Wells Fargo’s Rocky Road
April 1, 1996 Wells Fargo completes its acquisition of First Interstate for $11.3 billion.
August 1996 A glitch in Wells Fargo’s direct deposit system holds up the transfer of $40.3 million for employees at 119 institutional customers.
September 1996 Wells Fargo’s online banking system gets overwhelmed, forcing a shut-down for two days to make upgrades.
April 15, 1997 Wells Fargo releases its earnings report for the first quarter of 1997, with earnings per share at $3.62 well below analysts’ expectations of $3.75 per share.
April 18, 1997 Wells Fargo stock drops from a high of $316 per share in February to a low of $246, following the disappointing earnings release on April 15.
June 18 Wells Fargo stock rebounds somewhat as the overall market booms, closing at $286.75.