Alerts in the last 24 hours

No Personalised Alerts!

To see personalised alerts you need to be logged in.

Log In

Wells Fargo & Co Add to portfolio

INX:WFC, Jul 16, 09:40 UTC

Latest INX:WFC News

Filter your feed

Apply Filter

Today


News

As Wells Fargo Bleeds Advisors, Merrill Gains

WFC

Bank of America’s Global Wealth and Investment Management business gained 74 financial advisors in the second quarter, even as troubled Wells Fargo lost 173. GWIM now counts 19,350 advisors, including Merrill’s thundering herd, advisors in B of A’s consumer banking business, and those in the U.S. Trust business. Year over year, GWIM’s advisor corps has grown 2%.

Read Full Details

Topics:
  • Business
  • Financial

Friday, July 13


News

Wells Fargo and AT&T slide while Walmart and Terex climb

T WFC +1 more T WFC WMT

Wells Fargo and AT&T slide while Walmart and Terex climb. The bank's profit disappointed investors as a scandal over fraudulent accounts continued to affect its business. The bank's revenue growth was relatively weak even though the U.S. economy continues to grow. The Department of Justice said it will appeal a ruling that allowed AT&T to buy Time Warner. Northrop Grumman Corp., down 40 cents to $321.73.

Read Full Details

Topics:
  • Business
  • Financial
  • Science
  • US
News

Wells Fargo CFO says reputation issues a challenge for wealth unit

WFC

Wells Fargo CFO says reputation issues a challenge for wealth unit. (Reuters) - Wells Fargo & Co's (WFC.N) wealth and investment management unit may be having a harder time generating new business because of damage to the bank's reputation from scandals over its sales practices, Chief Financial Officer John Shrewsberry said on Friday. "The employees in that area would make the case that its a little harder to compete for new business or to compete head-to-head with other advisers for new business," Shrewsberry said on a call with journalists after the bank reported its second-quarter results. Wells Fargo emerged from the 2007-2009 financial crisis with its reputation relatively unscathed compared to some competitors. But since 2016 it has had to grapple with a phony accounts scandal and other customer abuse issues, including in its wealth management business.

Read Full Details

Topics:
  • Business
  • Financial
News

Ugly Earnings Give Investors Another Reason to Avoid Wells Fargo Stock

WFC

InvestorPlaceJuly 13, 2018, 7:17 PM GMT. When it comes to the banking world, JPMorgan (NYSE:JPM) is killing it, Citigroup (NYSE:C) is doing OK and Wells Fargo (NYSE:WFC) is a disaster. At least that is what each company’s latest earnings report says about the banking sector. The C earnings report had some good and some bad. As for the WFC earnings report, it was pretty much all bad. WFC stock isn’t cheap enough considering just how messy the underlying growth narrative is, and as a result, WFC stock could be weaker for longer. As of this writing, Luke Lango was long JPM stock.

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo shares fall the most in more than a month

WFC

Wells Fargo shares fell the most in a month after reporting that loans dropped to a 2-year low #tictocnews https://bloom.bg/2JhDmxP (Source: Bloomberg).

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo (WFC) Q2 Earnings Miss, Fee Income Disappoints

WFC

Impacted by lower mortgage banking revenues, Wells Fargo WFC recorded a negative earnings surprise of 3.6% in second-quarter 2018. Net charge-offs were $602 million or 0.26% of average loans in the second quarter, down 8.1% from the year-ago quarter’s net charge-offs of $655 million (0.27%). The Tier 1 common equity to total risk-weighted assets ratio was estimated at 12% under Basel III (fully phased-in) as of Jun 30, 2018, compared with 11.6% recorded in the year-earlier quarter.Book value per share advanced to $37.41 from $36.49 recorded in the comparable period last year.Our ViewpointTop-line headwinds, aided by lower fee income, were perceived. Moreover, the company is working on strategic initiatives, which might help the company regain confidence of its clients and shareholders.We believe, over the long term, investors will not be disappointed with their investment in Wells Fargo, given its diverse geographic and business mix, which enables it to sustain consistent earnings growth.

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo's loan book shrinks, profit misses estimates

WFC

(Reuters) - Wells Fargo & Co (WFC.N) said on Friday its loan book shrank and it raked in less fee revenue than a year ago, factors that contributed to lower-than-expected quarterly profit and sent its shares lower. The bank said much of the lending decline had to do with moves to avoid riskier loans, but the second-quarter results ignited fears about lingering reputational damage from Wells Fargo's phony accounts scandal and other customer abuses. Its most recent pullback is in commercial real estate lending, where Wells Fargo executives say competition among other lenders has caused a broad decline in underwriting standards. The bank also said a program that helps customers avoid overdraft charges dented fee income. Even with loan balances falling, the bank's net interest income rose 1 percent, helped by higher interest rates.

Read Full Details

Topics:
  • Business
  • Financial
News

Wells Fargo Breaks From the Herd on Loans, Saying It’s Time to Be Prudent

WFC

With interest rates rising and borrowers keeping up on payments, bank shareholders want to see which lenders are taking advantage. Wells Fargo & Co., under the thumb of a regulatory asset cap, rattled investors Friday by posting the only decline in loans as the top U.S. banks began reporting quarterly results. While JPMorgan Chase & Co. and Citigroup Inc. found areas to expand, Wells Fargo cut both consumer and commercial lending.

Read Full Details

Topics:
  • Business
  • Financial
News

This Day In Market History, July 13: Wells Fargo Starts Converting Gold Dust To Bank Notes

WFC

This Day In Market History: Wells Fargo Starts Converting Gold Dust To Bank Notes. On July 13, 1852, Wells Fargo & Co (NYSE: WFC) was founded in San Francisco to support miners in the gold rush. What Else Was Going On In The World. Frederick Douglass had recently delivered his famous address, “The Hypocrisy of American Slavery,” Franklin Pierce was mid-campaign for the nation’s 17th presidential election, and “Uncle Tom’s Cabin” was the must-read of the day. Henry Wells and William Fargo began by purchasing gold dust in exchange for paper bank drafts, and by 1958, they expanded with a delivery service, transporting letters, packages and gold nuggets on now-emblematic wagons.

Read Full Details

Topics:
  • Business
  • Financial
News

[$$] Wells Fargo's Tax Surprise

WFC

& Co. said Friday it was hit in the second quarter with a $481 million tax expense related to a legal decision. Turns out it was the recent U.S. Supreme Court ruling affecting online retailers, which is also reaching out to hit non-retailers as well. Inc., doesn’t seem at first blush as if it would affect a bank like Wells Fargo, or extend beyond sales taxes.

Read Full Details

Topics:
  • Business
  • Financial