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Wells Fargo & Co (WFC)

WFC on New York Consolidated

44.62USD
30 Sep 2016
Change (% chg)

$0.25 (+0.56%)
Prev Close
$44.37
Open
$44.33
Day's High
$44.73
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$44.10
Volume
23,619,430
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$56.34
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$44.10

Latest Key Developments (Source: Significant Developments)

Senate banking committee has finished questioning Wells' CEO
Tuesday, 20 Sep 2016 12:50pm EDT 

'I Hope To Remain' A Wells Fargo Customer : Senator warren calls cross selling a 'scam' stumpf says 'it was not a scam' . Warren says she calculated stumpf mades $200m in stock gains during cross sell 'scam' . Warren says stumpf should be criminally investigated . Warren says wall street wont change unless execs face 'jail time when they preside over massive frauds' . Vitter asks if account scandal is not evidence banks are too big to fail and manage . Stumpf tells vitter it was a problem of 'focus' . Stumpf says other business lines are 'different' and he has 'confidence we have this now solved' . Stumpf says 'we have no product goals to my knowledge in any of our other businesses' . Senator heitkamp: ‘you are still not acting fast enough’ . Senators heitkamp and scott both says they are wells fargo customers . -senator scott . Stumpf 'credit bureau impact relates exclusively to credit cards' and 'we're going to run each one of those down' . Stumpf says there was no credit impact on deposit accounts . Senator merkley says 'accepting responsibility' for stumpf 'would be to resign' . Stumpf says he had meetings at least once per week with tolstedt . Senator brown asks how stumpf will compensate people who were fired for not meeting goals . Brown asks stumpf to 'make whole' people fired for not meeting goals, or explain in writing to committee why he did not.  Full Article

Wells Fargo CEO Stumpf accepts responsibility for unethical sales practices
Tuesday, 20 Sep 2016 10:00am EDT 

Wells Fargo & Co : CEO Stumpf says accepts full responsibility for all unethical sales practices-prepared remarks . CEO Stumpf says the bank never directed enployees to provide unauthorizede products-prepared remarks . CEO Stumpf says bank should have done more sooner to eliminate unethical conduct-prepared remarks Further company coverage: [WFC.N] (Reporting By Michael Erman) ((Michael.Erman@thomsonreuters.com;)).  Full Article

Wells Fargo risk manager takes personal leave of absence - BBG citing, co spokeswoman
Monday, 19 Sep 2016 01:09pm EDT 

:Risk manager Claudia Russ Anderson takes personal leave of absence - Bloomberg citing, company spokeswoman.  Full Article

Fitch - $185 mln fine on Wells Fargo will not have immediate rating implications but is credit negative
Monday, 19 Sep 2016 09:10am EDT 

Fitch:Recent $185 million fine on Wells Fargo for improper sales practices will not have immediate rating implications but is credit negative for company.  Full Article

Financial Services Committee launches investigation of Wells Fargo
Friday, 16 Sep 2016 12:14pm EDT 

Financial Services Committee: Financial Services Committee says has launched an investigation of Wells Fargo . Committee will be calling John Stumpf, Wells Fargo Chairman and CEO, to testify at a hearing later this month . Requesting Wells Fargo, regulators provide internal documents relating to the discovery and timing of the practices . Committee will consider further actions, including subpoenas, as warranted .Sent separate letter to James Strother, the Senior Executive Vice President and General Counsel of Wells Fargo.  Full Article

Federal prosecutors are investigating Wells Fargo probe in early stages & could lead to criminal inquiry - CNBC, citing Dow Jones
Wednesday, 14 Sep 2016 03:23pm EDT 

: Federal prosecutors are investigating Wells Fargo probe in early stages & could lead to criminal inquiry - CNBC, citing Dow Jones ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Wells Fargo announces sale of its fund administration business
Wednesday, 14 Sep 2016 09:00am EDT 

Wells Fargo & Co : Wells Fargo announces sale of its fund administration business . Says terms of transaction were not disclosed .Wells Fargo & Co says SS&C Technologies Holdings has agreed to acquire Wells Fargo Global Fund Services.  Full Article

Wells Fargo says will eliminate product sales goals for retail bankers
Tuesday, 13 Sep 2016 07:00am EDT 

Wells Fargo & Co : Wells Fargo to eliminate product sales goals for retail bankers .It will eliminate all product sales goals in retail banking, effective January 1, 2017.  Full Article

Wells Fargo & co appoints David Denunzio as head of global mergers & acquisitions
Tuesday, 6 Sep 2016 08:02am EDT 

Wells Fargo & Co : David Denunzio joins as head of global mergers & acquisitions . Wells Fargo & co says Sam Farnham to lead Americas M&A team; Kristin Lesher to lead middle market investment banking .Wells Fargo & Co says prior to joining Wells Fargo, Denunzio was global chairman of Credit Suisse's mergers & acquisitions group.  Full Article

Wells Fargo:Laura Oberst will succeed Hugh Long as head of BBG,effective immediately
Friday, 2 Sep 2016 09:00am EDT 

Wells Fargo & Co: Wells Fargo taps Laura Oberst to succeed retiring Business Banking Group head .Laura Oberst will succeed Hugh Long as head of its Business Banking Group (BBG), effective immediately.  Full Article

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U.S. House panel lambastes Wells Fargo boss over phantom accounts

WASHINGTON/NEW YORK U.S. lawmakers called on Thursday for Wells Fargo & Co chief John Stumpf to resign and a top House Democrat demanded the bank be broken up because it is too big to manage. | Video