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Wells Fargo & Co (WFC.N)

WFC.N on New York Stock Exchange

53.58USD
2 Dec 2016
Change (% chg)

$-0.76 (-1.40%)
Prev Close
$54.34
Open
$54.08
Day's High
$54.10
Day's Low
$53.32
Volume
6,262,960
Avg. Vol
6,790,385
52-wk High
$56.23
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$43.55

Latest Key Developments (Source: Significant Developments)

Wells Fargo & Co Q3 earnings per share $1.03
Friday, 14 Oct 2016 08:34am EDT 

Wells Fargo & Co : Wells Fargo reports $5.6 billion in quarterly net income . Q3 earnings per share $1.03 . Q3 earnings per share view $1.01 -- Thomson Reuters I/B/E/S . Quarterly revenue rose 2 percent to $22.3 billion . Quarter-end common equity Tier 1 ratio (fully phased-in) 10.7 percent versus 10.6 percent at previous quarter-end . Qtrly total average loans of $957.5 billion, up $62.4 billion . John Stumpf forfeited unvested equity awards valued at approximately $41 million . Net interest income in Q3 2016 increased $219 million from Q2 2016 to $12.0 billion . Quarter-end return on equity of 11.60 percent versus 11.70 percent at Q2-end . Carrie Tolstedt has left company; will receive no severance; has forfeited unvested equity awards valued at approximately $19 million . Qtrly net interest margin was 2.82 percent, down 4 basis points from Q2 2016 . Qtrly net charge-offs of $805 million, up $102 million from third quarter 2015 . Qtrly mortgage banking noninterest income was $1.7 billion, up $253 million from Q2 2016 . John Stumpf, Carrie Tolstedt will not receive a bonus for 2016 . Eliminated product sales goals for Retail Banking team members as of October 1, 2016 . Qtrly residential mortgage loan originations were $70 billion in Q3, up from $63 billion in Q2 . Qtrly net charge-offs were 0.33 percent of average loans (annualized), up from 0.31 percent . Expanding scope of customer account review and remediation to include 2009 and 2010.  Full Article

Fannie Mae announces sale of non-performing loans
Tuesday, 11 Oct 2016 04:01pm EDT 

Federal National Mortgage Association : Fannie Mae announces sale of non-performing loans . 5 pools of about 7,300 loans totaling $1.39 billion in unpaid principal balance, are available for purchase by qualified bidders .Sale of non-performing loans is being marketed in collaboration with Wells Fargo Securities, LLC as an advisor.  Full Article

Wells Fargo CFO Shrewsberry on call with co execs: Other than "some legal set asides" not much different in bank's Q3 earnings - WSJ
Tuesday, 11 Oct 2016 09:23am EDT 

: Wells Fargo CFO Shrewsberry on call with co execs: Other than "some legal set asides" not much different in bank's Q3 earnings - WSJ . Wells Fargo execs on call: Growth in new retail banking business likely would be down due to scandal - WSJ .Wells Fargo CFO: Public announcements of some states suspending business with bank not "really amounting to much in terms of dollars yet" - WSJ.  Full Article

Wells Fargo issues statement on Chicago City council ordinance
Wednesday, 5 Oct 2016 01:10pm EDT 

Wells Fargo & Co : "Disappointed That Chicago City Council Has Chosen To Suspend A Relationship" With Co . Wells Fargo Media Statement Regarding Chicago City Council Ordinance .Will Continue To Serve Local Customers In Chicago.  Full Article

Oregon State Treasury - Oregon trust funds will press for structural reforms at Wells Fargo
Thursday, 29 Sep 2016 07:42pm EDT 

: Oregon State Treasury - Oregon trust funds will press for structural reforms at Wells Fargo . Oregon State Treasury - Will push for better accountability by separating the board chairman and chief executive roles . Oregon State Treasury - Treasury also is investigating potential legal action against Wells Fargo Source : (http://bit.ly/2dbjXo7) ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

BRIEF-House Financial Services Committee Wells Fargo hearing has adjourned
Thursday, 29 Sep 2016 02:28pm EDT 

Changes headline from 'Housing' to 'House'.WATERS SAYS WELLS FARGO IS 'TOO BIG TO MANAGE ' STUMPF SAYS HE HAS HAD ONE CONVERSATION WITH WARREN BUFFETT SINCE SALES SCANDAL REP MAXINE WATERS ON WELLS FARGO & CO :.  Full Article

Wells Fargo facing DoJ sanction over improperly repossessing cars owned by members of the military - Bloomberg
Thursday, 29 Sep 2016 12:27pm EDT 

:Wells Fargo facing a justice department sanction over improperly repossessing cars owned by members of the military - Bloomberg.  Full Article

Wells enforcing mandatory arbitration clauses for customers-CEO
Thursday, 29 Sep 2016 12:05pm EDT 

House Financial Services Committee Begins Hearing On Wells Fargo & Co : Stumpf says enforcing mandatory arbitration clauses for customers, won't allow lawsuits . Wells fargo chief Stumpf says customers harmed in the accounts scandal are welcome to seek arbitration over any alleged harm .Rep. Maloney raises questions about $13m worth of share sales by Stumpf in 2013 after he knew about sales abuses.  Full Article

Wells Fargo conducting investigation of retail banking sales practices
Tuesday, 27 Sep 2016 06:57pm EDT 

Wells Fargo & Co : Independent directors of Wells Fargo conducting investigation of retail banking sales practices and related matters . Carrie Tolstedt has left company . Carrie Tolstedt has forfeited unvested equity awards valued at approximately $19 million . Independent directors have determined that Carrie Tolstedt will forfeit all of her outstanding unvested equity awards, valued at approximately $19 million based on today's closing share price . Special committee of independent directors will lead investigation, working with human resources committee and independent counsel . John Stumpf to forfeit unvested equity awards valued at approximately $41 million; will forgo salary during investigation . Independent directors have retained Shearman & Sterling to assist in investigation . Independent directors of wells fargo conducting investigation of retail banking sales practices and related matters . Neither Stumpf nor Tolstedt will receive a bonus for 2016 . Tolstedt will receive no severance . John Stumpf has recused himself from all matters related to independent directors' investigation and deliberations .Initial actions will not preclude additional steps being taken with respect to Stumpf, Tolstedt or other executives.  Full Article

Wells Fargo CEO Stumpf says in prepared remarks for house hearing that company will drop sales goals by Oct. 1, rather than Jan. 1 - CNBC, citing DJ
Tuesday, 27 Sep 2016 06:47pm EDT 

: Wells Fargo CEO Stumpf says in prepared remarks for house hearing that company will drop sales goals by Oct. 1, rather than Jan. 1 - CNBC, citing Dow Jones ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

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Wells Fargo offers to meet with Standing Rock Sioux before year-end

Wells Fargo & Co said it would "be pleased" to meet with tribal elders from the Standing Rock Sioux tribe before year-end to discuss the U.S. bank's investment in the Dakota Access Pipeline, the company told the tribe in a letter dated Thursday.