48.50 -0.06 (-0.12%)
After hours: 7:40PM EST
|Bid||48.57 x 3200|
|Ask||48.57 x 1400|
|Day's Range||48.29 - 49.09|
|52 Week Range||43.34 - 54.75|
|Beta (5Y Monthly)||1.10|
|PE Ratio (TTM)||11.99|
|Earnings Date||Apr 13, 2020|
|Forward Dividend & Yield||2.04 (4.17%)|
|Ex-Dividend Date||Nov 05, 2019|
|1y Target Est||51.26|
(Bloomberg) -- Wells Fargo & Co.’s main regulator is preparing civil charges against former managers related to their roles in its retail banking scandals, people familiar with the matter said.The Office of the Comptroller of the Currency has been readying so-called notices of charges against as many as 10 individuals, and may reach settlements with some, the people said, asking not to be identified because the discussions aren’t public. Carrie Tolstedt, who ran Wells Fargo’s sprawling community bank, former chief administrative officer Hope Hardison and onetime chief auditor David Julian may be among those facing the charges, the people said.An announcement hasn’t been finalized and negotiations are ongoing, the people said. An OCC spokesman declined to comment. Representatives for Tolstedt, Hardison and Julian declined to comment.The breadth of managers swept up in the OCC’s probe shows regulators are seeking to hold individuals accountable in addition to the company over one of the financial industry’s largest scandals since the 2008 crisis. Notices of charges can lead to monetary penalties and bans from working in the industry.The OCC’s move would cast another spotlight on the bank’s misconduct as new Chief Executive Officer Charlie Scharf tries to move the company beyond three years of legal and regulatory fallout that have cost billions of dollars and claimed two CEOs. The Department of Justice and the Securities and Exchange Commission also have been investigating.The scandals erupted in 2016 with the revelation that employees may have opened millions of bogus accounts to meet sales goals. Issues soon emerged in other divisions, prompting a flurry of probes and settlements. The Justice Department staff also have been scrutinizing the actions of individual executives, people familiar with the investigation have said. A spokesman for the agency declined to comment.Wells Fargo has repeatedly come under pressure from the OCC in recent years, as the regulator imposed a $500 million penalty, helped to remove Hardison and Julian from their posts in 2018, and issued a rebuke of the bank’s progress under former CEO Tim Sloan during a March hearing before Congress. Wells Fargo announced Sloan’s retirement days later. The board hired Scharf after a six-month search for an external candidate that was subject to the OCC’s sign-off.\--With assistance from David Scheer.To contact the reporter on this story: Hannah Levitt in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Comerica's (CMA) Q4 results reflect higher fee income and lower provisions, partly offset by elevated expenses and lower net interest income.
The Wells Fargo Foundation is giving a $2.8 million grant to ACE (Access to Capital for Entrepreneurs) in an effort spark small business growth, especially in minority communities.
The big U.S. banks reported earnings for the fourth-quarter of 2019, seeing decent top-line growth as a result of a strong U.S. consumer. But the bottom line earnings were helped by share buybacks.
The U.S. Federal Reserve on Friday signaled it would take a lighter touch when supervising banks, in another win for the industry which has long complained that the regulator's closed-door supervisory process is opaque and capricious. In particular, foreign lenders Deutsche Bank, Credit Suisse, UBS and Barclays should no longer be held to the same supervisory standard as big U.S. banks after shrinking their combined U.S. assets by more than 50% over the past decade, said Fed governor Randal Quarles. "We have been giving significant thought to the composition of our supervisory portfolios and, in particular, to whether and how we should address the significant decrease in size and risk profile of the foreign firms," Quarles, who is also vice chair for Fed supervision, told a Washington conference.
In a week in which BlackRock swore off coal stocks, attention is growing on companies that meet so-called environmental, social and governance criteria.
Investor sentiment mixed on banks' Q4 earnings, with the major players displaying top-line strength aided by higher fee income and loan growth, partly muted by margin pressure and elevated expenses.
Wells Fargo & Company (NYSE: WFC) announced today a $250,000 USD donation to the American Red Cross from the Wells Fargo Foundation in response to the recent wildfires that continue to have a devastating impact on Australia and its residents. The donation is earmarked for the American Red Cross’s sister entity, the Australian Red Cross Disaster Relief Fund, which is one of the key lead organizations leading the relief effort.
Banking giant Wells Fargo has been mired in regulatory issues, though earnings growth has picked up. Is Wells Fargo stock a buy right now?
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Plans are in the works to move Wells Fargo's prominent downtown Denver branch from its spot on Broadway. Currently located at 1740 Broadway, the Wells Fargo (NYSE: WFC) branch is one of a handful of bank locations in the downtown area. "With 79 bank branch locations in metro Denver and the variety of ways we interact with customers — including in branches, online services, phone banks, etc. — we no longer need such a large downtown bank branch like our current one," Steve Carlson, Wells Fargo corporate communications vice president, told Denver Business Journal.
CreditCards.com is out with a new breakdown that matches how Americans spend according to labor statistics data, with some cards offering nice rewards bonuses. Yahoo Finance's Zack Guzman and Brian Cheung break it down with Netflix Co-founder and former CEO Marc Randolph.
Morhan Stanley reported fiscal fourth-quarter earnings that beat on the top and bottom lines. The bank's investment management division posted $1.36 billion in revenue, nearly 100% growth from a year ago. Yahoo Finance’s Brian Cheung joins Seana Smith on The Ticker to discuss.
Mike Tiedemann, Tiedemann Advisors CEO, joins Yahoo Finance with his take on the markets. He talks with Julie Hyman, Adam Shapiro, Andy Serwer and Oliver Pursche of Bruderman Asset Management.