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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Wells Fargo resumed its share repurchase program during the quarter, buying back 86.4 million shares, or $4.0 billion, of common stock. REUTERS/Jeenah Moon/File Photo, Goldman Sachs weighs selling part of wealth business in broad strategy revamp, Wells Fargo defeats shareholder lawsuit over fake job interviews, China state banks seen mopping up offshore yuan to stem currency weakness, Charles Schwab to reduce headcount to bring down costs, Continental considers sell-off of ContiTech car business - manager magazin, US Atlantic hurricane activity picks up with five systems on watch, Union Pacific says two routes into Los Angeles Basin closed due to flooding, Tesla says two ex-employees behind May data breach, China Evergrande says improved internal control may address listing rules. The US bank's Angelo Manolatos and Mike Schumacher recommend buying 10-year TIPS at a real yield of 2%, targeting 1.7% over the next two to three months with a stop at 2.15%, they wrote in a . At the same time, he has been paring back on the mortgage lending business, which was traditionally an area of growth. Get this delivered to your inbox, and more info about our products and services. Information contained in a quarterly earnings release speaks only as of the date of the release. More about Stacy Cowley, Wells Fargo Beats Expectations but Sets Aside Money for Loan Losses, https://www.nytimes.com/2023/07/14/business/wells-fargo-earnings.html. By Rob Wile A "technical issue" was causing some Wells Fargo customers to see missing deposits in their accounts, the bank said Friday. This material may not be published, broadcast, rewritten or redistributed. Wells Fargo Launches Sports & Entertainment Program to meet unique wealth management needs. What's ahead for Wells Fargo and its customers Wells Fargo completes 2023 CCAR stress test process, expects to increase Q3 common stock dividend John Campbell, 415-396-0523 41 on Fortunes 2022 rankings of Americas largest corporations. Wells Fargo said it earned $4.9 billion in the quarter that ended June 30, up 57 percent from a year ago. Wells Fargo & Company (NYSE: WFC) today updated its expected earnings release dates and conference call information for the first, second, third and fourth quarters of 2023 and announced its expected earnings release dates and conference call information for the first, second, third and fourth quarters of 2024. NEW YORK, Aug 1 (Reuters) - Wells Fargo (WFC.N) said on Tuesday it expects to pay as much as $1.8 billion to help replenish a government deposit insurance fund that was drained of $16 billion this year after three banks collapsed. Best Banks In Ohio For August 2023 1999 - 2023 Wells Fargo. August 16, 2023. The stock is up 6% in April, trimming its 2023 losses to about 4%. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. FILE - This Jan. 13, 2021 file photo shows a Wells Fargo office in New York. Wells Fargo's profit for the fourth quarter came in ahead of Wall Street's targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and . Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back. CI202302430 Wells Fargo Bank, NA vs Unknown Heirs, Fiduciaries, Beneficiaries, Devisees and Donees of John A. Campbell, III, et al. Commercial real estate, especially loans on office space, are a pain point, and the bank set aside nearly $1 billion more for losses. "We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives," CEO Charlie Scharf said in a statement. Banking giants are likely to bear most of the costs of replenishing the fund, the FDIC said in May. This Friday, Aug. 11, 2017, file photo shows a sign at a Wells Fargo bank location in Philadelphia. Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich, Leaked Wells Fargo documents reveal the script its advisors are using to prevent downgraded private banking clients from jumping ship. Wells Fargo Pays Navajo Nation $6.5 Million In Predatory Lawsuit Settlement (Forbes), Wells Fargo Forced To Pay $3 Billion For The Banks Fake Account Scandal (Forbes), Feds Reportedly Launch Criminal Probe Into Wells Fargo Following Allegations Of Sham Job Interviews (Forbes), Wells Fargo Shells Out $145 Million To End Feds 401(k) Investigation (Forbes), U.S. For comparison, Violation Tracker reports that JPMorgan Chase, the countrys largest lender, has paid out $39 billion, while Bank of America (the countrys second-largest) and Citigroup (the countrys third-largest) have paid out $87.2 billion and $26.9 billion respectively. The U.S. economy continues to perform better than many had expected, said Charles W. Scharf, the banks chief executive, but there will likely be continued economic slowing. The banks shares rose more than 2 percent on Friday, but ended the day 0.3 percent lower. Wells Fargo: Customers report missing deposits from bank accounts | CNN Wells Fargo authorized a new share buyback program of up to $30 billion after its second quarter profit jumped 57%. By KATY O'DONNELL. Wells Fargo Updates 2023 Earnings Release Date Information and Announces 2024 Dates, First Quarter 2023 Friday, April 14, 2023, Second Quarter 2023 Friday, July 14, 2023, Third Quarter 2023 Friday, Oct. 13, 2023, Fourth Quarter 2023 Friday, Jan. 12, 2024, First Quarter 2024 Friday, April 12, 2024, Second Quarter 2024 Friday, July 12, 2024, Third Quarter 2024 Friday, Oct. 11, 2024, Fourth Quarter 2024 Wednesday, Jan. 15, 2025. Commercial deposits have stabilized, while on the consumer side, whats driving the decline is, largely, people spending their money, said Michael P. Santomassimo, the banks chief financial officer. The best states in the country excel in areas such as economy, fiscal stability and opportunity. (AP Photo/Matt Rourke, File). New York CNN The Wells Fargo glitch that made some customers' direct deposits disappear from their bank accounts is over, the bank said on Saturday. German auto parts supplier Continental is considering the sale of the car division currently bundled within ContiTech, manager magazin reported on Monday, citing company sources. Just last month, Wells agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts. Wells Fargo has exposure in commercial real. Editorial Roundup: Ohio - U.S. News & World Report Call 1-877-840-0492 That order was expected to last only a year or two, but additional scandals have surfaced and regulators have been skeptical about the banks efforts to clean up its act. Wells Fargo and BNP Paribas are the latest to get caught up in a sprawling probe of how trading firms communicate and keep records. March 2023 After being sued by a group of shareholders who alleged that the company mishandled the cleanup of its phony account scandal that was settled in 2020, Wells Fargo agreed to pay a. You must click the activation link to complete your subscription. Wells Fargo names John Zimmerman new Philadelphia-area retail leader A Wells Fargo bank sign is shown in Langhorne, Pennsylvania, March 14, 2022. But some loan officers protested the terminations, telling Insider that some instances dated back to the first half of 2020 and that guidance from senior managers at the time was unclear. Motion to appoint private selling officer, gtd; see order. The team has been focused on streamlining the business, including selling assets and simplifying business lines. The platform is designed to engage citizens and government leaders in a discussion about what needs improvement across the country. Wells Fargo reports earnings on Friday, Jan. 13, 2023. On Thursday, a. Since then, executives have repeatedly said Wells is cleaning up its act, only for the bank to be found in violation of other parts of consumer protection law, including in its auto and mortgage lending businesses. Revenue rose 17%. Our Standards: The Thomson Reuters Trust Principles. Refer to the release for more information about forward-looking statements and to our reports filed with the SEC for some of the factors that might cause results to differ from expectations. US regulators fine Wall Street firms $549 mln in latest texting probe LEGAL NOTICE Wells said the losses related to the regulatory matters were equal to about 70 cents per share. Earnings per share: $1.23 per share GAAP versus 90 cents a year ago and $1.13 expected. GEORGE FLOYD, ONE YEAR LATER. Markets never sleep, and neither does Bloomberg. The bank said its net interest income, what it makes lending money minus what it pays out to customers, increased 45% on the back of soaring interest rates. beth.richek@wellsfargo.com, Investor Relations Stacy Cowley is a finance reporter with a focus on consumer issues and data security. All rights reserved. Wells also introduced a handful of new credit card products last year and said it plans to roll out more in 2023. The account features: free transactions at . News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Stay informed daily on the latest news and advice on health and COVID-19 from the editors at U.S. News & World Report. The bank's top strategy exec explains its new process for building products. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo. Wells Fargo asks judge to dismiss investors' class action suit claiming A customer uses an ATMat a Wells Fargo branch in San Francisco. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Wanneer u onze sites en apps gebruikt, gebruiken we, gebruikers authenticeren, veiligheidsmaatregelen toepassen en spam en misbruik voorkomen, en, gepersonaliseerde advertenties en content weergeven op basis van interesseprofielen, de effectiviteit meten van gepersonaliseerde advertenties en content, en, onze producten en services ontwikkelen en verbeteren. Its revenue rose to $20.5 billion, up 20 percent from last year. Investor Relations We're going to run one distribution force," Scharf said at an industry conference in 2020 in explaining the bank's $2 trillion transformation. Wells Fargo Advisors keeps focus on simpler pay plan for advisers in 2023 Wells Fargo also said that separate proposals on U.S. capital rules could lead it to rejig its balance sheet. Thats how much money in total has been paid in fines as part of the SECs probes into messaging practices, according to Bloomberg. Latest Wells Fargo News: C-Suite, Layoffs, Mortgages, Private Banking Why a growing group of Wells Fargo employees is fighting for the first major union in finance, where 1% of workers are unionized, Here's why high flying mortgage startups like Better and traditional lenders like Wells Fargo are laying off thousands of employees and it may get way worse, Wells Fargo pauses controversial hiring policy that a former exec said led to women and people of color being given 'fake' job interviews, a report says, Wells Fargo exec responds to reports that it denied mortgages to Black applicants and held sham job interviews. If the norms are fully implemented, they would result in an increase in capital requirements for large banks by an aggregate 16% from current levels, with the largest and most complex firms being most affected, regulators said. 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