Amid growing concerns over the handling of customer funds on the popular peer-to-peer payments platform Zelle, the U.S. consumer watchdog is investigating the major banks. The probe, conducted by the Consumer Financial Protection Bureau (“CFPB”), is primarily focusing on JPMorgan (JPM) , Bank of America (BAC) and Wells Fargo (WFC) , among other large banks, to see how these firms manage fraudulent transactions and customer disputes linked to Zelle.Launched in 2017, the Zelle network aimed to be the go-to al ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-2979 WELLS FARGO & COMPANY (Exact name of registrant as specified in its charter) Delaware No. 41-0449260 ( ...

Wells Fargo & Company (WFC) is facing a class action lawsuit alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications.The proposed class action was filed in Minnesota federal court, claiming that the bank violated a federal law requiring firms to manage employee health and retirement programs properly. This legal action was filed by four former workers, which follows a pattern of increased scrutiny of Wells Fargo.Per fo ...

Wells Fargo continues its long-standing relationship, joining L'ATTITUDE as the presenting sponsor of the 2024 conferenceSAN DIEGO, July 30, 2024 /PRNewswire/ -- L'ATTITUDE, the nation's premier business event focused on amplifying the critical importance and power of the U.S. Latino cohort, is extending its partnership with Wells Fargo. As the presenting sponsor of the 2024 conference, Wells Fargo will join L'ATTITUDE in its mission to highlight how the influential U.S. Latino cohort is Forging the Future ...

Wells Fargo & Company (WFC) stock dropped 1.7% since the release of its second-quarter 2024 results on Jul 12, 2024. The lower net interest income (NII) outlook for 2024 led to a decline in its stock price. Before the release of its quarterly numbers, the stock performed exceedingly well. It was among the top three banks that outperformed the S&P 500 Index in the first half of 2024, gaining 22.2%. Bank of America (BAC) and Citigroup, Inc. (C) also outperformed the S&P 500 Index in the said time frame.Image ...

jetcityimageWells Fargo (NYSE:WFC) beat average predictions for its top and bottom line for its second fiscal quarter earnings on July 12, 2024, yet missed on net interest income, a key measure for financial institutions. Wells Fargo’s net interest income, which measures the difference between its interest income earned from its loans and its interest expenses, dropped 9% year over year and the bank now expects an 8-9% decrease in net interest income this year. The lender did report stable balance sheet ...

Wells Fargo in Washington D.C. in the United States of America, on July 12th, 2024. (Photo by Beata ... [+] Zawrzel/NurPhoto via Getty Images)NurPhoto via Getty ImagesWells Fargo’s stock (NYSE: WFC) has lost 17% YTD, as compared to the 18% rise in the S&P500 index over the same period. In sharp contrast, Wells Fargo’s peer, Bank of America (NYSE: BAC), is up 25% YTD. Overall, at its current price of $58 per share, WFC stock is trading 10% below its fair value of $64 – Trefis’ estimate for Wells Fargo’s valu ...

Anne Czichos/iStock Editorial via Getty ImagesAround two months ago, I analyzed Wells Fargo & Company (WFC) and gave them a hold rating. After that analysis, the stock price hasn't had material movements, and the rally experienced from November to May, which appreciated up to 57.38%, has calmed down. Seeking AlphaLast week, WFC and other major banks started the Q2 earnings release season, and in this analysis, I will go through their results to assess the situation exhibited in Q2 and determine if ther ...

Loading...Loading...Shares of Wells Fargo & Co WFC recovered slightly in early trading on Monday, after tanking on Friday, following the second-quarter results.The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.Goldman Sachs analyst Richard Ramsden maintained a Buy rating, while reducing the price target from $71 to $64.RBC Capital Markets analyst Gerard Cassidy reiterated a Sector Perform rating and price target of $61.Piper Sandler analyst Scott Siefers ...

Wells Fargo disappointed investors with its latest earnings, but don't let temporary headwinds scare you away.Wells Fargo (WFC -6.02%) recently reported its second-quarter earnings, and thanks to disappointing net interest income, the stock plunged by as much as 7% shortly after the announcement. That's a big move for a large-cap bank stock.While the interest income miss was definitely disappointing, it's important for investors to realize that this is a rock-solid financial institution that has done a grea ...