Wells Fargo revealed second-quarter figures on Tuesday that detailed the firm’s first quarterly loss since 2008. The bank lost 66 cents per share, below the 33 cent estimate. Net interest income landed at $US9.9 billion, missing the $US10.3 billion expectation. The bank’s earnings were largely dented by increased loan loss […]
Wells Fargo stock slumped as much as 8.3% on Wednesday after the firm’s chief financial officer warned it will divert more profits to loan-loss reserves in the second quarter. Net interest income will slide 11% year-over-year in the second quarter due to historically low rates, CFO John Shrewsberry added at […]
Chewy founder Ryan Cohen only invested in Apple and Wells Fargo stock after he sold his company for $US3.35 billion,Bloomberg Businessweek reported Friday. While the move is in stark disagreement with the oft-recommended strategy of diversification, Cohen said that he likes to “go all-in” when he finds bets he has […]
Wells Fargo is now the subject of merger speculation, as its stock trades nearly 70% off its 2018 high and is trading back to levels not seen since the Great Recession. In a tweet, Fox Business Senior Correspondent Charles Gasparino speculated that Goldman Sachs and Wells Fargo are considering a […]
The Federal Reserve will “temporarily and narrowly” ease its balance sheet restriction against Wells Fargo to allow the bank to provide additional emergency lending to small businesses, according to a Wednesday statement. The change only bolsters the bank’s ability to lend through the Paycheck Protection Program and the Fed’s upcoming […]
Wells Fargo has embarked on a search for a new CEO, focusing only on external candidates. The bank reported disappointing guidance in its first quarter results, heightening need to replace Sloan. Markets Insider has compiled a list of the top women in the financial industry who are qualified for the […]
Wells Fargo beat earnings expectations for the first quarter. Shares were little changed ahead of Friday’s opening bell. The embattled lender is expected to give an update on its CEO search later today. Watch Wells Fargo trade live. Wells Fargo announced first-quarter results on Friday morning that topped Wall Street’s […]
