Wells Fargo & Company (WFC) is an American multinational banking and financial services holding company headquartered in San Francisco, California, with "hubquarters" throughout the country.[5] It is the third largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo surpassed Citigroup Inc. to become the third-largest U.S. bank by assets at the end of 2015. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. Wells Fargo ranked 10th among the Forbes Global 2000 (2015) and the 30th largest company in the United States, according to Fortune 500 (2015). In 2007 it was the only bank in the United States to be rated AAA by S&P, though its rating has since been lowered to AA- in light of the financial crisis of 2007–08. The firm's primary U.S. operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. Wells Fargo is one of the "Big Four Banks" of the United States, along with JPMorgan Chase, Bank of America, and Citigroup—its main competitors. The company operates across 35 countries and has over 70 million customers globally. In 2012, it had more than 9,000 retail branches and over 12,000 automated teller machines in 39 states and the District of Columbia. In July, 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC. In February 2014 Wells Fargo was named the world's most valuable bank brand for the second year running in The Banker and Brand Finance study of the top 500 banking brands. Wells Fargo has various divisions that finance and lease equipment to all manners of companies. One venture is Wells Fargo Rail, which in 2015 completed the purchase of GE Capital Rail Services and merged in with First Union Rail.
Wells Fargo reaches $1.2 billion U.S. mortgage settlement Wells Fargo & Co (WFC) has formally reached a $1.2 billion settlement to end a U.S. Department of Justice lawsuit accusing it of knowingly deceiving the federal government into insuring thousands of risky mortgages. The accord was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president. LINK - http://www.reuters.com/article/us-wellsfargo-settlement-idUSKCN0X52HK
WFC needs to get up over that $50 level if bulls want a shot, but its not one of the stronger performers lately.
Wells Fargo shares fall on mixed results (WFC) The banking giant reported fourth-quarter diluted earnings of $1.03 per share on $21.6 billion in revenue. Its net income of $5.7 billion was flat from the previous year, while sales rose 1 percent. Analysts expected Wells Fargo to report earnings per share of $1.02 on revenue of $21.8 billion, according to a Thomson Reuters consensus estimate. Its shares fell more than 3 percent on Friday. Read full article here: http://www.cnbc.com/2016/01/15/wells-fargo-q4-earnings.html
Wells Fargo warns energy loan losses will grow Wells Fargo is telling investors to brace for more losses on loans to energy companies. Read full article here: http://www.msn.com/en-us/money/companies/wells-fargo-warns-energy-loan-losses-will-grow/ar-BBtq9cG
Thinking of selling my positions tomorrow for a very small profit over a long time. This might drag on for a bit, and as that happens I'm hoping there's a lower re-entry point. A bit too risky for me to "wait and see".
Elizabeth Warren really grilling Wells Fargo's Ceo Stumpe over the bank's creation of millions of fake accounts. He is handling it rather calmly. Even though he is responsible she is off the wall with her statements IMO
I had been under the assumption that by firing 1000 employees every year, they've been taking action over this fraudulent practice since they noticed something fishy. When did they return compensation to the customers? After this scandal came to light, or since they started firing those employees?
Just tuned into the live video. This Warren woman asks questions but doesn't even allow time for a full answer before cutting Stumpe off. After what happened with all the other banks in 2008/2009, at this point I don't think this will affect the stock at all except for a short period of time. The biggest hit would be when Warren Buffett and other investment companies start dumping the stock.
It would be really sweet if this Floor could gets shwacked! I'm definitely watching this one closely to enter into a Long position. I might tart selling Puts against it if this kind of action keeps up. We'll see...
Big week upcoming up for banks as we kick off the first week of Q3 earnings season! Thoughts on WFC here anyone? These are the estimates when they report in the pre-market on Friday: WFC is down -5% since last ER on 7/15
WFC up about +1% in the pre-market after ER Wells Fargo — Wells Fargo reported third quarter earnings that edged out expectations Friday. Shares of the scandal-plagued bank gave up most of their earlier gains to trade roughly even with Thursday's close. The bank posted earnings of $1.03 a share, versus the estimated $1.01 a share. Revenue came in at $22.328 billion, versus expectations of $22.21 billion, according to the consensus of analysts polled by Reuters.
Analyst Upgrade/Downgrade Update Brokerage firm: Keefe Bruyette Change: Downgrade Previous Rating: Outperform Current Rating: Market Perform Previous Price Target: N/A Current Price Target: N/A
