Wells Fargo Co Stock Price, News & Analysis

Wells Fargo (NYSE: WFC) is launching a new consumer credit card portfolio, starting with the Active Cash Card in July, which features no annual fee, unlimited 2% cash rewards on purchases, and a $200 cash rewards bonus for spending $1,000 in the first 3 months. The bank aims to simplify credit card offerings to meet evolving customer needs. A low-APR card, Reflect, and a rewards card line are set to follow. The initiative is part of Wells Fargo's transformation strategy to enhance its consumer business and position itself competitively in the card market.

Wells Fargo Wealth & Investment Management has launched a new podcast titled “About Money.” Hosted by Michael Liersch, the podcast aims to spark healthy discussions about money, tackling taboos and empowering listeners in their financial decision-making. The first season includes 10 episodes focusing on difficult conversations related to finances with family and partners, releasing weekly until August 5. With nearly $2 trillion in client assets, Wells Fargo is one of the largest wealth managers in the U.S., providing a range of financial services.

The Wells Fargo Utilities and High Income Fund (ERH) has outlined the sources for its monthly distributions in a recent Notice to shareholders. Importantly, the Fund has indicated that it may have distributed more than its income and net realized capital gains, implying that some distributions may represent a return of capital. This return does not reflect the investment performance of the Fund. The estimates provided are for informational purposes only and will be finalized for tax reporting at year-end. Distributions are part of the Fund's managed distribution plan, with a minimum annual rate of 7.0%.

Wells Fargo is granting $1 million to support the AAPI community and small businesses affected by COVID-19 and rising anti-Asian discrimination. This funding will go to four organizations: National ACE, OCA, USPAACC, and Asian Americans Advancing Justice. Each will utilize the funds for various initiatives, including training for small business owners and public awareness campaigns against anti-Asian hate. This investment aligns with Wells Fargo's ongoing commitment to the AAPI community, and since 2016, the company has contributed over $140 million to related nonprofits.

Wells Fargo (NYSE: WFC) announced that CEO Charlie Scharf will present at the 37th Annual Bernstein Strategic Decisions Conference on June 2, 2021, at 8 a.m. Eastern time. A live webcast of the event will be available online, with a replay accessible for three months afterwards. Wells Fargo is a major financial services provider, boasting approximately $1.9 trillion in assets and serving one in three U.S. households. The company focuses on sustainable social impacts, including housing affordability and small business growth.

Wells Fargo (NYSE: WFC) has announced its investment in two additional African American Minority Depository Institutions (MDIs): The Harbor Bank of Maryland and Industrial Bank of Washington, D.C. This brings its total investments to 13 MDIs, fulfilling its commitment of $50 million to Black-owned banks made in March 2020. The investments aim to enhance lending capacity and community support. Wells Fargo will provide access to its ATM network and offer financial and technological support. The initiative is part of Wells Fargo's ongoing commitment to economic equity and community growth.

Wells Fargo & Company (NYSE: WFC) has appointed Ulrike Guigui as the new head of Payments Strategy, effective June 1. Guigui, with over 20 years of experience in the payment and consumer finance industry, will report to Ather Williams III, focusing on aligning the bank's enterprise payments strategy for future growth. Previously at Deloitte, she has held key positions at companies such as Mastercard and Citigroup. Her expertise is expected to bolster Wells Fargo's capabilities in providing secure and seamless financial transactions.

Wells Fargo announced new investment advisory agreements for its closed-end funds, including the Wells Fargo Income Opportunities Fund (EAD) and Wells Fargo Multi-Sector Income Fund (ERC). These changes come in light of the pending sale of Wells Fargo Asset Management to GTCR LLC and Reverence Capital Partners, expected to finalize the termination of existing agreements. Special shareholder meetings to approve the new agreements are set for July 15, 2021. These funds primarily aim for high current income, while mitigating risks associated with interest rates and market volatility.