Wells Fargo is an American financial institution founded in 1852. In 2008, it acquired Wachovia Bank, a bank with ties to slavery that descended from Georgia Railroad and Banking Company, Atlanta's Fourth National Bank, and the Bank of Charleston.
History recounts that the Georgia Railroad and Banking Company accepted slaves as collateral on mortgaged properties or loans. Sources say, "They owned at least 162 slaves during their time. The Bank of Charleston had similar practices, accepting minimum 529 slaves as collateral for loans and mortgaged properties. When slaveowners defaulted on their payments, the Bank would seize ownership of some slaves."
Wachovia's former Chairman and CEO, Ken Thompson, issued an apology stating, "All Americans and especially to African-Americans and people of African descent. We are deeply saddened by these findings. We know that we cannot change the past and we can't make up for the wrongs of slavery, but we can learn from our past and begin a stronger dialogue about slavery and the experience of African-Americans in our country."
After Wells Fargo acquired Wachovia, they made no apology for Wachovia's past ties to slavery.
In more recent times, a federal investigation found that from 2004 to 2009, "Wells Fargo harmed Black and Hispanic communities through engaging in discriminatory lending practices against 30,000 Black and Hispanic borrowers. This ultimately resulted in Wells Fargo paying over $175 million in a 2011 settlement with the United States Justice Department."
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