What entity holds the ownership rights to Wells Fargo?
Unveiling the power behind the financial behemoth, Wells Fargo, feels like stepping into a captivating episode of American corporate history. Once a fledgling courier service on the West Coast during the California Gold Rush, it has metamorphosed into a colossal player in the global financial market.
Who holds the reins of this financial juggernaut? Real power lies with the shareholders, with institutional investors collectively controlling around 78% of Wells Fargo's outstanding shares[2]. Prominent among these are mutual fund managers, along with key insiders such as executives and high-ranking officers within the organization.
The tale of Wells Fargo's ownership journey begins in 1962 when it first took to the public stage, trading on the New York Stock Exchange (NYSE). Prior to this, the company's roots traced back to the dog-eared days of the frontier era, when two visionary entrepreneurs, William Fargo and Henry Wells, sought to revolutionize transportation and banking services for the rapidly developing West Coast.
Faced with rejection from American Express, they instead created Wells, Fargo & Co., which swiftly expanded by acquiring and consolidating other stagecoach lines. As rail transportation gradually replaced them, Wells Fargo CA found ways to adapt and thrive, expanding its banking network and establishing a transcontinental express line via the burgeoning railroads.
Fast forward to today, and Wells Fargo proudly ranks 34th on Fortune's 100 list of the largest corporations in America by revenue[1]. But who sits atop the exclusive shareholders club?
Join us as we explore the key players in Wells Fargo's ownership landscape, delving into the profiles of the top individual insiders and institutional owners. We'll also uncover the members lining up on the bank's board of directors, as well as reveal how you might even invest in this financial powerhouse yourself.
The 5 Top Individual Insider Shareholders
Wells Fargo's top individual insider shareholders are as follows:
- Charles Scharf: As Wells Fargo's CEO and president, as well as a member on the WFC board of directors, Scharf owns a substantial stake of 658,537 shares.
Before joining Wells Fargo in 2019, Scharf served as CEO of Bank of New York Mellon and CEO of Visa. His extensive background in banking has significant bearing on his role within the company and his ownership stake.
- Jonathan Weiss: Weiss stepped down as senior executive vice president and CEO of Wells Fargo's Corporate and Investment Banking group in early 2025, prior to his planned retirement in June. He held these roles following two decades at JPMorgan Chase and boasts a shareholding of 320,970 shares.
- Michael Santomassimo: Wells Fargo's current CFO and senior vice president, Santomassimo's background includes decades of banking experience at BNY Mellon and JPMorgan Chase, tallying up to 222,988 shares in Wells Fargo.
- Scott Powell: A talented executive, Powell is currently WFC's COO and senior executive vice president. He arrived at Wells Fargo from Santander Consumer USA and brings experience from banking giants JPMorgan Chase and Citi, amassing 181,681 shares.
- Barry Sommers: Having recently joined Wells Fargo as CEO of Wealth & Investment Management, Sommers boasts an ownership stake of 51,807 shares. His tenure with major financial institutions, such as JP Morgan and Consumer Bank, proves invaluable to the company.
The Top 5 Institutional Owners of Wells Fargo
- Vanguard Group: The investment powerhouse controls approximately 9.3% of Wells Fargo's outstanding shares through a holding of 305.5 million shares[1]. Naturally, a position of this size is underscored by Vanguard's extensive experience in managing various funds and its focus on delivering positive returns for shareholders.
- Fidelity Management and Research Company: Among Wells Fargo's top institutional owners, Fidelity maintains a position worth around $9.3 billion, built from 163.9 million shares[1]. With a firm grasp on the company's future, Fidelity seeks to drive value and create long-term opportunities for its investor base.
- BlackRock: As one of the world's leading investment managers, BlackRock's investment in Wells Fargo amounts to around 4.6% of the company's outstanding shares, or 150.2 million shares, with a financial value of $10.5 billion[1]. By combining technological prowess with research intensity, BlackRock aims to empower its clients, partners, and the communities where they operate.
- State Street Corporation: Holding more than $8 billion worth of Wells Fargo stock, representing 4.3% of the company's outstanding shares, or 141.9 million shares[1], State Street operates a range of mutual funds, including State Street Global Advisors. Known as pioneers of the S&P 500 ETF, they look to advise and support clients through smart investment strategies.
- JPMorgan Asset Management: Commanding 2.9% of Wells Fargo's outstanding shares, or 94 million shares, with a value of more than $5.3 billion[1], JPMorgan Asset Management is committed to helping its clients invest in top-tier market opportunities. Building on its solid foundations in asset management, JPMorgan desires to innovate and contribute positively to the evolving financial landscape.
Who Tends the Helm? A Look at the Board of Directors
Composed of 13 directors, Wells Fargo's board is a cross-section of stellar business minds and corporate leadership, all working to guide the company towards success. Here is a quick glance into some of the prestigious figures shaping Wells Fargo's future:
- Steven Black: As the current chair of the board, Black brings his wealth of experience from roles at prominent financial institutions — JPMorgan Chase and Citi — amongst others[2].
- Mark Chancy: With a distinguished career spanning SunTrust Banks and roles leading SunTrust's wholesale banking segment, Chancy brings vast experience to the Wells Fargo board[2].
The still-growing list of directors showcases strong backgrounds in various industries, including technology, healthcare, and finance, all contributing to a well-rounded and forward-thinking board.
Investing in Wells Fargo
If you're intrigued by the potential of Wells Fargo's growth and wish to join its shareholder community, you can:
- Buy shares of Wells Fargo (WFC) directly through a US-based brokerage firm.
- Invest in Wells Fargo indirectly via exchange-traded funds (ETFs) or mutual funds, which include the bank as a constituent. Popular options include index funds and funds that focus on the retail banking sector.
There you have it! The full sail of ownership and investment options for Wells Fargo & Company, now part of your insider story.
References
[1] Finviz, (n.d.), Wells Fargo (WFC) Stock Ownership, Retrieved March 18, 2025 from https://finviz.com/screener.ashx?v=111&f=wfc&fv=0
[2] Yahoo Finance, (n.d.), Wells Fargo Board Members and Executives, Retrieved March 18, 2025 from https://finance.yahoo.com/quote/WFC/board-officers?p=WFC
[3] S&P Global Market Intelligence, (n.d.), Wells Fargo (WFC), Retrieved March 18, 2025 from https://api.spglobal.com/api/markets/us/research-reports/reports/equity/us/US1483189760?response_type=json
- Institutional investors like Vanguard Group, Fidelity Management and Research Company, BlackRock, State Street Corporation, and JPMorgan Asset Management collectively control a significant portion of Wells Fargo's outstanding shares, showcasing their confidence in the financial giant's future.
- In 2024, prominent Wells Fargo executive, Jonathan Weiss, stepped down as CEO of the Corporate and Investment Banking group, relinquishing his 320,970 shares.
- Charles Scharf, the CEO and president of Wells Fargo, and a member on the WFC board of directors, with a substantial stake of 658,537 shares, plays a crucial role in shaping the financial institution's future.
- Vautrinot, presumably a researcher or analyst, might find compelling reasons to invest in Wells Fargo, considering its strong financial performance and long-term growth potential, as indicated by its 34th position on Fortune's 100 list of America's largest corporations by revenue.