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INX:WFC, Jun 25, 06:31 UTC

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Another View: At Wells Fargo, a tone-deaf response to shattered lives - Opinion - Bucks County Courier Times - Levittown, PA

WFC

The next time you see a commercial declaring a new era at Wells Fargo, or the next time you hear a Wells Fargo executive touting a new culture, remember Stan and Melissa West. The Wests were among several families in a powerful report by The Charlotte Observer's Deon Roberts that detailed how a Wells Fargo mistake involving mortgage modifications upended the lives of customers. Instead of leaving it at "we were wrong," Wells Fargo spokesman Tom Goyda explained that despite the bank working with the Wests, "they were unable to keep up with their payments and we eventually foreclosed when they were two years behind." Certainly, it's human nature for bank officials to want to put the best face on bad mistakes, and it's true in this case — as Roberts noted in his report — that customers bore some responsibility by failing to make their mortgage payments. But Wells Fargo's error compounded the burdens that job losses and other difficulties placed on families.

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Friday, June 21


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At Wells Fargo, a Chance Dims to Break U.S. Banks’ Glass Ceiling

WFC

At Wells Fargo, a Chance Dims to Break U.S. Banks’ Glass Ceiling. (Bloomberg) -- Inside Wells Fargo & Co., Mary Mack looked like a rising candidate to become its next chief executive officer, shattering the industry’s last glass ceiling. Repeated promotions, assignments to tackle Wells Fargo’s worst abuses, and the board’s public praise in mid-March of her tenacity and progress fueled talk of her ascent. But when Tim Sloan abruptly stepped down as CEO two weeks later, the board promised it would find a new leader outside the firm. “When the new CEO comes in it’s certainly possible that they’ll want to install their own people, especially in the retail bank,” said Brian Kleinhanzl, an analyst at KBW, pointing to the division Mack runs.

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Thursday, June 20


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Wells Fargo Donates $330,000 to Tornado and Flood Relief Efforts

WFC

Reflecting its commitment to local communities and residents, Wells Fargo & Company (WFC) today announced a donation of $330,000 to aid in the relief efforts. The Wells Fargo Foundation will donate $307,500 to the American Red Cross* for immediate needs including shelter, meals, emotional support and assistance with rebuilding and recovery plans. In 2018, Wells Fargo donated a total of $444 million to nearly 11,000 nonprofits that help communities and people in need, surpassing its $400 million goal. To donate funds, go to the Wells Fargo mobile banking application, select “Send Money with Zelle®.” Enter “American Red Cross” as the recipient and type the e-mail address, donations@redcross.org in the contact field. For more information, go to https://www.wellsfargo.com/zelledonation.

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Stitch Fix to Present at the Wells Fargo “Bricks to Clicks” Digital Conference

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Stitch Fix to Present at the Wells Fargo “Bricks to Clicks” Digital Conference. SAN FRANCISCO, June 20, 2019 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (SFIX), the leading online personal styling service, today announced that Paul Yee, CFO of Stitch Fix, is scheduled to participate in a fireside chat at the Wells Fargo “Bricks to Clicks” Digital Conference in New York on Thursday, June 27 at 12:50 P.M. A live webcast and replay of the session will be available on the investor relations section of the Stitch Fix website at https://investors.stitchfix.com. Stitch Fix was founded in 2011 by CEO Katrina Lake. Since our founding, we’ve helped millions of men, women, and kids discover and buy what they love through personalized shipments of apparel, shoes, and accessories, hand-selected by Stitch Fix stylists and delivered to our clients’ homes.

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Tuesday, June 18


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Wells Fargo is dismissed from municipal bond lawsuit by Philadelphia, Baltimore

WFC

Wells Fargo is dismissed from municipal bond lawsuit by Philadelphia, Baltimore. NEW YORK, June 18 (Reuters) - Wells Fargo & Co was dismissed as a defendant in a lawsuit by the cities of Philadelphia and Baltimore, which accused large banks of conspiring to inflate interest rates for variable-rate demand obligations, a type of tax-exempt bond. The dismissal came after Wells Fargo represented that it did not remarket, provide letters of credit for, or manage money market funds that invested in the bonds, according to a Tuesday filing in Manhattan federal court. Philadelphia, which said it issued more than $1.6 billion of VRDOs, and Baltimore, which said it issued $261 million, said the collusion enabled banks to collect hundreds of millions of dollars in fees they did not earn.

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Lava Mae Marks Five-Year Anniversary Fueled by $100,000 Support From Wells Fargo

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San Francisco-based Nonprofit Delivering Mobile Hygiene and Access to Other Critical Services Set to Surpass Its 2020 Goal to Serve 30,000 Californians. SAN FRANCISCO, June 18, 2019 /PRNewswire/ -- Lava Mae (http://www.lavamae.org), a San Francisco-based nonprofit transforming the way communities see and serve our unhoused neighbors around the world, announced today that Wells Fargo awarded the organization $100,000 to amplify the impact of its programs. Recognized for its innovative response to gaps in services for people experiencing homelessness, Lava Mae delivers its services with Radical Hospitality™, which extends the highest level of care and respect to rekindle dignity and hope in our unhoused neighbors. Since launching its services in 2014, Lava Mae has:. "Addressing housing insecurity is a priority issue for Wells Fargo and part of our philanthropic strategy to help create stronger communities. We are proud to support Lava Mae's work to provide mobile showers to individuals experiencing homelessness," said Mario Diaz, community relations senior consultant for Wells Fargo.

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Monday, June 17


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Wells Fargo Investment Institute Releases Midyear Outlook “Eyes Forward: Opportunities and Obstacles”

WFC

Wells Fargo Investment Institute (WFII) today released its “2019 Midyear Outlook Eyes Forward: Opportunities and Challenges.” The report makes the case that the current 10-year economic expansion is not over and that all avenues for investors to consider will require careful assessment. “The first half of 2019 has delivered exceptionally strong capital market returns across most major asset classes. However, there are risks for investors to keep an eye on such as a meaningful yield-curve inversion, continued volatility in equity markets, and heightened geopolitical tensions.”. Paul Christopher, head of global market strategy for WFII, said, “Since early 2018, investor concerns have focused mostly on political uncertainties, and we view these as the main economic risk. Whether we are looking at Brexit or drawn-out trade negotiations, these geopolitical elements can deepen pressure on business confidence here in the U.S.”. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy.

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Thursday, June 13


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Wells Fargo Names Debra Chrapaty as Chief Technology Officer

WFC

Today, Wells Fargo & Company (WFC) named Debra Chrapaty as chief technology officer, making permanent a role she held on an interim basis since May. She will continue reporting directly to Saul Van Beurden, head of Technology at Wells Fargo. Chrapaty will lead Wells Fargo’s technology transformation, accelerating all efforts to enhance the developer experience by cloud-enablement, full CI/CD automation and Agile way of working. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy.

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Wednesday, June 12


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Wells Fargo’s CEO Search Continues

WFC AAPL

In this episode of MarketFoolery, Chris Hill talks with Bill Mann about the day's market news. Casey's General Stores (NASDAQ: CASY) hits new highs on earnings, and yes, the quarter really was that good. All of this came in the environment in which -- I think the thing that people were surprised about is, one of the things that Casey's does, one of their big revenue items, is gasoline sales. And it's been a cruddy environment for selling gas. Every time Costco reports earnings, the gasoline is part of that equation. But it really does seem like Casey's General has, through no fault of their own, inadvertently put pressure on Costco and anyone else who is in that business, to basically say, "Hey, look, you don't have to be victim to the whims of gas prices if you are really getting it done in the front of the store."

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Wells Fargo to Commemorate International Day of Family Remittances by Offering Zero Fee Remittances

WFC

The United Nations General Assembly adopted a resolution in 2018 endorsing the day to highlight the financial contributions migrant workers make to help their families back home, including funds for essential daily needs and the education of their children and support for economic development in their country of origin. After enrolling in the ExpressSend service and initiating the first remittance at a Wells Fargo branch, customers can send subsequent remittances by calling Wells Fargo Global Remittance Services at 1-800-556-0605, through Wells Fargo Online® at wellsfargo.com, or by visiting a Wells Fargo retail banking branch. (2019) Record High Remittances Sent Globally in 2018. https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-20182The credit to account or the cash pick-up delivery methods for Remittances may not be available at all Remittance Network Members or locations. When sending money to an account, we will need the beneficiary’s qualifying deposit account number at the Remittance Network Member. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy.

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