Wells Fargo & Company Founded

Henry Wells and William G. Fargo, who had previously co-founded American Express, organized Wells, Fargo & Company in New York City as a joint-stock association with $300,000 in capital. The company was created to provide express delivery and banking services to California, where the Gold Rush had generated demand for reliable freight and financial infrastructure. Edwin B. Morgan served as the first president. By July 1852, agent Samuel P. Carter opened the first West Coast office at 424 Montgomery Street in San Francisco.