$WFC (Wells Fargo & Company)

$WFC {{ '2015-07-14T14:17:51+0000' | timeago}} • Webcast

$WFC 2Q15 Call - John Stumpf, CEO: Core loan portfolio increased by $68.5Bil or 9%. Average deposits up $83.8Bil or 8%. Net charge-off rate declined to 30 BP of avg. loans, the lowest level in 20 years. Repurchased 36MM shares of common stock. Reduced common shares outstanding for five consecutive quarters with shares down 105MM YoverY.

$WFC {{ '2017-07-14T20:11:34+0000' | timeago}} • Webcast

As part of its $2Bil cost-cutting initiative, $WFC, the third-largest U.S. bank by assets, has closed 93 branches, including 54 in 2Q17, and is on track to close 200 branches this year. The company, as planned, will close an additional 250 branches in 2018.

$WFC {{ '2017-07-14T20:07:37+0000' | timeago}} • Webcast

Amidst the sales scandal, $WFC still continues to invest in its businesses and technologies. At the end of 1Q17, $WFC became the first large bank in the US to offer card-free access to all of its ATMs. Customers have used the new card-free ATM access code over 1MM times as of the end of 2Q17, said the company.

$WFC {{ '2017-07-14T20:01:07+0000' | timeago}} • Webcast

Recently appointed CEO Tim Sloan, who is working to rebuild confidence in $WFC after the fake account scandal that led to the departure of his predecessor, said the company has received preliminary court approval for $142MM class action settlement and expects the settlement to resolve substantially all claims in 10 other pending class actions.

$WFC {{ '2017-07-14T19:49:28+0000' | timeago}} • Webcast

$WFC's auto portfolio continued to decline in 2Q17 and was down $2.5Bil from 1Q17, as the company is taking proactive steps to tighten underwriting standards. The bank expects a further decline in the auto portfolio through 2H16, but sees it stabilizing in 1H18.

$WFC {{ '2017-07-14T19:28:51+0000' | timeago}} • Webcast

In an effort to improve operating performance by focusing on core banking products and services, $WFC has announced the sale of its Commercial Insurance business (expected to close in 4Q17) and Shareowner Services business (expected to close by 1Q18-end). Notably, the company sold its Crop Insurance and Health Benefit Services businesses last year.

$WFC {{ '2017-07-14T14:21:20+0000' | timeago}} • Announcement

$WFC's net interest income for 2Q17 grew 6% YoY to $12.5Bil, helped partly by the Federal Reserve's interest rate hike for the second time this year in June. The bank's provision for credit losses fell 48% from a year ago primarily due to improvement in the oil and gas portfolio.

$WFC {{ '2017-07-14T14:09:00+0000' | timeago}} • Announcement

As part of the 2017 Capital Plan, $WFC expects to raise its 3Q17 dividend to $0.39 per share from $0.38. The plan also includes up to $11.5Bil of gross common stock repurchases for the four-quarter period from 3Q17 through 2Q18.

$WFC {{ '2017-07-14T13:57:16+0000' | timeago}} • Announcement

$WFC posted YoY profit growth for the first time since the third quarter of 2015, helped by higher interest income. The San Francisco-based bank, which is recovering from the fallout of its sham accounts scandal last year, reported a 5% growth in earnings for 2Q17, while the revenue remained flat at $22.2Bil.

$WFC {{ '2017-07-14T12:37:23+0000' | timeago}} • Infographic

$WFC Wells Fargo & Company Earnings AlphaGraphic: Q2 2017 Highlights

$WFC {{ '2017-07-10T15:58:44+0000' | timeago}} • Announcement

$WFC announced updates to the settlement agreement for lawsuit on improper retail sales practices. The agreement will set aside $142MM for customer remediation claims back to May 2002. It includes a process to compensate customers for increased borrowing costs due to credit-score impact associated with a potentially unauthorized account.

$WFC {{ '2017-07-10T15:57:34+0000' | timeago}} • Announcement

$WFC announced updates to the settlement agreement for lawsuit on improper retail sales practices. $WFC expects this settlement to resolve substantially all claims in 10 other pending class actions that allege unauthorized accounts were opened in customers’ names or that customers were enrolled in products or services without their consent.

$WFC {{ '2017-07-10T15:56:25+0000' | timeago}} • Announcement

$WFC announced updates to the settlement agreement for a class-action lawsuit concerning improper retail sales practices following a July 8 order from the Northern District Court of California granting preliminary approval. $WFC and the plaintiffs are preparing to issue notices that will provide information about process for making claims.

$WFC {{ '2017-06-29T11:50:55+0000' | timeago}} • Announcement

$WFC received no objection to its 2017 capital plan. As part of this plan, $WFC expects to lift 3Q17 common stock dividend from $0.38 to $0.39 per share. The plan also includes up to $11.5Bil of common stock repurchases for the four-quarter period from 3Q17 through 2Q18. For prior four quarters, $WFC repurchased $8.3Bil of common stock.

$WFC {{ '2017-06-29T11:48:27+0000' | timeago}} • Announcement

$WFC said the Federal Reserve Board has not objected to its 2017 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation's largest banks. $WFC's 2017 Capital Plan covers the four-quarter period from 3Q17 through 2Q18.

$WFC {{ '2017-06-27T13:50:36+0000' | timeago}} • Announcement

$WFC agreed to sell Wells Fargo Insurance Services USA (WFIS) to private insurer USI Insurance Services. The deal is expected to close in 4Q17. WFIS provides small business, middle market, large corporate and high net worth clients with property and casualty, professional risk, employee benefits and private risk solutions.

$WFC {{ '2017-06-13T21:31:11+0000' | timeago}} • Announcement

$WFC said Andrew Rowe has been selected as head of its Community Banking Customer Segments team, to join Wells Fargo in September. Rowe will join Wells Fargo from $BAC, where he most recently served as Consumer Risk Executive for consumer products and channels.

$WFC {{ '2017-06-12T13:27:02+0000' | timeago}} • Announcement

Wells Fargo Securities, the investment banking and capital markets business of $WFC, said Mike Mayo will join the Global Research, Economics & Strategy division on June 28 as managing director and head of U.S. Large-Cap Bank Research. He will be based in New York, reporting to Sam Pearlstein and Todd Wickwire, co-heads of Equity Research.

$WFC {{ '2017-06-05T21:07:30+0000' | timeago}} • Announcement

The Business Banking Group under $WFC has expanded to seven regions from three, with a banking leader appointed for each. Wells Fargo can now provide its business banking customers with more localized support and market expertise. It has also formed a special industry group to focus on serving business banking customers in select industries.

$WFC {{ '2017-06-05T13:24:33+0000' | timeago}} • Announcement

$WFC appointed Walter Dolhare and Robert Engel as co-heads of Wells Fargo Securities effective July 1, 2017. The appointment follows the promotion of Jonathan Weiss, the former head of Wells Fargo Securities, to succeed David Carroll as Head of Wealth and Investment Management. Carroll will be retiring from Wells Fargo effective July 1, 2017.

$WFC {{ '2017-06-01T14:25:14+0000' | timeago}} • Announcement

$WFC's Senior EVP and head of Wealth and Investment Management David M Carroll will retire from the company after 38 years of service. Jonathan G Weiss, who currently serves as head of Wells Fargo Securities, will succeed Carroll effective July 1. Based in New York, Weiss will report to president and CEO Timothy J Sloan.

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