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Wells Fargo & Co (WFC.N)

WFC.N on New York Stock Exchange

53.09USD
24 May 2017
Change (% chg)

$-0.30 (-0.56%)
Prev Close
$53.39
Open
$53.52
Day's High
$53.61
Day's Low
$52.81
Volume
2,887,023
Avg. Vol
5,145,750
52-wk High
$59.99
52-wk Low
$43.55

Latest Key Developments (Source: Significant Developments)

Wells fargo names two new independent directors
Monday, 20 Feb 2017 04:00pm EST 

Wells Fargo & Co : Wells fargo names two new independent directors .Says elected Karen Peetz and Ronald Sargent as new independent directors.  Full Article

Wells Fargo says Jan consumer checking account opens down 31 pct
Friday, 17 Feb 2017 11:00am EST 

Wells Fargo & Co : Total branch interactions for January were down 12% from December . Wells fargo reports january retail banking customer activity . Average consumer and small business deposit balances were stable from December 2016 and up 7% YOY for Jan . January consumer checking account opens were up 18% linked month due to typical seasonality, but down 0.2 million, or 31%, YOY . Jan new consumer credit card applications were up 8% versus linked month .Jan customer-initiated consumer checking account closures were up 1% on linked month basis and 4% YOY.  Full Article

Wells Fargo & Co says issued $2 bln floating rate notes due Feb. 11, 2022
Monday, 13 Feb 2017 09:41am EST 

Wells Fargo & Co :Says issued $2 billion floating rate notes due February 11, 2022 - sec filing.  Full Article

Wells Fargo increases emphasis on emerging technologies
Friday, 10 Feb 2017 09:00am EST 

Wells Fargo & Co - : Wells Fargo increases emphasis on emerging technologies . New organizational structure will help drive "growth in payments, artificial intelligence and application programming interfaces" . Says "enhancing organization within its recently formed payments, virtual solutions and innovation group" . Sees increasing opportunities to "better leverage data to provide personalized customer service through our bankers and digital channels" .New artificial intelligence enterprise solutions team has been created, to be led by steve ellis, head of Wells Fargo's innovation group.  Full Article

Wells Fargo names Jafar Amin regional president for Asia Pacific
Wednesday, 25 Jan 2017 07:37pm EST 

Wells Fargo & Co : Wells Fargo names Jafar Amin regional president for Asia Pacific region . Amin was also appointed head of Wells Fargo's global financial institutions business in APAC .Jafar Amin is succeeding Jim Johnston who served as interim regional president.  Full Article

Wells Fargo names Richard Yorke COO for wholesale banking group
Thursday, 19 Jan 2017 04:30pm EST 

Wells Fargo & Co : Wells Fargo announces new structure for its international business . Wells Fargo & Co - International group will be integrated into other wholesale banking business lines . Wells Fargo & Co - Richard Yorke appointed chief operating officer for wholesale banking group . Wells Fargo - Before assuming role of wholesale COO, Yorke will conduct interim special assignment as part of efforts to resubmit 2016 resolution plan . Wells Fargo & Co - Wells Fargo foreign exchange will report to Jon Weiss, head of Wells Fargo Securities .Wells Fargo - Global financial institutions business will be combined with financial institutions business in Wells Fargo corporate banking.  Full Article

Wells Fargo says expects efficiency initiatives will reduce expenses by about $2 bln annually by year-end 2018
Friday, 13 Jan 2017 06:40pm EST 

Wells Fargo & Co: As of 12/9/16, issued $3.2 million of refunds for "potentially unauthorized accounts that incurred fees and charges" for May 2011 - June 2015 . "we believe we have fulfilled our customer reimbursement requirements under the l.a. Stipulated judgement", subject to audit review . in retail banking, on 8 jan, co increased minimum hourly pay rate for all u.s.-based team members to $13.50 to $17.00 an hour . Expect efficiency initiatives will reduce expenses by about $2 billion annually by year-end 2018 . reached out to over 168,000 potentially unauthorized credit card customers as of dec 31, 2016 as part of sales practices remediation plan . in 267,000 cases where co has sign from credit card application and sign from corresponding deposit account, over 90% of those signs match . pace of branch closures is expected to increase; 200 branch closures expected in 2017 and over 200 in 2018, up from 84 in 2016 .if issued in current form, fasb's proposed hedge accounting rules to lower "interest rate-related ineffectiveness" in co's long-term debt hedges.  Full Article

First Interstate Bancsystem terminated its trademark license agreement with Wells Fargo & Co, its affiliated entities on Jan. 12
Thursday, 12 Jan 2017 04:49pm EST 

First Interstate Bancsystem Inc :First Interstate Bancsystem- on Jan 12, co terminated its trademark license agreement with Wells Fargo & Company, its affiliated entities - sec filing.  Full Article

FINRA fines 12 firms for failing to protect records from alteration
Wednesday, 21 Dec 2016 10:09am EST 

Financial Industry Regulatory Authority: FINRA fines 12 firms a total of $14.4 million for failing to protect records from alteration . FINRA - Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC were jointly fined $4 million . FINRA says RBC Capital Markets LLC and RBC Capital Markets Arbitrage S.A. were jointly fined $3.5 million . FINRA - Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC and First Clearing, LLC were jointly fined $1.5 million . FINRA - each of the 12 firms had worm deficiencies that affected millions, and in some cases, hundreds of millions, of records pivotal to firms' brokerage businesses . FINRA- RBS Securities, Inc. was fined $2 million . FINRA - in settling matter, firms neither admitted nor denied charges, but consented to entry of FINRA's findings .FINRA says found that three of firms failed to retain certain broker-dealer records.  Full Article

Wells Fargo says Federal Reserve System, Federal Deposit Insurance Corp determined co's 2016 resolution plan does not remedy 2 of 3 deficiencies
Wednesday, 14 Dec 2016 06:02am EST 

Wells Fargo & Co : Wells Fargo says Federal Reserve System, Federal Deposit Insurance Corp determined co's 2016 resolution plan does not remedy 2 of 3 deficiencies . Company is required to remedy two deficiencies in a revised submission to be provided to agencies by March 31, 2017 . Wells Fargo says agencies determined co, units shall be restricted from acquiring any nonbank subsidiary . Wells Fargo says if co fails to timely submit revised submission, agencies will limit size of co's nonbank and broker-dealer assets to levels in place as of Sept 30, 2016 . Wells Fargo says effective immediately, agencies determined that co, units shall be restricted from establishing any foreign bank or foreign branch .Wells Fargo says if co has not adequately remedied deficiencies by Dec. 13, 2018, agencies may jointly require co to divest certain assets or operations.  Full Article

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Wells Fargo suffers slump in muni bond underwriting

CHICAGO/SAN FRANCISCO Wells Fargo & Co is paying a price in the U.S. municipal bond market for the bogus customer accounts scandal that hit the bank last year and led to bans by some cities and states, an analysis of Thomson Reuters data shows.