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Wells Fargo & Co Add to portfolio

INX:WFC, Mar 19, 08:48 UTC

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Sunday, March 17


News

Principal Financial close to Wells Fargo retirement unit acquisition-sources

PFG WFC

Principal Financial close to Wells Fargo retirement unit acquisition-sources. (Reuters) - Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co's retirement plan services business, in a deal that could exceed $1 billion, people familiar with the matter said on Sunday. The bank's retirement plan services unit, which includes Wells' 401(k) savings accounts business, would expand a similar business of Principal Financial. If the negotiations are concluded successfully, a deal could be announced later this month, according to the sources, who spoke on condition of anonymity as the information is confidential. In 2018, Wells Fargo announced deals to sell 52 branches spread across Indiana, Michigan, Ohio and Wisconsin to Flagstar Bancorp Inc, as well as a $1.7 billion deal to offload its Puerto Rico auto finance business to the local unit of Popular Inc.

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Comparing Chase vs. Wells Fargo High-Net-Worth Accounts

WFC JPM

Chase and Wells Fargo both offer high-net-worth accounts, but the two differ in their services, such as concierge banking and rare credit cards.

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Friday, March 15


News

Wells Fargo (WFC) Outpaces Stock Market Gains: What You Should Know

WFC

In the latest trading session, Wells Fargo (WFC) closed at $50.74, marking a +0.77% move from the previous day. Coming into today, shares of the biggest U.S. mortgage lender had gained 3.77% in the past month. On that day, WFC is projected to report earnings of $1.09 per share, which would represent a year-over-year decline of 2.68%. Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.96 per share and revenue of $85.01 billion.

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Wells Fargo Donated $35.8 Million to Support North Carolina Nonprofits in 2018

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The total includes $25.6 million through 1,148 grants from the Wells Fargo Foundation, $3.3 million in matching grants to educational institutions and $6.85 million through the NeighborhoodLIFT effort in Charlotte. “Wells Fargo has a rich history of community support across the country and here in North Carolina,” said Juan Austin of Wells Fargo Community Relations. Wells Fargo also made a commitment to invest $20 million by 2020 in down payment assistance grants, support for the Housing Opportunity Fund and sustainable community development in the Charlotte region. The company supported the work of nonprofits helping communities become more resilient in the face of a changing climate, including environmental education, resiliency planning, green infrastructure and bringing renewable energy to low-income communities. For example, Wells Fargo supported the Piedmont Environment Alliance, The Grandfather Mountain Stewardship Foundation, Triangle Land Conservancy and the Coastal Land Trust.

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Thursday, March 14


News

Did Wells Fargo CEO Tim Sloan Earn His $1 Million Raise?

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There are three main ways Sloan can get paid -- he gets a base salary, he earns stock awards, and the board of directors can choose to give him a bonus. To put this figure into perspective, it's important to point out that Sloan is still a relatively low-paid CEO in the realm of the largest U.S. banks. For example, JPMorgan Chase CEO Jamie Dimon received $31 million in total compensation in 2018, and Bank of America CEO Brian Moynihan's total pay was $27 million. Wells Fargo's announcement of Sloan's compensation came just a day after he appeared before the House Committee on Financial Services. He was there to show the progress his bank has made in the two-plus years since the infamous "fake accounts" scandal was reported, and a subsequent wave of misdeeds by the bank was made public. As a result of Wells Fargo's bad behavior, the Federal Reserve slapped an unprecedented penalty on the bank in February 2018, prohibiting it from growing beyond its size at the end of 2017, until substantial improvements are made.

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Rep. Maxine Waters calls Wells Fargo CEO's $2 million bonus outrageous, calls for his removal

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Rep. Maxine Waters called for the removal of Wells Fargo CEO Tim Sloan after news that he received a $2 million bonus as part of his 2018 pay package. One bank regulator said Tuesday that it "continued to be disappointed" with Wells Fargo's efforts on risk management and corporate governance. "Mr. Sloan shouldn't be getting a bonus, he should be shown the door," Waters said.

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Wells Fargo Comes Away Disappointed From Kroger's Management Meeting

WFC KR

Wells Fargo Comes Away Disappointed From Kroger's Management Meeting. Kroger Co (NYSE: KR) hosted a meeting Wednesday to introduce new CFO Gary Millerchip. While the company did address some concerns, there continues to be a lack of clarity into the reasons for the grocery chain's poor fourth-quarter performance and why management expects a positive inflection in 2019, according to Wells Fargo. Kroger told analysts that the fourth quarter was impacted by several onetime factors, including supply chain investment headwinds, incentive comp and vacation accruals as well as a lower LIFO credit, Kelly said in a Wednesday note. Kroger’s stock will appreciate significantly if management is able to just achieve the guidance, the analyst said, adding that visibility remains low, with a need for supermarket IDs to improve and gross margin that's likely to contract further.

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Wells Fargo Awards CEO With Pay Hike, Gives Performance Bonus

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Wells Fargo & Company’s WFC CEO Timothy Sloan has received a total compensation of nearly $18.4 million for 2018, up nearly 5% year over year. Per the company’s proxy statement, the increase in the pay package was largely driven by $2 million given as bonus based on his full-year achievements. Despite these achievements, Wells Fargo had been in news throughout 2018, either for involvement in a scandal or for the Federal Reserve’s major move to restrict asset growth in response to “widespread consumer abuses and compliance breakdowns” made by the bank. The pay raise news came a day after the CEO was grilled by lawmakers to show the progress made by Wells Fargo since news of unauthorized customer accounts came out.

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Wells Fargo CEO gets 5 percent pay raise

WFC

(Reuters) - Wells Fargo & Co gave Chief Executive Tim Sloan a 5 percent pay raise for 2018, the bank said on Wednesday. Sloan’s base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing. Wells Fargo released compensation details one day after Sloan appeared before the House Financial Services Committee to show to lawmakers that the bank has reformed since 2016 revelations that it created millions of unauthorized customer accounts. Earlier this year, Bank of America Corp said that CEO Brian Moynihan’s annual compensation rose 15 percent to $27 million, Morgan Stanley said CEO James Gorman’s overall pay rose 7 percent to $29 million, and JPMorgan Chase & Co said CEO Jamie Dimon’s compensation rose 5 percent to $31 million, according to regulatory filings.

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Wednesday, March 13


News

Wells Fargo CEO's pay raise draws rare Fed response

WFC

Wells Fargo CEO's pay raise draws rare Fed response. Sloan's base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank's financial performance and other factors, according to a company filing. "The Federal Reserve does not approve pay packages. We expect boards of directors to hold management accountable," said a Fed spokesperson in an emailed statement when asked about the bank’s new executive compensation numbers. Wells Fargo released its compensation one day after Sloan appeared before the House Financial Services Committee to prove to lawmakers that the bank was reformed since 2016 revelations that it created millions of unauthorized customer accounts.

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