56.32 -0.01 (-0.02%)
After hours: 7:41PM EDT
|Bid||56.23 x 900|
|Ask||0.00 x 1000|
|Day's range||56.02 - 56.88|
|52-week range||49.27 - 66.31|
|PE ratio (TTM)||13.97|
|Earnings date||12 Oct 2018|
|Forward dividend & yield||1.56 (2.75%)|
|1y target est||61.76|
Wells Fargo & Co. is in the process of refunding tens of millions of dollars for products ranging from pet insurance to legal services added to hundreds of thousands of customers’ accounts without their full understanding, according to people familiar with the matter. The Consumer Financial Protection Bureau is probing the matter, the people said. In mid-2017, Wells Fargo stopped selling consumer add-on products and is in the process of notifying customers, a person familiar with the matter said.
(Reuters) - Wells Fargo & Co is in the process of refunding millions of dollars to customers for adding services to their accounts without their full understanding, the Wall Street Journal reported on Thursday, citing sources. Wells Fargo charged monthly fees for these products ranging from pet insurance to legal services that customers did not fully understand, the Journal reported, citing people familiar with the matter. The Consumer Financial Protection Bureau is probing the matter, according to the report.
Bitcoin was trading at $7,422.80, inching down 0.05% on the Bitfinex exchange, as of 8:29 AM ET (12:29 GMT). The digital asset was below its Wednesday high of $7,506.10.
Last year, Wells Fargo revealed that it was reviewing add-on products that might have been sold improperly to customers. Now we know the extent of the problem: The Wall Street Journal is reporting that the bank is refunding tens of millions of dollars, and that hundreds of thousands of customer accounts are involved. The Consumer Financial Protection Bureau is looking into whether customers were deceived, their awareness of the products and their ability to cancel the products, according to a Journal source.
Advisors in Wells Fargo’s private bank have lost much control over investment management and been pressured to focus more on sales, according to a report in Yahoo Finance. Two former advisors told the outlet “they felt they were supposed to hide the shift (to model portfolios) from clients so the services could continue to be represented as highly personalized advice.” “I was going to be a sales person representing that I managed the portfolio,” said one advisor who left in frustration. “I couldn’t live with that.” Wells Fargo’s 200 or so private-bank advisors have traditionally been required to have graduate degrees and investing designations.
Practices related to consumer add-on products like identity theft and debt protection were the subject of a June 2015 consent order with the Office of the Comptroller of the Currency.
Wells Fargo Asset Management Kristi Mitchem says active managers may see a resurgence as the early signs of market risk start to show.
No Barriers Warriors and Wells Fargo & Company (WFC) today announced the team of 12 veterans with disabilities selected to participate in the 2018 Warrior Strong: The Journey Continues expedition. This year’s expedition to Mount Whitney in California’s Inyo National Park is scheduled for Sept. 7–15 with a summit attempt scheduled for Sept. 11. The expedition will focus on the valued attributes that veterans bring to their communities and the workforce, with an emphasis on what veterans are capable of when given the chance.
Asian markets fell on Tuesday as mounting tensions over U.S. tariffs overshadowed data suggesting global growth was still on track. Japan's benchmark Nikkei 225 bucked the regional trend, gaining 0.4 percent to 22,692.82. The Dow Jones Industrial Average added 0.2 percent to 25,064.36 as Goldman Sachs, JPMorgan Chase, and Boeing climbed.
Bank stocks rallied on Monday in the thick of big banks’ earnings reports, and one money manager sees bigger gains ahead.
Bank of America’s Global Wealth and Investment Management business gained 74 financial advisors in the second quarter, even as troubled Wells Fargo lost 173. GWIM now counts 19,350 advisors, including Merrill’s thundering herd, advisors in B of A’s consumer banking business, and those in the U.S. Trust business. Year over year, GWIM’s advisor corps has grown 2%.
JPMorgan Chase (JPM) reported an 18% higher profit than analysts’ expectations in the second quarter to $8.32 billion. According to Barclays analysts, the bank exceeded analysts’ estimates for the 14th straight quarter. The bank’s trading revenues rose 13% to $5.4 billion, while the loan growth rose 4% to $948.4 billion. The bank’s yield on interest-earning assets was at 2.46%.
Wells Fargo, JPMorgan, Bank of America, Goldman Sachs and Morgan Stanley are part of Zacks Earnings Preview
Considering the movements in the markets in the past few months, the markets usually react to news that’s related to trade conflicts. When President Trump announced that additional tariffs would be levied on $200 billion worth of Chinese imports, China didn’t respond immediately. China might be ready for negotiations.
Dick Bove, Hilton Capital Management’s chief strategist, said the three major U.S. banks that have reported earnings have one thing in common: Their capital hasn't grown by much since a year ago.
From the early days when peer-to-peer transactions were mostly for millennials, digital peer-to-peer payments are now in use by every demographic.
The San Francisco bank run by CEO Timothy Sloan said earnings per share grew as the bank continues to deal with regulatory fallout from recent sales issues.
On a day major stock benchmarks closed up, Wells Fargo fell after reporting earnings and Gogo tumbled on turnaround plans that weren't well-received.
JPMorgan Chase (JPM) is the standout among the three bank giants that reported second-quarter earnings today as it exceeded expectations while warning of tougher competitive conditions. JPMorgan shares were up 0.9%, to $106.96. Both Citigroup (C) and Wells Fargo (WFC) are trading lower today as investors react to some company-specific issues, including credit cards at Citigroup and home mortgages at Wells Fargo.
Wells Fargo’s Wealth and Investment Management unit (WIM) had a rough second quarter, posting a 37% dip in net income year over year, and a 1% drop in advisor headcount. Its net income quarter-to-quarter was down 38%, to $1.1 billion. In the second quarter, successful referrals between Wells’ community bank business and its wealth unit were down 5% from a year ago, and flat from the first quarter.
Jul.19 -- Nick Bennenbroek, head of currency strategy at Wells Fargo Securities, discusses the rise of the U.S. dollar and how much higher the currency can climb. He speaks on "Bloomberg Daybreak: Americas."