|Bid||41.15 x 2200|
|Ask||41.29 x 1800|
|Day's Range||39.75 - 41.87|
|52 Week Range||39.75 - 54.75|
|Beta (5Y Monthly)||1.11|
|PE Ratio (TTM)||10.09|
|Earnings Date||Apr 13, 2020|
|Forward Dividend & Yield||2.04 (4.80%)|
|Ex-Dividend Date||Feb 05, 2020|
|1y Target Est||50.70|
The acquiree, Wasmer Schroeder, specializes in separately managed accounts, and Schwab says the deal will bolster its fixed-income offerings for retail and RIA clients. RBC Wealth Management continues to recruit aggressively from the wirehouses. Raymond James just launched a new training program for would-be financial advisors called WealthMAP.
Escalating fears over the economic impact of the coronavirus have led to a sharp sell-off in global markets.
Wells Fargo & Company (NYSE: WFC) today announced that on March 30, 2020 (the "Liquidation Date") (i) Wells Fargo Capital X will be liquidated, the 5.95% Capital Securities (the "Wells Fargo Capital Securities") and the 5.95% Common Securities (the "Wells Fargo Common Securities") issued by Wells Fargo Capital X will be cancelled, and the 5.95% Capital Efficient Notes due 2086 (the "Debentures due 2086") issued by Wells Fargo & Company and currently held by Wells Fargo Capital X will be distributed pro rata to the holders of the Wells Fargo Capital Securities and Wells Fargo Common Securities, all in accordance with the amended and restated declaration of trust and trust agreement of Wells Fargo Capital X, and (ii) First Union Capital II will be liquidated, the 7.95% Capital Securities, Series A (the "First Union Capital Securities" and, together with the Wells Fargo Capital Securities, the "Capital Securities") and the 7.95% Common Securities (the "First Union Common Securities" and, together with the Wells Fargo Common Securities, the "Common Securities") issued by First Union Capital II will be cancelled, and the 7.95% Junior Subordinated Deferrable Interest Debentures, Series B Due November 15, 2029 (the "Debentures due 2029" and, together with the Debentures due 2086, the "Debentures") issued by Wells Fargo & Company, as successor to First Union Corporation, and currently held by First Union Capital II will be distributed pro rata to the holders of the First Union Capital Securities and First Union Common Securities, all in accordance with the amended and restated trust agreement of First Union Capital II.
Banking stocks depreciate on emergence of COVID-19 as a global epidemic, causing the yield on benchmark 10-year Treasury note dip to a historical low.
Workday, Inc. (WDAY), a leader in enterprise cloud applications for finance and human resources, today announced that Wells Fargo & Company (WFC) has chosen Workday Human Capital Management to help elevate the user experience and increase HR efficiencies across the organization for its approximately 260,000 global employees. In addition, Wells Fargo’s delivery roadmap includes Adaptive Insights Business Planning Cloud, Workday Payroll, Workday Prism Analytics, Workday Recruiting, and Workday Time Tracking to help the company plan, execute, and analyze across the enterprise all in one system powered by machine learning.
Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network failed to supervise the employees who advised risky investments to vulnerable clients, including senior citizens and retirees, the SEC said in a cease & desist order posted Thursday. Investment advisors and registered representatives of the San Francisco-based banks recommended single-inverse electronically traded funds to retail investors who had "limited incomes and net worth," and had conservative to moderate risk tolerances. The single-inverse ETFs entail high risk, especially when held for longer than a day, yet the Wells Fargo representatives advised clients to keep them "for months or years," the SEC said.
(Bloomberg) -- Wells Fargo & Co. agreed to pay $35 million to resolve claims that it failed to police sales of exchange-traded funds to risk-averse clients, the scandal-plagued bank’s latest step toward putting it’s myriad regulatory problems behind it.Some of the bank’s brokers recommended single-inverse ETF investments to clients including senior citizens and retirees, even though the employees didn’t fully understand the risk of losses when the products are held long-term, the Securities and Exchange Commission said in a Thursday statement. The bank lacked policies and procedures to ensure brokers understood the ETFs and to detect unsuitable recommendations, the SEC said.“As a result of Wells Fargo’s failure to meet these important obligations, some of its employees recommended complex instruments to retail investors who did not understand the risks involved,” Antonia Chion, an associate director of the SEC Enforcement Division, said in the agency’s statement.Wells Fargo, which agreed to settle the claims without admitting or denying the SEC’s findings, said in a statement that it no longer sells the products in its brokerage. The $35 million penalty will be distributed to harmed investors, the agency said.Last week, Wells Fargo paid the U.S. government $3 billion to settle investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.To contact the reporter on this story: Matt Robinson in New York at email@example.comTo contact the editors responsible for this story: Jesse Westbrook at firstname.lastname@example.org, Gregory MottFor 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.
The U.S. Securities and Exchange Commission said on Thursday it ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending high-risk products. Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network failed to supervise investment advisers who recommended single-inverse exchange-traded funds (ETFs). The advisers recommended the investments to customers with conservative or moderate risk tolerances, including senior citizens and retirees, the SEC said in a filing.
The Wells Fargo banker recently moved with his wife Lynne Pelos to a home in Amity in order to be closer to her wine business (iOTA Cellars). Pelos, who lived for years in Minnesota, said he enjoys the state's abundant green spaces. The challenge for Pelos in the near future may be finding time to enjoy them.
The investment will help fund the expansion of DadePay, an invoice-to-cash software that automates account receivables processing.
Moody's Investors Service, ("Moody's") has assigned definitive ratings to 18 classes of residential mortgage-backed securities (RMBS) issued by Provident Funding Mortgage Trust 2020-1 (Provident 2020-1). Provident 2020-1 is the first transaction in 2020 entirely backed by loans originated by the sponsor, Provident Funding Associates, L.P. (Provident Funding).
On March 25, an advocacy group called The Committee for Better Banks will participate in a House Financial Services Committee hearing titled "Holding Wells Fargo Accountable: Examining the Impact of the Bank's Toxic Culture on Its Employees." Two bank workers plan to testify.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Wells Fargo & Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
The guru says the embattled bank should have addressed account scandal ‘immediately,’ but is not specifically why Berkshire is selling Continue reading...
The Zacks Analyst Blog Highlights: Coca-Cola, Wells Fargo, U.S. Bancorp, TJX Companies and Southern
Although Wells Fargo & Co settled major probes with federal agencies over abusive sales practices last week, the bank and its former executives are not out of the woods yet, legal and regulatory experts said. Wells, the fourth-largest U.S. lender, reached a $3 billion deal with the U.S. Department of Justice and Securities and Exchange Commission on Friday related to opening fake customer accounts.
Ken Ouimet, founder of Davis-based retail technology company Engage3, has relinquished the CEO title to focus on technology and science.
Central Florida businesswomen shared their strength as Orlando Business Journal’s Bizwomen Mentoring Monday event convened Feb. 24 at the Hyatt Regency Grand Cypress. “It is an honor and a humbling experience,” first-time Mentoring Monday mentor Regine Bonneau told Orlando Business Journal. Bonneau, who was in OBJ’s 40 Under 40 Class of 2018 and is a 2019 Women Who Mean Business Awards: Business Owner of the Year honoree spent the morning sharing her experiences as founder and CEO of Winter Park-based RB Advisory LLC. “I am able to now pass on some of the wisdom that I have been fortunate enough to receive from my many mentors.” The list of 2020 participants also features veteran mentors including Kelly Cohen, partner and chief marketing officer of The Southern Group, who has given her time for all seven Mentoring Monday events.
(Bloomberg) -- Warren Buffett said he’s not yet picked a candidate in the U.S. presidential race.“I think I’m going to wait and see who gets the nomination,” Buffett said Monday in an interview with CNBC. “Normally, I vote for Democrats. We will see what happens.”Buffett, who runs Berkshire Hathaway Inc., endorsed Hillary Clinton for the 2016 election against now-President Donald Trump, and attended fundraisers for both Clinton and Barack Obama ahead of the 2008 primaries. The son of a Republican U.S. congressman, Buffett, 89, said he’s a capitalist, not a “card-carrying” Democrat.Democratic candidates vying for the nomination include Vermont Senator Bernie Sanders, who’s gained momentum with victories in Nevada and the New Hampshire primary. While Buffett agrees with Sanders that the country needs to do more for people who are left behind, he doesn’t think that requires dismantling “the golden goose” of capitalism.“I actually agree with him in terms of certain things he would like to accomplish,” Buffett said. “I don’t agree with him in many ways.”Buffett said he would prefer former New York City Mayor Michael Bloomberg over Sanders, who embraces what he calls democratic socialism.“I would certainly vote for him,” Buffett said of Bloomberg. “I don’t think another billionaire supporting him would be the best thing to announce.”Bloomberg’s campaign has said he would sell his company, Bloomberg LP, if he’s elected president. Buffett said he wouldn’t be a buyer because some other bidder is likely to emerge that would pay more. (Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)Buffett’s business partner, Charles Munger, said earlier this month that Michael Bloomberg could garner the votes of many moderates, increasing his chances in the election. Munger, a lifelong Republican, declined to name which candidate, if any, he was supporting. Buffett expressed support for Bloomberg in early 2019, ahead of the candidate’s official entry into the race.U.S. equities dropped Monday as the coronavirus continued to spread beyond China. Buffett said the virus hasn’t affected his long-term outlook on stocks, since he often views investing through a multi-decade lens.“It is scary stuff,” Buffett said. “I don’t think it should affect what you do in stocks. But in terms of the human race, it’s scary stuff.”Buffett spoke after releasing his annual letter and fourth-quarter earnings on Saturday. He said in the letter that shareholders can expect to hear more from top lieutenants Ajit Jain and Greg Abel, seen as the top contenders to eventually replace him as CEO. The company’s earnings report showed Berkshire stepped up its share repurchases at the end of 2019, spending $2.2 billion for the biggest tally ever in a single quarter.Berkshire’s Class A shares fell 2.5% to $335,027 at 11:09 a.m. in New York. They’re down 1.4% for the year.Here are some other key takeaways from Buffett’s comments Monday:On GeicoLast year, Berkshire announced that Todd Combs, one of Buffett’s key investing deputies, would take over as Geico’s chief executive officer. That change is temporary, Buffett said Monday.“Todd is there and I hope very much that he’s not there very long,” Buffett said. “Our intention always is to promote from within. We would hope to pick out the right person at Geico.”On Yield HuntBuffett criticized companies willing to take on more risk in the hunt for higher returns.“Reaching for yield is really stupid, but it’s very human,” he said.On AirlinesBuffett, whose company owns stakes in Delta Air Lines Inc. and Southwest Airlines Co., said it’s “very unlikely” Berkshire would buy an airline outright because of the heavily-regulated nature of the industry.On CryptoBuffett’s lunch with Chinese cryptocurrency entrepreneur Justin Sun doesn’t seem to have changed his mind on the asset.“Cryptocurrencies basically have no value -- they don’t produce anything,” Buffett said.On PG&EThe billionaire investor’s company owns a sprawling energy empire across the U.S. and even in the U.K. Still, he doesn’t seem to want to add PG&E Corp. to the mix, despite urging from California Governor Gavin Newsom.PG&E filed for Chapter 11 bankruptcy protection more than a year ago after its equipment was blamed for causing some of the worst fires in California history, resulting in about $30 billion in liabilities.“It’s too tough,” Buffett said, while praising Newsom. “I don’t know how to solve all that.”On Wells FargoBerkshire sold some of its Wells Fargo & Co. stake in the fourth quarter, taking that investment down to $17 billion at the end of the year. Buffett declined to give his current views on the company and reiterated that the bank made a mistake in not responding to its issues more quickly.“Some of it was sold down to avoid being over 10%,” Buffett said of the Wells Fargo stake, referring to U.S. regulations governing maximum bank ownership stakes. “We’ve sold more than that.”On Kraft HeinzBuffett said the company is “still a great business” even after struggles including a major writedown last year.Berkshire continues to carry the investment at $13.8 billion on its balance sheet, even though its market value was $10.5 billion at the end of 2019.(Updates with comments on coronavirus starting in 10th paragraph.)To contact the reporter on this story: Katherine Chiglinsky in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Steve Dickson, Daniel TaubFor 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.