SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo today confirmed that the Office of the Comptroller of the Currency (OCC) terminated a consent order it issued in 2016 regarding sales practices misconduct. The consent order required Wells Fargo to revamp how it offers and sells products and services to consumers and take additional actions to protect its customers and employees. Charlie Scharf, Wells Fargo’s CEO, who joined the company in 2019, said of today’s news: “I have repeatedly said that implementing a ...

Wells Fargo (WFC) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this biggest U.S. mortgage lender have returned +3% over the past month versus the Zacks S&P 500 composite's +3.7% change. The Zacks Banks - Major Regional industry, to which Wells Fargo belongs, has gained 0.6% over this period. Now the key question is: Where could the stock be headed in t ...

Wells Fargo (WFC 0.88%) stock has surged more than 20% over the past 90 days, recently topping the $50 mark to reach its highest levels since early 2022.Plenty of good news fueled the rise, but it's hard not to notice the spiking valuation. While the stock looks expensive compared to its recent past, there's more to this story than meets the eye.Is Wells Fargo stock still a buy after the latest surge?Good news is to blameMany bank stocks surged in recent months after the Federal Reserve signaled an end to r ...

Wells Fargo (WFC) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this biggest U.S. mortgage lender have returned +3.1% over the past month versus the Zacks S&P 500 composite's +1.6% change. The Zacks Banks - Major Regional industry, to which Wells Fargo belongs, has gained 1.9% over this period. Now the key question is: Where could the stock be headed in the near term ...

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced its board of directors approved a quarterly common stock dividend of $0.35 per share, payable March 1, 2024, to stockholders of record on Feb. 2, 2024. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, thro ...

Justin Sullivan Wells Fargo & Company (NYSE:WFC) has been a long-running turnaround story. Since running into trouble thanks to its fake accounts scandals in the late 2010s, the bank has underperformed most of its large rivals. It has dealt with high legal and compliance costs, regulatory limits to growth, and a tarnished reputation with consumers. My view, however, is that Wells Fargo can be fixed and that CEO Charlie Scharf is the right person to do it. While WFC stock has had an uneven run in recent y ...

Wells Fargo benefited from a strong economic environment and higher interest rates in 2023.Wells Fargo CEO and President Charlie Scharf said Friday (Jan. 12) during the bank’s quarterly earnings call that the bank also benefited from its continuing focus on efficiency and credit discipline.“We grew net income and diluted earnings per share with higher revenue and lower expenses,” Scharf said during the call. “Revenue growth was driven by strong growth in net interest income as well as higher noninterest inc ...

4Q23 Financial Results January 12, 2024 © 2024 W ...

Financial Data and Key Metrics Changes - Net income for Q4 2023 was $3.4 billion, or $0.86 per diluted common share, impacted by a $1.9 billion FDIC special assessment and $1.1 billion in severance expenses [16] - The CET1 ratio increased to 11.4%, 2.5 percentage points above the regulatory minimum, driven by earnings and an increase in accumulated other comprehensive income [17] - Net interest income for Q4 declined by $662 million or 5% year-over-year due to lower deposit loan balances, partially offset by higher interest rates [24] Business Line Data and Key Metrics Changes - Consumer, small and business banking revenue increased by 1% year-over-year, driven by higher net interest income [26] - Home lending revenue increased by 7% year-over-year, despite lower gain on sale margins and originations [27] - Corporate and investment banking revenue increased by 15% year-over-year, driven by higher lending revenue and investment banking activity [30] Market Data and Key Metrics Changes - Average loans decreased from both the third quarter and a year ago, with credit card loans continuing to grow while most other categories declined [22] - Average deposits declined by 3% year-over-year, reflecting continued consumer spending and customers reallocating cash into higher yielding alternatives [22] - Credit card spending was up 15% year-over-year, with strong growth across all categories except fuel [29] Company Strategy and Development Direction - The company is focused on efficiency and strong credit discipline, with a commitment to return excess capital to shareholders [5][6] - Continued investment in technology and risk control infrastructure is a priority for 2024, alongside launching new products [42] - The company aims for a sustainable 15% ROTCE over the medium term, supported by growth in the card business and improvements in home lending [44][45] Management's Comments on Operating Environment and Future Outlook - Management expects net interest income to decline in 2024, with significant uncertainty regarding Federal Reserve interest rate actions [13][36] - The company is closely monitoring credit quality, with expectations of additional losses in commercial real estate but remains confident in its capital position [12][19] - Management remains optimistic about growth opportunities across various business lines, despite current economic challenges [15][79] Other Important Information - The company repurchased $12 billion in common stock in 2023 and plans to increase share repurchases in 2024 [17][44] - The company has made significant investments in its home lending business, reducing third-party mortgage loans serviced by 18% year-over-year [45] Q&A Session Summary Question: Context on NII exit rate for 2024 - Management expects NII to start to inflect and trough towards the end of the year, but specifics on timing are not provided [49] Question: Fee income drivers for the year - The largest driver will be advisory fees in Wealth and Investment Management, with market levels higher than last year [54] Question: Trajectory of DDAs and deposit rate changes - The trend of deposit mix shift has been consistent, with expectations for stabilization later in the year [62] Question: Long-term cost opportunities - Investment spending pressures may ease over time, but ongoing investments will continue to drive returns [68] Question: Outlook on office CRE situation - Management acknowledges a long process ahead for the office CRE sector, with expectations of uneven charge-offs [70]

Key TakeawaysWells Fargo & Co. warned of declining interest income this year on expected Federal Reserve interest rate cuts.Wells Fargo said it sees 2024 net interest income falling by 7% to 9%.In its fiscal 2023 fourth quarter, Wells Fargo beat profit and sales estimates on gains in corporate and investment banking and commercial banking.Shares of Wells Fargo & Co. (WFC) were down almost 4% Friday after the bank warned interest income could fall significantly in 2024 as borrowing costs decline.The company ...