Tag: Wells Fargo

Activity, Investment banking

Wells Fargo’s Mike Mayo says he’s ‘all in’ on US bank stocks, upgrades Morgan Stanley

October 24, 2018


A widely followed financial analyst upgraded shares of Morgan Stanley on Wednesday and said he’s now bullish on every big U.S. bank. “We reiterate our bull case on the largest US wholesale banks and now recommend 5 of 5 with […]


Wells Fargo Will Pay $65M Penalty to New York Over Cross-Selling Practices

October 23, 2018

Via: Insurance Journal

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to […]

Business banking, Capital and risk, Credit, Products, Regulations, Retail banking

Wells Fargo CEO Sloan Must Go, Senator Warren Tells Fed Chairman

October 18, 2018

Via: TheStreet banks

After successfully pushing in 2016 for the departure of the CEO of beleaguered U.S. bank Wells Fargo & Co. (WFC – Get Report), Democratic Senator Elizabeth Warren of Massachusetts is now gunning for another. In a press release Thursday, Warren […]

Activity, Corporate banking

Wells Fargo plans to cut 26,500 jobs

September 25, 2018

Via: Banking Technology

CNN Money reports that CEO Tim Sloan said on Thursday that the bank plans to cut 5% to 10% of its 265,000-person workforce, reflecting both layoffs and attrition. The chief cited “changing customer preferences,” including the wide adoption of digital […]

Capital and risk, Credit

Wells Fargo, Gordon Bros. Finance Amend Stein Mart Credit Agreements

September 21, 2018

Via: ABF Journal

Stein Mart extended and amended its existing revolving credit agreement with Wells Fargo and its term loan agreement with Gordon Brothers Finance Company. These agreements are coordinated through an intercreditor agreement and provide for combined borrowing availability of $275 million. […]

Activity, Trading

Wells Fargo Profit Falls 11% as Federal Reserve Sanctions Take Toll

July 13, 2018

Via: TheStreet

Wells Fargo & Co. (WFC) , the U.S. bank struggling to overcome a series of scandals, said second-quarter profit fell, as the bank suffered from Federal Reserve-imposed restrictions on its asset growth while higher competition in home lending led to […]

Activity, Business banking, Products, Trading

Bank earnings are expected to shine, but their stocks may not

July 11, 2018

Via: Market Watch

The second-quarter earnings season will kick off in earnest on Friday, when three of the nation’s biggest banks report, and analysts are expecting somewhat of a repeat of the first quarter, when the sector chalked up record gains. Against the […]

Business banking, Products

Morgan Stanley upgrades Wells Fargo due to the bank’s ‘positive stress test results’

July 3, 2018


Morgan Stanley says the passage of Wells Fargo’s capital return plan by the Federal Reserve is a significant positive event for the company. On Thursday, the Fed approved Wells Fargo’splan in the second part of its annual bank stress tests. […]

Business banking, Products

Wells Fargo under fire from USAA over remote deposit capture patent

June 11, 2018

Via: Banking Technology

The United Services Automobile Association (USAA) is suing on grounds of intellectual property charges for unspecified damages, over USAA’s remote deposit capture patents. San Antonio-based USAA claims to have invented such tech, and thus started demanding licensing fees from banks […]

Activity, Corporate banking

Wells Fargo to Sell 52 Retail Branches to Flagstar

June 6, 2018

Via: ABF Journal

Wells Fargo agreed to sell 52 retail bank branches in Indiana, Michigan, Ohio and Wisconsin to Flagstar Bank. The sale is part of Wells Fargo’s plan to reduce its retail locations to approximately 5,000 branches by the end of 2020, […]