Key Developments: Wells Fargo & Co (WFC)

WFC on New York Consolidated

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17 Apr 2015
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Latest Key Developments (Source: Significant Developments)

Wells Fargo & Co to cut 1,000 jobs - Reuters
Wednesday, 25 Mar 2015 02:56pm EDT 

Wells Fargo & Co:Said it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin.Which will close the office in late July, will inform employees of other job opportunities within the company.  Full Article

Wells Fargo & Company issues medium-term notes - Form 8-K
Wednesday, 4 Mar 2015 04:35pm EST 

Wells Fargo & Company:Issued medium-term notes, series K 0.125 percent optionally exchangeable notes due February 21, 2020.  Full Article

Wells Fargo & Company declares cash dividends on preferred stock
Tuesday, 17 Feb 2015 01:00pm EST 

Wells Fargo & Co:Announced dividends on eight series of preferred stock.Says quarterly cash dividend of $20.00 per share was declared on its 8.00pct non-cumulative perpetual class A preferred stock, Series J.Says quarterly cash dividend of $18.75 per share was declared on its 7.50pct non-cumulative perpetual convertible class A preferred stock, Series L.Says quarterly cash dividend of $325.00 per share was declared on its 5.20pct non-cumulative perpetual class A preferred stock, Series N.Says quarterly cash dividend of $320.31 per share was declared on its 5.125pct non-cumulative perpetual class A preferred stock, Series O.Says quarterly cash dividend of $328.13 per share was declared on its 5.25pct non-cumulative perpetual class A preferred stock, Series P.Says quarterly cash dividend of $365.63 per share was declared on its 5.85pct non-cumulative perpetual class A preferred stock, Series Q.Says quarterly cash dividend of $414.06 per share was declared on its 6.625pct non-cumulative perpetual class A preferred stock, Series R.Says quarterly cash dividend of $375.00 per share was declared on its 6.00pct non-cumulative perpetual class A preferred stock, Series T.Series J, L, N, O, P, Q, R, T dividend is payable on March 16, to holders of record as of the close of business Feb. 27.  Full Article

Wells Fargo & Co announces dividend
Tuesday, 27 Jan 2015 05:00pm EST 

Wells Fargo & Co:Says quarterly common stock dividend of $.35 per share.Dividend is payable March 1, 2015, to stockholders of record on Feb. 6, 2015, as approved by Wells Fargo board of directors.  Full Article

U.S. fines Wells Fargo & Co, JPMorgan over illegal mortgage kickbacks - Reuters
Thursday, 22 Jan 2015 03:49pm EST 

Wells Fargo & Co:U.S. and state regulators ordered Wells Fargo and JPMorgan Chase to collectively pay $35.7 mln to settle charges that they participated in an illegal marketing kickback scheme with a now-defunct title company - Reuters.The Consumer Financial Protection Bureau and the Maryland Attorney General's Office ordered Wells Fargo to pay a $24 mln penalty plus another $10.8 mln in redress to consumers.JP Morgan will pay a $600,000 penalty, plus another $300,000 in redress, the CFPB said.  Full Article

Seeger Weiss LLP wins $54.8 million jury verdict against Wells Fargo & Co. for excessive and prohibited mortgage fees
Sunday, 21 Dec 2014 05:00pm EST 

Seeger Weiss LLP:Says that on Dec. 19, a Manhattan federal jury returned a $54.8 million damages award against Wells Fargo & Co. in a class-action lawsuit alleging that late fees charged by now-defunct mortgage lenders/servicers The Money Store and HomEq were improper and unlawful.Seeger Weiss partner Moshe Horn and counsel Christopher M. Van de Kieft, along with Paul Grobman of the Law Offices of Paul Grobman, and Neal DeYoung and H. Rajan Sharma of Sharma & DeYoung LLP, represented homeowner Joseph Mazzei and a class of borrowers.The Honorable John G. Koeltl, United States District Judge for the Southern District of New York, presided over the trial, which lasted ten days.Plaintiff Mazzei alleged that The Money Store and HomEq improperly charged late fees after the lenders had accelerated homeowners' mortgage loans, so no further monthly payments were actually due.Plaintiffs claimed that these late fees were prohibited under the terms of the standard loan agreement, and also violated state laws.  Full Article

Wells Fargo declares cash dividends on preferred stock
Monday, 17 Nov 2014 03:45pm EST 

Wells Fargo & Co;:Declares a quarterly cash dividend of $20.00 per share on its 8.00 pct non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share.Declares quarterly cash dividend of $18.75 per share on its 7.50 pct non-cumulative perpetual convertible class A preferred stock, Series L.Declares a quarterly cash dividend of $325.00 per share on its 5.20 pct non-cumulative perpetual class A preferred stock, Series N.Declares quarterly cash dividend of $320.31 per share on its 5.125 pct non-cumulative perpetual class A preferred stock, Series O.Declares a quarterly cash dividend of $328.13 per share on its 5.25 pct non-cumulative perpetual class A preferred stock, Series P.Declares a quarterly cash dividend of $365.63 per share on its 5.85 pct non-cumulative perpetual class A preferred stock, Series Q.Declares a quarterly cash dividend of $414.06 per share on its 6.625 pct non-cumulative perpetual class A preferred stock, Series R.Declares a quarterly cash dividend of $375.00 per share on its 6.00 pct non-cumulative perpetual class A preferred stock, Series T.Dividends payable on Dec. 15 to holders of record as of the close of business on Nov. 28.  Full Article

Wells Fargo and Ocwen agree to cancel sale of mortgage servicing rights
Thursday, 13 Nov 2014 05:30pm EST 

Wells Fargo & Co:Announced that its subsidiary, Wells Fargo Bank, N.A., and Ocwen Loan Servicing LLC have mutually decided to cancel a previously announced sale to Ocwen of certain Wells Fargo residential mortgage servicing rights.  Full Article

Navient to acquire $8.5 billion in federal student loans from Wells Fargo
Thursday, 13 Nov 2014 08:30am EST 

Navient and Wells Fargo & Company:Reaches agreement for Navient to purchase a portfolio of federally guaranteed student loans from Wells Fargo totaling $8.5 bln in principal balance.  Full Article

Wells Fargo & Co announces dividend
Tuesday, 28 Oct 2014 03:00pm EDT 

Wells Fargo & Co:Says quarterly common stock dividend of $.35 per share.Payable Dec. 01 to stockholders of record on Nov. 07.  Full Article

Wells Fargo seeks U.S. Supreme Court review of $203 mln overdraft award

- Wells Fargo Bank has asked the U.S. Supreme Court to review a $203 million award imposed against it for allegedly excessive overdraft fees, saying the judgment rests on a misuse of the class action mechanism in California's federal courts.

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