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Wells Fargo & Co (WFC.N)

WFC.N on New York Stock Exchange

52.11USD
12 Oct 2018
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Latest Key Developments (Source: Significant Developments)

BRIEF-Wells Fargo Reports $6.0 Bln In Quarterly Net Income; Diluted EPS Of $1.13
Friday, 12 Oct 2018 08:00am EDT 

Repeats with no change to text:WELLS FARGO REPORTS $6.0 BILLION IN QUARTERLY NET INCOME; DILUTED EPS OF $1.13.Q3 EARNINGS PER SHARE $1.13.QUARTERLY REVENUE $21.9 BILLION VERSUS $21.8 BILLION.Q3 EARNINGS PER SHARE VIEW $1.17 -- THOMSON REUTERS I/B/E/S.QTRLY NET INTEREST INCOME OF $12.6 BILLION, UP $123 MILLION, OR 1 PERCENT.QTRLY MORTGAGE BANKING INCOME WAS $846 MILLION, UP FROM $770 MILLION IN Q2 2018.QTRLY AVERAGE LOANS OF $939.5 BILLION, DOWN $12.9 BILLION, OR 1 PERCENT.QTRLY NONINTEREST EXPENSE OF $13.8 BILLION, DOWN $588 MILLION, OR 4 PERCENT.QTRLY RESIDENTIAL MORTGAGE LOAN ORIGINATIONS WERE $46 BILLION, DOWN FROM $50 BILLION IN Q2.RETURN ON EQUITY OF 12.04 PERCENT AT QUARTER-END VERSUS VERSUS 10.60 PERCENT REPORTED AT Q2-END.QTRLY NET CHARGE-OFFS DECREASED $37 MILLION TO $680 MILLION, OR 0.29 PERCENT OF AVERAGE LOANS (ANNUALIZED).QTRLY NONPERFORMING ASSETS DECREASED $410 MILLION, OR 5 PERCENT, FROM SECOND QUARTER 2018 TO $7.6 BILLION.WELLS FARGO CFO JOHN SHREWSBERRY SAYS "WE SAW POSITIVE BUSINESS TRENDS IN Q3, INCLUDING GROWTH IN PRIMARY CONSUMER CHECKING CUSTOMERS".QTRLY NET INTEREST MARGIN WAS 2.94 PERCENT, UP 1 BASIS POINT FROM PRIOR QUARTER.QTRLY COMMON EQUITY TIER 1 RATIO (FULLY PHASED-IN) OF 11.9 PERCENT, DOWN FROM 12.0 PERCENT IN THE PRIOR QUARTER.Q3 RESULTS INCLUDED A $638 MILLION GAIN FROM SALES OF $1.7 BILLION OF PURCHASED CREDIT-IMPAIRED (PCI) PICK-A-PAY LOANS.  Full Article

Wells Fargo Reports $6.0 Bln In Quarterly Net Income; Diluted EPS Of $1.13
Friday, 12 Oct 2018 08:00am EDT 

Oct 12 (Reuters) - Wells Fargo & Co ::WELLS FARGO REPORTS $6.0 BILLION IN QUARTERLY NET INCOME; DILUTED EPS OF $1.13.Q3 EARNINGS PER SHARE $1.13.QUARTERLY REVENUE $21.9 BILLION VERSUS $21.8 BILLION.Q3 EARNINGS PER SHARE VIEW $1.17 -- THOMSON REUTERS I/B/E/S.QTRLY NET INTEREST INCOME OF $12.6 BILLION, UP $123 MILLION, OR 1 PERCENT.QTRLY MORTGAGE BANKING INCOME WAS $846 MILLION, UP FROM $770 MILLION IN Q2 2018.QTRLY AVERAGE LOANS OF $939.5 BILLION, DOWN $12.9 BILLION, OR 1 PERCENT.QTRLY NONINTEREST EXPENSE OF $13.8 BILLION, DOWN $588 MILLION, OR 4 PERCENT.QTRLY RESIDENTIAL MORTGAGE LOAN ORIGINATIONS WERE $46 BILLION, DOWN FROM $50 BILLION IN Q2.RETURN ON EQUITY OF 12.04 PERCENT AT QUARTER-END VERSUS VERSUS 10.60 PERCENT REPORTED AT Q2-END.QTRLY NET CHARGE-OFFS DECREASED $37 MILLION TO $680 MILLION, OR 0.29 PERCENT OF AVERAGE LOANS (ANNUALIZED).QTRLY NONPERFORMING ASSETS DECREASED $410 MILLION, OR 5 PERCENT, FROM SECOND QUARTER 2018 TO $7.6 BILLION.WELLS FARGO CFO JOHN SHREWSBERRY SAYS "WE SAW POSITIVE BUSINESS TRENDS IN Q3, INCLUDING GROWTH IN PRIMARY CONSUMER CHECKING CUSTOMERS".QTRLY NET INTEREST MARGIN WAS 2.94 PERCENT, UP 1 BASIS POINT FROM PRIOR QUARTER.QTRLY COMMON EQUITY TIER 1 RATIO (FULLY PHASED-IN) OF 11.9 PERCENT, DOWN FROM 12.0 PERCENT IN THE PRIOR QUARTER.Q3 RESULTS INCLUDED A $638 MILLION GAIN FROM SALES OF $1.7 BILLION OF PURCHASED CREDIT-IMPAIRED (PCI) PICK-A-PAY LOANS.  Full Article

Wells Fargo Says Lisa Stevens, Regional Banking Executive For Western Region, To Leave
Monday, 1 Oct 2018 02:36pm EDT 

Oct 1 (Reuters) - Wells Fargo & Co ::LISA STEVENS TO STEP DOWN AFTER 29-YEAR WELLS FARGO CAREER.WELLS FARGO & CO - STEVENS WILL DEPART IN LATE OCTOBER..WELLS FARGO & CO - LISA STEVENS, REGIONAL BANKING EXECUTIVE FOR WESTERN REGION, HAS DECIDED TO LEAVE WELLS FARGO.WELLS FARGO - DON PEARSON, LEAD REGION PRESIDENT FOR DESERT MOUNTAIN REGION, WILL SERVE AS INTERIM LEADER UNTIL A NEW LEADER IS SELECTED.  Full Article

U.S. DOJ Probe Probing Wells Fargo's Wholesale Banking Unit - WSJ
Thursday, 6 Sep 2018 10:38am EDT 

Sept 6 (Reuters) - :U.S. JUSTICE DEPARTMENT PROBING WELLS FARGO’S WHOLESALE BANKING UNIT - WSJ, CITING SOURCES.U.S. DOJ PROBE ON WELLS FARGO'S UNIT FOCUSES ON POTENTIAL EMPLOYEE FRAUD RELATED TO ALTERING CLIENT DOCUMENTS - WSJ.  Full Article

Wells Fargo Is Exploring A Sale Of Its Eastdil Secured Real-Estate Division - WSJ
Thursday, 26 Jul 2018 12:00pm EDT 

July 26 (Reuters) - :WELLS FARGO IS EXPLORING A SALE OF ITS EASTDIL SECURED REAL-ESTATE DIVISION - WSJ, CITING SOURCES.  Full Article

Wells Fargo Clears Servicemembers Civil Relief Act Consent Order
Tuesday, 24 Jul 2018 03:33pm EDT 

July 24 (Reuters) - Wells Fargo & Co ::WELLS FARGO CLEARS SCRA CONSENT ORDER.WELLS FARGO - COMPLETED REQUIREMENTS OF A SEPT. 2016 CONSENT ORDER WITH OCC RELATED TO COMPLIANCE WITH PROVISIONS OF SERVICE MEMBERS CIVIL RELIEF ACT.  Full Article

Wells Fargo In Process Of Refunding Tens Of Millions Of Dollars For Add-On Products Added To Customers' Accounts - WSJ
Thursday, 19 Jul 2018 10:20am EDT 

July 19 (Reuters) - :WELLS FARGO IS IN THE PROCESS OF REFUNDING TENS OF MILLIONS OF DOLLARS FOR ADD-ON PRODUCTS ADDED TO CUSTOMERS’ ACCOUNTS - WSJ, CITING SOURCES.  Full Article

Banco Popular Makes Regulatory Filing To Acquire Wells Fargo’S Auto Finance Business In Puerto Rico
Monday, 4 Jun 2018 05:32pm EDT 

June 4 (Reuters) - Popular Inc ::BANCO POPULAR MAKES REGULATORY FILING TO ACQUIRE WELLS FARGO’S AUTO FINANCE BUSINESS IN PUERTO RICO.POPULAR INC - NOW ANTICIPATE THAT TRANSACTION RELATED TO WELLS FARGO'S AUTO FINANCE BUSINESS IN PUERTO RICO WILL CLOSE DURING Q3 OF 2018.  Full Article

Wells Fargo Employees Altered Information On Business Customers' Documents- WSJ
Thursday, 17 May 2018 09:33am EDT 

May 17 (Reuters) - :WELLS FARGO EMPLOYEES ALTERED INFORMATION ON BUSINESS CUSTOMERS' DOCUMENTS- WSJ, CITING SOURCES.EMPLOYEES IN WELLS FARGO'S "WHOLESALE UNIT", WHICH IS SEPARATE FROM ITS RETAIL BANK, ADDED OR ALTERED INFORMATION WITHOUT CUSTOMERS' KNOWLEDGE - WSJ.  Full Article

Gibraltar Business Capital Joins Hercules Capital As New Portfolio Company
Monday, 5 Mar 2018 12:17pm EST 

March 5 (Reuters) - Gibraltar Business Capital::GIBRALTAR BUSINESS CAPITAL JOINS HERCULES CAPITAL AS NEW PORTFOLIO COMPANY.SAYS WILL CONTINUE TO OPERATE AS INDEPENDENT SENIOR SECURED ASSET-BASED LENDER & REMAIN AT HEADQUARTERS IN NORTHBROOK.  Full Article

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Wells Fargo profit rises, cost cuts paying off

Wells Fargo & Co posted a 32 percent jump in quarterly profit on Friday, as the bank made headway in its cost-cutting plan and worked to put past misdeeds behind it. | Video