Summary of Wells Fargo & Company Conference Call Company Overview - **Company**: Wells Fargo & Company (NYSE: WFC) - **Event**: UBS Financial Services Conference 2024 - **Date**: February 26, 2024 Key Points Regulatory Remediation - The termination of the 2016 sales practices consent order by the OCC is a significant milestone, with eight consent orders remaining [1][2][3] - Progress in remediation is ongoing, with a focus on addressing regulatory issues as a top priority [2][3] Consumer Banking and Lending - U.S. consumer health remains resilient, with average deposit balances still higher than pre-COVID levels despite a decline from peaks [5][6] - Spending remains strong, evidenced by packed restaurants and flights, although some consumer cohorts are experiencing stress [5][6] - A gradual spend down of consumer deposits is expected, with potential deterioration in credit quality over time [6][8] - The consumer deposit mix is shifting, with continued interest in CDs as a rate-seeking behavior [8][10] Commercial Banking - Corporate and SME clients are cautious about borrowing, reflecting a prudent approach in a potentially challenging economic environment [18][20] - Investment in the commercial bank includes hiring more bankers and enhancing technology to better serve clients [22][23] Private Credit - Private credit is increasingly relevant, particularly in the LBO space, but Wells Fargo is not pursuing high-leverage deals that do not align with its underwriting standards [25][26] - A partnership with Centerbridge has been established to offer financing solutions for mid-market clients [27][28] Corporate and Investment Banking (CIB) - Trading revenues have improved, with market share gains attributed to investments in technology and talent [29][30] - The integration of various business lines within CIB is expected to enhance fee generation without significantly increasing risk [32][33] - Future growth in CIB is anticipated as the asset cap is lifted, allowing for increased activity [38][40] Net Interest Income (NII) - A 7% to 9% decline in NII is projected for 2024, influenced by rate cut expectations and a modestly asset-sensitive profile [41][42] - The impact of deposit levels and loan growth on NII will be closely monitored throughout the year [43] Wealth Management - Efforts to stabilize and grow the wealth management business are underway, with a focus on attracting advisers and enhancing product offerings [46][48] - Opportunities exist to better serve affluent customers from the consumer bank in their wealth management needs [49] Expenses and Efficiency - Significant investments have been made in risk and regulatory compliance, with potential for future optimization once remediation is complete [52][53] - Ongoing modernization of technology and infrastructure is expected to improve efficiency and customer experience [54] Commercial Real Estate (CRE) - The commercial real estate sector is under scrutiny, particularly the office space segment, but overall portfolio performance remains strong [56][57] - Charge-offs in CRE are anticipated, with reserves expected to be utilized as the situation evolves [57] Capital Management - Plans for stock buybacks in 2024 exceed the $12 billion repurchased in 2023, with decisions based on client support opportunities and risk assessments [58][59] - The impact of regulatory frameworks like DFAST and Basel III on capital management strategies is being closely monitored [60][61] Additional Insights - The conference highlighted the importance of adapting to changing market conditions and regulatory environments while focusing on customer needs and operational efficiency [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62][63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 Commission File Number 001-2979 WELLS FARGO & COMPANY (Exact name of registrant as specified in its charter) Delaware No. 41-0449260 (State of incorporation) (I.R.S. Employer Identification No.) 420 Montgomery Street, San Francisco, California 94104 (Address of principal executive offices) (Zip code) ...

Wells Fargo & Company (WFC) has crossed a major regulatory hurdle with the termination of the consent order by Office of Comptroller of Currency (OCC). The order was issued back in September 2016 on revelation of opening of millions of unauthorized accounts leading to misconduct in the company’s sales practices.The consent order required WFC to revamp the procedures followed by the bank in offering and selling its products and services to customers. As the bank has been complying with laws and regulations, ...

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced dividends on seven series of preferred stock. A quarterly cash dividend of $18.75 per share was declared on its 7.50% noncumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the symbol “WFCPrL.” The Series L dividend is payable on March 15, 2024, to holders of record as of the close of business on Feb. 29, 2024. A qua ...

Core Viewpoint - Wells Fargo & Company will have its Chief Financial Officer Mike Santomassimo present at the UBS Financial Services Forum on February 26, 2024, at 8:00 a.m. ET, with a live webcast available online [1] Company Overview - Wells Fargo & Company is a leading financial services company with approximately $1.9 trillion in assets [1] - The company offers a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management [1] - Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations [1] - The company focuses its social impact on building a sustainable, inclusive future by supporting housing affordability, small business growth, financial health, and a low-carbon economy [1]

Shares of Wells Fargo (WFC 7.71%) jumped Thursday after the company finally put the 2016 fake-account scandal behind it, as the Office of the Comptroller of the Currency (OCC) terminated a consent order it had issued in 2016 in response to Wells Fargo creating fake accounts in order to make sales quotas. As of 2:30 p.m. ET, the stock was up 7.5% on the news. Wells Fargo repairs its reputationCEO Charlie Scharf said in response to the announcement, "I have repeatedly said that implementing a risk control fra ...

The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo.The consent order concerned deficiencies and unsafe or unsound practices in the bank’s risk management and sales practices, the OCC said in a Thursday (Feb. 15) press release.The OCC’s order terminating the consent order said “the OCC believes that the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order.”Wells Fargo said in a Thursd ...

ToplineWells Fargo’s stock rose more than 7% at times Thursday afternoon following the resolution of a consent order placed on the bank for opening fake accounts in the past, after regulators determined sufficient improvements were made for protecting customers, though Wells Fargo still faces scrutiny for the yearslong scandal that tarnished its reputation.The bank made sufficient improvements to guard against customer harm, regulators said. Getty Images Key FactsThe Office of the Comptroller of the Currenc ...

Wells Fargo & Co.’s stock rose Thursday after the bank confirmed it satisfied requirements by federal regulators to overhaul aspects of its operations related to the fake bank accounts scandal, but the company still faces other pending actions. Wells Fargo WFC rose 6.9%, outpacing gains in the financial sector. Wells Fargo said the Office... Master your money. Subscribe to MarketWatch. Get this article and all of MarketWatch. Access from any device. Anywhere. Anytime. Subscribe Now Already a su ...

NEW YORK, NEW YORK - MAY 17: President and CEO of Wells Fargo Charlie Scharf attends The Future of Everything presented by the Wall Street Journal at Spring Studios on May 17, 2022 in New York City. (Photo by Steven Ferdman/Getty Images)Wells Fargo said Thursday one of its primary regulators has lifted a key penalty tied to its 2016 fake accounts scandal.The bank said in a release that the Office of the Comptroller of the Currency terminated a consent order that forced it to revamp how it sells its retail p ...