Welcome to our dedicated page for Wells Fargo & Co. news (Ticker: WFC), a resource for investors and traders seeking the latest updates and insights on Wells Fargo & Co. stock.
Wells Fargo & Co. (NYSE: WFC) is a leading American multinational financial services company with an extensive global presence, operating in 35 countries and serving over 70 million customers worldwide. With approximately $1.9 trillion in assets, it stands as one of the largest banks in the United States.
The company’s operations are divided into four primary segments:
- Consumer Banking: Offering a wide range of financial products and services including checking and savings accounts, mortgages, credit cards, and personal loans.
- Commercial Banking: Providing financial solutions for businesses, including loans, credit, treasury management, and merchant services.
- Corporate and Investment Banking: Delivering investment banking services, capital markets, and advisory services to corporate clients.
- Wealth and Investment Management: Offering investment products, retirement solutions, and wealth management services.
Wells Fargo focuses almost entirely on the U.S. market and has a significant impact on both the national and global financial landscape. The company is involved in numerous initiatives and partnerships that emphasize sustainability and community development. For example, it has recently supported new research at the intersection of housing and climate policy, recognizing the critical need for sustainable and affordable housing solutions as climate change intensifies.
In 2024, Wells Fargo’s philanthropic efforts included a $500,000 commitment to support the construction of 3D-printed homes in underserved communities through a partnership with ICON and Mobile Loaves & Fishes. This initiative, part of the Initiative 99 competition, aims to make affordable housing more accessible and innovative.
Additionally, Wells Fargo has been instrumental in empowering women entrepreneurs through the establishment of a Women's Business Center in South Los Angeles, in collaboration with the Vermont Slauson Economic Development Corporation (VSEDC) and the Small Business Administration (SBA). This center provides essential resources such as coaching, mentorship, and access to capital, focusing on the unique challenges faced by women-owned businesses, particularly those owned by women of color.
Wells Fargo & Company (NYSE: WFC) has appointed Ed Olebe as the new head of Cards and Merchant Services, effective immediately. Olebe joins from JPMorgan Chase, where he served as president of Branded Cards. He brings over 25 years of financial services and credit card experience, having previously held leadership positions at Chase, Mastercard, and American Express. He was also co-founder and CEO of Grasp Mobile Commerce.
Olebe succeeds Ray Fischer, who announced his retirement after joining Wells Fargo in 2019. Under Fischer's leadership, the company launched a new suite of credit card products and enhanced its Merchant Services business. According to Kleber Santos, CEO of Consumer Lending, Olebe's expertise will be important for Wells Fargo's continued growth in credit card business and payment capabilities expansion.
Wells Fargo (NYSE: WFC) has announced the release of its fourth quarter 2024 financial results. The company has made the results available through multiple channels, including their investor relations website and an SEC Form 8-K filing dated January 15, 2025.
The company has scheduled a live conference call on Wednesday, January 15, at 10:00 a.m. Eastern time to discuss the results. Investors and interested parties can access the call through both domestic and international dial-in numbers. A replay of the conference call will be available until January 29, accessible via phone and webcast.
Wells Fargo (NYSE: WFC) has scheduled its fourth quarter 2024 earnings announcement for Wednesday, January 15, 2025, at approximately 7:00 a.m. Eastern time. The earnings results will be accessible through the company's Investor Relations website and the SEC website.
The company will host a live conference call at 10:00 a.m. Eastern time on the same day, which investors can join by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International) using passcode: 1612595#. A replay of the conference call will be available from 1:00 p.m. Eastern time until January 29, accessible via phone and webcast.
Wells Fargo Bank has announced a decrease in its prime rate from 7.75% to 7.50%, representing a 25 basis points reduction. The new rate will take effect on December 19, 2024. This adjustment in the prime rate, which serves as a benchmark for various consumer and commercial lending products, reflects changes in the broader interest rate environment.
Wells Fargo Investment Institute (WFII) has released its '2025 Outlook' report, projecting the U.S. economy will lead global economic expansion. The report forecasts the S&P 500 Index to reach 6,500-6,700 by year-end 2025, with broader market participation expected across sectors including small-cap equities, Financials, Communication Services, Industrials, and Energy.
Key projections include U.S. GDP growth of 2.5%, consumer price inflation at 3.3%, and Federal funds rate at 4.00%-4.25%. WFII anticipates U.S. Treasury yields of 4.50%-5.00% (10-year) and 4.75%-5.25% (30-year). The outlook suggests stock returns will be primarily driven by earnings growth, while commodities are expected to benefit from slow supply growth and global demand rebound.
Wells Fargo and Miami-Dade County have launched the Strive305 HUB, a comprehensive resource platform for small businesses. The initiative, funded and sponsored by Wells Fargo, provides tools including resource mapping, training modules, event promotion, and community engagement features.
The program builds on Wells Fargo's previous $20 million Miami Open for Business grant and aims to support entrepreneurs through various stages of business development. The platform offers resources for business registration, emergency preparedness, planning, networking, mentoring, and legal services. The hub is supported by partners including the Small Business Administration, Florida International University's SBDC, and the Department of Commerce MBDA.
TBL Fund has received a $100,000 grant from the Wells Fargo Foundation to enhance decarbonization and energy efficiency initiatives in Tribal Communities. The funding will support collaboration with the New Mexico Department of Indian Affairs to develop a sustainable energy program, providing clean energy access, energy efficiency, and resiliency technologies to Tribal Nations in New Mexico.
The program aims to reduce carbon footprints and promote energy sovereignty in Tribal communities, with plans to expand to surrounding states. TBL Fund's goals include expanding services to all U.S. states and territories, targeting to serve over 100,000 low-income households annually.
Wells Fargo (NYSE: WFC) has announced that CEO Charlie Scharf will deliver a presentation at the Goldman Sachs Financial Services Conference on Wednesday, December 11, 2024, at 8:40 a.m. ET.
The presentation will be accessible through a live webcast on Wells Fargo's investor relations website. Interested parties can access the webcast recording for up to three months after the presentation date.
Paul Quinn College has received a $1.5 million grant from T.D. Jakes Foundation and Wells Fargo (NYSE:WFC) to support an innovative campus housing initiative. The project will expand student housing capacity by 300% and include a mixed-use development featuring student and family housing, retail spaces, parks, and classroom facilities. The development will serve Paul Quinn College community, KIPP Oak Cliff Academy, and Dallas Independent School District's Dr. Frederick D. Haynes III Global Preparatory Academy students. Wells Fargo has previously supported Paul Quinn with additional funding, including $100,000 for Corporate Work Program scholarships and $236,000 in 2024 for housing security funds.
Wells Fargo Innovation Incubator (IN²) has selected three startups for its 14th cohort, focusing on decarbonization solutions for buildings. Blip Energy, Evercloak, and Transaera will each receive $250,000 in non-dilutive funding to develop energy-efficient building technologies. The companies will collaborate with NREL scientists to validate their solutions, which include smart battery platforms, refrigerant-free dehumidification systems, and advanced air conditioning technology. These innovations aim to reduce energy consumption and emissions in commercial and residential buildings. The IN² portfolio now includes 75 companies that have secured over $2.6 billion in follow-on funding.
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