Buffett will be commenting on WFC anytime now. Everyone is hoping he'll "guide" WFC through this scandal like the other times. Any decreases in his WFC stake will send this stock down. Very nerve wracking...
Upcoming dividend information: Ex-Div-Date: 11/2/16 Payment Date: 12/1/16 Dividend: $0.38 Current Price: $46.23 Annual Yield: 3.29%
http://www.cnbc.com/2016/11/04/berkshire-profit-falls-appears-to-keep-wells-fargo-stake.html Berkshire profit falls; appears to keep Wells Fargo stake
Wells Fargo is facing a Justice Department probe to see if executives hid details of a bogus account scandal from the board of regulators, according to Reuters.
Not expecting good Q. Yield curve was horrendous and volatility muted. Next Q will be better. Buybacks start next week.
Wells Fargo shares dive after Fed replaces four board members, restricts bank's growth citing 'consumer abuses' The Federal Reserve is prohibiting Wells Fargo from growing any larger than its total assets as of the end of 2017 until "sufficient improvements" are made. The Fed, acting under outgoing Fed Chair Janet Yellen, cited "widespread consumer abuses." As a result, Wells Fargo plans to replace three directors by April and a fourth by the end of the year. Wells Fargo President and CEO Timothy Sloan said in a separate statement that the order is unrelated to the bank's financial condition, which remains "strong https://www.cnbc.com/2018/02/02/fed...restricts-growth-because-consumer-abuses.html
Ow! Watch the wrists! "widespread consumer abuses", but collect a salary until April/December. But then you've got to take those paychecks and go find another board!
Unlike its major competitors, WFC is not a top player in the capital markets. Its business model is more akin to regional banks than to money center institutions. Wells Fargo generates less than half the investment banking fees of companies like JPMorgan Chase, Goldman Sachs, and Bank of America, and trading gains made up only a small percentage of noninterest income.
