56.41 0.00 (0.00%)
After hours: 5:21PM EDT
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||55.85 - 56.65|
|52-week range||49.27 - 66.31|
|PE ratio (TTM)||13.99|
|Earnings date||12 Oct 2018|
|Forward dividend & yield||1.56 (2.75%)|
|1y target est||61.76|
NEW YORK (AP) — U.S. stocks inched lower Friday as bond yields jumped, a shift that helped banks but hurt companies that pay big dividends. The dollar fell after President Donald Trump said China is manipulating its currency.
Remember back when Wells Fargo (WFC) opened millions of accounts for customers without their knowledge or consent? As The Wall Street Journal reported late Thursday, Wells Fargo is in the process of refunding "tens of millions of dollars" for products including anything from from pet insurance to legal services added to customers accounts without their full understanding. Sources close to the bank say that it charged monthly fees for "dozens" of products for years, and the Consumer Financial Protection Bureau is looking into the matter: "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.
“We are reviewing add-on products sold to consumers by the bank or its service providers and if issues are found during this review, we will make things right with customers in the form of refunds or remediation,” Catherine Pulley, a Well Fargo spokeswoman, said in a statement Thursday. The fees affected hundreds of thousands of customers and the total cost could climb to more than $180 million, the Wall Street Journal reported earlier, citing people familiar with the matter.
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.
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." ...
Rising uncertainty in markets didn’t stop the biggest U.S. banks from hauling in record revenue from investment banking. Among the big winners were Morgan Stanley and Bank of America Corp., which both handily beat expectations thanks to their investment banking and consumer businesses, respectively. Wells Fargo & Co. was the lone bank to miss analysts’ earnings estimates as its total loans and deposits both dropped.
In Wells Fargo's Wealth and Investment Management division, the intense pressure for sales is alive and well.
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.
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.
John Shrewsberry, Wells Fargo & Co. chief financial officer, discusses the bank's second-quarter earnings with Bloomberg's Scarlet Fu and Julie Hyman on "What'd You Miss?" (Source: Bloomberg)...
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.
Wells Fargo shares fell the most in a month after reporting that loans dropped to a 2-year low #tictocnews https://bloom.bg/2JhDmxP (Source: Bloomberg)
With interest rates rising and borrowers keeping up on payments, bank shareholders want to see which lenders are taking advantage. Wells Fargo & Co., under the thumb of a regulatory asset cap, rattled investors Friday by posting the only decline in loans as the top U.S. banks began reporting quarterly results. While JPMorgan Chase & Co. and Citigroup Inc. found areas to expand, Wells Fargo cut both consumer and commercial lending.
U.S. bank stocks are hurting after disappointing second-quarter results from Wells Fargo and Citigroup, and as JPMorgan’s earnings beat wasn’t enough to boost investor confidence. The KBW bank index is down as much as 1.9 percent, the most intraday since June 25, led by a decline of as much as 3.3 percent in Citigroup, the most since May 29, and a slide of as much as 4.3 percent in Wells Fargo, the most since March 22. JPMorgan was little changed after dropping as much as 1.6 percent.
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.
Stocks got off to a flat start Friday, as McDonald's and J&J held back the Dow and the S&P 500 and big banks rolled out their Q2 reports.