Wells Fargo Co Stock Price, News & Analysis

Wells Fargo (NYSE: WFC) announced the liquidation of Central Fidelity Capital Trust I and Wachovia Capital Trust II on June 21, 2021. The corresponding Capital Securities will be canceled, and holders will receive Floating Rate Junior Subordinated Debt Securities in exchange. Each $1,000 in Capital Securities will be swapped for an equivalent amount of Debentures. No action is required from Capital Securities holders, and the exchange will be managed by The Bank of New York Mellon. The next interest payment on the Debentures will include unpaid distributions from the Capital Securities.

Wells Fargo has launched its inaugural Inclusive Communities and Climate Bond, marking its first Sustainability Bond. This bond will finance initiatives focused on housing affordability, socioeconomic opportunity, and renewable energy. Led by Wells Fargo Securities, this transaction emphasizes investments in low-to-moderate income areas and diverse broker dealers. The bond, priced on May 12, 2021, offers a fixed interest rate of 0.805% until May 19, 2024, after which it transitions to a variable rate until maturity in 2025. Wells Fargo's commitment to sustainable finance aims to foster an inclusive economic recovery.

Wells Fargo launched the Banking Inclusion Initiative, a 10-year commitment to assist unbanked individuals in accessing affordable banking. The initiative targets underserved communities, particularly Black, Hispanic, and Native American households, which comprise over half of the 7 million unbanked households in the U.S. The program aims to provide affordable products, enhance financial education, and form a National Unbanked Advisory Task Force to foster engagement and solutions to banking access challenges.

Carver Federal Savings Bank has partnered with Wells Fargo, allowing its customers to make surcharge-free withdrawals at Wells Fargo's nationwide ATM network, effective immediately. This initiative enhances customer access to their funds nationwide, coinciding with economic recovery efforts. With this partnership, along with access to the Allpoint ATM network, Carver customers can utilize over 80,000 ATMs globally without fees. Wells Fargo's support includes an equity capital investment aimed at fostering economic growth in African-American communities.

Wells Fargo (NYSE: WFC) has declared dividends on 10 series of preferred stock, payable on June 15, 2021. Significant dividends include:

• Series L: $18.75/share
• Series N: $325/share
• Series O: $320.31/share
• Series Q: $365.63/share
• Series R: $414.06/share

Each dividend will be paid to holders of record by May 28, 2021. This demonstrates the company’s commitment to returning value to shareholders amidst its diverse financial services portfolio.

Wells Fargo (NYSE: WFC) CEO of Consumer & Small Business Banking, Mary Mack, unveiled a new organizational structure aimed at enhancing customer experience and efficiency. Key appointments include Kathy Barney for Branch Banking Operations and Ed Kadletz for Deposit Products. The firm aims to focus on affluent, small business, and diverse customer segments while improving employee effectiveness and innovating digital capabilities. The company, with around $1.9 trillion in assets, serves a significant portion of U.S. households and stands firm in its commitment to driving customer value.

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.