Alerts in the last 24 hours

No Personalised Alerts!

To see personalised alerts you need to be logged in.

Log In

Wells Fargo & Company Add to portfolio

INX:WFC, Jul 13, 11:11 UTC

Latest INX:WFC News

Filter your feed

Apply Filter

Today


News

JP Morgan, Wells Fargo, And Citigroup Lining Up To Kick Off Earnings Season

WFC C

He’s expected to deliver his latest views of the economy and the effect of the crisis on banks and other industries as JPM reports Q2 earnings. Sometimes, Dimon’s words can move the market, so there’s potentially money riding on whether he sounds sunny or concerned about the economy and his industry. The big banking sector, including JPM, has been remarkably profitable in spite of challenges even before COVID-19, but the industry’s ability to grow earnings could continue to be challenged by low-interest rates and high U.S. unemployment, according to research firm Briefing.com. While no sector is immune to the virus, few arguably have as much exposure as Financials. The drop to zero rates hit Financials hard in the first half, most likely eating into their profitability. However, the numbers in Q2 might get brushed aside a bit by investors, who go in well aware that the banks faced major challenges as far as net interest margin during the quarter. In this sense, JPM and the other big banks—whose stocks have also generally languished—seem to be playing in the same ballpark as Treasury yields—which have remained stubbornly low despite the stronger economic data and rising stock market. While much of the market has rallied based on the hope that reopening will bring bigger and better things, banks don’t seem to be joining in with that idea.

Read Full Details

Topics:
  • Business
  • Financial

Yesterday


News

Report: Wells Fargo to Cut Thousands of Jobs Later This Year

WFC

The biggest of the big four U.S. banks in terms of employee count might soon lose its leading position. According to a report from Bloomberg Law, Wells Fargo (NYSE: WFC) is gearing up to cut "thousands" of jobs starting in the next few months. Citing "people with knowledge" of such discussions within the company, the article said that the cuts could total tens of thousands of workers.

Read Full Details

Topics:
  • Business
  • Financial

Saturday, July 11


News

Wells Fargo Tells Workers to Remove TikTok App From Work Phones

WFC

(Bloomberg) -- Wells Fargo & Co. said it asked employees to remove TikTok from their work phones due to concerns about the security of the social-video app. “We have identified a small number of Wells Fargo employees with corporate-owned devices who had installed the TikTok application on their device,” a spokesman for the bank wrote in an emailed statement on Friday. “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices.”. U.S. officials have raised questions about the security of TikTok, which is owned by Chinese company ByteDance Ltd. Secretary of State Mike Pompeo recently told Americans not to download the app unless they want to see their private information fall into “the hands of the Chinese Communist Party.”.

Read Full Details

Topics:
  • Business
  • Technology
  • Science

Friday, July 10


News

Wells Fargo Stock Rebounds Ahead of Earnings Next Week

WFC

Wells Fargo shares moved higher during Friday's session after Evercore ISI added the stock to its Tactical Outperform list.

Read Full Details

Topics:
  • Business
  • Financial

Thursday, July 09


News

Wells Fargo names new head of mortgage

WFC

(Reuters) - Wells Fargo & Co <WFC.N> said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company. Fercho will oversee home lending operations of the largest mortgage lender in the United States during a time of uncertainty in the industry. Wells Fargo has pared back some mortgage offerings and raised requirements for certain kinds of loans during the coronavirus-fueled economic downturn. As of last month, the bank had received forbearance requests for roughly 13% of its mortgage balances, it has said. Since taking over as chief executive late last year, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues in top positions. "She has been an inspiring and vocal leader across the mortgage industry while driving transformational growth at Flagstar,” said Mike Weinbach, new CEO of Consumer Lending at Wells Fargo, referring to Fercho, who is Black.

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo preparing to cut thousands of jobs: Bloomberg Law

WFC

Wells Fargo preparing to cut thousands of jobs: Bloomberg Law. Reuters{{monthName}} {{day}}, {{year}}, {{hour12}}:{{minuteTwoDigit}} {{dayPeriod}}. (Reuters) - Wells Fargo & Co <WFC.N> is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported https://news.bloomberglaw.com/banking-law/wells-fargo-is-readying-thousands-of-job-cuts-to-start-this-year on Thursday, citing people familiar with the matter. A spokesman for Wells Fargo declined to comment. The company's plans will eventually result in eliminating tens of thousands of positions, the report said. What to read next.

Read Full Details

Topics:
  • Business
  • Science
  • Financial
News

Wells Fargo pledges $400 million in support of small business after PPP payout

WFC

Wells Fargo pledges $400 million in support of small business after PPP payout. (Reuters) - Wells Fargo & Co <WFC.N> will donate over $400 million toward helping small businesses recover from the coronavirus pandemic, giving away all proceeds from its participation in the Payroll Protection Program. "If we look at the communities we serve and the intent and spirit of the program, we believe it was to lean in to help those businesses that were perhaps the most fragile." Other major lenders, including Citigroup Inc <C.N>, have made similar pledges not to profit from the government stimulus program meant to help small businesses hard hit by mandatory COVID-19 related shutdowns. But those banks have said they will use some of the fees generated to cover costs associated with quickly rolling out the hulking infrastructure needed to run the program. As of June, Wells Fargo funded $10.1 billion in PPP loans and focused its participation on smaller business owners, the bank said.

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo Stock Has Potential, Because ‘a Broken Bank Can Be Fixed’

WFC

With so much bad news baked in—including the prospect of the bank reporting a second-quarter loss—analysts at Credit Suisse took a deeper look at Wells Fargo.

Read Full Details

Topics:
  • Business
  • Financial

Wednesday, July 08


News

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Sorrento Therapeutics, Carnival Corporation, Wells Fargo, and Hebron Technology and Encourages Investors to Contact the Firm

WFC CCL

NEW YORK, July 08, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Sorrento Therapeutics, Inc. (NASDAQ: SRNE), Carnival Corporation & Plc (NYSE: CCL, CUK), Wells Fargo and Company (NYSE: WFC), and Hebron Technology (NASDAQ: HEBT). On May 15, 2020, Sorrento announced that it had discovered an antibody that had “demonstrated 100% inhibition of SARS-CoV-2 virus infection.” On that same day, Defendant Henry Ji, founder and Chief Executive Officer of Sorrento referred to Sorrento’s breakthrough as a “cure.”. The stock continued to increase after hours and opened at $9.98 on May 18, 2020, trading at a high of $10.00 that same day, which represented an increase of 281.7% from the May 14, 2020 closing price. Specifically, defendants failed to disclose to investors that: (1) the Company’s medics reported increasing events of COVID-19 illness on the Company’s ships; (2) Carnival had violated port of call regulations by concealing the amount and severity of COVID-19 infections onboard its ships; (3) in responding to the outbreak of COVID-19, Carnival failed to follow the Company’s health and safety protocols developed in the wake of other communicable disease outbreaks; (4) by continuing to operate, Carnival ships were responsible for continuing to spread COVID-19 at various ports throughout the world; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. For more information on the Carnival securities class action go to: https://bespc.com/CCL.

Read Full Details

Topics:
  • Business
  • Health
  • Financial

Monday, July 06


News

WFC ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of August 3, 2020 in the Class Action Filed on Behalf of Wells Fargo & Company Limited Shareholders

WFC

New York, New York--(Newsfile Corp. - July 6, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Wells Fargo & Company (NYSE: WFC) alleging that the Company violated federal securities laws. The filed complaint alleges that Wells Fargo & Company made materially false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo planned to, and did, improperly allocate government-backed loans under the Paycheck Protection Program ("PPP"), and/or had inadequate controls in place to prevent such misallocation; (ii) the foregoing foreseeably increased the Company's litigation risk with respect to PPP allocation, as well as increased regulatory scrutiny and/or potential enforcement actions; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times. Shareholders have until August 3, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. For additional information about the WFC lawsuit, please contact J. Klein, Esq.

Read Full Details

Topics:
  • Business
  • Financial