to the principles of freedom and equality.’ I wholeheartedly agree. But today, 70 years later, state and local jurisdictions continue to erect insidious new barriers to the ballot box for Native Americans, from the elimination of polling and registration locations to the passage of voter ID laws intentionally designed to prevent Native Americans from voting. These undemocratic barriers have blocked too many Native voters across New Mexico and Indian Country from exercising their franchise.”

Wells Fargo - WikipediaWells FargoFrom Wikipedia, the free encyclopediaJump to navigationJump to searchFor other uses, see Wells Fargo (disambiguation).Wells Fargo & CompanyCompany logo since 2009Wells Fargo's headquarters complex in San Francisco, CaliforniaTypePublicTraded asNYSE: WFCS&P 100 componentS&P 500 componentISINUS9497461015IndustryBankingFinancial servicesInsurancePredecessorsCollapsible list[show]FoundedMarch 18, 1852 (167 years ago) in San Francisco, California, USFoundersHenry WellsWilliam FargoHeadquarters420 Montgomery Street, San Francisco, California, USNumber of locations8,050 branches (2018)13,000 ATMs (2018)Area servedWorldwideKey peopleElizabeth Duke(Chair)C. Allen Parker(Interim President & CEO)John R. Shrewsberry(CFO)ProductsCollapsible list[show]RevenueUS$86.40 billion (2018)Operating incomeUS$30.28 billion (2018)Net incomeUS$22.39 billion (2018)Total assetsUS$1.895 trillion (2018)Total equityUS$197.06 billion (2018)OwnerBerkshire Hathaway (10%)Membersc.70 million (2018)Number of employeesc.258,700 (2018)SubsidiariesWells Fargo AdvisorsWells Fargo Bank, N.A.Wells Fargo RailWells Fargo SecuritiesRatingFitch: A+ (2018)Moody's: A2 (2018)S&P: A− (2018)Websitewellsfargo.comFootnotes / references[1][2][3][4][5][6][7][8]Wells Fargo branch in Berkeley, CaliforniaWells Fargo & Company is an American multinational financial servicescompany headquartered in San Francisco, California, with central offices throughout the United States.[9]It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets.[10][11]Wells Fargo is ranked #26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.[12]In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC,[11]before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo employees.[10]Wells Fargo fell behind Bank of America to third by bank deposits in 2017[13]and behind Citigroup to fourth by total assets in 2018.[14]The firm's primary operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.[15]As of June 2018, it had 8,050 branches and 13,000 ATMs.[2]In 2018 the company had operations in 35 countries with over 70 million customers globally.[2]In February 2014, Wells Fargo was named the world's most valuable bank brand for the second consecutive year[16]in The Banker and Brand Financestudy of the top 500 banking brands.[17]In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the US.[7][18]In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.[7]As of December 2018, the company had a Standard & Poors credit rating of A−.[8]However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms.[19]On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve.[20]In April 2018, The Wall Street Journal reported that the US Department of Labor had launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as intoretirement funds managed by Wells Fargo itself.[21][22]Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo's business banking group had improperly altered documents about business clients in 2017 and early 2018.[23]In June 2018, Wells Fargo began retreating from retail bankingin the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.[24][13]Contents1History1.1Wells Fargo History Museums1.2Key dates1.3Wachovia acquisition1.4Investment by US Treasury Department during 2008 financial crisis1.4.1History of Wells Fargo Securities1.5Environmental record2Operations and services2.1Community banking2.1.1Consumer lending2.1.2Wells Fargo private student loans2.1.3Equipment lending2.2Wealth and Investment Management2.2.1Wells Fargo Asset Management2.2.2Wells Fargo Securities2.3Cross-selling2.4International operations2.5Charter3Lawsuits, fines and controversies3.11981 MAPS Wells Fargo embezzlement scandal3.2Higher costs charged to African-American and Hispanic borrowers3.3Failure to monitor suspected money laundering3.4Overdraft fees3.5Settlement and fines regarding mortgage servicing practices3.6SEC fine due to inadequate risk disclosures3.7Lawsuit by FHA over loan underwriting3.8Lawsuit due to premium inflation on forced place insurance3.9Lawsuit regarding excessive overdraft fees3.102015 Violation of New York credit card laws3.11Executive compensation3.12Tax avoidance and lobbying3.13Prison industry investment3.14SEC settlement for insider trading case3.15Wells Fargo account fraud scandal3.16Racketeering lawsuit for mortgage appraisal overcharges3.17Dakota Access Pipeline investment3.18Failure to comply with document security requirements3.19Connections to the gun industry and NRA3.20Discrimination against female workers3.21Auto insurance4CEO-to-worker pay ratio5See also6Notes7References8External linksHistory[edit]Main article: History of Wells FargoWells Fargo History Museums[edit]The company operates 12 museums, most known as a Wells Fargo History Museum,[25]in its corporate buildings inCharlotte, North Carolina, Denver, Colorado, Des Moines, Iowa, Los Angeles, California, Minneapolis, Minnesota,Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, Sacramento, California and San Francisco, California. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraphequipment and historic bank artifacts. The company also operates a museum about company history in the Pony Express Terminal in Old Sacramento State Historic Park in Sacramento, California, which was the company's second office,[26]and the Wells Fargo History Museum in Old Town San Diego State Historic Park in San Diego, California.[27]Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the Alaskan Gold Rush era.[28]Key dates[edit]A late 19th Century Wells Fargo Bank in Apache Junction, Arizona1879 Wells Fargo Stagecoach on exhibit in the Wells Fargo Museum in PhoenixThe Wells Fargo Stage Stop built in 1872 in Black Canyon City, ArizonaWells Fargo bank in Chinatown,Houston, TexasA remodeled Wells Fargo bank inFort Worth, TexasWells Fargo in Laredo, Texas1852: Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California.1860: Wells Fargo gained control of Butterfield Overland Mail Company, leading to operation of the western portion of the Pony Express.1866: "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.1905: Wells Fargo separated its banking and express operations; Wells Fargo's bank was merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.1918: As a wartime measure, the US Federal Government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency. The US Federal Government took control of the express company. The bank began rebuilding but with a focus on commercial markets. After the war, REA was privatized and continued service until 1975.1923: Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.1929: Northwest Bancorporation was formed as a banking association.1954: Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.1960: Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.1962: Wells Fargo American Trust again shortened its name to Wells Fargo Bank.1968: Wells Fargo converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg later surpassed him.[29]1969: Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.1982: Northwest Bancorporation acquired consumer finance firm Dial Finance which is renamed Norwest Financial Service the following year.1983: Northwest Bancorporation was renamed Norwest Corporation.1983: White Eagle, largest US bank heist to date took place at a Wells Fargo depot in West Hartford, Connecticut.1986: Wells Fargo acquired Crocker National Corporation from Midland Bank.1987: Wells Fargo acquired the personal trust business of Bank of America.1988: Wells Fargo acquired Barclays Bank of California from Barclays plc.[30]1995: Wells Fargo became the first major US financial services firm to offer Internet banking.1996: Wells Fargo acquired First Interstate Bancorp for US$11.6 billion.[31]1998: Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis.[32](Norwest was the surviving company; however, it chose to continue business under the more well-known Wells Fargo name.)2000: Wells Fargo Bank acquired National Bank of Alaska.[33]2000: Wells Fargo acquired First Security Corporation.[34]2001: Wells Fargo acquired H.D. Vest Financial Services for US$128 million, but sold it in 2015 for US$580 million.[35]2007: Wells Fargo acquired CIT's construction unit.[36]2007: Wells Fargo acquired Placer Sierra Bank.2007: Wells Fargo acquired Greater Bay Bancorp, which had US$7.4 billion in assets, in a US$1.5 billion transaction.[37][38]2008: Wells Fargo acquired United Bancorporation of Wyoming.[39]2008: Wells Fargo acquired Century Bancshares of Texas.[40]2008: Wells Fargo acquired Wachovia Corporation.2009: Wells Fargo acquired North Coast Surety Insurance Services.[41]2012: Wells Fargo acquired Merlin Securities.[42][43]2012: Wells Fargo acquired stake in The Rock Creek Group LP.2019: CEO Tim Sloan resigns causing stock to jump and leaves General Counsel Allen Parker as Interim CEOWachovia acquisition[edit]A former Wachovia branch converted to Wells Fargo in the fall of 2011 in Durham, North CarolinaOn October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about US$14.8 billion in an all-stock transaction. This news came four days after the USFederal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for US$2.1 billion. Citigroup protested Wachovia's agreement to sell itself to Wells Fargo and threatened legal action over the matter. However, the deal with Wells Fargo overwhelmingly won shareholder approval since it valued Wachovia at about seven times what Citigroup offered. To further ensure shareholder approval, Wachovia issued Wells Fargo preferred stock that holds 39.9% of the voting power in the company.[44]On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the situation was sorted out.[45]Citigroup alleged that they had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.[46]Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Sources say that Citigroup was unwilling to take on more risk than the US$42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over US$42 billion). Citigroup did not block the merger, but indicated they would seek damages of US$60 billion for breach of an alleged exclusivity agreement with Wachovia.[47]Investment by US Treasury Department during 2008 financial crisis[edit]On October 28, 2008, Wells Fargo was the recipient of US$25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury Department.[48][49]Tests by the US Federal Government revealed that Wells Fargo needed an additional US$13.7 billion in order to remain well capitalized if the economy were to deteriorate further under stress test scenarios. On May 11, 2009, Wells Fargo announced an additional stock offering which was completed on May 13, 2009, raising US$8.6 billion in capital. The remaining US$4.9 billion in capital was planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the US$25 billion of preferred stock issued to the US Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of US$131.9 million, bringing the total dividends paid to US$1.441 billion since the preferred stock was issued in October 2008.[50]History of Wells Fargo Securities[edit]Wells Fargo Securities was established in 2009 to house Wells Fargo's capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities banner.Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public financecapabilities.[51]Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the investment banking arm of Citadel LLC.[52]Duke Energy Center in Charlotte, North Carolina home of Wells Fargo Securities[53]Environmental record[edit]In 2009, Wells Fargo ranked #1 among banks and insurance companies, and #13 overall, inNewsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.[54]In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.[55]As of 2013, Wells Fargo had provided more than US$6 billion in financing for environmentally beneficial business opportunities, including supporting 185 commercial-scale solar photovoltaic projects and 27 utility-scale wind projects nationwide.[56][better source needed]Wells Fargo has launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.[57][58]We want to be as open and clear as possible about our environmental efforts – both our accomplishments and challenges – and share our experiences, ideas and thoughts as we work to integrate environmental responsibility into everything we do," said Mary Wenzel, director of Environmental Affairs. "We also want to hear and learn from our customers. By working together, we can do even more to protect and preserve natural resources for future generations.—Mary Wenzel, director of Environmental Affairs, Wells Fargo, 2010 press releaseOperations and services[edit]Map of Wells Fargo branches in August 2015Wells Fargo delineates three different business segments when reporting results:Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement.Community banking[edit]The Community Banking segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country.[59]There are mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basicteller services, and, space permitting, an office for private meetings with customers.[60]In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.[61]Consumer lending[edit]As of Q3 2011, Wells Fargo Home Mortgage was the largest retail mortgage lender in the United States, originating one out of every four home loans.[62]Wells Fargo services US$1.8 trillion in home mortgages, the second largest servicing portfolio in the US[63]It was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, the then-CEO John Stumpf had said the numbers were misleading because about half of that share represented the aggregation of smaller loans that were then sold on in the secondary market. In 2013, its share was closer to 22%; of which eight percentage points was aggregation.[64]Wells Fargo private student loans[edit]Wells Fargo private student loans are available to students to pay for college expenses, such as tuition, books, computers, or housing.[65]Loans are available for undergraduate, career and community colleges, graduate school, law school and medical school. Wells Fargo also provides private student loan consolidation and student loans for parents.[citation needed]Equipment lending[edit]Wells Fargo has various divisions that finance and lease equipment to different types of companies.[66][citation needed]One venture is Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail.[67]In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment financing.[68]Wealth and Investment Management[edit]Wells Fargo Advisors headquarters in St. Louis, MissouriWells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealthgroup.The logo for Wells Fargo AdvisorsWells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third largest brokerage firm in the United States as of the third quarter of 2010 with US$1.1 trillion retail client assets under management.[7]Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by US$4 billion.[69]Wells Fargo Asset Management[edit]Wells Fargo Funds Management, LLCTypeSubsidiaryIndustryMutual fundsHeadquartersKansas City, MissouriArea servedWorldwideWebsitewellsfargofunds.comWells Fargo Asset Management (WFAM) is the trade name for the mutual funddivision of Wells Fargo & Co. Mutual funds are offered under the Wells Fargo Advantage Funds brand name.Wells Fargo Securities[edit]Wells Fargo Securities, LLCTypeSubsidiaryIndustryInvestment BankingHeadquartersCharlotte, North CarolinaArea servedWorldwideWebsitewww.wellsfargo.com/com/securities/The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floorsWells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. The size and financial performance of this group is not disclosed publicly, but analysts believe the investment banking group houses approximately 4,500 employees and generates between US$3 and US$4 billion per year in investment banking revenue. By comparison, two of Wells Fargo's largest competitors, Bank of America and J.P. Morgan Chasegenerated approximately US$5.5 billion and US$6 billion respectively in 2011 (not including sales and trading revenue).[70]WFS headquarters are in Charlotte, North Carolina, with other US offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with international offices in London, Hong Kong, Singapore, and Tokyo.Cross-selling[edit]A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking products.[71]Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank.[72][73]Other banks have attempted to emulate Wells Fargo's cross-selling practices (described byThe Wall Street Journal as a hard sell technique);[72]Forbes magazine describes Wells Fargo as "better than anyone" at the practice.[73]International operations[edit]Wells Fargo has banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo,Toronto.[74][75]They operate back-offices in India and the Philippines with more than 3,000 staff.[76]Charter[edit]Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[77]Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.Lawsuits, fines and controversies[edit]A Wells Fargo branch in Logan, Utah1981 MAPS Wells Fargo embezzlement scandal[edit]In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of US$300,000 was paid to Lewis, who pled guilty to embezzlement andconspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.[78](Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.[79])Higher costs charged to African-American and Hispanic borrowers[edit]Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."[80]An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."[81]According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report goes on to present data from the city of Baltimore, where "more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."[82]Wells Fargo agreed to pay US$125 million to subprime borrowers and US$50 million in direct down payment assistance in certain areas, for a total of US$175 million.[83][84]Failure to monitor suspected money laundering[edit]In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachoviahad failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.[85]Overdraft fees[edit]In August 2010, Wells Fargo was fined by US District Court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.[86][87][88]Settlement and fines regarding mortgage servicing practices[edit]On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citi,JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[89]The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about US$26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in US history, only trailing the Tobacco Master Settlement Agreement.[90]The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.On April 5, 2012, a federal judge ordered Wells Fargo to pay US$3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.[91]Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[92]stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."[93]SEC fine due to inadequate risk disclosures[edit]On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission(SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[94][95]Lawsuit by FHA over loan underwriting[edit]On October 9, 2012, the US Federal Government sued the bank under the False Claims Act at the federal court inManhattan, New York. The suit alleges that Wells Fargo defrauded the US Federal Housing Administration (FHA) over the past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is the third allegation levied against Wells Fargo in 2012.[96]In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.[97]Lawsuit due to premium inflation on forced place insurance[edit]In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which Wells Fargo was accused of inflating premiums on forced-place insurance.[98]Lawsuit regarding excessive overdraft fees[edit]In May 2013, Wells Fargo paid US$203 million to settle class-action litigation accusing the bank of imposing excessiveoverdraft fees on checking-account customers. Also in May, the New York attorney-general, Eric Schneiderman, announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a US$25 billion deal struck between 49 state attorneys and the five-largest mortgage servicers in the US. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.[64]2015 Violation of New York credit card laws[edit]In February 2015, Wells Fargo agreed to pay US$4 million for violations where an affiliate took interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit card laws. There was a US$2 million penalty with the other US$2 million going towards restitution to customers.[99]Executive compensation[edit]With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning US$15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a US$10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above US federal minimums.[100][101]Tax avoidance and lobbying[edit]In December 2011, the non-partisan organization Public Campaign criticized Wells Fargo for spending US$11 million onlobbying and not paying any taxes during 2008–2010, instead getting US$681 million in tax rebates, despite making a profit of US$49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to US$49.8 million in 2010 for its top five executives.[102]As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the fourth-largest payer of corporation tax in the US.[103]Prison industry investment[edit]Main article: Prison–industrial complexThe GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company statements.[104]By March 2012, its stake had grown to more than 4.4 million shares worth US$86.7 million.[105]As of November, 2012, the latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings of GEO's stock, which reduces Wells Fargo's holdings to 4.98% of Geo Group's common stock. By reducing its holdings to less than 5%, Wells Fargo will no longer be required to disclose some financial dealings with GEO.[106]While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo to divest from private prison companies like GEO Group, the company continues to make such investments.[107]SEC settlement for insider trading case[edit]In 2015, an analyst at Wells Fargo settled an insider trading case with the US Securities and Exchange Commission (SEC). The former employee was charged with insider trading alongside an ex-Wells Fargo trader.[108]Sadis & Goldberg obtained a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of negligence-based § 17(a)(3) claim, and paying a US$75,000 civil penalty[109]Wells Fargo account fraud scandal[edit]Main article: Wells Fargo account fraud scandalIn September 2016, Wells Fargo was issued a combined total of US$185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The US Consumer Financial Protection Bureau issued US$100 million in fines, the largest in the agency's five-year history, along with US$50 million in fines from the City and County of Los Angeles, and US$35 million in fines from the Office of Comptroller of the Currency.[110]The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and US$5 million being set aside for customer refunds on fees for accounts the customers never wanted.[111]Carrie Tolstedt, who headed the department, retired in July 2016 and received US$124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.[112][113]On October 12, 2016, John Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company. It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.[114]In response to the event, the Better Business Bureau dropped accreditation of the bank,[115]S&P Global Ratings lowered its outlook for Wells Fargo from stable to negative,[116]and several states and cities across the US ended business relations with the company.[117]An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, whom it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them.[118]The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover US$75 million worth of cash and stock from the former executives.[118]Racketeering lawsuit for mortgage appraisal overcharges[edit]In November 2016, Wells Fargo agreed to pay US$50 million to settle a racketeering lawsuit in which the bank was accused of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners US$95 to US$125 on appraisals for which the bank had been charged US$50 or less. The plaintiffs had sought triple damages under the U S Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.[119]Dakota Access Pipeline investment[edit]Wells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transportsystem in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.[120]In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council ofDavis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of 2017.[121]Failure to comply with document security requirements[edit]In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo US$5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.[122]Connections to the gun industry and NRA[edit]Wells Fargo is the top banker for US gun makers and the National Rifle Association (NRA). From December 2012 through February 2018 it reportedly helped two of the biggest firearms and ammunition companies obtain US$431.1 million in loans and bonds. It also created a US$28-million line of credit for the NRA and operates the organization's primary accounts.[123]In a March 2018 statement Wells Fargo said, "Any solutions on how to address this epidemic will be complicated. This is why our company believes the best way to make progress on these issues is through the political and legislative process. ... We plan to engage our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety for our communities."[123]Wells Fargo's CEO subsequently said that the bank would provide its gun clients with feedback from employees and investors.[124]Discrimination against female workers[edit]Further information: Glass ceilingIn June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 are women.[125]Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.[126]The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.[126]There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."[126]Auto insurance[edit]On June 10, 2019, Wells Fargo settled a lawsuit for $ 385 million that was filed in 2017 concerning their customers andNational General Insurance.[127]CEO-to-worker pay ratio[edit]Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO’s annual total compensation to that of the median employee.[128]Total 2018 compensation for Timothy J. Sloan, CEO, was $18,426,734, and total compensation for the median employee was estimated to be $65,191. The resulting pay ratio was determined to be 283:1.[129]See also[edit]San Francisco Bay Area portalCompanies portalBanks portalList of Wells Fargo directorsList of Wells Fargo presidentsWells Fargo ArenaWells Fargo Center