Wells Fargo has reportedly fired more than a dozen workers accused of faking work.These employees, all part of the banking giant’s wealth/investment management arm, were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” Bloomberg News reported Thursday (June 13), citing a filing with the Financial Industry Regulatory Authority.PYMNTS has contacted Wells Fargo for comment but has not yet gotten a reply. A company spokesperson told Bloomberg ...

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Wells Fargo last month terminated over a dozen employees after reviewing allegations that they were involved in pretending to work by using simulating keyboard activity, Bloomberg News reported Thursday.The fired staffers worked in the bank’s wealth and investment management unit, according to the report, which cited the bank’s disclosures filed with the Financial Industry Regulatory Authority.“Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior,” a spokesperson tol ...

Wells Fargo & Company (NYSE:WFC) US Financials, Payments & CRE Conference June 11, 2024 8:00 AM ET Company Participants Michael Santomassimo - CFO Conference Call Participants Unidentified Analyst All right, we are ready to kick-off on day two, at least, I'm ready to kick-off. I know there was a session before me. We are delighted to have with us today, Mike Santomassimo, Chief Financial Officer of Wells Fargo. Mike, so thankful that you were able to come back to our conference this year. Michael Santomassi ...

Company and Industry Overview * **Company**: Wells Fargo & Company (NYSE:WFC) * **Industry**: US Financials, Payments & CRE * **Date**: June 11, 2024 * **Participants**: * Michael Santomassimo - CFO, Wells Fargo * Unidentified Analyst Key Themes and Discussion Points 1. EPS Growth Drivers * **Higher for Longer**: * Analysts highlighted the potential for EPS growth due to higher interest rates and longer duration. * CFO Michael Santomassimo acknowledged the positive impact of higher rates but emphasized the importance of considering other factors like deposits and loan growth. * **Expense Ratio Improvement**: * Analysts mentioned the potential for expense ratio improvement as a driver of EPS growth. * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization. * **Capital Deployment Opportunities**: * Analysts inquired about capital deployment opportunities, including buybacks and investments. * CFO Santomassimo emphasized the importance of serving clients and maintaining capital levels while considering buyback opportunities. 2. Net Interest Income (NII) Outlook * **Down 7% to 9% Year-on-Year**: * Analysts questioned the NII outlook given the expectation of only one rate cut in 2024. * CFO Santomassimo confirmed the NII outlook and highlighted the importance of considering factors like deposits and loan growth in addition to interest rates. * **Deposit Pricing and Mix Shift**: * CFO Santomassimo discussed the stability of deposit pricing and the shift in deposit mix, noting the migration of funds from checking accounts to CDs and savings. * He expressed confidence in the stability of consumer deposits and the potential for further migration in the future. 3. Loan Growth * **Muted Loan Demand**: * CFO Santomassimo acknowledged the muted loan demand, attributing it to cautiousness around inventory builds and capital investments. * He emphasized the importance of maintaining consistent credit underwriting practices and focusing on the long-term credit risk profile of the commercial book. * **Consumer Lending**: * CFO Santomassimo discussed the lack of refinance volume in the mortgage market and the impact of credit tightening in the auto lending space. * He highlighted the strong performance of the card business, driven by the efforts to rebuild the business over the past few years. 4. Wealth and Investment Management * **Growth Strategies**: * CFO Santomassimo outlined three key growth strategies within the wealth management business: * Growing the core advisor business * Providing more investment advice to bank customers * Expanding the independent advisor channel * He emphasized the early stages of these initiatives and the potential for growth in the future. 5. Expenses and Capital * **Efficiency Initiatives**: * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization, noting the completion of $8 billion to $10 billion in gross savings over the past few years. * He highlighted the potential for further efficiency improvements and the reinvestment of savings into the business. * **Capital Deployment**: * CFO Santomassimo discussed the company's capital deployment strategy, emphasizing the importance of serving clients and maintaining capital levels while considering buyback opportunities. * He highlighted the company's commitment to returning capital to shareholders and the significant amount of stock repurchased since 2020. 6. Outlook and Goals * **ROTCE Goal**: * CFO Santomassimo expressed confidence in achieving the company's medium-term ROTCE goal of 15%. * He highlighted the importance of executing on the card and home lending initiatives, optimizing capital levels, and improving efficiency to achieve this goal.

Wells Fargo (WFC) closed the latest trading day at $57.93, indicating a -0.74% change from the previous session's end. This change lagged the S&P 500's 0.26% gain on the day. Elsewhere, the Dow gained 0.18%, while the tech-heavy Nasdaq added 0.35%.Coming into today, shares of the biggest U.S. mortgage lender had lost 5.7% in the past month. In that same time, the Finance sector gained 0.75%, while the S&P 500 gained 3.25%.The investment community will be paying close attention to the earnings performance of ...

Wells Fargo & Company (WFC) has been facing a proposed class action lawsuit alleging the bank for taking part in a $300 million Ponzi scheme. This scheme affected more than 1,000 investors, mainly senior citizens, and left them without substantial life savings.The lawsuit filed stated that WFC had knowledge about the fraudulent activities from 2011 to 2021. The company provided substantial assistance to the perpetrators while reaping the benefits from the scam.The current lawsuit seeks monetary remedies tha ...

Wells Fargo & Company (WFC) , together with Mastercard, announced the launch of the Attune World Elite Mastercard. The latest credit card offers unlimited 4% cash rewards on all eligible purchases, without any annual fee.The card is intended to reward cardholders for purchases that benefit their health, pets and the planet around them. Attune World Elite Mastercard holders can enjoy 4% cash rewards on fitness and wellness, like gym memberships, exercise classes, salons and spas. Additionally, cardholders ca ...

Making their way onto the Zacks Rank #1 (Strong Buy) list now appears to be a good time to consider a pair of big bank stocks in Bank of America (BAC)  and Wells Fargo (WFC) .The strong performance of Bank of America and Wells Fargo’s stock looks likely to continue with both up over +35% in the last year to outpace the broader indexes while being on the heels of JPMorgan’s (JPM)  +42%.What may also attract investors is that BAC and WFC still trade at a fourth and a third of the price of JPM respectively and ...

Adding Wells Fargo & Company (WFC) stock to your portfolio seems to be a wise idea now. Supported by strong fundamentals, the company is well-poised for growth.The Zacks Consensus Estimate for Wells Fargo’s 2024 and 2025 earnings have moved 5.7% and 2% north, respectively, indicating that analysts are optimistic regarding its earnings growth potential. WFC currently sports a Zacks Rank #1 (Strong Buy).In the past six months, the company’s shares have gained 33.4% compared with the industry’s growth of 26%.L ...