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 (NYSE: WFC) announced the redemption of 14,000 shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series N, effective June 15, 2021. The redemption price is set at $25,000 per Redeemed Preferred Share and $25 per Redeemed Depositary Share. Following the redemption, no Series N Preferred Stock or Depositary Shares will remain outstanding. This date coincides with a scheduled dividend payment for these shares. All regulatory requirements have been met, and the redemption agent is Equiniti Trust Company.
Wells Fargo (NYSE: WFC) has joined the OneTen coalition, aiming to improve hiring and advancement for Black and African American talent. This initiative seeks to create one million family-sustaining careers over the next decade. The coalition focuses on skills-based hiring and upskilling, matching companies with talent developers. Wells Fargo's actions include increased outreach to diverse communities and integrating diversity metrics into leadership compensation. This partnership represents a commitment to foster a more inclusive corporate culture and community engagement.
Wells Fargo (NYSE: WFC) has appointed Evelyn Varner as head of Advice Enablement for Wealth & Investment Management (WIM). This role aims to enhance collaboration between advisors and clients, focusing on comprehensive, digitally-enabled advice. Varner brings over 16 years of experience from Bank of America/Merrill, where she developed digital planning platforms. She will oversee advisory operations across WIM, including Wells Fargo Advisors and Wells Fargo Private Bank, with a goal to innovate advice experiences and improve service delivery.
Wells Fargo (NYSE: WFC) has committed over $3 million to support COVID-19 relief efforts in India, focusing on enhancing hospital capacity, providing medical equipment, and supporting healthcare workers. The funding will assist various NGOs in cities like Bengaluru, Hyderabad, and Chennai, aiming for impactful deliveries such as portable hospital units and oxygen concentrators. This initiative adds to the company's global COVID-19 philanthropic contributions totaling $225 million since 2020, emphasizing employee support through enhanced benefits during this crisis.
The Wells Fargo Utilities and High Income Fund (ERH) released a shareholder notice detailing its distribution sources, emphasizing that a portion may be a return of capital. This means some money invested could be returned to shareholders, which doesn't necessarily indicate investment performance. The notice includes estimates of net investment income, capital gains, and paid-in capital for the current month and fiscal year-to-date. The fund's managed distribution plan aims for a minimum annual rate of 7.0% based on average net asset value over the past 12 months.
Wells Fargo Asset Management has appointed Harindra de Silva and Dennis Bein as portfolio managers for the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD), joining current manager Megan Miller. The fund maintains its investment strategy, emphasizing a high level of current income and long-term capital growth. With extensive backgrounds in investment management, de Silva and Bein bring significant expertise to the fund's strategy. This change aims to enhance portfolio management but does not indicate any change in the fund's philosophy.
Wells Fargo (NYSE: WFC) declared a quarterly dividend of $0.10 per share, payable on June 1, 2021 to stockholders of record by May 7, 2021. The decision was approved by the board of directors. The company has approximately 4.1 billion shares outstanding. With assets around $1.9 trillion, Wells Fargo serves a significant portion of U.S. households and businesses, providing a range of financial services across various segments.
Wells Fargo (NYSE: WFC) shareholders have elected 12 nominees as directors, approved an advisory proposal on 2020 executive compensation, and ratified KPMG LLP as the independent public accounting firm for 2021. However, four shareholder proposals were not approved at the meeting. The results of the voting will be reported in a Form 8-K filed with the SEC.
Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, serving one in three U.S. households.
Wells Fargo (NYSE: WFC) announced that David Galloreese, head of Human Resources, will depart the company on April 23, 2021, for another opportunity. Kleber Santos, currently leading Diverse Segments, Representation and Inclusion, will serve as interim HR head during the search for a successor. CEO Charlie Scharf commended Galloreese for his significant contributions since 2018, especially during recent organizational changes. Santos' leadership is expected to ensure continuity during this transition.
Wells Fargo (NYSE: WFC) has announced its financial results for Q1 2021. The company reported approximately $1.9 trillion in assets and serves over 10% of middle market companies in the U.S. During the earnings call, insights on growth strategies and future expectations will be discussed. For more information on the results, visit Wells Fargo Investor Relations.
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