Henry Wells and William G. Fargo co-founded Wells Fargo in 1850 as an express and banking company.
The business began during the California Gold Rush, when reliable transportation and financial services were in high demand. Wells, Fargo, and their associates connected eastern financial centers with the rapidly growing American West.
Wells Fargo initially handled express deliveries, gold shipments, mail, and banking services. Its stagecoach image became closely associated with the company, although stagecoaches were only one part of its historical operations.
A common mix-up is confusing Wells Fargo with American Express, which also began in the express-transport industry. Wells Fargo’s founders were also connected with American Express, but the companies were separate businesses. Wells Fargo later expanded through mergers and acquisitions, including its 1998 merger with Norwest and its 2008 acquisition of Wachovia.