Wells Fargo Co Stock Price, News & Analysis

Wells Fargo has appointed Paul Camp as the new head of Global Treasury Management, effective November. Previously CEO of Treasury Services at BNY Mellon, Camp brings over 21 years of experience in treasury management and payment solutions. This strategic move combines Treasury Management and Global Payment Solutions into one division, enhancing service capabilities for clients. Danny Peltz, the current head, is set to retire in December. Wells Fargo continues to focus on growth and innovation to support various business sizes.

Wells Fargo (NYSE: WFC) announces the retirement of Charles H. Noski as chairman and director, effective September 30, 2021. Noski led the board during a pivotal time and was instrumental in governance improvements. Steven D. Black has been elected as the new chairman, bringing over 45 years of financial services experience. Additionally, Wayne M. Hewett has been appointed to the Governance and Nominating Committee. CEO Charlie Scharf expressed gratitude for Noski's leadership during challenging times and optimism for the future under Black's leadership.

Wells Fargo (NYSE: WFC) announced recognition with the 2021 Apex Award and the 2021 Gramercy Banking and Credit Union Award for its Small Business Resource Center, launched in July 2020 to assist small businesses during the COVID-19 pandemic. The center has served nearly 900,000 businesses, providing resources to help them navigate economic challenges. CEO Mary Mack highlighted the importance of offering actionable support. Additionally, Wells Fargo emphasizes its commitment to fostering inclusivity through various programs, including the $175 million Diverse Community Capital Program.

Wells Fargo announced the redemption of 26,000 Series O Preferred Shares and 46,000 Series X Preferred Shares on Sept. 15, 2021. The redemption price will be $25,000 per Series O share and $25 per Series O Depositary Share, with similar values for Series X. Post-redemption, no shares of the Series O or X will remain outstanding. The redemption coincides with a dividend payment date; however, the stated prices exclude declared and unpaid dividends. All regulatory requirements for this redemption have been satisfied.

The Wells Fargo Utilities and High Income Fund (ERH) announced distribution details in a shareholder notice. It is estimated that the Fund has distributed more than its net income and realized capital gains, leading to a potential return of capital in distributions. This notice also clarified that distribution figures are estimates and not for tax reporting. The Fund’s managed distribution plan aims for a minimum fixed annual rate of 7.0%, but distributions may not reflect investment performance. Shareholders will receive a Form 1099-DIV for tax reporting at year-end.

Wells Fargo, in partnership with ideas42, has launched the Shared Prosperity Catalyst, a $15 million initiative aimed at enhancing economic pathways for low- and moderate-income communities, particularly communities of color. This multiyear project will address both financial and nonfinancial burdens that these communities face. The initiative will support four entrepreneurs for 18 months to develop technologies that alleviate hidden costs of living in poverty. Wells Fargo emphasizes the urgent need for systemic changes to enable greater economic inclusion.

Wells Fargo (NYSE: WFC) appointed John Tyers as head of the Independent Advisor group at Wells Fargo Advisors, effective July 30. Tyers will oversee the firm's Financial Network and Registered Investment Advisor custody business. Bringing a wealth of experience from AdvisorEngine and Citizens Financial Group, he has held various leadership roles, including with Merrill Lynch. His educational credentials include degrees from the University of Georgia and programs at Oxford and MIT. The firm, with assets of approximately $1.9 trillion, serves significant segments in U.S. banking and investment.

Wells Fargo (NYSE: WFC) declared a quarterly dividend of $0.20 per share, payable on September 1, 2021, to stockholders of record on August 6, 2021. This marks a 10 cent increase from the previous quarter. The company boasts approximately $1.9 trillion in assets and serves one in three U.S. households, making it a key player in financial services. Wells Fargo aims to support sustainable and inclusive growth through various initiatives.