Wells Fargo Co Stock Price, News & Analysis

Wells Fargo (NYSE: WFC) announced the termination of its 2022 consent order with the Consumer Financial Protection Bureau (CFPB), which was related to automobile lending, consumer deposit accounts, and mortgage lending. This marks the seventh consent order closed by Wells Fargo's regulators since 2019, representing significant progress in addressing regulatory compliance issues.

Wells Fargo & Company (NYSE: WFC) has appointed Ed Olebe as the new head of Cards and Merchant Services, effective immediately. Olebe joins from JPMorgan Chase, where he served as president of Branded Cards. He brings over 25 years of financial services and credit card experience, having previously held leadership positions at Chase, Mastercard, and American Express. He was also co-founder and CEO of Grasp Mobile Commerce.

Olebe succeeds Ray Fischer, who announced his retirement after joining Wells Fargo in 2019. Under Fischer's leadership, the company launched a new suite of credit card products and enhanced its Merchant Services business. According to Kleber Santos, CEO of Consumer Lending, Olebe's expertise will be important for Wells Fargo's continued growth in credit card business and payment capabilities expansion.

Wells Fargo (NYSE: WFC) has announced the release of its fourth quarter 2024 financial results. The company has made the results available through multiple channels, including their investor relations website and an SEC Form 8-K filing dated January 15, 2025.

The company has scheduled a live conference call on Wednesday, January 15, at 10:00 a.m. Eastern time to discuss the results. Investors and interested parties can access the call through both domestic and international dial-in numbers. A replay of the conference call will be available until January 29, accessible via phone and webcast.

Wells Fargo (NYSE: WFC) has scheduled its fourth quarter 2024 earnings announcement for Wednesday, January 15, 2025, at approximately 7:00 a.m. Eastern time. The earnings results will be accessible through the company's Investor Relations website and the SEC website.

The company will host a live conference call at 10:00 a.m. Eastern time on the same day, which investors can join by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International) using passcode: 1612595#. A replay of the conference call will be available from 1:00 p.m. Eastern time until January 29, accessible via phone and webcast.

Wells Fargo Bank has announced a decrease in its prime rate from 7.75% to 7.50%, representing a 25 basis points reduction. The new rate will take effect on December 19, 2024. This adjustment in the prime rate, which serves as a benchmark for various consumer and commercial lending products, reflects changes in the broader interest rate environment.

Wells Fargo Investment Institute (WFII) has released its '2025 Outlook' report, projecting the U.S. economy will lead global economic expansion. The report forecasts the S&P 500 Index to reach 6,500-6,700 by year-end 2025, with broader market participation expected across sectors including small-cap equities, Financials, Communication Services, Industrials, and Energy.

Key projections include U.S. GDP growth of 2.5%, consumer price inflation at 3.3%, and Federal funds rate at 4.00%-4.25%. WFII anticipates U.S. Treasury yields of 4.50%-5.00% (10-year) and 4.75%-5.25% (30-year). The outlook suggests stock returns will be primarily driven by earnings growth, while commodities are expected to benefit from slow supply growth and global demand rebound.

Wells Fargo and Miami-Dade County have launched the Strive305 HUB, a comprehensive resource platform for small businesses. The initiative, funded and sponsored by Wells Fargo, provides tools including resource mapping, training modules, event promotion, and community engagement features.

The program builds on Wells Fargo's previous $20 million Miami Open for Business grant and aims to support entrepreneurs through various stages of business development. The platform offers resources for business registration, emergency preparedness, planning, networking, mentoring, and legal services. The hub is supported by partners including the Small Business Administration, Florida International University's SBDC, and the Department of Commerce MBDA.

TBL Fund has received a $100,000 grant from the Wells Fargo Foundation to enhance decarbonization and energy efficiency initiatives in Tribal Communities. The funding will support collaboration with the New Mexico Department of Indian Affairs to develop a sustainable energy program, providing clean energy access, energy efficiency, and resiliency technologies to Tribal Nations in New Mexico.

The program aims to reduce carbon footprints and promote energy sovereignty in Tribal communities, with plans to expand to surrounding states. TBL Fund's goals include expanding services to all U.S. states and territories, targeting to serve over 100,000 low-income households annually.

Wells Fargo (NYSE: WFC) has announced that CEO Charlie Scharf will deliver a presentation at the Goldman Sachs Financial Services Conference on Wednesday, December 11, 2024, at 8:40 a.m. ET.

The presentation will be accessible through a live webcast on Wells Fargo's investor relations website. Interested parties can access the webcast recording for up to three months after the presentation date.