Wells Fargo is owned by its shareholders, not by a single person or family
Wells Fargo Bank is a publicly traded company, which means it is owned by thousands of individual investors, mutual funds, pension plans, and institutions that hold shares of stock. No single person or small group controls the bank. When you own a share of Wells Fargo stock, you own a small piece of the company.
The bank is run by a Chief Executive Officer (CEO) and a board of directors elected by shareholders. As of 2024, Charlie Scharf serves as CEO. However, the CEO works for the shareholders and the board, not the other way around. The board can replace the CEO if shareholders vote to do so.
Wells Fargo is one of the largest banks in the United States and is traded on the New York Stock Exchange under the ticker symbol WFC. This means anyone with a brokerage account can buy or sell shares during market hours.
Key Takeaways
- Wells Fargo is owned by its shareholders—millions of individuals and institutions that hold stock in the company.
- The bank is governed by a board of directors and led by a CEO, both of whom answer to shareholders.
- As a publicly traded company, Wells Fargo's ownership structure and leadership changes are public record and reported to the Securities and Exchange Commission (SEC).
- The largest shareholders are typically mutual funds and institutional investors, though their exact holdings shift as they buy and sell shares.
- Individual customers of Wells Fargo do not own the bank—they are customers, not owners.
How the board of directors and CEO structure works
The board of directors is a group of people elected by shareholders to oversee the bank's operations and set its strategic direction. Board members are responsible for hiring and firing the CEO, approving major business decisions, and ensuring the bank follows the law. Wells Fargo's board typically has 15 members, though this number can change.
The CEO manages the day-to-day operations of the bank and reports to the board. Charlie Scharf has held this position since 2019. The CEO is responsible for executing the board's strategy, managing the bank's thousands of employees, and responding to regulators.
Both the board and the CEO can be held accountable by shareholders. If shareholders believe the board or CEO is not performing well, they can vote to remove them at the annual shareholder meeting. This happened in 2018 when shareholders voted out the previous CEO, John Stumpf, following the fake accounts scandal.
Who the largest shareholders are
Wells Fargo's largest shareholders are typically large investment firms that manage money for millions of people through retirement accounts, mutual funds, and pension plans. These firms include Berkshire Hathaway (which owns roughly 10% of the bank), Vanguard, BlackRock, and State Street.
Berkshire Hathaway, the investment company run by Warren Buffett, is the single largest shareholder. However, even Berkshire Hathaway does not control the bank outright—it holds roughly one-tenth of the shares, and major decisions still require board approval and shareholder votes.
The ownership structure changes constantly as these large investors buy and sell shares based on market conditions and their investment strategies. You can see the current list of major shareholders in Wells Fargo's quarterly reports filed with the SEC.
What happened in Wells Fargo's past that shaped its current structure
Wells Fargo was founded in 1852 as a private company. It went public in 1956, meaning it began selling shares to the public and became subject to SEC oversight. For most of its history as a public company, it was considered one of the most stable and well-run banks in the country.
In 2016, the bank faced a major scandal when it was revealed that employees had opened millions of fake accounts without customer permission to meet sales targets. This led to federal investigations, billions of dollars in fines, and the resignation of CEO John Stumpf in 2016. The scandal damaged the bank's reputation and led to stricter oversight by regulators and shareholders.
The board brought in Charlie Scharf as CEO in 2019 to rebuild trust and reform the bank's culture. Shareholders have continued to hold the board and CEO accountable through annual votes and public criticism. This accountability structure—where shareholders can remove leadership—is one of the key protections in a publicly traded company.
How Wells Fargo differs from community banks and credit unions
Wells Fargo's ownership structure is very different from smaller banks and credit unions. Many community banks are still privately owned by families or small groups of investors. Credit unions, by contrast, are owned by their members—the people who have accounts there. When you join a credit union, you become a partial owner.
As a publicly traded bank, Wells Fargo prioritizes returning profits to shareholders through dividends and stock price growth. A credit union, by contrast, returns profits to members through lower fees and better interest rates. This is a fundamental difference in how the two types of institutions operate.
Wells Fargo's size and public ownership also mean it faces more regulation than smaller banks. The Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the SEC all oversee different aspects of the bank's operations. This regulatory oversight is designed to protect customers and the broader financial system.
How to find current information about Wells Fargo's ownership
Wells Fargo files detailed reports with the Securities and Exchange Commission (SEC) four times a year. These reports, called 10-Q filings (quarterly) and 10-K filings (annual), contain information about the bank's ownership, leadership, financial performance, and risks. You can read these reports for free on the SEC's website at sec.gov.
Wells Fargo also publishes an annual proxy statement before its shareholder meeting. This document lists all board members, their backgrounds, how much they are paid, and the issues shareholders will vote on. It is one of the most detailed public records of who runs the bank and how.
The bank's investor relations website (investor.wellsfargo.com) also publishes press releases about leadership changes, earnings reports, and shareholder actions. This is where you will learn first if the CEO or board chair changes, or if major business decisions are announced.
Frequently Asked Questions
Does Warren Buffett own Wells Fargo?
Warren Buffett's company, Berkshire Hathaway, is the largest single shareholder in Wells Fargo, holding roughly 10% of the bank's shares. This does not mean Buffett owns the bank—he owns a significant stake, but the other 90% is owned by millions of other shareholders. Berkshire Hathaway has a seat on Wells Fargo's board, but major decisions still require board and shareholder approval.
Can I become an owner of Wells Fargo?
Yes. You can buy shares of Wells Fargo stock through any brokerage account (online brokers like Fidelity, Charles Schwab, or Vanguard all offer this). Once you own shares, you are a shareholder and have the right to vote on board members and major decisions at the annual shareholder meeting. The number of shares you own determines how much voting power you have.
Who is responsible if Wells Fargo breaks the law?
The bank itself is held responsible through fines and regulatory penalties. Individual executives can also face criminal charges if they knowingly broke the law. The board of directors can be held accountable by shareholders if they failed to oversee management properly. After the 2016 fake accounts scandal, the board faced shareholder lawsuits and pressure to reform.
Does the government own any part of Wells Fargo?
No. The U.S. government does not currently own shares in Wells Fargo. During the 2008 financial crisis, the government did temporarily own stakes in several banks through the Troubled Asset Relief Program (TARP), but Wells Fargo repaid that money and the government sold its shares. Today, Wells Fargo is entirely privately owned by shareholders.
What happens to my account if Wells Fargo changes ownership?
Changes in stock ownership or board leadership do not affect your account. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type, regardless of who owns the bank. If Wells Fargo were ever acquired by another bank, the FDIC and regulators would oversee the transition to protect customers.