Key Developments: Wells Fargo & Co (WFC)

WFC on New York Consolidated

25 Nov 2015
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Latest Key Developments (Source: Significant Developments)

Wells Fargo & Co Announces Dividend
Tuesday, 27 Oct 2015 04:15pm EDT 

Wells Fargo & Co:Says a quarterly common stock dividend of $0.375 per share.The dividend is payable Dec. 1, to stockholders of record on Nov. 6.  Full Article

Wells Fargo and Credit Suisse U.S. Private Banking announce exclusive recruiting arrangement
Tuesday, 20 Oct 2015 05:18pm EDT 

Wells Fargo & Co:Announced an exclusive recruiting arrangement to provide relationship managers and their clients in Credit Suisse's U.S. Domestic Private Banking business an opportunity to transition to Wells Fargo's brokerage business, Wells Fargo Advisors, by early 2016.In addition, the two companies expect to strategically expand their relationship to make additional Credit Suisse Investment Banking and Asset Management offerings.  Full Article

Wells Fargo & Co in $53 mln settlement over mortgage bonds: U.S. regulator - Reuters
Sunday, 18 Oct 2015 08:00pm EDT 

Wells Fargo & Co:Wells Fargo & Co will pay $53 million to resolve claims over toxic mortgage-backed securities sold to now-failed credit unions, a U.S. regulator said on Monday - Reuters.The National Credit Union Administration, a chief regulator for U.S. credit unions, said its settlement with Wachovia, now owned by Wells Fargo, would bring its total recoveries from various banks in litigation over faulty mortgage bonds bought by corporate credit unions to $2.2 billion - Reuters.  Full Article

Wells Fargo & Company to Acquire GE Capital's commercial distribution finance and vendor finance businesses
Tuesday, 13 Oct 2015 09:01am EDT 

Wells Fargo & Company:To acquire GE capital's commercial distribution finance and vendor finance businesses.Other terms of the transaction were not disclosed.Says the transaction is expected to close in the first quarter of 2016.Says acquisition also includes a portion of corporate finance business.Acquisition includes total assets of approximately $32 billion as well as businesses employing approximately 3,000 team members.Loan and lease portfolios are roughly 90 percent U.S.- and Canada-based.Says Wells Fargo securities served as financial advisor and mayer brown served as legal advisor.Acquisition also includes a portion of corporate finance business.Says ge's capital's vendor finance business will expand co's current capabilities within its equipment finance business.  Full Article

Wells Fargo & Company'sFirst Union Rail to Acquire GE Railcar Services
Wednesday, 30 Sep 2015 06:00pm EDT 

Wells Fargo & Company:Says its railcar finance, leasing and fleet management business, First Union Rail, has signed an agreement to purchase GE Railcar Services from GE Capital.Says the transaction, which will add to the existing fleet more than 77,000 railcars and just over 1,000 locomotives as well as associated operating and long-term leases, is expected to close by end of Q1 2016.Terms of the transaction are not being disclosed.Marmon Holdings, Inc., a Berkshire Hathaway company, separately announced that it has acquired substantially all of GE Railcar Services' owned fleet of railroad tank cars.In a separate transaction, Marmon has also agreed to acquire certain GE Railcar Repair Services repair and maintenance facilities.  Full Article

Miami mortgage lawsuits vs Bank of America Corp, Citigroup, Wells Fargo & Co are revived - Reuters
Monday, 31 Aug 2015 08:00pm EDT 

Wells Fargo & Co:A federal appeals court on Sep.1 revived three lawsuits in which the City of Miami accused Wells Fargo & Co , Bank of America Corp and Citigroup Inc of predatory mortgage lending to black and Hispanic borrowers - Reuters.The 11th U.S. Circuit Court of Appeals said a lower court erred in dismissing the city's claims under the federal Fair Housing Act - Reuters.Miami had accused the banks of steering non-white borrowers into higher-cost loans they could not afford - Reuters.It said the process, sometimes called reverse redlining, went on for a decade - Reuters.Writing for a three-judge appeals court panel, however, Circuit Judge Stanley Marcus said the district judge applied too stringent a standard, and that there was enough of a connection to let the lawsuits proceed - Reuters.Wells Fargo spokesman Tom Goyda said the San Francisco-based bank was disappointed in the outcome - Reuters.Bank of America spokesman Rick Simon said that bank was reviewing its decision and considering its options - Reuters.Citigroup spokesman Mark Rodgers declined to comment - Reuters.  Full Article

Wells Fargo & Co announces dividend
Tuesday, 28 Jul 2015 03:00pm EDT 

Wells Fargo & Co:Announced quarterly common stock dividend of $0.375 per share.Says dividend is payable Sept. 1, to stockholders of record on Aug. 7.  Full Article

Wells Fargo & Co and other to eimburse $30 mln in fees - FINRA - Reuters
Sunday, 5 Jul 2015 08:00pm EDT 

Wells Fargo & Co:Says Three major securities brokerages must collectively reimburse customers more than $30 million for failing to waive mutual fund sales charges for thousands of accounts belonging to charities and retirement investors, Wall Street's watchdog said - Reuters.Says Units of Wells Fargo & Co, Raymond James Financial Inc and LPL Financial Holdings Inc "failed to adequately supervise" the sale of mutual funds that offered sales charge waivers, the Financial Industry Regulatory Authority (FINRA) said in a statement.Says The firms, in settling the cases with FINRA, neither admitted nor denied the industry-funded regulator's allegations, FINRA said.Says A Wells Fargo spokesman declined to comment. Raymond James and LPL said in statements that they self-reported the problem to FINRA, which did not impose fines, given the firms extraordinary cooperation.Wells Fargo, Raymond James and LPL will pay affected customers an estimated $15 million, $8.7 million and $6.3 million, respectively.The errors at the three companies have affected a total of more than 50,000 accounts at the firms since at least 2009, FINRA said.  Full Article

AmTrust Financial Services announces agreement to acquire Warranty Solutions, Wells Fargo business
Thursday, 7 May 2015 04:06pm EDT 

AmTrust Financial Services:Enters into a definitive agreement to acquire Warranty Solutions, a Wells Fargo business for $152 million in cash.Warranty Solutions designs, markets, administers and underwrites vehicle service contracts for new and used automobiles through a national network of more than 70 active agencies, and 1,500 franchised and independent dealers.Pending regulatory approval, the parties anticipate closing will occur in the third quarter 2015.  Full Article

Wells Fargo & Company announces increased dividend
Tuesday, 28 Apr 2015 02:05pm EDT 

Wells Fargo & Company:Says quarterly common stock dividend of $0.375 per share, an increase of 2.5 cents, or 7 percent, per share from the prior quarter.Payable June 1 to stockholders of record on May 8.  Full Article

Wells Fargo likely to issue more debt to comply with new rules

Nov 23 - Wells Fargo & Co will likely need to issue an additional $40 billion to $60 billion of long-term debt to comply with new rules designed to help banks better weather a crisis, Chief Financial Officer John Shrewsberry said on Friday.

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