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Wells Fargo & Co (WFC.N)

WFC.N on New York Stock Exchange

20 Oct 2017
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$1.17 (+2.18%)
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Latest Key Developments (Source: Significant Developments)

Wells Fargo has fired 4 foreign-exchange bankers amid an investigation- WSJ‍​
Friday, 20 Oct 2017 01:11pm EDT 

Oct 20 (Reuters) - :Wells Fargo & Co has fired 4 foreign-exchange bankers amid an investigation into that business by both bank and regulators- WSJ, citing sources‍​.  Full Article

Wells Fargo reports Q3 earnings per share $0.84
Friday, 13 Oct 2017 08:00am EDT 

Oct 13 (Reuters) - Wells Fargo & Co ::Wells Fargo reports third quarter 2017 net income of $4.6 billion.Q3 earnings per share $0.84.Q3 earnings per share view $1.03 -- Thomson Reuters I/B/E/S.Q3 revenue $21.9 billion versus i/b/e/s view $22.39 billion.Qtrly ‍total average loans of $952.3 billion, down $5.1 billion, or 1 percent​.Net interest income in Q3 2017 was $12.5 billion, in line with Q2 2017​.CET 1 ratio (fully phased-in) of ‍11.8​ percent at quarter-end versus 11.6 percent at Q2-end.Qtrly ‍mortgage banking noninterest income was $1.0 billion, compared with $1.1 billion in Q2 2017​.Qtrly ‍net interest margin was 2.87 percent, down 3 basis points from Q2 2017​.Return on equity of 9.06 percent at quarter-end versus 11.95 percent at Q2-end.Residential mortgage loan originations were $59 billion in Q3, up from $56 billion in Q2​.Qtrly ‍net charge-offs of $717 million, down $88 million from Q3 2016​.Qtrly ‍net charge-offs were 0.30 percent of average loans (annualized), down from 0.33 percent​.Qtrly nonperforming assets decreased $512 million from second quarter 2017 to $9.3 billion‍​.Reported $4.6 billion of net income in Q3, which included impact of $1 billion, or $0.20 per share, discrete litigation accrual​.Wells Fargo CEO says performance in Q3 included impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related investigations​."‍Remain committed to our target of $2 billion of expense reductions by end of 2018"​.  Full Article

Fitch downgrades Wells Fargo & Company to 'A+/F1'
Tuesday, 3 Oct 2017 04:42pm EDT 

Oct 3 (Reuters) - Fitch on Wells Fargo:Fitch downgrades Wells Fargo & Company to 'A+/F1'; outlook stable​.Fitch has also downgraded LT IDR of Wells Fargo Bank, N.A. (WFBNA) to 'AA-' from 'AA'​.‍Fitch says rating action reflects Fitch's view that Wells Fargo & Company​'s earnings profile will be diminished from historical levels.Fitch says rating action also reflects that the improved risk governance and controls will take longer than anticipated for Wells Fargo & Company​.  Full Article

Buffett says have only sold enough Wells Fargo shares to stay under 10 pct- CNBC
Tuesday, 3 Oct 2017 08:43am EDT 

Oct 3 (Reuters) - :Warren Buffett says can't solve Wells Fargo issues in a day- CNBC.Warren Buffett on Wells Fargo says Tim Sloan has my faith - CNBC.Buffett says have only sold enough Wells Fargo shares to stay under 10 percent- CNBC.Buffett says Bank Of America's Brian Moynihan has done a great job- CNBC.  Full Article

Wells Fargo announces board changes
Tuesday, 15 Aug 2017 04:01pm EDT 

Aug 15 (Reuters) - Wells Fargo & Co ::Wells Fargo announces board changes.Wells Fargo announces board changes.Says Juan A. Pujadas appointed director.Wells Fargo & Co - ‍elizabeth Duke to succeed Stephen Sanger as independent board chair​.Wells Fargo & Co - ‍elizabeth Duke to succeed Stephen Sanger as independent board chair​.Wells Fargo & Co - ‍new independent director, Juan Pujadas, to join board​.Wells Fargo & Co - ‍three long-serving directors to retire from board at year-end​.Wells Fargo & Co - ‍expects to name up to three more independent directors before 2018 annual meeting​.Wells Fargo & Co - ‍expects to name up to three more independent directors before 2018 annual meeting​.Wells Fargo & Co - ‍donald James to chair governance and nominating committee​.Wells Fargo & Co - ‍karen Peetz to chair risk committee​.Wells Fargo & Co - ‍ board expects that its size will move over time toward lower end of its recent historical range of 14 to 16 directors​.Wells Fargo & Co - ‍with Pujadas, and retirements of Sanger, Milligan, and Swenson, board will have 13 members​‍​.Wells Fargo & Co - ‍cynthia H. Milligan and Susan G. Swenson will retire from board at year-end 2017​.Wells Fargo - ‍to facilitate its 2017 self-evaluation, board engaged Mary Jo White, a senior partner at Debevoise & Plimpton LLP and former chair of sec.  Full Article

Wells Fargo's Sanger said to step down, likely to be replaced by vice-chair Duke- WSJ,citing sources
Thursday, 10 Aug 2017 11:43am EDT 

Aug 10 (Reuters) - :Wells Fargo non-exec chair Stephen Sanger likely to step down; vice-chair Elizabeth Duke likely to replace Sanger- WSJ,citing sources.  Full Article

Wells Fargo non-exec Chairman Sanger likely to step down- CNBC, citing DJ
Thursday, 10 Aug 2017 11:06am EDT 

Aug 10 (Reuters) - :Wells Fargo non-exec. Chairman Sanger likely to step down, co. plans to name new director by Labor day -CNBC, citing DJ.  Full Article

Wells Fargo settles 2006 lawsuit related to VA loans
Friday, 4 Aug 2017 10:23am EDT 

Aug 4 (Reuters) - Wells Fargo & Co ::Wells Fargo settles 2006 lawsuit related to VA loans.Wells fargo "denies allegations" in lawsuit but will pay $108 million to U.S. government to resolve claims​.To settle lawsuit that claimed some VA interest rate reduction refinance loans originated by co should not have been eligible for VA guarantees​.  Full Article

Wells Fargo & Company increases common dividend
Tuesday, 25 Jul 2017 04:30pm EDT 

July 25 (Reuters) - Wells Fargo & Co :Wells Fargo & Company increases common dividend.Sets quarterly dividend of $0.39 per share.Wells Fargo & Co - ‍third-quarter dividend represents an increase of $.01 per share, or 3 percent, from prior quarter​.  Full Article

Wells fargo discloses accidental client-data release - WSJ
Monday, 24 Jul 2017 03:53pm EDT 

July 24 (Reuters) - :Wells Fargo discloses accidental client-data release - WSJ.Wells Fargo's confidential information on thousands of the bank's wealth-advisory clients comes out after subpoena tied to defamation lawsuit - WSJ.  Full Article

UPDATE 2-Wells Fargo regulatory woes continue in autos, forex -reports

Oct 20 Wells Fargo & Co is facing fresh regulatory scrutiny in both its consumer and institutional businesses, according to reports in the New York Times and Wall Street Journal on Friday, as the third-largest U.S. bank continues to work through a prolonged scandal over its sales practices.