Fact 6: Wells Fargo and Robberies
“Crime” was the biggest threat to WF in the 19th century. The company’s trains were robbed over 340 times. A lot of Wells Fargo’s employees were killed as the result of those crimes. Eventually, the company created its own security unit.
Fact 7: Worst Acquisition
At some point, Wells Fargo bought Commercial National Bank that had multiple loans.
Fact 8: The Spinoff 1905
The famous railroad financier Edward Harriman acquired the Southern Pacific railroad in, that at that moment owned a share of WF stock. Edward saw little value in WF that made him spinoff WF Bank in 1905.
The president of the Nevada Bank of SF bought WF. The combined entities went by the name of Wells Fargo-Nevada National Bank.
The National Park Bank (today it’s JPMorgan Chase) bought the New York branch at the same time.
Fact 9: WF on Fire
After the 1906 fire and earthquake that demolished half of San Francisco, the company worked with no records of its customers. Fireproof safe in WF headquarters trapped the files. As the result, the company lost a lot of money in a form of compensation to WF customers.
Fact 10: Wells Fargo Express Died
The company’s express service ended in 1918. Three large companies merged into one (American Railway Express) in the interest of winning WW1.