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 & Company (NYSE: WFC) announced that CFO Mike Santomassimo will present at the Morgan Stanley US Financials, Payments & CRE Conference on June 11, 2024, at 8:00 a.m. ET.
The presentation will be accessible via a live webcast on Wells Fargo's Investor Relations website, and a replay will be available for three months after the event.
Wells Fargo has donated $250,000 to assist with storm relief efforts in Houston. The donation supports the Severe Weather and Derecho Recovery Fund, which aids individuals and families affected by recent severe weather events. The fund will prioritize low-to-moderate-income families in Harris, Montgomery, and Waller counties, focusing on home repair and emergency financial assistance. Wells Fargo is collaborating with the Greater Houston Community Foundation and United Way of Greater Houston. In addition, customer accommodations and employee support measures have been introduced, including fee-free ATM donations to the American Red Cross.
Rebuilding Together has launched the Heirs' Property pilot initiative to tackle the issue of tangled titles, which occurs when homes are passed without a will, resulting in unclear ownership. The initiative, supported by Wells Fargo, aims to provide educational outreach, legal assistance, and estate planning services to families in Philadelphia, Baton Rouge, and Kent County, Md. The program's success could lead to wider implementation. In Philadelphia alone, over 10,400 homes have unclear ownership, valued at over $1.1 billion. Since 2010, Wells Fargo has donated over $19 million to support Rebuilding Together's efforts.
Grameen America, a leading nonprofit microfinance organization, has opened a new branch in Phoenix, Arizona, with significant support from the Wells Fargo Foundation. Wells Fargo has granted $3.25 million over three years to assist in expanding Grameen America's services to Phoenix and enhancing its technology platforms.
Grameen America aims to provide affordable loan capital, financial education, and peer support to low-income women entrepreneurs. The Phoenix branch has already disbursed over $327,000 in microloans to more than 130 women, with a target of distributing nearly $14 million by 2026. The region exhibits a strong entrepreneurial culture, evidenced by a 13.7% growth rate in women-owned businesses.
The grant also supports the rollout of a member mobile app to streamline operations and improve member experience. Wells Fargo's contribution is part of a broader initiative to support small business growth and economic development.
Wells Fargo announced that CEO Charlie Scharf will present at the 40th Annual Bernstein Strategic Decisions Conference on May 29, 2024, at 8:00 a.m. ET. This event will be available for live streaming and replay on the company's investor relations website.
The Vermont Slauson Economic Development (VSEDC) has been designated as one of 17 new Small Business Administration (SBA) Women's Business Centers. This new center, powered by Wells Fargo, will launch on May 22, 2024, featuring remarks by Los Angeles Mayor Karen Bass.
The center aims to provide coaching, mentorship, access to capital, and business education to women entrepreneurs. It is the first SBA Women's Business Center in South Los Angeles and one of 20 in California, focusing on helping women scale their enterprises through strategic planning, financial management, and more.
Black women, the fastest-growing group of entrepreneurs, will significantly benefit from this initiative. The VSEDC WBC will offer resources to help women overcome historic challenges in entrepreneurship, particularly those related to access to capital and comprehensive business support.
Wells Fargo & Company (NYSE: WFC) announced quarterly cash dividends on six series of preferred stock.
The dividends include $18.75 per share for the 7.50% noncumulative perpetual convertible class A preferred stock, Series L; $351.56 per share for the 5.625% noncumulative perpetual class A preferred stock, Series Y; $296.88 per share for the 4.75% noncumulative perpetual class A preferred stock, Series Z; $293.75 per share for the 4.70% noncumulative perpetual class A preferred stock, Series AA; $273.44 per share for the 4.375% noncumulative perpetual class A preferred stock, Series CC; and $265.63 per share for the 4.25% noncumulative perpetual class A preferred stock, Series DD.
These dividends are all payable on June 17, 2024, to holders of record as of May 31, 2024.
Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, ranked No. 47 on Fortune's 2023 rankings of America's largest corporations.
Wells Fargo & Company (NYSE: WFC) announced the full redemption of its Series S Preferred Stock and related depositary shares. On June 15, 2024, all outstanding shares of the Series S Preferred Stock and related depositary shares will be redeemed. The redemption price is set at $25,000.00 per Redeemed Series S Preferred Share and $1,000.00 per Redeemed Series S Depositary Share. After the redemption, no shares of either will remain outstanding.
Wells Fargo & Company announced that Fernando Rivas will join as Co-CEO of Corporate & Investment Banking, bringing decades of experience from JP Morgan Chase. This move aims to enhance the bank's capabilities, deepen relationships, and drive revenue growth. Rivas' strategic expertise and industry knowledge are expected to contribute to Wells Fargo's continued success in the financial services sector.
Wells Fargo's Growing Diverse Housing Developers program aims to increase equity by providing diverse real estate developers with training, networks, grant capital, and resources to expand affordable housing production. This initiative supports developers of color, both nonprofit and for-profit, in creating greater access to affordable housing nationwide. The program is funded by the Wells Fargo Foundation and implemented through a $30 million grant.
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