Wells Fargo Co Stock Price, News & Analysis

Wells Fargo Advisors has expanded its New York Madison Avenue branch by welcoming Yakub Mathew as Managing Director – Investments. Mathew brings over 34 years of wealth management expertise and aims to enhance services for Ultra High Net Worth clients, specifically targeting the South-Asian market. Prior to joining Wells Fargo, Mathew held key positions at Citi Private Bank and HSBC. As of March 31, 2022, Wells Fargo Advisors manages $1.88 trillion in client assets, serving a vast clientele across the U.S.

Wells Fargo has appointed Mary Katherine DuBose as the head of its secured lending division, which includes asset-based lending, equipment finance, supply chain finance, and inventory finance. Reporting to Kyle Hranicky, CEO of Wells Fargo Commercial Banking, DuBose brings over 20 years of banking experience to the role. Previously, she served as the chief credit officer and held various leadership positions within the bank. This strategic move aims to enhance the bank's lending capabilities and client services globally.

Wells Fargo (NYSE: WFC) announced its second quarter 2022 financial results, detailed on their investor relations page. The company serves approximately 1 in 3 U.S. households, boasting assets of about $1.9 trillion. A live conference call is scheduled for July 15, 2022, at 10:00 a.m. Eastern, providing insights into the company's performance and outlook. Additional resources, including a replay of the call, will be available online. This reflects Wells Fargo's position as a leading financial services provider in the U.S., committed to supporting economic growth and sustainability.

Wells Fargo has appointed Kleber Santos as CEO of Consumer Lending, effective immediately. Santos, previously head of Diverse Segments, Representation and Inclusion since November 2020, will oversee all Consumer Lending operations, including Home Lending, Auto, and Credit Cards. He succeeds Mike Weinbach, who will depart in mid-September after two years leading the Consumer Lending initiative. Santos, bringing extensive experience from Capital One, aims to drive growth and improve the division's performance.

Wells Fargo (NYSE: WFC) will report its second quarter 2022 earnings results on July 15, 2022, at 7:00 a.m. Eastern time. A live conference call will follow at 10:00 a.m. Eastern time, accessible by phone or online. Results will be available on Wells Fargo's Investor Relations website and the SEC website. The earnings report will provide insights into the company's performance, which manages approximately $1.9 trillion in assets and serves a significant portion of U.S. households and small businesses.

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.