Wells Fargo & Co. - WFC STOCK NEWS

Wells Fargo has appointed Sol Gindi as the new head of Wells Fargo Advisors and the Wealth & Investment Management Client Relationship Group. Gindi, who previously served as CFO for Wealth & Investment Management, will oversee the brokerage and wealth management channels. He takes over from Jim Hays, who is retiring after 35 years in the financial services industry. Gindi has extensive experience from his time at JP Morgan, where he held senior leadership roles.

Wells Fargo (NYSE: WFC) announced quarterly cash dividends on eight series of preferred stock. Highlights include a dividend of $18.75 per share on Series L, $365.63 on Series Q, and $414.06 on Series R, all payable on June 15, 2022, to holders of record as of May 31, 2022. The declared dividends reflect Wells Fargo's commitment to returning value to shareholders, enhancing the appeal of its preferred stock offerings.

Wells Fargo (NYSE: WFC) has launched the Military Spouse Homefront Heroes Hiring Program, aiming to provide portable career opportunities for spouses of active military personnel. The initiative plans to hire 100 new employees annually over the next five years, offering remote, hybrid, and in-office roles. The program is designed to combat the 24% unemployment rate faced by military spouses, facilitating a virtual hiring event in August 2022 and starting employment on September 12, 2022.

Wells Fargo (NYSE: WFC) has restructured its Corporate & Investment Bank's Markets group into six specialized business lines: Credit Sales & Trading, Equities, Foreign Exchange, Municipal Products Group, Rates, Commodities, & Credit Valuation Adjustment, and Structured Products Group. The realignment aims to bolster strategic goals and enhance market share through a diversified product offering. Co-heads Mike Riley and Dan Thomas emphasize leveraging competitive strengths to improve client relevance.

Wells Fargo has set interim targets to reduce greenhouse gas emissions from its financing activities in the Oil & Gas and Power sectors. By 2030, the company aims for a 26% reduction in absolute emissions for Oil & Gas and a 60% reduction in emissions intensity for the Power sector, using 2019 as the baseline. This initiative is part of Wells Fargo’s broader goal of achieving net-zero greenhouse gas emissions by 2050. The company will also report on progress towards these targets and plans to establish additional targets for other high-emission sectors.

Gen Z and Millennials value wealth conversations with family and advisors, according to a Wells Fargo survey.

81% of respondents aged 20-39 believe family meetings about money would be beneficial. While 90% find advisors insightful, only 33% currently work with one. Economic and healthcare costs are major concerns, with 41% citing economic downturns as threats to their inheritance.

Only 30% have written financial goals, and 28% possess a will or estate plan. The survey indicates the need for more dialogue about financial matters within families.

Wells Fargo shareholders elected 14 directors, including three new independent members: Richard K. Davis, CeCelia G. Morken, and Felicia F. Norwood. CEO Charlie Scharf expressed satisfaction with the new board members, highlighting their extensive experience. Shareholders also approved executive compensation and the 2022 long-term incentive plan while ratifying KPMG LLP as the independent public accounting firm for 2022. However, seven shareholder proposals were not approved. The final voting results will be detailed in a Form 8-K filed with the SEC.

Wells Fargo (NYSE: WFC) has declared a quarterly common stock dividend of $0.25 per share, set to be paid on June 1, 2022, to stockholders of record on May 6, 2022. This decision was approved by the company's board of directors. Wells Fargo is a major financial services provider in the U.S., with approximately $1.9 trillion in assets, serving one in three U.S. households and over 10% of small businesses.