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Wells Fargo & Co (WFC)

WFC on New York Consolidated

52.03USD
17 Aug 2017
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Latest Key Developments (Source: Significant Developments)

Wells Fargo announces board changes
Tuesday, 15 Aug 2017 04:01pm EDT 

Aug 15 (Reuters) - Wells Fargo & Co ::Wells Fargo announces board changes.Wells Fargo announces board changes.Says Juan A. Pujadas appointed director.Wells Fargo & Co - ‍elizabeth Duke to succeed Stephen Sanger as independent board chair​.Wells Fargo & Co - ‍elizabeth Duke to succeed Stephen Sanger as independent board chair​.Wells Fargo & Co - ‍new independent director, Juan Pujadas, to join board​.Wells Fargo & Co - ‍three long-serving directors to retire from board at year-end​.Wells Fargo & Co - ‍expects to name up to three more independent directors before 2018 annual meeting​.Wells Fargo & Co - ‍expects to name up to three more independent directors before 2018 annual meeting​.Wells Fargo & Co - ‍donald James to chair governance and nominating committee​.Wells Fargo & Co - ‍karen Peetz to chair risk committee​.Wells Fargo & Co - ‍ board expects that its size will move over time toward lower end of its recent historical range of 14 to 16 directors​.Wells Fargo & Co - ‍with Pujadas, and retirements of Sanger, Milligan, and Swenson, board will have 13 members​‍​.Wells Fargo & Co - ‍cynthia H. Milligan and Susan G. Swenson will retire from board at year-end 2017​.Wells Fargo - ‍to facilitate its 2017 self-evaluation, board engaged Mary Jo White, a senior partner at Debevoise & Plimpton LLP and former chair of sec.  Full Article

Wells Fargo's Sanger said to step down, likely to be replaced by vice-chair Duke- WSJ,citing sources
Thursday, 10 Aug 2017 11:43am EDT 

Aug 10 (Reuters) - :Wells Fargo non-exec chair Stephen Sanger likely to step down; vice-chair Elizabeth Duke likely to replace Sanger- WSJ,citing sources.  Full Article

Wells Fargo non-exec Chairman Sanger likely to step down- CNBC, citing DJ
Thursday, 10 Aug 2017 11:06am EDT 

Aug 10 (Reuters) - :Wells Fargo non-exec. Chairman Sanger likely to step down, co. plans to name new director by Labor day -CNBC, citing DJ.  Full Article

Wells Fargo settles 2006 lawsuit related to VA loans
Friday, 4 Aug 2017 10:23am EDT 

Aug 4 (Reuters) - Wells Fargo & Co ::Wells Fargo settles 2006 lawsuit related to VA loans.Wells fargo "denies allegations" in lawsuit but will pay $108 million to U.S. government to resolve claims​.To settle lawsuit that claimed some VA interest rate reduction refinance loans originated by co should not have been eligible for VA guarantees​.  Full Article

Wells Fargo & Company increases common dividend
Tuesday, 25 Jul 2017 04:30pm EDT 

July 25 (Reuters) - Wells Fargo & Co :Wells Fargo & Company increases common dividend.Sets quarterly dividend of $0.39 per share.Wells Fargo & Co - ‍third-quarter dividend represents an increase of $.01 per share, or 3 percent, from prior quarter​.  Full Article

Wells fargo discloses accidental client-data release - WSJ
Monday, 24 Jul 2017 03:53pm EDT 

July 24 (Reuters) - :Wells Fargo discloses accidental client-data release - WSJ.Wells Fargo's confidential information on thousands of the bank's wealth-advisory clients comes out after subpoena tied to defamation lawsuit - WSJ.  Full Article

Wells Fargo announces Don Hayes as head of business banking for new Ohio & Western Pennsylvania region
Monday, 24 Jul 2017 01:30pm EDT 

July 24 (Reuters) - Wells Fargo & Co ::Wells Fargo announces Don Hayes as head of business banking for new Ohio & Western Pennsylvania region.Keith Alves also named business banking manager for new Pittsburgh team.  Full Article

Wells Fargo Q2 earnings per share $1.07
Friday, 14 Jul 2017 08:00am EDT 

July 14 (Reuters) - Wells Fargo & Co ::Wells Fargo reports $5.8 billion in quarterly net income.Q2 earnings per share $1.07.Q2 earnings per share view $1.01 -- Thomson Reuters I/B/E/S.Quarterly revenue $22.2 billion.Q2 revenue view $22.47 billion -- Thomson Reuters I/B/E/S.Wells Fargo & Co qtrly ‍total average loans of $956.9 billion, up $6.1 billion, or 1 percent​.Wells Fargo & Co - return on equity of 11.95 percent at Q2-end versus 11.54 percent at Q1-end.Wells Fargo & Co - qtrly ‍net charge-offs of $655 million, down $269 million​.Wells Fargo & Co qtrly ‍net interest income in Q2 2017 increased $183 million from Q1 2017 to $12.5 billion​.Wells Fargo & Co qtrly ‍mortgage banking noninterest income was $1.1 billion, compared with $1.2 billion in Q1 2017​.Wells Fargo & Co qtrly ‍net interest margin was 2.90 percent, up 3 basis points from Q1 2017​.Wells Fargo & Co - common equity tier 1 ratio (fully phased-in) of 11.6 percent at Q2-end versus 11.2 percent at Q1-end.Wells Fargo & Co - qtrly ‍net charge-offs were 0.27 percent of average loans (annualized), down from 0.39 percent​.Wells Fargo & Co qtrly ‍nonperforming assets decreased $827 million from q1 2017 to $9.8 billion.​.Wells Fargo & Co - ‍residential mortgage loan originations increased in Q2, up to $56 billion, from $44 billion in Q1​.Wells Fargo & Co - ‍Q2 2017 included discrete tax benefits totaling $186 million, or approximately $0.04 per share​.  Full Article

Wells Fargo & Co to sell its shareowner services business for $227 mln
Wednesday, 12 Jul 2017 02:15am EDT 

July 12 (Reuters) - Wells Fargo & Co ::Entered into an agreement to sell its shareowner services business to Equiniti Group PLC.To sell its shareowner services business to Equiniti Group PLC for $227 million.Transaction is expected to close by end of Q1 2018.  Full Article

Equiniti to buy Wells Fargo Share Registration & Services business for $227 mln
Wednesday, 12 Jul 2017 02:00am EDT 

July 12 (Reuters) - Equiniti Group Plc ​:‍Proposed acquisition and carve out of Wells Fargo Share Registration & Services business for total cash consideration of $227 million.Says ‍acquisition expected to be strongly earnings accretive in first full year of ownership.Says ‍acquisition expected to be double digit earnings accretive by end of second full year of ownership.Says ‍expected cost synergies of deal estimated to be at least $10 million per annum.Says ‍expected cost synergies achievable by third full year of ownership, with 50% achieved by second full year of ownership.Consideration, transaction expenses expected to be financed from planned £122 million rights issue ​.Says ‍rights issue is expected to be launched in September 2017.Cash consideration, transaction expenses also expected to be financed from £120 million fully underwritten new debt facilities.Acquisition is anticipated to complete during Q4 2017/Q1 2018 following completion of carve out of WFSS and regulatory approval.  Full Article

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Wells Fargo changes board, names Duke chair in response to scandal

Wells Fargo & Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal.