Wells Fargo Co Stock Price, News & Analysis

Wells Fargo announced the redemption of 26,000 Series O Preferred Shares and 46,000 Series X Preferred Shares on Sept. 15, 2021. The redemption price will be $25,000 per Series O share and $25 per Series O Depositary Share, with similar values for Series X. Post-redemption, no shares of the Series O or X will remain outstanding. The redemption coincides with a dividend payment date; however, the stated prices exclude declared and unpaid dividends. All regulatory requirements for this redemption have been satisfied.

The Wells Fargo Utilities and High Income Fund (ERH) announced distribution details in a shareholder notice. It is estimated that the Fund has distributed more than its net income and realized capital gains, leading to a potential return of capital in distributions. This notice also clarified that distribution figures are estimates and not for tax reporting. The Fund’s managed distribution plan aims for a minimum fixed annual rate of 7.0%, but distributions may not reflect investment performance. Shareholders will receive a Form 1099-DIV for tax reporting at year-end.

Wells Fargo, in partnership with ideas42, has launched the Shared Prosperity Catalyst, a $15 million initiative aimed at enhancing economic pathways for low- and moderate-income communities, particularly communities of color. This multiyear project will address both financial and nonfinancial burdens that these communities face. The initiative will support four entrepreneurs for 18 months to develop technologies that alleviate hidden costs of living in poverty. Wells Fargo emphasizes the urgent need for systemic changes to enable greater economic inclusion.

Wells Fargo (NYSE: WFC) appointed John Tyers as head of the Independent Advisor group at Wells Fargo Advisors, effective July 30. Tyers will oversee the firm's Financial Network and Registered Investment Advisor custody business. Bringing a wealth of experience from AdvisorEngine and Citizens Financial Group, he has held various leadership roles, including with Merrill Lynch. His educational credentials include degrees from the University of Georgia and programs at Oxford and MIT. The firm, with assets of approximately $1.9 trillion, serves significant segments in U.S. banking and investment.

Wells Fargo (NYSE: WFC) declared a quarterly dividend of $0.20 per share, payable on September 1, 2021, to stockholders of record on August 6, 2021. This marks a 10 cent increase from the previous quarter. The company boasts approximately $1.9 trillion in assets and serves one in three U.S. households, making it a key player in financial services. Wells Fargo aims to support sustainable and inclusive growth through various initiatives.

Wells Fargo & Company (NYSE: WFC) has appointed Cesar Gonzalez as the new head of operations for Commercial Banking, effective August 30, 2021. Reporting to Perry Pelos and Lester Owens, Gonzalez will enhance operational processes and align platforms for improved client experiences. With over 25 years of experience, he previously led successful transformations at Bank of America, achieving over 25% business growth and receiving JD Power certification for client satisfaction. The company continues to focus on delivering integrated banking solutions globally.

GTCR LLC and Reverence Capital Partners announced the acquisition of Wells Fargo Asset Management (WFAM), which will be rebranded as Allspring Global Investments. The change reflects a commitment to renewal and growth. Joseph A. Sullivan will lead the new company as CEO, succeeding Nico Marais, who will retire and serve as a senior advisor. Allspring will operate independently, focusing on serving private wealth and institutional clients globally. The transition is expected to finalize in 2021, pending customary closing conditions, with $604 billion in assets under management.

Wells Fargo (NYSE: WFC) has appointed Derek Ellington as the head of Small Business Banking, effective October 18. Ellington, who has a 24-year tenure at Bank of America, will report to CEO of Consumer & Small Business Banking, Mary Mack. His role focuses on driving growth and aiding small businesses in recovering from the pandemic. The Small Business Banking team, consisting of nearly 2,000 professionals, aims to support these clients financially. This leadership change reaffirms Wells Fargo's commitment to strengthening services for small business clients.