Welcome to our dedicated page for Wells Fargo news (Ticker: WFC), a resource for investors and traders seeking the latest updates and insights on Wells Fargo stock.
Wells Fargo & Company reports developments across a diversified financial services business that provides banking, investment and mortgage products and services, plus consumer and commercial finance. Company updates commonly reference its four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
Recurring news includes quarterly earnings releases, common stock dividends, credit card rewards and travel-transfer partnerships, digital banking features such as the Wells Fargo Mobile app and Fargo virtual assistant, and community investments tied to housing, workforce training and small business growth. Wells Fargo also publishes consumer finance research through its Money Study.
Wells Fargo (NYSE: WFC) has launched the new Attune℠ World Elite Mastercard® in partnership with Mastercard. This card offers cardholders unlimited 4% cash rewards on purchases related to fitness, wellness, select sports, and entertainment. Additionally, it rewards public transit, EV charging stations, and thrift store purchases. New cardholders can earn a $100 cash reward after spending $500 in the first three months and Wells Fargo will donate $50 to Capital Link for each qualifying cardholder. The card has no annual fee and includes security benefits such as Mastercard Global Service and ID Theft Protection.
Wells Fargo & Company (NYSE: WFC) announced that CFO Mike Santomassimo will present at the Morgan Stanley US Financials, Payments & CRE Conference on June 11, 2024, at 8:00 a.m. ET.
The presentation will be accessible via a live webcast on Wells Fargo's Investor Relations website, and a replay will be available for three months after the event.
Wells Fargo has donated $250,000 to assist with storm relief efforts in Houston. The donation supports the Severe Weather and Derecho Recovery Fund, which aids individuals and families affected by recent severe weather events. The fund will prioritize low-to-moderate-income families in Harris, Montgomery, and Waller counties, focusing on home repair and emergency financial assistance. Wells Fargo is collaborating with the Greater Houston Community Foundation and United Way of Greater Houston. In addition, customer accommodations and employee support measures have been introduced, including fee-free ATM donations to the American Red Cross.
Rebuilding Together has launched the Heirs' Property pilot initiative to tackle the issue of tangled titles, which occurs when homes are passed without a will, resulting in unclear ownership. The initiative, supported by Wells Fargo, aims to provide educational outreach, legal assistance, and estate planning services to families in Philadelphia, Baton Rouge, and Kent County, Md. The program's success could lead to wider implementation. In Philadelphia alone, over 10,400 homes have unclear ownership, valued at over $1.1 billion. Since 2010, Wells Fargo has donated over $19 million to support Rebuilding Together's efforts.
Grameen America, a leading nonprofit microfinance organization, has opened a new branch in Phoenix, Arizona, with significant support from the Wells Fargo Foundation. Wells Fargo has granted $3.25 million over three years to assist in expanding Grameen America's services to Phoenix and enhancing its technology platforms.
Grameen America aims to provide affordable loan capital, financial education, and peer support to low-income women entrepreneurs. The Phoenix branch has already disbursed over $327,000 in microloans to more than 130 women, with a target of distributing nearly $14 million by 2026. The region exhibits a strong entrepreneurial culture, evidenced by a 13.7% growth rate in women-owned businesses.
The grant also supports the rollout of a member mobile app to streamline operations and improve member experience. Wells Fargo's contribution is part of a broader initiative to support small business growth and economic development.
Wells Fargo announced that CEO Charlie Scharf will present at the 40th Annual Bernstein Strategic Decisions Conference on May 29, 2024, at 8:00 a.m. ET. This event will be available for live streaming and replay on the company's investor relations website.
The Vermont Slauson Economic Development (VSEDC) has been designated as one of 17 new Small Business Administration (SBA) Women's Business Centers. This new center, powered by Wells Fargo, will launch on May 22, 2024, featuring remarks by Los Angeles Mayor Karen Bass.
The center aims to provide coaching, mentorship, access to capital, and business education to women entrepreneurs. It is the first SBA Women's Business Center in South Los Angeles and one of 20 in California, focusing on helping women scale their enterprises through strategic planning, financial management, and more.
Black women, the fastest-growing group of entrepreneurs, will significantly benefit from this initiative. The VSEDC WBC will offer resources to help women overcome historic challenges in entrepreneurship, particularly those related to access to capital and comprehensive business support.
Wells Fargo & Company (NYSE: WFC) announced quarterly cash dividends on six series of preferred stock.
The dividends include $18.75 per share for the 7.50% noncumulative perpetual convertible class A preferred stock, Series L; $351.56 per share for the 5.625% noncumulative perpetual class A preferred stock, Series Y; $296.88 per share for the 4.75% noncumulative perpetual class A preferred stock, Series Z; $293.75 per share for the 4.70% noncumulative perpetual class A preferred stock, Series AA; $273.44 per share for the 4.375% noncumulative perpetual class A preferred stock, Series CC; and $265.63 per share for the 4.25% noncumulative perpetual class A preferred stock, Series DD.
These dividends are all payable on June 17, 2024, to holders of record as of May 31, 2024.
Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, ranked No. 47 on Fortune's 2023 rankings of America's largest corporations.
Wells Fargo & Company (NYSE: WFC) announced the full redemption of its Series S Preferred Stock and related depositary shares. On June 15, 2024, all outstanding shares of the Series S Preferred Stock and related depositary shares will be redeemed. The redemption price is set at $25,000.00 per Redeemed Series S Preferred Share and $1,000.00 per Redeemed Series S Depositary Share. After the redemption, no shares of either will remain outstanding.
Wells Fargo & Company announced that Fernando Rivas will join as Co-CEO of Corporate & Investment Banking, bringing decades of experience from JP Morgan Chase. This move aims to enhance the bank's capabilities, deepen relationships, and drive revenue growth. Rivas' strategic expertise and industry knowledge are expected to contribute to Wells Fargo's continued success in the financial services sector.