Wells Fargo Co - WFC STOCK NEWS

Wells Fargo announces a donation of $300,000 to aid recovery efforts in Puerto Rico post-Hurricane Fiona. Funded through the Wells Fargo Foundation, this support targets essential needs such as meals and rebuilding resources, specifically assisting the Hispanic Federation, SBP, and World Central Kitchen. Each organization will receive $100,000 to facilitate urgent relief efforts. Additionally, Wells Fargo maintains ongoing support for the American Red Cross to bolster disaster preparedness.

The Big Homecoming Festival, co-created by Grammy winners Amir Windom and Maurice Slade, is launching Phase II with The 365 Impact Tour, aimed at supporting Historically Black Colleges and Universities (HBCUs). Major partners like Walmart (WMT), Wells Fargo (WFC), and Allstate (ALL) will provide resources to enhance education, leadership, financial literacy, health, and entrepreneurship among students. The tour kicks off on September 13, 2022, at North Carolina A&T University, continuing efforts to celebrate and sustain the legacy of Black excellence through community engagement.

Wells Fargo has reached an agreement with the U.S. Department of Labor to resolve a legacy matter related to its 401(k) Plan. The bank, which disagrees with the DOL's allegations, will pay approximately $13.2 million to the DOL and $131.8 million to eligible current and former 401(k) participants. The company emphasizes that all participants received their due contributions, and the transactions were independently approved. Wells Fargo has not conducted the disputed transactions since 2018.

Wells Fargo (NYSE: WFC) announced that Chief Financial Officer Mike Santomassimo will present at the Barclays Global Financial Services Conference on Tuesday, Sept. 13, 2022, at 8:15 a.m. ET. The event will be available via live webcast, with a replay accessible for three months post-presentation. Wells Fargo, a leading financial services company with approximately $1.9 trillion in assets, serves one in three U.S. households and is the top provider for middle-market banking.

Wells Fargo (NYSE: WFC) has declared dividends on eight series of preferred stock, showcasing continued confidence in shareholder returns. Notably, a cash dividend of $18.75 per share on the Series L, payable on Sept. 15, 2022, stands out. Other dividends include $365.63 for Series Q, $414.06 for Series R, $351.56 for Series Y, $296.88 for Series Z, $293.75 for Series AA, $273.44 for Series CC, and $265.63 for Series DD, all payable on the same date. Holders must be recorded by Aug. 31, 2022.

Wells Fargo (NYSE: WFC) issued its second Inclusive Communities and Climate Bond, totaling $2 billion, aimed at financing initiatives in housing affordability, renewable energy, and clean transportation. The bond, priced on Aug. 8, 2022, offers fixed interest payments of 4.54% until Aug. 15, 2025, followed by interest based on SOFR + 1.56% until Aug. 15, 2026. Significant support from diverse broker-dealers is highlighted, with 75% of underwriting fees allocated to underrepresented firms, demonstrating Wells Fargo's commitment to inclusivity in finance.

Wells Fargo and the Thurgood Marshall College Fund (TMCF) announced the winners of the College Completion Scholarship Program, awarding up to $5,000 to over 200 senior scholars from TMCF-member schools for the 2021-22 academic year. Each recipient will also receive career mentorship from Mentor Collective. This initiative emphasizes the importance of social and financial support for students, as research indicates mentorship significantly boosts retention and sense of belonging among college students.