Wells Fargo Co Stock Price, News & Analysis

Wells Fargo has appointed Kleber Santos as CEO of Consumer Lending, effective immediately. Santos, previously head of Diverse Segments, Representation and Inclusion since November 2020, will oversee all Consumer Lending operations, including Home Lending, Auto, and Credit Cards. He succeeds Mike Weinbach, who will depart in mid-September after two years leading the Consumer Lending initiative. Santos, bringing extensive experience from Capital One, aims to drive growth and improve the division's performance.

Wells Fargo (NYSE: WFC) will report its second quarter 2022 earnings results on July 15, 2022, at 7:00 a.m. Eastern time. A live conference call will follow at 10:00 a.m. Eastern time, accessible by phone or online. Results will be available on Wells Fargo's Investor Relations website and the SEC website. The earnings report will provide insights into the company's performance, which manages approximately $1.9 trillion in assets and serves a significant portion of U.S. households and small businesses.

Wells Fargo (NYSE: WFC) announced the appointment of Otis Rolley as head of Social Impact, effective August 1. Previously at The Rockefeller Foundation, Rolley led initiatives focusing on economic stability and racial equity. He will oversee community engagement and enterprise philanthropy, including the Wells Fargo Foundation, and report to Bill Daley. Rolley brings extensive experience in economic development, having held significant roles in various sectors, including serving as the president and CEO of Newark Community Economic Development Corporation.

The Wells Fargo Foundation has launched the Growing Diverse Housing Developers initiative, committing $40 million to boost racial equity in the U.S. housing market. With less than 5% of developers being people of color, the program will provide support to Black- and Latino-owned firms over four years, including lower-cost capital, training, and mentorship. A total of 39 developers will participate, with aims to increase affordable housing supply and create a more inclusive housing ecosystem across the country.

Wells Fargo (NYSE: WFC) has completed the 2022 Comprehensive Capital Analysis and Review (CCAR) stress test, estimating its stress capital buffer (SCB) at 3.2%. The Federal Reserve Board will publish the final SCB by August 31, 2022. The company plans to increase its common stock dividend from $0.25 to $0.30 per share, subject to Board approval. Additionally, there is significant capacity for common stock repurchases from Q3 2022 through Q2 2023, contingent on market conditions and risk factors. CEO Charlie Scharf confirmed the company's strong capital position.

Wells Fargo (NYSE: WFC) has launched the Autograph Card, the latest addition to its consumer credit card portfolio. This no-annual fee card offers 3X points in key spending areas like dining, travel, and streaming services. Cardholders can earn 30,000 bonus points after spending $1,500 in the first three months. With an introductory 0% APR for the first year, it aims to provide simple rewards without complicated categories. The Autograph Card is part of Wells Fargo's strategy to enhance customer value and will be available nationwide by mid-July.

Wells Fargo Investment Institute (WFII) released its 2022 Midyear Outlook titled Faster, Further, and Fragile, forecasting a mild recession in the U.S. economy by the end of 2022 into early 2023. The report identifies key investment strategies amid market fragility, emphasizing diversifying portfolios and being defensive with equity exposure. WFII predicts modest equity gains in 2022, with potential for recovery in 2024 if inflation eases. Preferred assets include U.S. mid-cap equities, short-term investment-grade bonds, and alternative investments for downside risk mitigation.

Wells Fargo is significantly enhancing its support for women-owned businesses, pledging to double the resources allocated through its Connect to More program. Following last year's success with 500 mentorship opportunities, the company plans to offer over 1,000 mentorship sessions and 13,000 hours of technical assistance. The initiative includes expanding partnerships with the Nasdaq Entrepreneurial Center and hosting a quarterly speaker series aimed at empowering women entrepreneurs. This commitment aligns with Wells Fargo's long-standing support for diverse small businesses.