This ward takes its name from a street in it, which runs from the south-west corner of the mansion-house towards the Thames. The name of this street was derived from a rivulet, which took its rise to the north of , and was called Wallbrook, on account of its entering the city through the wall, between Bishopsgate and . After many turnings and windings, it directed its course down this street, and emptied itself into the Thames, to the west of Dowgate. Anciently, this stream was open, and had several bridges over, which were kept in repair by certain religious houses, or by individuals; but it has been long arched and built upon, so that its subterraneous course is, at this time, but very little known.

It is bounded on the east by Langbourn and Candlewick-streetwards; on the north by Cheap-ward, on the west by Cordwainers'ward, and on the south by Dowgate-ward. It is divided into precincts, of St. Swithin, St. Mary Woolchurch, St. Stephen Wallbrook, St. John the Baptist, St. Mary Bothaw, and , and is governed by an alderman and common councilmen.

Before the great fire there were churches in this ward, St. Stephen, Wallbrook; St Swithin; St. John upon Wallbrook; St. Mary, Bothaw; and St. Mary, Woolchurch Haw; the last were not rebuilt.