The company began operation with $ 300,000, ad it faced very numerous challenges, bginning with stiff competition from established banking organizations and couriers, t the collapse of the Californian banking system in 1855 (Johnson, 2010). Criboni, Jossens and Uboldi (2010) denote that the bank was able to survive this panic of banking system, i as much as it made considerable losses which amounted to one third of the net worth of the business organization. B surviving this crisis, te company was able to acquire two advantages. Oe advantage the company did not face any competition from California, ad the company was able to build its image as a banking organization that is reliable, ad dependable.
Fom the periods of between 1855, t 1866, Wlls Fargo was able to expand its business, ad engaged in a variety of businesses, wich includes communication, tansportation, curier services, bnking, ec (Cariboni, Jossens and Uboldi, 2010). I 1905, te company was able to separate its express operations, fom the banking services that it was offering. I is important to denote that it this year, tat the company was able to form a merger, btween the banking organization of Wells Fargo, ad the Nevada National Bank.
I is important to denote that the San Francisco earthquake of 1906, pesented a significant history for the bank (Cariboni, Jossens and Uboldi, 2010). Tis is because the earthquake made it possible to be a massive reconstruction process in San Francisco, ad the bank was able to attract a massive deposit, wich amounted to $ 35 million in a period of 18 months. 1907 was bad for the bank, ad this is because the bank lost close to $ 1 million per week, fr six consecutive weeks (Andrews, 2007).
Tis is because the banking organizations in New York tried to manipulate the share prices, a a result, ivestors were not able to pay for the various stocks they purchased. Te banking organizations were forced to suspend paying for these stocks (Cariboni, Jossens and Uboldi, 2010). I is important to denote that this problem affected the entire banking sector in the United States. Btween periods of t the year 1970 were good years for the bank.
Te bank was able to acquire several banking organizations such as the First National Bank situated in Antioch, tis was in 1954 (Andrews, 2007). Te bank was also able to acquire. ..
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