Wells Fargo Co Stock Price, News & Analysis

Wells Fargo's Q4 2024 Commercial Business Sentiment Report reveals the highest sentiment index score (112.9) in four years, up from 102.3 in Q3 2024. The survey, conducted post-presidential election from November 15-22, 2024, gathered insights from 307 commercial companies with annual revenues between $10M-$500M.

Key findings show increased optimism with 51% of companies expecting economic improvement in the next 12 months and 63% anticipating better conditions over five years. Business outlook is positive, with 43% expecting improvement in the next year, while only 6% predict decline. Regarding demand, 36% anticipate increased demand for goods/services, with just 4% expecting lower demand.

Top factors boosting business include improved efficiency (35%), growing customer base (29%), reduced fuel costs (27%), and interest rates stabilizing (27%). However, challenges persist with 57% citing inflation as their primary concern, followed by increased prices/costs (70%), reduced demand (49%), recession fears (48%), and hiring/retention issues (46%).

Wells Fargo (NYSE: WFC) announced the retirement of Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB). Weiss will step down immediately and formally retire on June 1, 2025, after nearly 20 years with the company. Fernando Rivas, who joined as Co-CEO of CIB in May 2024, will become the sole CEO.

Under Weiss's leadership since early 2020, CIB achieved significant growth with net income increasing approximately 40% and revenue rising approximately 35%. Weiss's career at Wells Fargo began in 2005 in Investment Banking, progressing through various leadership roles including Co-Head of Investment Banking & Capital Markets (2008), President and Head of Wells Fargo Securities (2014), and Head of Wealth & Investment Management (2017-2020).

Wells Fargo (NYSE: WFC) has announced that its board of directors has approved a quarterly common stock dividend of $0.40 per share. The dividend will be payable on March 1, 2025, to stockholders of record as of February 7, 2025. This announcement represents the company's continued commitment to returning value to shareholders through regular dividend payments.

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.