Articles from Wells Fargo & Company

Wells Fargo & Company (NYSEWFC) announced today that Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB), has informed the company of his intention to retire. Weiss, who has been with Wells Fargo for nearly 20 years, will step down as Co-CEO effective immediately and will formally retire on June 1, 2025. Fernando Rivas, who joined Wells Fargo in May 2024 as Co-CEO of CIB, will become CIB’s sole CEO.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.40 per share, payable March 1, 2025, to stockholders of record on Feb. 7, 2025.

Wells Fargo & Company (NYSEWFC) today announced that its 2022 consent order with the Consumer Financial Protection Bureau related to automobile lending, consumer deposit accounts, and mortgage lending has terminated. This is the seventh consent order closed by Wells Fargo’s regulators since 2019.

Wells Fargo & Company (NYSEWFC) announced today that Ed Olebe has been named the company’s new head of Cards and Merchant Services, effective immediately. Olebe joins Wells Fargo from JPMorgan Chase, where he served as president of Branded Cards.

Wells Fargo & Company (NYSEWFC) has released its fourth quarter 2024 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on Jan. 15, 2025, and available on the SEC’s website at www.sec.gov.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its fourth quarter 2024 earnings results on Wednesday, Jan. 15, 2025, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

Wells Fargo Bank, N.A., said today it is decreasing its prime rate to 7.50 percent from 7.75 percent, effective tomorrow, Dec. 19, 2024.

Wells Fargo Investment Institute (WFII) today released its “2025 Outlook: Charting the Economy’s Next Chapter.” WFII’s global economic outlook is that the U.S. economy’s continued expansion will lead the world economy. As well, the U.S. stock market rally will broaden, with earnings being the primary driver of prices across equity asset classes.

Wells Fargo & Company (NYSEWFC) said today that Chief Executive Officer Charlie Scharf will present at the Goldman Sachs Financial Services Conference on Wednesday, Dec. 11, 2024 at 8:40 a.m. ET.

The Wells Fargo Foundation is donating $2 million to Team Rubicon over the next two years to support lasting disaster relief, including most recently in the hard-hit Southeastern United States. This funding will enable thousands of volunteers, including military veterans, first responders and civilians to deploy quickly and for extended periods of time, providing critical support to communities as they rebuild.

Wells Fargo & Company (NYSEWFC) today announced dividends on six series of preferred stock.

While generosity is a core value for three-quarters of Americans, economic concerns have caused some to tighten their purse strings. Three in ten (29%) Americans report that they have given less to charity this year compared to the year before and a full half (51%) feel they don’t have enough money to give to charity at all.

Wells Fargo Bank, N.A., said today it is decreasing its prime rate to 7.75 percent from 8.00 percent, effective tomorrow, Nov. 8, 2024.

Wells Fargo & Company (NYSEWFC) said today that Chief Financial Officer Mike Santomassimo will present at the BancAnalysts Association of Boston Conference on Thursday, Nov. 7, 2024 at 8:10 a.m. ET.

Wells Fargo (NYSEWFC) today announced that it now offers PazeSM,1 a new online checkout solution to all customers with eligible credit and debit cards.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.40 per share, payable Dec. 1, 2024, to stockholders of record on Nov. 8, 2024.

Georgetown University and ZeroMils, a Veteran-owned social impact organization, will co-host the first national Military Thriving Change Forum October 23, 2024, at the Leavey Convention Center at Georgetown University. This groundbreaking event, sponsored by Wells Fargo, will bring together senior leaders from across public, private, and nonprofit sectors to create a blueprint outlining a path forward to improve military recruitment efforts. It intends to combat negative viewpoints related to self-reported mental wellness and trust in institutions. The event will also be live streamed to the public through LinkedIn.

Wells Fargo & Company (NYSEWFC) has released its third quarter 2024 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on Oct. 11, 2024, and available on the SEC’s website at www.sec.gov.

Wells Fargo & Company (NYSEWFC) today named Elena M. Gallo as Government Banking Division Executive. Gallo, a 35-year financial services veteran, succeeds Mara Holley, who is retiring after leading Government Banking since 2015. Gallo is based in New York.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its third quarter 2024 earnings results on Friday, Oct. 11, 2024, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

As communities across the Southeast grapple with the devastation caused by Hurricane Helene, Wells Fargo is donating more than $1 million for urgent needs such as shelter, supplies, and other ongoing support for residents impacted by the storm. Funding will go to the American Red Cross and local nonprofits like Volunteer Florida through the Florida Disaster Fund to strengthen their capacity to reach those impacted or displaced.

Wells Fargo Bank, N.A., said today it is decreasing its prime rate to 8.00 percent from 8.50 percent, effective tomorrow, Sept. 19, 2024.

Wells Fargo & Company (NYSEWFC) today announced the launch of specialized Application Programming Interfaces (APIs) tailored for its Commercial Banking clients. This expansion of Wells Fargo’s API portfolio provides immediate access to real-time data that may help increase sales, improve liquidity, reduce credit risk, and reduce expenses for floorplan and channel finance clients in the following industries: auto, motorsports, outdoor products and equipment, recreational vehicles, consumer electronics, appliances, and technology.

Wells Fargo & Company (NYSEWFC) today issued the following statement regarding a formal agreement between Wells Fargo Bank, N.A. and the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering (AML) and sanctions risk management practices. The agreement’s requirements include enhancements to AML and sanctions risk management practices, obtaining the OCC’s acceptance of the bank’s program for assessing the AML and sanctions risks of new offerings, and then providing notice to the OCC before expanding certain of those offerings.

Wells Fargo & Company (NYSEWFC) today announced Andrew Barnes as the first Military and Veteran segment leader for the Commercial Banking Diverse Segments team.

Wells Fargo & Company (NYSEWFC) said today that Chief Financial Officer Mike Santomassimo will present at the Barclays Global Financial Services Conference on Tuesday, Sept. 10, 2024 at 7:30 a.m. ET.

Wells Fargo & Company (NYSEWFC) today announced it has entered into a definitive agreement to sell the non-Agency third-party servicing segment of its Commercial Mortgage Servicing (CMS) business to Trimont. The transaction is expected to close in early 2025, subject to satisfaction of customary closing conditions. Wells Fargo will continue servicing Agency/government-sponsored enterprise (GSE) loans and loans held on its balance sheet.

Wells Fargo & Company (NYSEWFC) today announced dividends on six series of preferred stock.

Wells Fargo & Company (NYSEWFC) announced today that Bridget Engle has been named Senior Executive Vice President (SEVP) and Head of Technology, reporting to Wells Fargo CEO Charlie Scharf and joining the company’s Operating Committee, effective August 12, 2024.

Wells Fargo today shared the latest community impact of the company’s Open for Business Fund, a roughly $420 million national small business recovery effort to help those hardest hit during and after the COVID-19 pandemic. Launched in 2020, grantees report the Open for Business Fund has now benefited more than 336,000 small businesses, empowering them to keep or create more than 461,000 jobs in communities across the nation.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.40 per share, payable Sept. 1, 2024, to stockholders of record on Aug. 9, 2024. The third quarter dividend represents an increase of $0.05 per share, or 14%, from the prior quarter.

Expedia Group, Inc. (NASDAQEXPE), one of the world’s largest online travel platforms, has finalized a multiyear agreement with Wells Fargo NYSE: WFCNYSEWFC)(NYSE: MANYSEMA to launch two new co-branded credit cards. Designed to complement One Key™, Expedia Group’s groundbreaking loyalty program, the One Key™ Card, and One Key+™ Card, will offer more flexibility, savings and perks for U.S. travelers.

Wells Fargo & Company (NYSEWFC) has released its second quarter 2024 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on July 12, 2024, and available on the SEC’s website at www.sec.gov.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its second quarter 2024 earnings results on Friday, July 12, 2024, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

Wells Fargo & Company (NYSEWFC) today announced that it has completed the 2024 Comprehensive Capital Analysis and Review (CCAR) stress test process. The Company expects its stress capital buffer (SCB) to be 3.8%, which represents a percentage amount of incremental capital the Company must hold above its minimum regulatory capital requirements. The Federal Reserve Board (FRB) has indicated that it will publish the Company’s final SCB by August 31, 2024.

Wells Fargo Investment Institute (WFII) today released its “2024 Midyear Outlook: Approaching the Economy’s Pivot Point,” which explores WFII’s belief that the pivot to positive momentum at the start of 2024 was driven by the combined forces of artificial intelligence, anticipated Federal Reserve (Fed) rate cuts, declining inflation, and the resumption of durable earnings growth. WFII strategists remain confident that five key points will likely continue to chart the market’s path forward over the next 18 months.

Today, Wells Fargo (NYSEWFC) and Mastercard announced the new Attune℠ World Elite Mastercard®, designed to reward cardholders on their purchases that impact their wellbeing, their pets, and the world around them. Cardholders earn unlimited 4% cash rewards on fitness and wellness purchases as well as select sports and entertainment purchases.

Wells Fargo & Company (NYSEWFC) said today that Chief Financial Officer Mike Santomassimo will present at the Morgan Stanley US Financials, Payments & CRE Conference on Tuesday, June 11, 2024 at 8:00 a.m. ET.

Wells Fargo & Company (NYSEWFC) said today that Chief Executive Officer Charlie Scharf will present at the 40th Annual Bernstein Strategic Decisions Conference on Wednesday, May 29, 2024 at 8:00 a.m. ET.

Wells Fargo & Company (NYSEWFC) today announced dividends on six series of preferred stock.

Wells Fargo & Company (NYSEWFC) announced today the launch of Signify Business Cash World Elite Mastercard®, its new business credit card with industry-leading cash rewards.

Wells Fargo & Company (NYSEWFC) today announced that on June 15, 2024 (which, due to the occurrence of a non-business day, will shift to June 17, 2024), it will redeem all 80,000 outstanding shares (the “Redeemed Series S Preferred Shares”) of its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S (the “Series S Preferred Stock”). The redemption of the Redeemed Series S Preferred Shares will trigger the redemption of the 2,000,000 outstanding shares of the related depositary shares (the “Redeemed Series S Depositary Shares”), each representing a 1/25 interest in a share of Series S Preferred Stock (the “Series S Depositary Shares”). The redemption price will be equal to $25,000.00 per Redeemed Series S Preferred Share and $1,000.00 per Redeemed Series S Depositary Share. After giving effect to the redemption, no shares of the Series S Preferred Stock or the Series S Depositary Shares will remain outstanding.

Wells Fargo & Company (NYSEWFC) announced today that Fernando Rivas has been named SEVP and Co-CEO of Corporate & Investment Banking (CIB), reporting to Wells Fargo CEO Charlie Scharf and joining the company’s Operating Committee, effective today. Rivas and Jon Weiss, who has been CIB’s CEO since February 2020, will lead the business together.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.35 per share, payable June 1, 2024, to stockholders of record on May 10, 2024.

Wells Fargo & Company (NYSEWFC) announced today that its shareholders elected as directors the 13 nominees named in the company’s proxy statement, including a new independent director: Fabian T. Garcia. Upon his election, Garcia was appointed to the Board’s Finance Committee.

Wells Fargo Home Lending announced today the expansion of its $10,000 Homebuyer Access grant program to additional communities in the eight metropolitan areas where the program was launched in 2023. The program also will be expanded to additional eligible areas in New Jersey.

Wells Fargo & Company (NYSEWFC) has released its first quarter 2024 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on April 12, 2024, and available on the SEC’s website at www.sec.gov.

Wells Fargo & Company (NYSEWFC) announced today that Jason M. Rosenberg will join the company on April 15 as Head of Public Affairs, reporting to CEO Charlie Scharf and joining the company’s Operating Committee.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its first quarter 2024 earnings results on Friday, April 12, 2024, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

Wells Fargo & Company (NYSEWFC) announced today its expected earnings release dates and conference call information for the first, second, third and fourth quarters of 2025. For each of the earnings dates below, financial results will be released at approximately 7 a.m. Eastern time, and the live conference call will be at 10 a.m. Eastern time. Confirmation of these calls, as well as details on how to listen, will be provided before the scheduled release dates.

ChargePoint (NYSECHPT), a leading provider of solutions for charging electric vehicles (EVs), EnTech Solutions, a division of Faith Technologies Incorporated (FTI) and a comprehensive distributed energy solutions provider, and Wells Fargo NYSE: WFCNYSEWFC)

Wells Fargo & Company (NYSEWFC) today announced that Doug Braunstein will join the company as Vice Chairman, effective February 28. Braunstein brings a broad set of financial services experiences to Wells Fargo, with particular expertise in serving as an advisor to boards and CEOs on strategic alternatives. At Wells Fargo, Doug will work alongside our business leaders and bankers on growing the company’s corporate finance and advisory businesses, while also providing counsel to Wells Fargo senior management on broader business issues. He will report to CEO Charlie Scharf.

When asked how Americans are faring financially, most admitted to having to make major adjustments due to the economy, according to the inaugural Wells Fargo Money Study. Two-thirds (67%) of Americans say that they’ve cut back on spending, and almost half (45%) say they’ve put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two thirds (62%) say that even though they are able to pay their bills, they have little left over for “extras.”

Wells Fargo & Company (NYSEWFC) today announced dividends on seven series of preferred stock.

Wells Fargo & Company (NYSEWFC) said today that Chief Financial Officer Mike Santomassimo will present at the UBS Financial Services Forum on Monday, Feb. 26, 2024 at 8:00 a.m. ET.

Wells Fargo today confirmed that the Office of the Comptroller of the Currency (OCC) terminated a consent order it issued in 2016 regarding sales practices misconduct. The consent order required Wells Fargo to revamp how it offers and sells products and services to consumers and take additional actions to protect its customers and employees.

Wells Fargo & Company (NYSEWFC) today announced that on March 15, 2024, it will redeem all 33,600 outstanding shares (the “Redeemed Series R Preferred Shares”) of its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (the “Series R Preferred Stock”). The redemption of the Redeemed Series R Preferred Shares will trigger the redemption of the 33,600,000 outstanding shares of the related depositary shares (the “Redeemed Series R Depositary Shares”), each representing a 1/1,000 interest in a share of Series R Preferred Stock (the “Series R Depositary Shares”) (NYSE: WFC.PRR). The redemption price will be equal to $25,000.00 per Redeemed Series R Preferred Share and $25.00 per Redeemed Series R Depositary Share. After giving effect to the redemption, no shares of the Series R Preferred Stock or the Series R Depositary Shares will remain outstanding.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.35 per share, payable March 1, 2024, to stockholders of record on Feb. 2, 2024.

Wells Fargo & Company (NYSEWFC) has released its fourth quarter 2023 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on Jan. 12, 2024, and available on the SEC’s website at www.sec.gov.

Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses – over 14 million – employing 12.2 million workers, and generating $2.7 trillion in revenue. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses between 2019 and 2023 increased at nearly double the rate of those owned by men; and from 2022 to 2023, the rate of growth increased to 4.5 times.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its fourth quarter 2023 earnings results on Friday, Jan. 12, 2024, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

Wells Fargo & Company (NYSEWFC) today announced that Darlene Goins is named head of Philanthropy and Community Impact and president of the Wells Fargo Foundation. She will be responsible for the company’s philanthropic strategy in housing access and affordability, financial health, small business growth and sustainability, reporting to vice chairman of Public Affairs Bill Daley.

With Wells Fargo Investment Institute’s (WFII’s) release of its “2024 Outlook: A pivotal year for the economy and markets,” the team offers its highest conviction ideas for investors to consider in the new year. WFII believes the 2024 economic story could be a tale of two halves for fixed income and equities. The first half will likely be more challenging as WFII expects instability during a moderate global economic slowdown (including in the U.S.), pivoting into a second half that develops into an improving, more opportunistic environment for investors.

Wells Fargo & Company (NYSEWFC) said today that Chief Executive Officer Charlie Scharf will present at the Goldman Sachs Financial Services Conference on Tuesday, Dec. 5, 2023 at 8:00 a.m. ET.

Wells Fargo & Company (NYSEWFC) today announced dividends on seven series of preferred stock.

The Wells Fargo Foundation and Enterprise Community Partners (Enterprise) today announced the winners of the 2023 Housing Affordability Breakthrough Challenge, a $20 million nationwide competition to find and seed innovative housing solutions. The six winning organizations will each receive between $2 million – $3 million in grants and support from peers and industry experts to scale new strategies aimed at making homes more accessible and affordable. The wide range of winning solutions include a workforce training program that prepares students for homeownership; a new way of financing housing in rural communities like the Mississippi Delta; and a new construction technology that reduces the carbon footprint of multifamily buildings.

Wells Fargo & Company (NYSEWFC) today announced it is working with Allspring Global Investments, a global asset management firm, to launch a Tribal Inclusion share class for the Allspring Government Money Market Fund, which will be offered exclusively to Wells Fargo corporate clients. The Tribal Inclusion share class is the first money market product with a charitable donation feature focused on benefiting tribal communities in the United States.

Wells Fargo today announced that its Vice Chairman, Thomas R. Nides, has decided to leave the company to return his attention to events in the Middle East. Nides joined the company in September after retiring in July as U.S. Ambassador to Israel, a post he had held since 2021.

Wells Fargo & Company (NYSEWFC) said today that CEO of Consumer Lending Kleber Santos will present at the BancAnalysts Association of Boston Conference on Thursday, Nov. 2, 2023 at 8:55 a.m. ET.

Wells Fargo & Company (NYSEWFC) today announced its board of directors approved a quarterly common stock dividend of $0.35 per share, payable Dec. 1, 2023, to stockholders of record on Nov. 3, 2023.

Wells Fargo & Company (NYSEWFC) has released its third quarter 2023 financial results. The financial results are available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and on a Form 8-K filed by the company with the Securities and Exchange Commission (SEC) on Oct. 13, 2023, and available on the SEC’s website at www.sec.gov.

Wells Fargo & Company announced today the expanded availability of LifeSync®, a personalized digital approach to aligning customers’ goals with their money, to all consumer customers. Available in the Wells Fargo Mobile® app, LifeSync launched to all Wealth & Investment Management (WIM) clients earlier this year. This expansion comes in conjunction with a pivotal move for WIM’s Advice and Planning group, which will now be an enterprisewide Center of Excellence, providing more customer segments with tailored solutions.

Wells Fargo & Company (NYSEWFC), as previously announced, will report its third quarter 2023 earnings results on Friday, Oct. 13, 2023, at approximately 7:00 a.m. Eastern time. The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/. In addition to being available on the company’s Investor Relations website, the earnings results also will be available on the Securities and Exchange Commission website at https://www.sec.gov.

Wells Fargo & Company (NYSEWFC) announced today that it has sold to a group of leading investors approximately $2 billion of private equity investments in certain Norwest Equity Partners (NEP) and Norwest Mezzanine Partners (NMP) funds. Wells Fargo was previously the sole institutional limited partner in these funds. The buyer group for Wells Fargo’s positions included AlpInvest Partners (a subsidiary of Carlyle), Atalaya Capital Management, Lexington Partners, and Pantheon.

Wells Fargo & Company (NYSEWFC) today enhanced its Fargo™ virtual assistant with a Spanish-language capability, improving access to a large portion of its customer base. The new feature enables Spanish-speaking customers to take advantage of the solution that is already providing a more personalized, convenient, and simple banking experience to customers using the Wells Fargo Mobile® app on their smartphones.