Wells Fargo Co - WFC STOCK NEWS

Wells Fargo (NYSE: WFC) announced the appointment of Otis Rolley as head of Social Impact, effective August 1. Previously at The Rockefeller Foundation, Rolley led initiatives focusing on economic stability and racial equity. He will oversee community engagement and enterprise philanthropy, including the Wells Fargo Foundation, and report to Bill Daley. Rolley brings extensive experience in economic development, having held significant roles in various sectors, including serving as the president and CEO of Newark Community Economic Development Corporation.

The Wells Fargo Foundation has launched the Growing Diverse Housing Developers initiative, committing $40 million to boost racial equity in the U.S. housing market. With less than 5% of developers being people of color, the program will provide support to Black- and Latino-owned firms over four years, including lower-cost capital, training, and mentorship. A total of 39 developers will participate, with aims to increase affordable housing supply and create a more inclusive housing ecosystem across the country.

Wells Fargo (NYSE: WFC) has completed the 2022 Comprehensive Capital Analysis and Review (CCAR) stress test, estimating its stress capital buffer (SCB) at 3.2%. The Federal Reserve Board will publish the final SCB by August 31, 2022. The company plans to increase its common stock dividend from $0.25 to $0.30 per share, subject to Board approval. Additionally, there is significant capacity for common stock repurchases from Q3 2022 through Q2 2023, contingent on market conditions and risk factors. CEO Charlie Scharf confirmed the company's strong capital position.

Wells Fargo (NYSE: WFC) has launched the Autograph Card, the latest addition to its consumer credit card portfolio. This no-annual fee card offers 3X points in key spending areas like dining, travel, and streaming services. Cardholders can earn 30,000 bonus points after spending $1,500 in the first three months. With an introductory 0% APR for the first year, it aims to provide simple rewards without complicated categories. The Autograph Card is part of Wells Fargo's strategy to enhance customer value and will be available nationwide by mid-July.

Wells Fargo Investment Institute (WFII) released its 2022 Midyear Outlook titled Faster, Further, and Fragile, forecasting a mild recession in the U.S. economy by the end of 2022 into early 2023. The report identifies key investment strategies amid market fragility, emphasizing diversifying portfolios and being defensive with equity exposure. WFII predicts modest equity gains in 2022, with potential for recovery in 2024 if inflation eases. Preferred assets include U.S. mid-cap equities, short-term investment-grade bonds, and alternative investments for downside risk mitigation.

Wells Fargo is significantly enhancing its support for women-owned businesses, pledging to double the resources allocated through its Connect to More program. Following last year's success with 500 mentorship opportunities, the company plans to offer over 1,000 mentorship sessions and 13,000 hours of technical assistance. The initiative includes expanding partnerships with the Nasdaq Entrepreneurial Center and hosting a quarterly speaker series aimed at empowering women entrepreneurs. This commitment aligns with Wells Fargo's long-standing support for diverse small businesses.

Wells Fargo's Innovation Incubator (IN²) has selected five startups for its 11th cohort focused on sustainable agriculture. Each startup will receive up to $250,000 in non-dilutive funding to develop technologies aimed at enhancing global food system resilience. Companies include Cytophage, Edison Agrosciences, Peptyde Bio, Robigo, and Synthetic Vector Design, all collaborating with the Donald Danforth Plant Science Center in St. Louis. This initiative has seen portfolio companies raise over $1.28 billion in follow-on funding since inception.

Wells Fargo (NYSE: WFC) issued a statement addressing a New York Times article regarding its diverse slate guidelines. The company acknowledges that these guidelines aim to enhance diversity in hiring and reports significant progress since 2020. However, it has temporarily paused their implementation for review to ensure consistent application among hiring leaders and recruiters. As of December 2021, 45% of U.S. employees were non-white, with 13% being Black/African American. The company also highlighted improvements in diverse executive hiring, with 38% of external hires being racially/ethnically diverse in 2021.