Wells Fargo & Co. - WFC STOCK NEWS

Wells Fargo announced a quarterly dividend of $0.30 per share, payable on March 1, 2023, to stockholders of record on February 3, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders. With approximately $1.9 trillion in assets, Wells Fargo serves a significant portion of U.S. households and small businesses. The company, ranked No. 41 on Fortune’s 2022 list of America’s largest corporations, emphasizes its focus on sustainable practices and social impact, including housing affordability and small business support.

Wells Fargo has made a significant $267 million tax equity investment in Lightsource bp to support two major solar projects in Louisiana and Arkansas. This financing leverages the Production Tax Credit available through the Inflation Reduction Act of 2022. The projects have a combined capacity of 481 megawatts and are expected to reduce greenhouse gas emissions by over 630,000 metric tons annually. The investment is part of Wells Fargo's commitment to deploy $500 billion in sustainable financing by 2030 and will create 600 direct construction jobs.

Wells Fargo & Company (NYSE: WFC) announced its fourth quarter 2022 financial results, showcasing its strong position with approximately $1.9 trillion in assets. The company serves one in three U.S. households and over 10% of small businesses. Wells Fargo operates through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The financial results and further details are available online and through a Form 8-K filed with the SEC on January 13, 2023.

The Savarick Group of Wells Fargo Advisors has intensified its focus on addressing the financial needs of medical professionals. With nearly half of its client base in this sector, the firm emphasizes comprehensive services including investment management, tax planning, and student debt strategies. Managing Director Evan Savarick highlighted the significant gap in financial education for medical professionals and the group's commitment to empowering clients through personalized wealth management. This specialized approach aims to enhance client relationships and expand their client base through referrals.

Wells Fargo has announced a commitment of $20 million to enhance economic opportunities in Native American communities through its Invest Native initiative. This program will focus on housing, small business support, financial health, and sustainability across states including Arizona, Montana, New Mexico, North Dakota, South Dakota, and Wyoming. The initiative aims to create positive outcomes by funding projects for housing construction, improving operational capabilities of Native-led organizations, and supporting asset-building tools. Three organizations will each receive $500,000 grants to kickstart these efforts.

Wells Fargo (NYSE: WFC) announced strategic changes to streamline its Home Lending business, focusing on serving bank customers and minority communities. The bank is exiting the Correspondent business and reducing its Servicing portfolio to lower risks in the mortgage sector. The new direction aims to broaden a $150 million investment in the Special Purpose Credit Program, now including purchase loans, and boost efforts to improve racial equity in homeownership with an additional $100 million investment. These initiatives reflect Wells Fargo's commitment to supporting underserved communities.

The Wells Fargo Foundation is launching a $20 million Housing Affordability Breakthrough Challenge to address housing challenges through innovative solutions. Grants of up to $3 million will be awarded to selected projects focusing on Financing, Construction, and Access. Applications open on Jan. 31, 2023, closing on March 3, 2023. This initiative aims to tackle the critical need for affordable homes, as nearly 7 million homes are required for those with extremely low incomes.

Wells Fargo (NYSE: WFC) will announce its fourth quarter 2022 earnings results on January 13, 2023, at 7:00 a.m. ET. Investors can access the results online at Wells Fargo Investor Relations or via the SEC website. A live conference call is scheduled for the same day at 12:00 p.m. ET, with a replay available until January 27. The company manages assets worth approximately $1.9 trillion and serves a significant portion of U.S. households and small businesses.

Wells Fargo has announced a settlement with the Consumer Financial Protection Bureau (CFPB), resolving multiple long-standing issues related to auto lending, consumer deposit accounts, and mortgage lending. This agreement is a significant step in the company's efforts to improve its practices, with a $1.7 billion civil penalty involved. The CFPB has also terminated a 2016 consent order and outlined the steps for concluding a 2018 order. Wells Fargo expects noninterest expenses of approximately $3.5 billion for the quarter ending December 31, 2022, including costs related to the settlement.