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wells fargo & co (WFC) Details

Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company’s Community Banking segment offers checking and market rate accounts, savings and time deposits, individual retirement accounts, and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and credit and debit cards. This segment also provides equipment leases, real estate and other commercial financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, health savings accounts, and merchant payment processing and private label financing solutions, as well as purchases retail installment contracts. Its Wholesale Banking segment offers commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, international trade facilities, trade financing, collection, foreign exchange, treasury management, investment management, institutional fixed-income sales, interest rate, commodity and equity risk management, insurance, corporate trust fiduciary and agency, and investment banking services, as well as online/electronic products. This segment also provides construction, and land acquisition and development loans; secured and unsecured lines of credit; interim financing arrangements; rehabilitation loans; affordable housing loans and letters of credit; loans for securitization; commercial real estate loan servicing; and real estate and mortgage brokerage services. The company’s Wealth, Brokerage, and Retirement segment offers financial advisory, wealth management, brokerage, retirement, trust, and reinsurance services. As of March 7, 2014, it operated through 9,000 locations and 12,000 ATMs, and offices in 36 countries, as well as through The Company was founded in 1852 and is headquartered in San Francisco, California.

263,500 Employees
Last Reported Date: 08/6/14
Founded in 1852

wells fargo & co (WFC) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $2.8M
Senior Executive Vice President of Community ...
Total Annual Compensation: $1.7M
Senior Executive Vice President of Wholesale ...
Total Annual Compensation: $1.7M
Senior Executive Vice President of Consumer L...
Total Annual Compensation: $1.7M
Senior Executive Vice President of Wealth, Br...
Total Annual Compensation: $1.7M
Compensation as of Fiscal Year 2013.

wells fargo & co (WFC) Key Developments

Wells Fargo Names Rick Redden as Regional President for the Carolinas

Wells Fargo & Company announced that it has named a new lead regional president for the Carolinas, a role that oversees lending to consumers and small businesses across both states. Rick Redden, Wells Fargo's regional president for South Carolina, fills the position formerly held by Stan Kelly. In May, Wells Fargo announced Kelly's retirement as head of community banking for the Carolinas, a position he had held since Wells Fargo's purchase of Charlotte-based lender Wachovia six years ago. Redden, who will be based in Charlotte, will report to Laura Schulte, president of Wells Fargo's Eastern U.S. community bank operation. Redden will oversee a territory that includes 460 branches and 5,100 employees across North and South Carolina. Redden will work from Kelly's former office in uptown Charlotte on the 40th floor of One Wells Fargo.

Wells Fargo Launches New Fintech Accelerator

Wells Fargo has launched a new accelerator program that aims to mentor and kickstart emerging startups in the financial services technology space. Wells Fargo is giving each company in its accelerator between $50,000 and $500,000. The effort will be led out of San Francisco by vice presidents Braden More, Bipin Sahni and Steve Ellis.

Final Approval to $62.5 Million Settlement Between Wells Fargo and Large Institutional Clients

Final approval was given to a $62.5 million settlement between Wells Fargo and large institutional clients who lost money in a complicated investment program known as securities lending. U.S. District Judge Donovan Frank also awarded attorneys representing those clients nearly $23 million in fees and expenses. Approval of the settlement was expected since preliminary approval of the deal was granted in June. The agreement is the third of five lawsuits to be resolved involving Wells Fargo and its investment program. In 2012, a jury in Ramsey County awarded $57 million to several charitable organizations. Last year, San Francisco-based Wells Fargo & Co. prevailed in a jury trial in federal court. Plaintiffs in the cases, including the one that settled, claimed that Wells Fargo lost money for its clients by allegedly investing in complicated and risky ventures with collateral from securities owned by the clients that were loaned to brokers. The small commission the bank received for lending the securities was then invested, with profits to be split with the client. The company said in a statement that its clients suffered 'minimal losses of 5% or less' during a time of great market turmoil. The settlement approved was a class-action lawsuit involving 92 members. The lead clients were a public employee pension fund for the city of Farmington Hills, Mich., and the pension fund for a carpenters' union in Arizona. The award for attorneys' fees will be split among four law firms, including the Zimmerman Reed law firm of Minneapolis. Frank's order leaves it up to the two lead law firms in the case, Glancy Binkow & Goldberg in Los Angeles and the Miller Law Firm in Rochester, Mich., to handle distribution of the funds.


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Valuation WFC Industry Range
Price/Earnings 12.7x
Price/Sales 3.3x
Price/Book 1.7x
Price/Cash Flow 11.8x
TEV/Sales NM Not Meaningful

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