This Date in Wells Fargo History https://www.wellsfargo.com/about/this_date Daily: This Date in History news feed. en-US Copyright 2014, Wells Fargo. All rights reserved. Thu, 24 Apr 2014 history 360 This Date in Wells Fargo History https://www.wellsfargo.com/about/this_date April 24, 1855. A company is only as good as its leaders, Wells Fargo banker Reuben W. Washburn reflected as he wrote to director E.B. Morgan. The financial panic in February had almost killed Wells Fargo. Its reopening was due more to the integrity of its gold country agents than San Francisco officers. The fault, Washburn said, lay with Wells Fargos resident director, William I. Pardee. For several months, Washburn began, after Col. Pardees arrival here [in the summer of 1853], he appeared to take hold of business with a great deal of energy. But after a while, his zeal and industry began to relax; by last fall, his duties were almost totally neglected. At that time, Washburn observed, one calamity followed another so rapidly, but Pardee acted if there was no danger. The result, Washburn concluded, was that everything went by default. He would not, and the rest of us could not, do what was necessary to avert the threatened danger. With this crisis in leadership, would Wells Fargo survive?

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Thu, 24 Apr 2014