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 & Company (NYSE: WFC) is a financial services company that reports having approximately $2.1 trillion in assets and operating through four reportable segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The Wells Fargo news flow reflects these diverse activities, ranging from quarterly earnings announcements to capital markets transactions and research publications.
Investors following WFC news will see quarterly financial results released via Business Wire and detailed in Form 8-K filings. These updates typically include a news release on results of operations and financial condition, a quarterly supplement with additional data, and information about conference calls and webcasts where management discusses performance and other matters relating to the company.
Wells Fargo news also covers capital and funding actions, such as the redemption of floating rate junior subordinated debentures and the establishment or issuance of medium-term notes under Series W and Series Y programs. Press releases and corresponding SEC filings describe the terms of these instruments, redemption dates, and related covenants.
Beyond earnings and funding, Wells Fargo regularly issues research and survey-based releases. Examples include surveys on financial goal setting and holiday gifting behaviors, as well as investment outlooks from Wells Fargo Investment Institute that discuss economic forecasts, favored sectors, and portfolio ideas, accompanied by extensive risk disclosures. Corporate governance and leadership developments, such as executive appointments and changes in responsibilities, also appear in the company’s news.
This WFC news page aggregates these types of announcements so readers can review earnings releases, capital markets updates, survey findings, and strategic communications in one place.
Wells Fargo & Company (NYSE: WFC) has appointed Ulrike Guigui as the new head of Payments Strategy, effective June 1. Guigui, with over 20 years of experience in the payment and consumer finance industry, will report to Ather Williams III, focusing on aligning the bank's enterprise payments strategy for future growth. Previously at Deloitte, she has held key positions at companies such as Mastercard and Citigroup. Her expertise is expected to bolster Wells Fargo's capabilities in providing secure and seamless financial transactions.
Wells Fargo announced new investment advisory agreements for its closed-end funds, including the Wells Fargo Income Opportunities Fund (EAD) and Wells Fargo Multi-Sector Income Fund (ERC). These changes come in light of the pending sale of Wells Fargo Asset Management to GTCR LLC and Reverence Capital Partners, expected to finalize the termination of existing agreements. Special shareholder meetings to approve the new agreements are set for July 15, 2021. These funds primarily aim for high current income, while mitigating risks associated with interest rates and market volatility.
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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.
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