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Home » Competitors » Top 28 Wells Fargo Competitors & Alternatives in 2024

Top 28 Wells Fargo Competitors & Alternatives in 2025

November 28, 2024 | By Hitesh Bhasin | Filed Under: Competitors

Wells Fargo is an American multinational financial services company that operates in 35 countries and serves over 70 million customers worldwide. In this article, we discuss the top Wells Fargo Competitors and Alternatives.

Wells Fargo is one of the largest and oldest bank-holding companies in the United States. The company was founded in 1852 and has since established a reputation for offering comprehensive financial solutions to individuals, corporations, and institutions. With over 70 million customers, Wells Fargo has a massive network of branches and ATMs across the United States, making it a convenient choice for many consumers.

However, Wells Fargo has had its share of controversies in recent years. In 2016 the company was hit by a scandal involving employees opening millions of fraudulent accounts to meet sales goals. This event led to multiple investigations and lawsuits and a $185 million fine paid to regulators. Additionally, the company has faced public criticism over its lending practices and executive misconduct. Despite these challenges, Wells Fargo remains a significant player in the financial industry.

  • Product Type: Financial services
  • Industry: Banking
  • Founded Date: January 24, 1929
  • Founders: Henry Wells, William Fargo
  • Headquarters: San Francisco, California, U.S. (corporate); New York, New York, U.S. (operational)
  • Area Served: Worldwide
  • Current CEO: Charles Scharf

Table of Contents

  • The top Wells Fargo competitors are
  • 1. JPMorgan Chase & Co.
  • 2. Bank of America
  • 3. Citigroup Inc.
  • 4. U.S. Bancorp
  • 5. PNC Financial Services
  • 6. Capital One
  • 7. T.D. Bank
  • 8. Trust Financial Corporation
  • 9. Goldman Sachs
  • 10. Morgan Stanley
  • 11. Charles Schwab
  • 12. American Express
  • 13. Discover Financial Services
  • 14. Ally Financial
  • 15. BNY Mellon
  • 16. State Street Corporation
  • 17. KeyCorp
  • 18. UBS Group
  • 19. HSBC:
  • 20. M&T Bank
  • 21. Credit Suisse
  • 22. Deutsche Bank
  • 23. BNP Paribas
  • 24. Mizuho Financial Group
  • 25. Mitsubishi UFJ Financial Group
  • 26. Sumitomo Mitsui Financial Group
  • 27. Santander
  • 28. Credit Agricole

The top Wells Fargo competitors are

1. JPMorgan Chase & Co.

JPMorgan Chase & CO

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: 1799
  • Founders: Aaron Burr Jr., Alexander Hamilton, John Brown, Samuel Chase
  • Headquarters: New York City, New York, U.S.
  • Area Served: Worldwide
  • Current CEO: Jamie Dimon

JPMorgan Chase & Co. is a global financial institution providing various services, including investment banking, asset management, and wealth management services. As one of the largest banks in the United States, JPMorgan Chase competes with Wells Fargo in personal, commercial, and corporate banking services. The company has a robust global presence and offers a diverse array of financial products, which enables it to cater to a wide range of customers.

2. Bank of America

Bank of America

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: October 17, 1904
  • Founders: Amadeo Giannini
  • Headquarters: Charlotte, North Carolina, U.S.
  • Area Served: Worldwide
  • Current CEO: Brian Moynihan

Bank of America is a multinational banking and financial services corporation that offers a variety of products and services to individuals, businesses, and governments. These include personal banking, mortgage lending, credit cards, wealth management, and investment management. Bank of America is a strong competitor to Wells Fargo, with a vast network of branches and ATMs across the United States and abroad. In addition, Bank of America has successfully integrated digital banking capabilities into its traditional banking framework, providing customers with innovative and convenient access to financial services.

3. Citigroup Inc.

Citigroup Inc.

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: June 16, 1812
  • Founders: Samuel Osgood
  • Headquarters: New York City, New York, U.S.
  • Area Served: Worldwide
  • Current CEO: Jane Fraser

Citigroup Inc. is a global banking and financial services corporation offering various services, such as retail banking, credit cards, mortgage lending, and investment banking. The company’s diverse portfolio of financial products allows it to meet the demands of a broad range of customers, from individuals to corporations. As a result, Citigroup competes with Wells Fargo consistently in the banking sector by offering similar services and financial products.

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4. U.S. Bancorp

U.S. Bancorp

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: July 13, 1863
  • Founders: James B. Cheesewright
  • Headquarters: Minneapolis, Minnesota, U.S.
  • Area Served: United States
  • Current CEO: Andrew Cecere

U.S. Bancorp is a bank holding company that provides retail and commercial banking services through its subsidiary, U.S. Bank. Competing with Wells Fargo, U.S. Bancorp offers products like checking and savings accounts, credit cards, mortgage loans, and business loans. By focusing on customer service, digital banking technology, and investment in local communities, U.S. Bancorp has built a reputation for reliable and comprehensive financial services.

5. PNC Financial Services

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: April 10, 1845
  • Founders: Pittsburgh Trust and Savings Company
  • Headquarters: Pittsburgh, Pennsylvania, U.S.
  • Area Served: United States
  • Current CEO: William S. Demchak

PNC Financial Services is an American financial services company providing banking, investment management, and asset management services. It competes with Wells Fargo in products and services like retail and commercial banking, mortgage lending, and wealth management. The PNC financial services group emphasizes its customer-focused approach and innovation in digital banking to maintain a competitive edge.

6. Capital One

Capital One

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: July 27, 1994
  • Founders: Richard Fairbank, Nigel Morris
  • Headquarters: McLean, Virginia, U.S.
  • Area Served: United States, Canada, United Kingdom
  • Current CEO: Richard Fairbank

Capital One is a bank holding company focusing primarily on credit cards, auto loans, and banking services. Its business model differentiates itself from Wells Fargo, as Capital One has focused on digital banking and customer-centric products. This strategy has allowed the company to build its reputation for convenience, innovation, and excellent customer experience.

7. T.D. Bank

T.D. Bank

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: 1852
  • Founders: Thomas Denny, Mahlon Loomis
  • Headquarters: Cherry Hill, New Jersey, U.S.
  • Area Served: Canada, United States
  • Current CEO: Bharat Masrani

T.D. Bank is a retail and commercial banking subsidiary of Canada’s Toronto-Dominion Bank. The company has a strong presence in the Middle East. The United States competes with Wells Fargo by offering similar banking services, such as personal and business accounts, credit cards, and mortgage loans. T.D. The bank’s approach to providing exceptional customer service through extended branch hours and convenient locations makes it a strong market contender.

8. Trust Financial Corporation

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: December 6, 2019
  • Founders: BB&T and SunTrust Banks
  • Headquarters: Charlotte, North Carolina, U.S.
  • Area Served: United States
  • Current CEO: Kelly S. King

Trust Financial Corporation is a bank holding company formed through the merger of BB&T and SunTrust Banks. The company provides various banking services, including personal and business banking, mortgages, and wealth management. Trust competes with Wells Fargo because of its broad range of financial offerings and emphasis on delivering innovative, technologically advanced banking solutions.

9. Goldman Sachs

Goldman Sachs Group, Inc.

  • Product Type: Financial services
  • Industry: Investment banking, investment management
  • Founded Date: 1869
  • Founders: Marcus Goldman, Samuel Sachs
  • Headquarters: New York City, New York, U.S.
  • Area Served: Worldwide
  • Current CEO: David Solomon

Goldman Sachs is an investment banking, securities, and investment management firm. While the company does not directly compete with Wells Fargo in retail banking, it does contend in other areas besides bank deposits, including wealth management and corporate lending. Known for its prestigious reputation and expertise in investment banking, Goldman Sachs has expanded its services to cater to a broader range of clients.

10. Morgan Stanley

Morgan Stanley

  • Product Type: Financial services
  • Industry: Investment banking, investment management
  • Founded Date: 1935
  • Founders: Henry Sturgis Morgan, Harold Stanley
  • Headquarters: New York City, New York, U.S.
  • Area Served: Worldwide
  • Current CEO: James P. Gorman
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Morgan Stanley is an investment banking and financial services company providing services like wealth management, institutional securities, and investment management. Morgan Stanley competes with Wells Fargo in wealth management and investment management services but does not provide traditional retail banking services. Despite focusing on different areas, the company remains a formidable competitor in the financial services industry.

11. Charles Schwab

Charles Schwab

  • Product Type: Financial services
  • Industry: Banking, Brokerage
  • Founded Date: 1971
  • Founders: Charles R. Schwab
  • Headquarters: Westlake, Texas, U.S.
  • Area Served: Worldwide
  • Current CEO: Walt Bettinger

Charles Schwab is a brokerage and banking company that offers financial services to individual investors, businesses, and institutional clients. While not directly competing with Wells Fargo in retail banking, Charles Schwab has a strong presence in capital markets and wealth management. The company is known for its low-cost investment options, excellent trading platforms, and commitment to customer service.

12. American Express

American Express

  • Product Type: Financial services
  • Industry: Banking, financial services
  • Founded Date: March 18, 1850
  • Founders: Henry Wells, William Fargo, John Warren Butterfield
  • Headquarters: New York City, New York, U.S.
  • Area Served: Worldwide
  • Current CEO: Stephen J. Squeri

American Express is a financial services company known for its charge cards, credit cards, and traveler’s cheque businesses. While not a direct competitor in all areas, it competes with Wells Fargo, particularly in the credit card industry. This financial health company has built a strong rapport among its clients due to the exclusive benefits and impressive customer service.

13. Discover Financial Services

Discover

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 1985
  • Founders: Sears
  • Headquarters: Riverwoods, Illinois, United States
  • Area Served: Worldwide
  • Current CEO: Roger Hochschild

Discover Financial Services is a direct banking and payment services company. It’s the largest bank best known for its credit card offerings but also provides other services such as personal and student loans. As such, it competes with Wells Fargo mainly in personal finance and lending, gaining an edge with its consumer-centric focus and strong reputation for customer service.

14. Ally Financial

Ally Financial

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 1919
  • Founders: General Motors
  • Headquarters: Detroit, Michigan, United States
  • Area Served: Worldwide
  • Current CEO: Jeffrey J. Brown

Ally Financial is a digital financial services company that provides a variety of online banking, car loans, corporate finance, and insurance products. It is a strong competitor of Wells Fargo in the digital banking and car finance sectors. Ally differentiates itself from similar companies with its online-only banking approach, offering comprehensive services without the overhead of physical branches.

15. BNY Mellon

BNY Mellon

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 2007 (merger of Bank of New York and Mellon Financial Corporation)
  • Founders: Alexander Hamilton (Bank of New York), Thomas Mellon (Mellon Financial Corporation)
  • Headquarters: New York City, New York, United States
  • Area Served: Worldwide
  • Current CEO: Todd Gibbons

BNY Mellon is an investment services and investment management company. It does not compete with Wells Fargo in retail and commercial banking. However, its asset and wealth management services are in direct competition. BNY is known for its strong ability to provide integrated services to its clients, bridging the gap between banking and asset management.

16. State Street Corporation

State Street Corporation

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 1792
  • Founders: John W. Davis
  • Headquarters: Boston, Massachusetts, United States
  • Area Served: Worldwide
  • Current CEO: Ronald P. O’Hanley

State Street Corporation is a financial services and bank holding company. It provides a range of products and services for institutional investors. While not a direct competitor to Wells Fargo in the retail banking sector, State Street competes in asset management and services for institutional investors.

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17. KeyCorp

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 1825
  • Founders: Society for Savings
  • Headquarters: Cleveland, Ohio, United States
  • Area Served: United States
  • Current CEO: Christopher M. Gorman

KeyCorp is a bank holding company that delivers retail and commercial banking products and services. It directly competes with Wells Fargo as it provides banking services similar to Wells Fargo, consisting of deposit, lending, cash management, and investment services. KeyCorp’s focus on relationship-based banking helps businesses and individuals remain competitive.

18. UBS Group

  • Product Type: Financial Services
  • Industry: Financial Services
  • Founded Date: 1998 (merger of Union Bank of Switzerland and Swiss Bank Corporation)
  • Founders: Alfred Escher (Union Bank of Switzerland), Benedict Fontana (Swiss Bank Corporation)
  • Headquarters: Zurich, Switzerland
  • Area Served: Worldwide
  • Current CEO: Ralph Hamers

UBS Group is a Swiss investment banking and financial services company. It does not compete directly with Wells Fargo in retail banking, but it does in other segments, such as wealth management and investment banking. UBS is globally recognized for its wealth management services, solidifying its position as a strong competitor.

19. HSBC:

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: March 3, 1865
  • Founders: Thomas Sutherland
  • Headquarters: London, United Kingdom
  • Area Served: Worldwide
  • Current CEO: Noel Quinn
  • Market capitalization: $123.7 billion (October 2023)

HSBC is one of the world’s largest banking and financial services organizations. It provides a wide range of services, including retail banking, wealth management, and investment banking, which are areas of operation similar to Wells Fargo. HSBC’s broad international network and comprehensive service offerings put it in direct competition with Wells Fargo.

20. M&T Bank

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: August 29, 1856
  • Founders: Robert H. Treman, James S. Wadsworth
  • Headquarters: Buffalo, New York, United States
  • Area Served: United States
  • Current CEO: René F. Jones
  • Market capitalization: $22.5 billion (October 2023)

M&T Bank is a bank holding company providing banking, investment, insurance, and other financial services. It competes with Wells Fargo in personal and commercial banking services. M&T Bank’s emphasis on community banking and developing and supporting local communities makes it a well-regarded and competitive choice.

21. Credit Suisse

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: July 5, 1856
  • Founders: Alfred Escher, Johann Caspar Bluntschli
  • Headquarters: Zurich, Switzerland
  • Area Served: Worldwide
  • Current CEO: Thomas Gottstein
  • Market capitalization: CHF 23.8 billion (October 2023)

Credit Suisse is a Swiss multinational investment bank and financial services company. It offers services in wealth management, investment banking, and asset management. It doesn’t go head to head with Wells Fargo in retail banking but competes in wealth and investment management services, placing it amidst Wells Fargo’s competitors. Known for its robust wealth management portfolio, Credit Suisse is a compelling choice for high-wealth individuals.

22. Deutsche Bank

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: March 10, 1870
  • Founders: Adelbert Delbrück, Ludwig Bamberger
  • Headquarters: Frankfurt, Germany
  • Area Served: Worldwide
  • Current CEO: Christian Sewing
  • Market capitalization: €19.2 billion (October 2023)

Deutsche Bank is a German multinational investment bank and financial services company. The company provides corporate banking, investment banking, private banking, and asset management services. While it is not directly competing with Wells Fargo in all segments, Deutsche Bank and Wells Fargo share competition in areas like investment banking and asset management. The company’s solid global presence strengthens its position in the market.

23. BNP Paribas

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: May 23, 2000
  • Founders: BNP and Paribas
  • Headquarters: Paris, France
  • Area Served: Worldwide
  • Current CEO: Jean-Laurent Bonnafé
  • Market capitalization: €63.9 billion (October 2023)
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BNP Paribas is a French international bank known to be one of the largest banks in the world. Its vast array of banking services runs from corporate and institutional banking to retail banking and services for individual customers. It competes with Wells Fargo on many fronts, particularly emphasizing investment banking and wealth management. The bank’s extensive global reach lends it a competitive edge.

24. Mizuho Financial Group

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: April 1, 2002
  • Founders: Merger of Dai-Ichi Kangyo Bank, Fuji Bank, and Industrial Bank of Japan
  • Headquarters: Tokyo, Japan
  • Area Served: Worldwide
  • Current CEO: Tatsufumi Sakai
  • Market capitalization: ¥3.1 trillion (October 2023)

Mizuho Financial Group is a Japanese banking holding company. It offers services across retail banking, corporate banking, and asset management. While not a direct competitor in all areas, it does compete with Wells Fargo in corporate banking and asset management. Mizuho’s strong Asian presence and comprehensive financial services stand out among Wells Fargo’s competitors.

25. Mitsubishi UFJ Financial Group

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: October 1, 2005
  • Founders: Merger of Mitsubishi Tokyo Financial Group and UFJ Holdings
  • Headquarters: Tokyo, Japan
  • Area Served: Worldwide
  • Current CEO: Hironori Kamezawa
  • Market capitalization: ¥7.9 trillion (October 2023)

Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company. It offers services ranging from retail and corporate banking to wealth and asset management. It does not compete directly with Wells Fargo in all sectors but has a significant presence in corporate banking and asset management. Mitsubishi UFJ Financial Group’s large-scale and diverse financial offerings make it a worthy competitor.

26. Sumitomo Mitsui Financial Group

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: December 2, 2002
  • Founders: Merger of Sumitomo Bank and Mitsui Trust Holdings
  • Headquarters: Tokyo, Japan
  • Area Served: Worldwide
  • Current CEO: Jun Ohta
  • Market capitalization: ¥5.2 trillion (October 2023)

Sumitomo Mitsui Financial Group is a Japanese multinational banking and financial services institution. It offers various services in retail, corporate, and investment banking. While not directly competing with Wells Fargo in the U.S. retail banking market, it holds its ground in the corporate and investment banking fields. Its range of services and global presence make it a formidable competitor.

27. Santander

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: 1857
  • Founders: Queen Isabella II of Spain
  • Headquarters: Madrid, Spain
  • Area Served: Worldwide
  • Current CEO: Ana Botín
  • Market capitalization: €63.5 billion (October 2023)

Santander is a Spanish banking group known for its global retail banking services. It provides varied services like mortgages, loans, and credit cards. It competes directly with Wells Fargo in retail banking, offering similar services. Its strong presence in Europe and Latin America and its growing footprint in the United States make Santander a key player in the banking world.

28. Credit Agricole

  • Product Type: Banking and Financial Services
  • Industry: Banking and Financial Services
  • Founded Date: 1894
  • Founders: Louis Tardy
  • Headquarters: Montrouge, France
  • Area Served: Worldwide
  • Current CEO: Philippe Brassac
  • Market capitalization: €38.9 billion (October 2023)

Credit Agricole is a French bank providing a wide array of financial services. Though not directly in competition with Wells Fargo in the retail sector, it is in the corporate and institutional banking and asset management sectors. Known as one of the largest retail banking groups globally, Credit Agricole enjoys a reputable status as a competitive financial institution.

These were all Wells Fargo’s competitors. If you know any other competitors, please write in the comments below.

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About Hitesh Bhasin

Hitesh Bhasin is the Founder of Marketing91 and has over a decade of experience in the marketing field. He is an accomplished author of thousands of insightful articles, including in-depth analyses of brands and companies. Holding an MBA in Marketing, Hitesh manages several offline ventures, where he applies all the concepts of Marketing that he writes about.

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