|Bid||25.47 x 800|
|Ask||25.53 x 1800|
|Day's Range||25.46 - 25.52|
|52 Week Range||24.54 - 26.22|
|Beta (3Y Monthly)||0.05|
|PE Ratio (TTM)||5.63|
|Forward Dividend & Yield||1.50 (5.87%)|
|1y Target Est||N/A|
The Fed released the first round of stress tests for this year, showing that banks have cleaned up their balance sheets. But regulatory changes meant fewer banks were tested this year.
Charlotte, North Carolina is the focal point of a brewing war between the big banks, as BB&T and SunTrust merge and giants Chase and U.S. Bank move in.
Wells Fargo still hasn’t found a permanent CEO since former Chief Executive Tim Sloan left the bank in March. Its board’s pledge to find an outsider to run the bank is proving difficult.
THINGS TO KNOW Financial advisors at (WFC) might have hoped the bank would quickly find a replacement for former CEO Tim Sloan, who resigned in late March. A new chief might be able to further steer the company away from a recent history of scandals that have battered its reputation and led to regulatory consequences.
Wells Fargo said Wednesday that Brandee McHale will join from Citigroup Inc. to oversee its philanthropic push. McHale was most recently head of corporate citizenship at Citigroup and president of its foundation. Jon Campbell, Wells Fargo’s head of corporate philanthropy and community relations, previously announced plans to retire at the end of this year.
The U.S. Justice Department is aiming to resolve an investigation into multiple banks’ alleged manipulation of tax-credit bidding in the next couple months, according to people familiar with the matter. The agency is investigating whether Wells Fargo and other banks, including PNC Financial Services Group Inc., colluded with developers to lower bids for tax credits that are part of a federal program to encourage development of affordable housing. State housing agencies award federal tax credits to developers, who sell them to banks or other investors in the housing projects.
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A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co's pick for its next chief executive, a development that could complicate the scandal-hit lender's efforts to find a permanent replacement for CEO Tim Sloan. Joseph Otting, the Comptroller of the Currency (OCC), told Congress he would use special legal powers that the regulator typically reserves for overseeing financially troubled lenders to review any proposed candidate. "At this point in time I do not have plans to release that information," Otting told Warren in a heated exchange.
Wells Fargo's CEO pay package has trailed peers in recent years in the aftermath of a wide-ranging sales practices scandal. Wells Fargo is also the smallest of the top four retail banks by assets. The board will likely pay the next CEO $15 million-$20 million a year, said Robin Ferracone, the chief executive of compensation consultancy Farient Advisors LLC. That compares with the $25 million that CEOs of top retail banks earned last year on average.
Derek Flowers, who has been with the San Francisco-based bank for more than two decades, will become head of strategic execution and operations and will focus on the bank's regulatory priorities, said the memo, sent by interim chief executive Allen Parker on Wednesday. Parker has said he wants to "redouble" the bank's efforts to satisfy and exceed regulatory expectations.
The United States will be able to survive a trade war with China with minimal impact on GDP in the short term, according to Wells Fargo senior economist Tim Quinlan.
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Eileen Murray, a co-CEO of Bridgewater, is considering leaving the fund, The Wall Street Journal reports on Monday. Murray, who has been with the fund for a decade, has been approached by Wells Fargo about its open executive role. Major Wells Fargo shareholder Warren Buffett tells CNBC that a good banker should not want to fill the position vacated in March by Tim Sloan, whom Buffett says was forced out by political pressure.
Whenever a situation like this arises "it's the shareholders who pay," says Buffett at the annual Berkshire Hathaway shareholders meeting. Buffett's comment was followed by cheers from the crowd. Buffett made his remark responding to a shareholder's question regarding the Wells Fargo scandal involving the creation of fake accounts.
Billionaire investor Warren Buffett weighs in on the Wells Fargo fake bank account scandal at the 2019 Berkshire Hathaway Shareholders Meeting.
Another (WFC) advisory team has jumped into the company’s new RIA channel. David Hohimer, previously with Wells Fargo Advisors, the company’s brokerage unit, has opened a Seattle-based RIA, according to a news release. Over the last decade at Wells Fargo Advisors, Hohimer’s team grew assets under management to more than $650 million from $100 million.