Wells Fargo & Company reports developments across a diversified financial services business that provides banking, investment and mortgage products and services, plus consumer and commercial finance. Company updates commonly reference its four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
Recurring news includes quarterly earnings releases, common stock dividends, credit card rewards and travel-transfer partnerships, digital banking features such as the Wells Fargo Mobile app and Fargo virtual assistant, and community investments tied to housing, workforce training and small business growth. Wells Fargo also publishes consumer finance research through its Money Study.
Wells Fargo (NYSE: WFC) announced that CFO Mike Santomassimo will present at the Barclays Global Financial Services Conference on September 14, 2021, at 8:15 a.m. ET. A live webcast of the presentation will be available online, and a replay will be accessible for three months post-event. Wells Fargo is a prominent financial services company with approximately $1.9 trillion in assets, serving one in three U.S. households and over 10% of small businesses. The firm focuses on key areas like housing affordability and small business growth.
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Wells Fargo is providing nearly $11 million in grant funding to support housing and legal assistance services for over 250,000 individuals affected by the COVID-19 pandemic. This funding will be distributed to seven legal-assistance organizations and 12 housing counseling agencies to help prevent evictions and promote housing stability. Since March 2020, Wells Fargo has committed more than $25 million to similar initiatives. The grants will focus on assisting vulnerable populations, especially among communities disproportionately impacted by the pandemic.
Wells Fargo & Company (NYSE: WFC) declared dividends on 10 series of preferred stock, each with varying amounts and preferences. Key dividends include $18.75 for Series L, $320.31 for Series O, and $365.63 for Series Q, all payable on Sept. 15, 2021, to holders of record by Aug. 31, 2021. The company continues to demonstrate commitment to its shareholders, providing substantial returns through these preferred stock dividends.
The Wells Fargo Global Dividend Opportunity Fund (EOD) has announced changes to its managed distribution plan, set to take effect with the August 2021 distribution. The fund will now offer a minimum annual fixed rate distribution of 9% based on the fund’s average monthly net asset value over the past year. Distributions may come from investment income, paid-in capital, or capital gains. Shareholders can reinvest distributions under the existing plan. The Board of Trustees retains the right to modify or terminate the distribution plan, which could impact the fund's share price.
Wells Fargo has launched initiatives to support entrepreneurs, particularly focusing on mentoring 500 women-owned businesses through the Connect to More program. This initiative includes partnerships with the Nasdaq Entrepreneurial Center, providing access to mentorship and resources. Additionally, the company will distribute over $55 million to 93 nonprofits through the Open for Business Fund, aimed at offering coaching and guidance to small business owners impacted by the pandemic. These efforts focus on driving growth and improving outcomes for small businesses.
GTCR LLC and Reverence Capital Partners announced the appointment of Kate Sandman McKinley as Chief Legal Officer of Allspring Global Investments, set to become independent following the acquisition of Wells Fargo Asset Management (WFAM). McKinley, previously with State Street Global Advisors, is recognized for her extensive legal expertise in asset management. The acquisition is expected to close in the second half of 2021, with a name change to Allspring Global Investments upon completion.
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Wells Fargo has appointed Paul Camp as the new head of Global Treasury Management, effective November. Previously CEO of Treasury Services at BNY Mellon, Camp brings over 21 years of experience in treasury management and payment solutions. This strategic move combines Treasury Management and Global Payment Solutions into one division, enhancing service capabilities for clients. Danny Peltz, the current head, is set to retire in December. Wells Fargo continues to focus on growth and innovation to support various business sizes.
Wells Fargo (NYSE: WFC) announces the retirement of Charles H. Noski as chairman and director, effective September 30, 2021. Noski led the board during a pivotal time and was instrumental in governance improvements. Steven D. Black has been elected as the new chairman, bringing over 45 years of financial services experience. Additionally, Wayne M. Hewett has been appointed to the Governance and Nominating Committee. CEO Charlie Scharf expressed gratitude for Noski's leadership during challenging times and optimism for the future under Black's leadership.