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It’s impossible to spend much time in the cryptocurrency and blockchain world without hearing about Ethereum, or ETH for short. In this article, you’ll learn what Ethereum is, what makes it different and why it’s better than Bitcoin, at least for certain purposes.Guess the price directionBitcoin/TetherBTCUSDT33,743.81−2.71337493372733743.81UpDownWhat is the Ethereum cryptocurrency?Strictly speaking, Ethereum refers to an open-source software platform that is based on blockchain technology, enabling developers to create decentralised applications, or dApps. However, Ethereum is also used to refer to the Ether coin (ETH), a cryptocurrency built on the Ethereum platform. When someone talks about buying, trading or paying with Ethereum, they mean the Ether currency.Ethereum’s historyEthereum’s story starts with Vitalik Buterin, who became involved with Bitcoin as a 17-year-old programmer in 2011. Buterin became aware of Bitcoin’s shortcomings and created Ethereum as superior blockchain technology.I thought [people in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.— Vitalik Buterin, Ethereum co-founder.A timeline of Ethereum’s early history:2013: Buterin released a white paper describing the basis for Ethereum.2014: Buterin and the other co-founders crowdfunded Ethereum through an ICO that raised more than $18 million.2015: The first live release of Ethereum, known as Frontier, was launched.What is Ethereum’s purpose?Ethereum is a blockchain technology platform designed to enable a large variety of functions. A popular comparison is if Bitcoin is e-mail, then Ethereum is the whole Internet.Ethereum is used for computer services that are based on dApps and smart contracts, which saves time and money by eliminating intermediaries, third-party brokers and inefficient monopolies like big companies or even government authorities.In essence, it follows the decentralised philosophy of Bitcoin but is applied to much more than just money.What is Ethereum written in?Given that the Ethereum Virtual Machine (EVM) functions as a ‘world computer’ with many nodes, it uses multiple programming languages, including C++, Python, Ruby, Go and Java. A specialised language called Solidity is used to write smart contracts in the Ethereum Virtual Machine.ETH’s hard forkIn 2016, $50 million worth of Ether was stolen by a hacker, an act that raised concerns about the platform’s security. The resulting controversy split the community, and Ethereum forked into two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).ETH tokensEthereum has both the Ether (ETH) crypto coin and Ether tokens. The latter can function as a currency within the Ethereum Virtual Machine (EVM). ETH tokens are transferred within the EVM to execute smart contracts.What is a smart contract in Ethereum?A smart contract is a computer program that functions as a contract, i.e., it binds individuals and/or businesses to meet obligations.The smart contract’s code automatically executes the terms when tokens are deposited. The benefits include:Digital format: There’s no need to print or post paper, and it’s easily shareable.Autonomous operation: It cuts out intermediaries, there’s no back-and-forth.Trust: Information on a smart contract is encrypted and backed up on a shared ledger.Security: Encryption makes contract information incredibly difficult to steal.Speed: Automatic execution makes smart contracts faster.Cost: It saves on paper costs, lawyer fees, etc.Smart contracts act as multi-signature accounts, only executing if the specified percentage of parties agree.Smart contracts can be encoded on any blockchain, but developers working on Ethereum can programme smart contracts with a much broader range of instructions than what’s possible on Bitcoin. It allows Ethereum smart contracts to be more complex and versatile. They can serve as the base for a decentralised application or other autonomous functions on the blockchain.Why is Ethereum better than Bitcoin?ETH has several advantages over Bitcoin. It isn’t limited in the same way that BTC is. Ethereum uses the Ethash method for its mining algorithm. As a result, the block processing speed is faster.What is the difference between Bitcoin and Ethereum?BTCETHCoin Limit21 MillionNoneAlgorithmSHA-256EthashAvg block time10 minutes12 secondsHowever, Ethereum’s main advantage over Bitcoin is its functionality. Bitcoin can only record transactions. Ethereum powers apps that can be used for almost anything a programmer desires.What is an ETH wallet?An Ethereum wallet is where the private keys to access the cryptocurrency are stored. The StormGain crypto trading platform comes with a built-in ETH wallet, in which you can earn up to 10% annual interest on your currency.Cryptocurrency tradingEthereum is the crypto coin with the second-largest market share after Bitcoin. Ethereum also has the second-highest trading volume among cryptocurrencies. By using StormGain, traders can earn significant bonuses and rewards for trading Ethereum.The price history of ETH, in USD and BitcoinEthereum miningEthereum is currently mined via a proof-of-work algorithm. Much like Bitcoin, Ethereum miners dedicate their computing hardware to solving tasks that support the blockchain and receive ETH in return.What is a good hashrate for Ethereum mining?The frequency with which the ETH mining hardware can process hashes determines how likely it is to earn a reward.A hashrate of around 45.0 MH/s is considered suitable for a consumer GPU. However, the whole mining system may soon become irrelevant for Ethereum.What is Ethereum’s future?Ethereum will upgrade soon to version 2.0, a move planned for 2020. The main feature is a change from proof-of-work to proof-of-stake validation.Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 [with PoS] will actually be the world computer — Vitalik ButerinThe current system is notoriously wasteful of energy. A proof-of-stake protocol will mean that users stake their ETH as collateral to verify a transaction (and claim the reward).On 18 August 2008, the domain name bitcoin.org was registered.[11] Later that year, on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[12] was posted to a cryptography mailing list.[13] This paper detailed methods of using a peer-to-peer network to generate what was described as "a system for electronic transactions without relying on trust".[14][15][16] On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins.[14][17] Embedded in the coinbase of this block was the text:The Times Jan/03/2009 Chancellor on brink of second bailout for banks.[18]The text refers to a headline in The Times published on 3 January 2009.[19] This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.[20]:18The first open source bitcoin client was released on 9 January 2009, hosted at SourceForge.[21][22]One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (bloc 170).[23][24] Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[14]In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[25] Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official public face.[26]The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[14]On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[27][28] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[29] This was the only major security flaw found and exploited in bitcoin's history.[27][28][30]Satoshi Nakamoto[edit]Main article: Satoshi Nakamoto"Satoshi Nakamoto" is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[14] There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials.[31][32] The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.[33]Investigations into the real identity of Satoshi Nakamoto were attempted by The New Yorker and Fast Company. The New Yorker's investigation brought up at least two possible candidates: Michael Clear and Vili Lehdonvirta. Fast Company's investigation brought up circumstantial evidence linking an encryption patent application filed by Neal King, Vladimir Oksman and Charles Bry on 15 August 2008, and the bitcoin.org domain name which was registered 72 hours later. The patent application (#20100042841) contained networking and encryption technologies similar to bitcoin's, and textual analysis revealed that the phrase "... computationally impractical to reverse" appeared in both the patent application and bitcoin's whitepaper.[12] All three inventors explicitly denied being Satoshi Nakamoto.[34][35]In May 2013, Ted Nelson speculated that Japanese mathematician Shinichi Mochizuki is Satoshi Nakamoto.[36] Later in 2013 the Israeli researchers Dorit Ron and Adi Shamir pointed to Silk Road-linked Ross William Ulbricht as the possible person behind the cover. The two researchers based their suspicion on an analysis of the network of bitcoin transactions.[37] These allegations were contested[38] and Ron and Shamir later retracted their claim.[39]Nakamoto's involvement with bitcoin does not appear to extend past mid-2010.[14] In April 2011, Nakamoto communicated with a bitcoin contributor, saying that he had "moved on to other things".[18]Stefan Thomas, a Swiss coder and active community member, graphed the time stamps for each of Nakamoto's 500-plus bitcoin forum posts; the resulting chart showed a steep decline to almost no posts between the hours of 5 a.m. and 11 a.m. Greenwich Mean Time. Because this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time, and the hours of 5 a.m. to 11 a.m. GMT are midnight to 6 a.m. Eastern Standard Time (North American Eastern Standard Time). Other clues suggested that Nakamoto was British: A newspaper headline he had encoded in the genesis block came from the UK-published newspaper The Times, and both his forum posts and his comments in the bitcoin source code used British English spellings, such as "optimise" and "colour".[14]An Internet search by an anonymous blogger of texts similar in writing to the bitcoin whitepaper suggests Nick Szabo's "bit gold" articles as having a similar author.[31] Nick denied being Satoshi, and stated his official opinion on Satoshi and bitcoin in a May 2011 article.[40]In a March 2014 article in Newsweek, journalist Leah McGrath Goodman doxed Dorian S. Nakamoto of Temple City, California, saying that Satoshi Nakamoto is the man's birth name. Her methods and conclusion drew widespread criticism.[41][42]In June 2016, the London Review of Books published a piece by Andrew O'Hagan about Nakamoto.[43] The real identity of Satoshi Nakamoto still remains a matter of dispute.Growth[edit]2011[edit]Based on bitcoin's open-source code, other cryptocurrencies started to emerge.[44]The Electronic Frontier Foundation, a non-profit group, started accepting bitcoins in January 2011,[45] then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.[46] The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.[47]In June 2011, WikiLeaks[48] and other organizations began to accept bitcoins for donations.2012[edit]In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the CBS legal drama The Good Wife in the third-season episode "Bitcoin for Dummies". The host of CNBC's Mad Money, Jim Cramer, played himself in a courtroom scene where he testifies that he doesn't consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".[49]In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were Gavin Andresen, Jon Matonis, Patrick Murck, Charlie Shrem, and Peter Vessenes.[50]In October 2012, BitPay reported having over 1,000 merchants accepting bitcoin under its payment processing service.[51] In November 2012, WordPress started accepting bitcoins.[52]2013[edit]In February 2013, the bitcoin-based payment processor Coinbase reported selling US$1 million worth of bitcoins in a single month at over $22 per bitcoin.[53] The Internet Archive announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.[54]In March, the bitcoin transaction log, called the blockchain, temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.[55] Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.[55] The Mt. Gox exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to $37 as the event occurred[56][57] before recovering to previous level of approximately $48 in the following hours.[58] In the US, the Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.[59][60][61]In April, payment processors BitInstant and Mt. Gox experienced processing delays due to insufficient capacity[62] resulting in the bitcoin exchange rate dropping from $266 to $76 before returning to $160 within six hours.[63] Bitcoin gained greater recognition when services such as OkCupid and Foodler began accepting it for payment.[64]On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US.[65][66]On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[67]On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[68] This marked the first time a government agency claimed to have seized bitcoin.[69][70]In July 2013, a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[71] During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[72][73]On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[74][75] and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" – a financial instrument – though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[76]In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht.[77][78][79] Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[80][81][82] Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.[83]In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow".[84] During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.[85]In December 2013, Overstock.com[86] announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[87] After the announcement, the value of bitcoins dropped,[88] and Baidu no longer accepted bitcoins for certain services.[89] Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[90]2014[edit]In January 2014, Zynga[91] announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by USA Today. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.[92] The network rate exceeded 10 petahash/sec. TigerDirect[93] and Overstock.com[94] started accepting bitcoin.In early February 2014, one of the largest bitcoin exchanges, Mt. Gox,[95] suspended withdrawals citing technical issues.[96] By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.[97] Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.[98]In June 2014 the network exceeded 100 petahash/sec.[citation needed] On 18 June 2014, it was announced that bitcoin payment service provider BitPay would become the new sponsor of St. Petersburg Bowl under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.[99]In July 2014 Newegg and Dell[100] started accepting bitcoin.In September 2014 TeraExchange, LLC, received approval from the U.S.Commodity Futures Trading Commission "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.[101]In December 2014 Microsoft began to accept bitcoin to buy Xbox games and Windows software.[102]In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"[103] have been released.[104]A documentary film, The Rise and Rise of Bitcoin, was released in 2014, featuring interviews with bitcoin users, such as a computer programmer and a drug dealer.[105]2015[edit]In January 2015 Coinbase raised US$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange Bitstamp announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US$5 million at that time) being stolen from their hot wallet.[106] The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.[107]In February 2015, the number of merchants accepting bitcoin exceeded 100,000.[108]In October 2015, a proposal was submitted to the Unicode Consortium to add a code point for the bitcoin symbol.[109]2016[edit]In January 2016, the network rate exceeded 1 exahash/sec.[citation needed]In March 2016, the Cabinet of Japan recognized virtual currencies like bitcoin as having a function similar to real money.[110] Bidorbuy, the largest South African online marketplace, launched bitcoin payments for both buyers and sellers.[111]In July 2016, researchers published a paper showing that by November 2013 bitcoin commerce was no longer driven by "sin" activities but instead by legitimate enterprises.[112]In August 2016, a major bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around $60m) was stolen.[113]In November 2016, the Swiss Railway operator SBB (CFF) upgraded all their automated ticket machines so that bitcoin could be bought from them using the scanner on the ticket machine to scan the bitcoin address on a phone app.[114]Bitcoin generates more academic interest year after year; the number of Google Scholar articles published mentioning bitcoin grew from 83 in 2009, to 424 in 2012, and 3580 in 2016. Also, the academic journal Ledger published its first issue. It is edited by Peter Rizun.2017[edit]The number of businesses accepting bitcoin continued to increase. In January 2017, NHK reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.[115] BitPay CEO Stephen Pair declared the company's transaction rate grew 3× from January 2016 to February 2017, and explained usage of bitcoin is growing in B2B supply chain payments.[116]Bitcoin gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method,[117] and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin.[118]Exchange trading volumes continue to increase. For the 6-month period ending March 2017, Mexican exchange Bitso saw trading volume increase 1500%.[citation needed] Between January and May 2017 Poloniex saw an increase of more than 600% active traders online and regularly processed 640% more transactions.[119]In June 2017, the bitcoin symbol was encoded in Unicode version 10.0 at position U+20BF (₿) in the Currency Symbols block.[120]Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.[121] On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the Bitcoin Cash (BCH) chain with 8 MB blocksize limit. The split has been called the Bitcoin Cash hard fork.[122]On 6 December 2017 the software marketplace Steam announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.[123]2018[edit]See also: Cryptocurrency bubble § 2018 crashOn 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.[124]On 24 January 2018, the online payment firm Stripe announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.[125]2019[edit]As of September 2019, there were 5,457 bitcoin ATMs worldwide. In August of that year, the countries with highest number of bitcoin ATMs were the United States, Canada, the United Kingdom, Austria, and Spain.[citation needed]2020[edit]On 2 July 2020, the Indian company 21Shares started to quote a set of bitcoin exchange-traded products (ETP) on the Xetra trading system of the Deutsche Boerse.[126]On 1 September 2020, the Wiener Börse listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and securities settlement.[127]On 3 September 2020, the Frankfurt Stock Exchange admitted in its Regulated Market the quotation of the first bitcoin exchange-traded note (ETN), centrally cleared via Eurex Clearing.[128][129]In October 2020, PayPal announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins

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

This is the wipipedia of Daylight saving time:-This article is about the concept of daylight saving time. For local implementations, see Daylight saving time by country."DST" redirects here. For other uses, see DST (disambiguation).Daylight saving time regions:Northern hemisphere summerSouthern hemisphere summerFormerly used daylight saving or permanently daylight savingNever used daylight savingDaylight saving time (DST), also daylight savings timeor daylight time (United States), also summer time(United Kingdom and others), is the practice of advancing clocks during summer months so that evening daylight lasts longer, while sacrificing normal sunrise times. Typically, regions that use daylight saving time adjust clocks forward one hour close to the start of spring and adjust them backward in the autumn to standard time.[1]In effect, DST causes a lost hour of sleep in the spring and an extra hour of sleep in the fall.[2][3]George Hudson proposed the idea of daylight saving in 1895.[4]The German Empire and Austria-Hungaryorganized the first nationwide implementation starting on April 30, 1916. Many countries have used at various times since then, particularly since the 1970s energy crisis. DST is generally not observed near the equator, where sunrise times do not vary enough to justify it. Some countries observe it only in some regions; for example, southern Brazil observes it, while equatorial Brazil does not.[5]Only a minority of the world's population uses DST, because Asia and Africa generally do not observe it.DST clock shifts sometimes complicate timekeeping and can disrupt travel, billing, record keeping, medical devices, heavy equipment,[6]and sleep patterns.[7]Computer software often adjusts clocks automatically, but policy changes by various jurisdictions of DST dates and timings may be confusing.[8]Contents1Rationale2History3Procedure4Politics5Dispute over benefits and drawbacks5.1Energy use5.2Economic effects5.3Public safety5.4Health5.5Complexity and disadvantages6Terminology7Computing7.1IANA time zone database7.2Microsoft Windows8Permanent daylight saving time9By country and region10See also11References12Further reading13External linksRationale[edit]Industrialized societies usually follow a clock-based schedule for daily activities that do not change throughout the course of the year. The time of day that individuals begin and end work or school, and the coordination of mass transit, for example, usually remain constant year-round. In contrast, an agrarian society's daily routines for work and personal conduct are more likely governed by the length of daylight hours[9][10]and by solar time, which change seasonally because of the Earth's axial tilt. North and south of the tropics daylight lasts longer in summer and shorter in winter, with the effect becoming greater the further one moves away from the tropics.By synchronously resetting all clocks in a region to one hour ahead of standard time, individuals who follow such a year-round schedule will wake an hour earlier than they would have otherwise; they will begin and complete daily work routines an hour earlier, and they will have available to them an extra hour of daylight after their workday activities.[11][12]However, they will have one less hour of daylight at the start of each day, making the policy less practical during winter.[13][14]While the times of sunrise and sunset change at roughly equal rates as the seasons change, proponents of Daylight Saving Time argue that most people prefer a greater increase in daylight hours after the typical "nine to five" workday.[15][16]Supporters have also argued that DST decreases energy consumption by reducing the need for lighting and heating, but the actual effect on overall energy use is heavily disputed.The manipulation of time at higher latitudes (for example Iceland, Nunavut, Scandinavia or Alaska) has little impact on daily life, because the length of day and night changes more extremely throughout the seasons (in comparison to other latitudes), and thus sunrise and sunset times are significantly out of phase with standard working hours regardless of manipulations of the clock.[17]DST is also of little use for locations near the equator, because these regions see only a small variation in daylight in the course of the year.[18]The effect also varies according to how far east or west the location is within its time zone, with locations farther east inside the time zone benefiting more from DST than locations farther west in the same time zone.[19]History[edit]Ancient water clock that lets hour lengths vary with seasonAncient civilizations adjusted daily schedules to the sun more flexibly than DST does, often dividing daylight into 12 hours regardless of daytime, so that each daylight hour became progressively longer during spring and shorter during autumn.[20]For example, the Romans kept time with water clocks that had different scales for different months of the year; at Rome's latitude, the third hour from sunrise (hora tertia) started at 09:02 solar time and lasted 44 minutes at the winter solstice, but at the summer solstice it started at 06:58 and lasted 75 minutes.[21]From the 14th century onwards, equal-length civil hours supplanted unequal ones, so civil time no longer varies by season. Unequal hours are still used in a few traditional settings, such as some monasteries of Mount Athos[22]and all Jewish ceremonies.[23]Benjamin Franklin published the proverb "early to bed and early to rise makes a man healthy, wealthy, and wise",[24][25]and he published a letter in the Journal de Paris during his time as an American envoy to France (1776–1785) suggesting that Parisians economize on candles by rising earlier to use morning sunlight.[26]This 1784 satire proposed taxing window shutters, rationing candles, and waking the public by ringing church bells and firing cannons at sunrise.[27]Despite common misconception, Franklin did not actually propose DST; 18th-century Europe did not even keep precise schedules. However, this changed as rail transport and communication networks required a standardization of time unknown in Franklin's day.[28]In 1810, the Spanish National Assembly Cortes of Cádiz issued a regulation that moved certain meeting times forward by one hour from May 1 to September 30 in recognition of seasonal changes, but it did not actually change the clocks. It also acknowledged that private businesses were in the practice of changing their opening hours to suit daylight conditions, but they did so of their own volition.[29][30]George Hudson invented modern DST, proposing it first in 1895.New Zealand entomologist George Hudson first proposed modern DST. His shift-work job gave him leisure time to collect insects and led him to value after-hours daylight.[4]In 1895, he presented a paper to the Wellington Philosophical Society proposing a two-hour daylight-saving shift,[11]and considerable interest was expressed in Christchurch; he followed up with an 1898 paper.[31]Many publications credit the DST proposal to prominent English builder and outdoorsman William Willett,[32]who independently conceived DST in 1905 during a pre-breakfast ride when he observed how many Londoners slept through a large part of a summer day.[16]Willett also was an avid golfer who disliked cutting short his round at dusk.[33]His solution was to advance the clock during the summer months, and he published the proposal two years later.[34]Liberal Party member of parliament Robert Pearce took up the proposal, introducing the first Daylight Saving Bill to the House of Commons on February 12, 1908.[35]A select committee was set up to examine the issue, but Pearce's bill did not become law and several other bills failed in the following years. Willett lobbied for the proposal in the UK until his death in 1915.Port Arthur, Ontario was the first city in the world to enact DST on July 1, 1908.[36][37]This was followed by Orillia, Ontario, introduced by William Sword Frost while mayor from 1911 to 1912.[38]The first states to adopt DST (German: Sommerzeit) nationally were those of the German Empire and its World War I ally Austria-Hungary commencing April 30, 1916 as a way to conserve coal during wartime. Britain, most of its allies, and many European neutrals soon followed. Russia and a few other countries waited until the next year, and the United States adopted daylight saving in 1918. Most jurisdictions abandoned daylight saving time in the years after the war ended in 1918, with exceptions including Canada, the UK, France, Ireland, and the United States. However, many places[vague]adopted it for periods of time during the following decades, and it became common during World War II. It became widely adopted in America and Europe starting in the 1970s as a result of the 1970s energy crisis. Since then, the world has seen many enactments, adjustments, and repeals.[39]For specific details, see Daylight saving time by country.Procedure[edit]See also: Daylight saving time by countryWhen DST begins, clocks are advanced by one hour (as if to skip one hour) during the very early morning at the beginning of DST.When DST ends, clocks are set back (as if to repeat one hour) during the very early morning. Specific times vary by jurisdiction.Clock shifts are usually scheduled at, or soon after, midnight and on a weekend to lessen disruption to weekday schedules.[40]A one-hour shift is customary but twenty minute and two hour shifts have been used in the past. In all countries that use daylight saving, the clock is advanced in spring and set back in autumn; the spring change reduces the length of that day and the autumn change increases it. For a midnight shift in spring, a digital display of local time would appear to jump from 11:59:59.9 to 01:00:00.0.The time at which clocks are to be shifted differs across jurisdictions. The European Union has a coordinated shift, shifting all zones at the same instant, at 01:00 Coordinated Universal Time(UTC), which means that it changes at 02:00 Central European Time (CET) or 03:00 Eastern European Time (EET), the result is that the time differences across European time zone remain constant.[41][42]North America shifts at 02:00 but at the local time and is consequently uncoordinated so that, for example, Mountain Time is, for one hour, zero hours ahead of Pacific Time instead of one hour ahead in the autumn and two hours instead of one ahead of Pacific Time in the spring.The dates on which clocks are to be shifted also vary with location and year; consequently, the time differences between regions also vary throughout the year. For example, Central European Time is usually six hours ahead North American Eastern Time, except for a few weeks in March and October/November, while the United Kingdom and mainland Chile could be five hours apart during the northern summer, three hours during the southern summer, and four hours a few weeks per year. Since 1996, European Summer Time has been observed from the last Sunday in March to the last Sunday in October; previously the rules were not uniform across the European Union.[42]Starting in 2007, most of the United States and Canada observe DST from the second Sunday in March to the first Sunday in November, almost two-thirds of the year.[43]Moreover, the beginning and ending dates are roughly reversed between the northern and southern hemispheres because spring and autumn are displaced six months. For example, mainland Chile observes DST from the second Saturday in October to the second Saturday in March, with transitions at 24:00local time.[44]In some countries time is governed by regional jurisdictions within the country so that some jurisdictions shift and others do not; this is currently the case in Australia, Brazil, Canada, Mexico, and the United States.[45][46]From year to year, the shift dates may change for political and social reasons. The 2007 U.S. change was part of the Energy Policy Act of 2005; previously, from 1987 through 2006, the start and end dates were the first Sunday in April and the last Sunday in October, and Congress retains the right to go back to the previous dates now that an energy-consumption study has been done.[47]Proponents for permanently retaining November as the month for ending DST point to Halloween as a reason to delay the change—to provide extra daylight on October 31. In the past, Australian state jurisdictions not only changed at different local times but sometimes on different dates; for example, in 2008 most DST-observing states shifted clocks forward on October 5 but Western Australia shifted on October 26.[48]In early 2008 central Brazil was one, two or three hours ahead of eastern U.S., depending on the date.Politics[edit]Daylight saving has caused controversy since it began.[1]Winston Churchill argued that it enlarges "the opportunities for the pursuit of health and happiness among the millions of people who live in this country"[49]and pundits have dubbed it "Daylight Slaving Time".[50]Retailing, sports, and tourism interests have historically favored daylight saving, while agricultural and evening entertainment interests have opposed it; its initial adoption was prompted by energy crises and war.[51]The fate of Willett's 1907 proposal illustrates several political issues. It attracted many supporters, including Arthur Balfour, Churchill, David Lloyd George, Ramsay MacDonald, Edward VII (who used half-hour DST at Sandringham or "Sandringham time"), the managing director of Harrods, and the manager of the National Bank. However, the opposition was stronger, including Prime Minister H. H. Asquith, William Christie (the Astronomer Royal), George Darwin, Napier Shaw (director of the Meteorological Office), many agricultural organizations, and theatre owners. After many hearings, the proposal was narrowly defeated in a parliamentary committee vote in 1909. Willett's allies introduced similar bills every year from 1911 through 1914, to no avail.[52]The U.S. was even more skeptical; Andrew Peters introduced a DST bill to the House of Representatives in May 1909, but it soon died in committee.[53]Retailers generally favor DST; United Cigar Storeshailed a 1918 DST billGermany led the way by starting DST (German: Sommerzeit) during World War I on April 30, 1916 together with its allies to alleviate hardships from wartime coal shortages and air raid blackouts. The political equation changed in other countries; the United Kingdom used DST first on May 21, 1916.[54]U.S. retailing and manufacturing interests led by Pittsburghindustrialist Robert Garland soon began lobbying for DST, but they were opposed by railroads. The U.S.'s 1917 entry to the war overcame objections, and DST was established in 1918.[55]The war's end swung the pendulum back. Farmers continued to dislike DST, and many countries repealed it after the war. Britain was an exception; it retained DST nationwide but adjusted transition dates over the years for several reasons, including special rules during the 1920s and 1930s to avoid clock shifts on Easter mornings. Now summer time begins annually on the last Sunday in March under a European Community directive, which may be Easter Sunday (as in 2016).[42]The U.S. was more typical; Congress repealed DST after 1919. President Woodrow Wilson was also an avid golfer like Willet, and he vetoed the repeal twice but his second veto was overridden.[56]Only a few U.S. cities retained DST locally,[57]including New York so that its financial exchanges could maintain an hour of arbitrage trading with London, and Chicago and Cleveland to keep pace with New York.[58]Wilson's successor Warren G. Harding opposed DST as a "deception", reasoning that people should instead get up and go to work earlier in the summer. He ordered District of Columbia federal employees to start work at 8 a.m. rather than 9 a.m. during the summer of 1922. Some businesses followed suit, though many others did not; the experiment was not repeated.[12]Since Germany's adoption in 1916, the world has seen many enactments, adjustments, and repeals of DST, with similar politics involved.[59]The history of time in the United States includes DST during both world wars, but no standardization of peacetime DST until 1966.[60][61]St. Paul and Minneapolis, Minnesota, were on different times for two weeks in May 1965 when the capital city decided to join most of the nation by starting Daylight Saving Time, while Minneapolis opted to follow the later date set by state law.[62]In the mid-1980s, Clorox and 7-Eleven provided the primary funding for the Daylight Saving Time Coalition behind the 1987 extension to U.S. DST, and both senators from Idaho voted for it based on the premise that fast-food restaurants sell more French fries during DST, which are made from Idaho potatoes.[63]A referendum on daylight saving was held in Queensland, Australia, in 1992, after a three-year trial of daylight saving. It was defeated with a 54.5% "no" vote, with regional and rural areas strongly opposed, while those in the metropolitan southeast were in favor.[64]In 2005, the Sporting Goods Manufacturers Association and the National Association of Convenience Storessuccessfully lobbied for the 2007 extension to U.S. DST.[65]In December 2008, the Daylight Saving for South East Queensland (DS4SEQ) political party was officially registered in Queensland, advocating the implementation of a dual-time zone arrangement for daylight saving in South East Queensland, while the rest of the state maintains standard time.[66]DS4SEQ contested the March 2009 Queensland state election with 32 candidates and received one percent of the statewide primary vote, equating to around 2.5% across the 32 electorates contested.[67]After a three-year trial, more than 55% of Western Australians voted against DST in 2009, with rural areas strongly opposed.[68]Queensland Independent member Peter Wellington introduced the Daylight Saving for South East Queensland Referendum Bill 2010 into the Queensland parliament on April 14, 2010, after being approached by the DS4SEQ political party, calling for a referendum at the next state election on the introduction of daylight saving into South East Queensland under a dual-time zone arrangement.[69]The Bill was defeated in the Queensland parliament on June 15, 2011.[70]In the UK, the Royal Society for the Prevention of Accidents supports a proposal to observe SDST's additional hour year-round, but that is opposed in some industries, such as postal workers and farmers, and particularly by those living in the northern regions of the UK.[10]In some Muslim countries, DST is temporarily abandoned during Ramadan (the month when no food should be eaten between sunrise and sunset), since the DST would delay the evening dinner. Iran maintains DST during Ramadan,[71]but most Muslim countries do not use DST, partially for this reason.Russia declared in 2011 that it would stay in DST all year long, followed by a similar declaration from Belarus.[72]Russia's plan generated widespread complaints due to the dark of winter time morning, and thus was abandoned in 2014.[73]The country changed its clocks to Standard Time on October 26, 2014 and intends to stay there permanently.[74]Dispute over benefits and drawbacks[edit]William Willettindependently proposed DST in 1907 and advocated it tirelessly.[75]Proponents of DST generally argue that it saves energy, promotes outdoor leisure activity in the evening (in summer), and is therefore good for physical and psychological health, reduces traffic accidents, reduces crime or is good for business.Opponents argue that actual energy savings are inconclusive,[76]that DST increases health risks such as heart attack,[76]that DST can disrupt morning activities, and that the act of changing clocks twice a year is economically and socially disruptive and cancels out any benefit. Farmers have tended to oppose DST.[77][78]Having a common agreement about the day's layout or schedule has so many advantages that a standard schedule over whole countries or large areas has generally been chosen over efforts in which some people get up earlier and others do not.[79]The advantages of coordination are so great that many people ignore whether DST is in effect by altering their work schedules to coordinate with television broadcasts or daylight.[80]DST is commonly not observed during most of winter, because the days are shorter then; workers may have no sunlit leisure time, and students may need to leave for school in the dark.[13]Since DST is applied to many varying communities, its effects may be very different depending on their culture, light levels, geography, and climate. Because of this variation, it is hard to make generalized conclusions about the effects of the practice. The costs and benefits may differ between places. Some areas may adopt DST simply as a matter of coordination with other areas rather than for any other benefits.Energy use[edit]Subtropical climates are highlighted in yellow on this map. People living in these areas may consume more energy as a result of DST.A 2017 meta-analysis of 44 studies found that DST leads to electricity savings of only 0.34% during the days when DST applies.[81][82]The meta-analysis furthermore found that "electricity savings are larger for countries farther away from the equator, while subtropical regions consume more electricity because of DST."[81][82]This means that DST may conserve electricity in some countries, such as Canada and the United Kingdom, but be wasteful in other places, such as Mexico, the southern United States, and northern Africa. The savings in electricity may also be offset by extra use of other types of energy, such as heating fuel.The period of Daylight Saving Time before the longest day is shorter than the period after, in several countries including the United States and Europe. For example, in the U.S. the period of Daylight Saving Time is defined by the Energy Policy Act of 2005. The period for Daylight Saving Time was extended by changing the start date from the first Sunday of April to the second Sunday of March, and the end date from the last Sunday in October to the first Sunday in November.DST's potential to save energy comes primarily from its effects on residential lighting, which consumes about 3.5% of electricity in the United States and Canada.[83](For comparison, air conditioning uses 16.5% of energy in the United States.[84]) Delaying the nominal time of sunset and sunrise reduces the use of artificial light in the evening and increases it in the morning. As Franklin's 1784 satire pointed out, lighting costs are reduced if the evening reduction outweighs the morning increase, as in high-latitude summer when most people wake up well after sunrise. An early goal of DST was to reduce evening usage of incandescent lighting, once a primary use of electricity.[85]Although energy conservation remains an important goal,[86]energy usage patterns have greatly changed since then. Electricity use is greatly affected by geography, climate, and economics, so the results of a study conducted in one place may not be relevant to another country or climate.[83]In the United States, high-quality research indicates that DST reduces residential lighting costs but usually increases total energy consumption, especially when non-electricity sources of energy consumption are considered.[87][88] These non-electricity sources of energy consumption include extra heating fuel on the colder, darker mornings and extra gasoline used to drive to shopping and sporting activities. In some cases, DST increases residential electricity consumption, such as when people use more air conditioning in the longer, hotter evenings.[89]A 2007 study estimated that winter daylight saving would prevent a 2% increase in average daily electricity consumption in Great Britain.[90] This paper was revised in October 2009.[91]In 2000, when parts of Australia began DST in late winter, overall electricity consumption did not change, but the morning peak load and prices increased.[92] The overall consumption was the same because people used more electricity in the dark mornings, and correspondingly less electricity in the brighter evenings. In Western Australia during summer 2006–2007, DST increased electricity consumption during hotter days and decreased it during cooler days, with consumption rising 0.6% overall.[93]Although a 2007 study estimated that introducing DST to Japan would reduce household lighting energy consumption,[94]a 2007 simulation estimated that DST would increase overall energy use in Osaka residences by 0.13%, with a 0.02% decrease due to less lighting more than outweighed by a 0.15% increase due to extra cooling; neither study examined non-residential energy use.[95] This is probably because DST's effect on lighting energy use is mainly noticeable in residences.[83]Several studies have suggested that DST increases motor fuel consumption.[83]The 2008 DOE report found no significant increase in motor gasoline consumption due to the 2007 United States extension of DST.[96]Economic effects[edit]Those who benefit most from DST are the retailers, sporting goods makers, and other businesses that benefit from extra afternoon sunlight.[87]Having more hours of sunlight in between the end of the typical workday and bedtime induces customers to shop and to participate in outdoor afternoon sports.[97]People are more likely to stop by a store on their way home from work if the sun is still up.[87]In 1984, Fortune magazine estimated that a seven-week extension of DST would yield an additional $30 million for 7-Eleven stores, and the National Golf Foundation estimated the extension would increase golf industry revenues $200 million to $300 million.[98]A 1999 study estimated that DST increases the revenue of the European Union's leisure sector by about 3%.[83]Conversely, DST can harm some farmers,[76][99]young children, who have difficulty getting enough sleep at night when the evenings are bright,[76]and others whose hours are set by the sun.[100]One reason why farmers oppose DST is that grain is best harvested after dew evaporates, so when field hands arrive and leave earlier in summer, their labor is less valuable.[9]Dairy farmers are another group who complain of the change. Their cows are sensitive to the timing of milking, so delivering milk earlier disrupts their systems.[78][101]Today some farmers' groups are in favor of DST.[102]DST also hurts prime-time television broadcast ratings,[103][76]drive-ins and other theaters.[104]Changing clocks and DST rules has a direct economic cost, entailing extra work to support remote meetings, computer applications and the like. For example, a 2007 North American rule change cost an estimated $500 million to $1 billion,[105]and Utah State University economist William F. Shughart II has estimated the lost opportunity cost at around US$1.7 billion.[76]Although it has been argued that clock shifts correlate with decreased economic efficiency, and that in 2000 the daylight-saving effect implied an estimated one-day loss of $31 billion on U.S. stock exchanges,[106]the estimated numbers depend on the methodology.[107]The results have been disputed,[108]and the original authors have refuted the points raised by disputers.[109]Public safety[edit]In 1975 the United States Department of Transportation (DOT) conservatively identified a 0.7% reduction in traffic fatalities during DST, and estimated the real reduction at 1.5% to 2%,[110]but the 1976 NBS review of the DOT study found no differences in traffic fatalities.[13]In 1995 the Insurance Institute for Highway Safety estimated a reduction of 1.2%, including a 5% reduction in crashes fatal to pedestrians.[111]Others have found similar reductions.[112]Single/Double Summer Time (SDST), a variant where clocks are one hour ahead of the sun in winter and two in summer, has been projected to reduce traffic fatalities by 3% to 4% in the UK, compared to ordinary DST.[113]However, accidents do increase by as much as 11% during the two weeks that follow the end of British Summer Time.[114]It is not clear whether sleep disruption contributes to fatal accidents immediately after the spring clock shifts.[115]A correlation between clock shifts and traffic accidents has been observed in North America and the UK but not in Finland or Sweden. Four reports have found that this effect is smaller than the overall reduction in traffic fatalities.[116][117][118][119]A 2009 U.S. study found that on Mondays after the switch to DST, workers sleep an average of 40 minutes less, and are injured at work more often and more severely.[120]DST likely reduces some kinds of crime, such as robbery and sexual assault, as fewer potential victims are outdoors after dusk.[121][88]Artificial outdoor lighting has a marginal and sometimes even contradictory influence on crime and fear of crime.[122]In several countries, fire safety officials encourage citizens to use the two annual clock shifts as reminders to replace batteries in smoke and carbon monoxide detectors, particularly in autumn, just before the heating and candle season causes an increase in home fires. Similar twice-yearly tasks include reviewing and practicing fire escape and family disaster plans, inspecting vehicle lights, checking storage areas for hazardous materials, reprogramming thermostats, and seasonal vaccinations.[123]Locations without DST can instead use the first days of spring and autumn as reminders.[124]A 2017 study in the American Economic Journal: Applied Economics estimated that "the transition into DST caused over 30 deaths at a social cost of $275 million annually," primarily by increasing sleep deprivation.[125]Health[edit]Clock shifts affecting apparent sunrise and sunset times at Greenwich in 2007[126]Justification for Daylight Saving Time to the effect that it is a more natural adjustment for people rising with the sunDST has mixed effects on health. In societies with fixed work schedules it provides more afternoon sunlight for outdoor exercise.[127]It alters sunlight exposure; whether this is beneficial depends on one's location and daily schedule, as sunlight triggers vitamin D synthesis in the skin, but overexposure can lead to skin cancer.[128]DST may help in depression by causing individuals to rise earlier,[129]but some argue the reverse.[130]The Retinitis Pigmentosa Foundation Fighting Blindness, chaired by blind sports magnate Gordon Gund, successfully lobbied in 1985 and 2005 for U.S. DST extensions.[63][65]DST shifts are associated with higher rates of ischemic stroke in the first two days after the shift, though not in the week thereafter.[131]Clock shifts were found to increase the risk of heart attack by 10 percent,[76]and to disrupt sleep and reduce its efficiency.[7]Effects on seasonal adaptation of the circadian rhythm can be severe and last for weeks.[132]A 2008 study found that although male suicide rates rise in the weeks after the spring transition, the relationship weakened greatly after adjusting for season.[133]A 2008 Swedish study found that heart attacks were significantly more common the first three weekdays after the spring transition, and significantly less common the first weekday after the autumn transition.[134]A 2013 review found little evidence that people slept more on the night after the fall DST shift, even though it is often described as allowing people to sleep for an hour longer than normal. The same review stated that the lost hour of sleep resulting from the spring shift appears to result in sleep loss for at least a week afterward.[135]In 2015, two psychologists recommended that DST be abolished, citing its disruptive effects on sleep as one reason for this recommendation.[136]The government of Kazakhstan cited health complications due to clock shifts as a reason for abolishing DST in 2005.[137]In March 2011, Dmitri Medvedev, president of Russia, claimed that "stress of changing clocks" was the motivation for Russia to stay in DST all year long. Officials at the time talked about an annual increase in suicides.[138]An unexpected adverse effect of daylight saving time may lie in the fact that an extra part of morning rush hour traffic occurs before dawn and traffic emissions then cause higher air pollution than during daylight hours.[139]In 2017, researchers at the University of Washington and the University of Virginia reported that judges who experienced sleep deprivation as a result of DST tended to issue longer sentences.[140]Complexity and disadvantages[edit]DST's clock shifts have the obvious disadvantage of complexity. People must remember to change their clocks; this can be time-consuming, particularly for mechanical clocks that cannot be moved backward safely.[141]People who work across time zone boundaries need to keep track of multiple DST rules, as not all locations observe DST or observe it the same way. The length of the calendar day becomes variable; it is no longer always 24 hours. Disruption to meetings, travel, broadcasts, billing systems, and records management is common, and can be expensive.[142]During an autumn transition from 02:00 to 01:00, a clock reads times from 01:00:00 through 01:59:59 twice, possibly leading to confusion.[143]The William WillettMemorial Sundial is always on DST.Damage to a German steel facility occurred during a DST transition in 1993, when a computer timing system linked to a radio time synchronization signal allowed molten steel to cool for one hour less than the required duration, resulting in spattering of molten steel when it was poured.[6]Medical devices may generate adverse events that could harm patients, without being obvious to clinicians responsible for care.[144]These problems are compounded when the DST rules themselves change; software developers must test and perhaps modify many programs, and users must install updates and restart applications. Consumers must update devices such as programmable thermostats with the correct DST rules or manually adjust the devices' clocks.[8]A common strategy to resolve these problems in computer systems is to express time using the Coordinated Universal Time (UTC) rather than the local time zone. For example, Unix-based computer systems use the UTC-based Unix time internally.Some clock-shift problems could be avoided by adjusting clocks continuously[145]or at least more gradually[146]—for example, Willett at first suggested weekly 20-minute transitions—but this would add complexity and has never been implemented.DST inherits and can magnify the disadvantages of standard time. For example, when reading a sundial, one must compensate for it along with time zone and natural discrepancies.[147]Also, sun-exposure guidelines such as avoiding the sun within two hours of noon become less accurate when DST is in effect.[148]Terminology[edit]As explained by Richard Meade in the English Journal of the (American) National Council of Teachers of English, the form daylight savings time (with an "s") was already in 1978 much more common than the older form daylight saving time in American English ("the change has been virtually accomplished"). Nevertheless, even dictionaries such as Merriam-Webster's, American Heritage, and Oxford, which describe actual usage instead of prescribing outdated usage (and therefore also list the newer form), still list the older form first. This is because the older form is still very common in print and preferred by many editors. ("Although daylight saving time is considered correct, daylight savings time (with an "s") is commonly used.")[149]The first two words are sometimes hyphenated (daylight-saving(s) time). Merriam-Webster's also lists the forms daylight saving (without "time"), daylight savings (without "time"), and daylight time.[150]The Oxford Dictionary of American Usage and Style explains the development and current situation as follows: "Although the singular form daylight saving time is the original one, dating from the early 20th century—and is preferred by some usage critics—the plural form is now extremely common in AmE. [...] The rise of daylight savings time appears to have resulted from the avoidance of a miscue: when saving is used, readers might puzzle momentarily over whether saving is a gerund (the saving of daylight) or a participle (the time for saving). [...] Using savings as the adjective—as in savings account or savings bond—makes perfect sense. More than that, it ought to be accepted as the better form."[151]In Britain, Willett's 1907 proposal[34]used the term daylight saving, but by 1911 the term summer time replaced daylight saving time in draft legislation.[75]The same or similar expressions are used in many other languages: Sommerzeit in German, zomertijd in Dutch, kesäaika in Finnish, horario de verano or hora de verano in Spanish, and heure d'été in French.[54]The name of local time typically changes when DST is observed. American English replaces standard with daylight: for example, Pacific Standard Time (PST) becomes Pacific Daylight Time (PDT). In the United Kingdom, the standard term for UK time when advanced by one hour is British Summer Time (BST), and British English typically inserts summer into other time zone names, e.g. Central European Time (CET) becomes Central European Summer Time (CEST).The North American English mnemonic "spring forward, fall back" (also "spring ahead ...", "spring up ...", and "... fall behind") helps people remember in which direction to shift the clocks.[1]Computing[edit]A 2001 US public service advertisement reminded people to adjust clocks.Changes to DST rules cause problems in existing computer installations. For example, the 2007 change to DST rules in North America required that many computer systems be upgraded, with the greatest impact on e-mail and calendar programs. The upgrades required a significant effort by corporate information technologists.[152]Some applications standardize on UTC to avoid problems with clock shifts and time zone differences.[153]Likewise, most modern operating systems internally handle and store all times as UTC and only convert to local time for display.[154][155]However, even if UTC is used internally, the systems still require external leap secondupdates and time zone information to correctly calculate local time as needed. Many systems in use today base their date/time calculations from data derived from the tz database also known as zoneinfo.IANA time zone database[edit]The tz database maps a name to the named location's historical and predicted clock shifts. This database is used by many computer software systems, including most Unix-likeoperating systems, Java, and the Oracle RDBMS;[156]HP's "tztab" database is similar but incompatible.[157]When temporal authorities change DST rules, zoneinfo updates are installed as part of ordinary system maintenance. In Unix-like systems the TZ environment variable specifies the location name, as in TZ=':America/New_York'. In many of those systems there is also a system-wide setting that is applied if the TZ environment variable is not set: this setting is controlled by the contents of the/etc/localtimefile, which is usually a symbolic link or hard link to one of the zoneinfo files. Internal time is stored in timezone-independent epoch time; the TZ is used by each of potentially many simultaneous users and processes to independently localize time display.Older or stripped-down systems may support only the TZ values required by POSIX, which specify at most one start and end rule explicitly in the value. For example, TZ='EST5EDT,M3.2.0/02:00,M11.1.0/02:00' specifies time for the eastern United States starting in 2007. Such a TZ value must be changed whenever DST rules change, and the new value applies to all years, mishandling some older timestamps.[158]Microsoft Windows[edit]As with zoneinfo, a user of Microsoft Windows configures DST by specifying the name of a location, and the operating system then consults a table of rule sets that must be updated when DST rules change. Procedures for specifying the name and updating the table vary with release. Updates are not issued for older versions of Microsoft Windows.[159]Windows Vistasupports at most two start and end rules per time zone setting. In a Canadian location observing DST, a single Vista setting supports both 1987–2006 and post-2006 time stamps, but mishandles some older time stamps. Older Microsoft Windows systems usually store only a single start and end rule for each zone, so that the same Canadian setting reliably supports only post-2006 time stamps.[160]These limitations have caused problems. For example, before 2005, DST in Israel varied each year and was skipped some years. Windows 95 used rules correct for 1995 only, causing problems in later years. In Windows 98, Microsoft marked Israel as not having DST, forcing Israeli users to shift their computer clocks manually twice a year. The 2005 Israeli Daylight Saving Law established predictable rules using the Jewish calendar but Windows zone files could not represent the rules' dates in a year-independent way. Partial workarounds, which mishandled older time stamps, included manually switching zone files every year[161]and a Microsoft tool that switches zones automatically.[162]In 2013, Israel standardized its daylight saving time according to the Gregorian calendar.[163]Microsoft Windows keeps the system real-time clock in local time. This causes several problems, including compatibility when multi booting with operating systems that set the clock to UTC, and double-adjusting the clock when multi booting different Windows versions, such as with a rescue boot disk. This approach is a problem even in Windows-only systems: there is no support for per-user timezone settings, only a single system-wide setting. In 2008 Microsoft hinted that future versions of Windows will partially support a Windows registry entryRealTimeIsUniversalthat had been introduced many years earlier, when Windows NT supported RISC machines with UTC clocks, but had not been maintained.[164]Since then at least two fixes related to this feature have been published by Microsoft.[165][166]The NTFS file system used by recent versions of Windows stores the file with a UTC time stamp, but displays it corrected to local—or seasonal—time. However, the FAT filesystem commonly used on removable devices stores only the local time. Consequently, when a file is copied from the hard disk onto separate media, its time will be set to the current local time. If the time adjustment is changed, the timestamps of the original file and the copy will be different. The same effect can be observed when compressing and uncompressing files with some file archivers. It is the NTFS file that changes seen time. This effect should be kept in mind when trying to determine if a file is a duplicate of another, although there are other methods of comparing files for equality (such as using a checksum algorithm). A ready clue is if the time stamps differ by precisely 1 hour.Permanent daylight saving time[edit]See also: Decree timeA move to "permanent daylight saving time" (staying on summer hours all year with no time shifts) is sometimes advocated and is currently implemented in some jurisdictions such as Argentina, Belarus,[78]Canada (e.g. Saskatchewan), Iceland, Kyrgyzstan, Malaysia, Morocco, Namibia, Singapore, Turkey, Turkmenistan and Uzbekistan.[167]It could be a result of following the timezone of a neighbouring region, political will, or other causes. Advocates cite the same advantages as normal DST without the problems associated with the twice yearly time shifts. However, many remain unconvinced of the benefits, citing the same problems and the relatively late sunrises, particularly in winter, that year-round DST entails.[14]Russia switched to permanent DST from 2011 to 2014, but the move proved unpopular because of the late sunrises in winter, so the country switched permanently back to standard time in 2014 for the whole Russian Federation.[168]The United Kingdom and Ireland also experimented with year-round summer time between 1968 and 1971, and put clocks forward by an extra hour during World War II.[169]In the United States, the Florida legislature passed a bill to enact permanent DST; and California,[170]Maine, Massachusetts, New Hampshire, and Rhode Island have introduced proposals or commissions to that effect.[171]Although 26 states have considered making DST permanent, unless Congress changes federal law, states can not implement permanent DST—states can only opt out of DST, not standard time.[172]