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Wells Fargo & Co (WFC)

WFC on New York Consolidated

55.07USD
20 Jan 2017
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Latest Key Developments (Source: Significant Developments)

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

FINRA seeks information from former registered employees of Wells Fargo
Friday, 9 Dec 2016 03:00pm EST 

FINRA: Seeks information from former registered employees of Wells Fargo .Asked former Wells Fargo employees whose securities registrations were terminated to contact FINRA if they have concerns about notice filed by co regarding termination.  Full Article

Wells Fargo approved changes to co's non-employee director compensation program effective Oct. 12 - SEC filing
Thursday, 1 Dec 2016 03:20pm EST 

Wells Fargo & Co : Wells Fargo & Co approved changes to company's non-employee director compensation program effective October 12, 2016 - SEC filing . Changes provide for a $250,000 annual retainer for company's independent chairman . Changes provide for a $100,000 annual retainer for independent vice chairman . Amended by-laws to add new section 4.5 which provides that board shall annually elect chairman from among its independent directors . Amended by-laws to add new section 4.5 which provides that board may elect one of its independent directors as vice chairman .Incorporated certain conforming changes throughout by-laws to remove references to lead director role.  Full Article

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

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Wells Fargo to merge international business with wholesale banking

Wells Fargo & Co , the third-largest U.S. bank by assets, said on Thursday it would merge its international business with its wholesale banking unit that serves corporate clients.