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Wells Fargo & Co. (WFC)

Zacks Rank: 3 (Hold) [?]

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Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. It provides a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through its four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune's 2020 rankings of America's largest corporations. In the communities it serves, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

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Shares of Discovery, ViacomCBS tumble on Wells Fargo downgrade

Source: New York Post

Shares of Discovery and ViacomCBS tumbled on separate downgrades from Wells Fargo on Friday, as analysts expressed concerned that the media companies’ recent gains may be overblown. In early-day trading, ViacomCBS saw its stock sink more than 12 percent, to $57.76, as shares of Discovery plunged more than 21 percent, to $45.50. ViacomCBS, which operates…

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Here’s the simple 5-step COVID-19 questionnaire Wells Fargo is using to decide if it’s safe for employees to enter the office

Source: Business Insider

Summary List Placement Wells Fargo requires all of its employees to fill out a five-step COVID-19 questionnaire before they return to the office, a spokesperson told Insider. Staff must complete this form, which Wells Fargo sent to Insider, every day before they enter one of the bank’s offices, they said. The questions ask about COVID-19 tests and symptoms — if any answers suggest a person might have the virus, they can’t enter their workplace. The questions, detailed below, are based on coronavirus health guidance from the US Centers for Disease Control and Prevention (CDC). Wells Fargo’s policy is similar to those at other banks: JPMorgan told Insider in February it required its staff to take a daily-health check on a mobile or laptop before entering its workplaces. Meanwhile, sources told Insider that Deutsche Bank, Bank of America, and Credit Suisse are testing employees that work from the office on a weekly basis. The Wells Fargo COVID-19 questionnaire in full Have you tested positive for COVID-19 in the last 10 days?

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Bank stocks fall after Fed elects to let pandemic-era capital break for banks expire

Source: Business Insider

Summary List Placement Shares of JPMorgan and other banks fell Friday after the Federal Reserve decided to end a rule that relaxed capital requirements to encourage banks to loan money during the COVID-19 crisis. The central bank said its rule change in the supplementary leverage ratio, or SLR, will expire as scheduled on March 31. Under the SLR, banks with more than $250 billion in assets have to protect against losses by holding capital equal to 3% of their total assets. But the Fed relaxed the rule in May 2020, allowing banks to reduce the amount of capital they were required to hold in Treasuries and other assets. With the Fed’s decision to let the rule change expire, shares of JPMorgan Chase lost 3.3%, Bank of America declined 2.6% as did those of Wells Fargo , and Citigroup gave up 1.7%. Among exchange-traded funds, the Invesco KBW Bank ETF fell 2.3% and the SPDR S&P Bank ETF pulled back by 1.8%. The closely watched 10-year Treasury yield rose to 1.733% after the Fed’s statement as bonds sold off.

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[FREE SLIDE DECK] Accelerator Snapshot: Wells Fargo

Source: Business Insider

Summary List Placement A number of major banks have launched fintech accelerator programs in recent years, likely in response to the need to introduce new digital financial services. In accelerator programs, banks provide startups with access to mentorship, development resources, and sometimes funding opportunities. In return, banks can leverage the innovative solutions that fintech startups offer to support their own digital transformation efforts and remain competitive. In 2014, US-based bank Wells Fargo, which spends billions of dollars on technology initiatives annually, launched the Wells Fargo Startup Accelerator. In this Accelerator Snapshot, Insider Intelligence details the goals, operations, and notable participants of Wells Fargo’s accelerator program. This exclusive report can be yours for FREE today. Join the conversation about this story »

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