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WFC

Wells Fargo

$44.75

-0.57 (-1.26%)

08:03
10/14/16
10/14
08:03
10/14/16
08:03

Wells Fargo: Independent directors have launched probe into sales practices

On September 8, 2016, Wells Fargo & Company reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which the Company had fully accrued for as of June 30, 2016, totaled $185 million, plus $5 million in customer remediation. Key actions are being taken to ensure the Company's culture is wholly aligned with the interests of customers including: Eliminated product sales goals for retail banking team members as of October 1, 2016; Implemented procedures to send customers a confirmation email approximately an hour after opening any deposit account and an acknowledgement letter after submitting a credit card application; Attempting to contact all retail and small business deposit customers across the country, including those who have already received refunded fees, to invite them to review their accounts with their banker. Also contacting credit card customers identified as possibly having unauthorized accounts to confirm whether they need or want their credit card; Expanding the scope of our customer account review and remediation to include 2009 and 2010; The Independent Directors of the Board have launched an investigation into the Company's retail banking sales practices and related matters. Independent Directors have retained the Shearman & Sterling law firm to assist in the investigation; John Stumpf forfeited unvested equity awards valued at approximately $41 million; Carrie Tolstedt has left the Company; will receive no severance; has forfeited unvested equity awards valued at approximately $19 million; will not exercise outstanding options during investigation; Neither executive will receive a bonus for 2016.

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WFC Wells Fargo
$44.75

-0.57 (-1.26%)

10/04/16
RAJA
10/04/16
DOWNGRADE
RAJA
Underperform
Wells Fargo downgraded to Underperform from Market Perform at Raymond James
Raymond James analyst David Long downgraded Wells Fargo to Underperform and reduced estimate saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook.
10/04/16
10/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Underperform from Market Perform at Raymond James with analyst David Long saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook. 2. Kinder Morgan (KMI) downgraded to Hold from Buy at Stifel analyst Selman Akyol citing valuation. 3. GrubHub (GRUB) downgraded to Hold from Buy at Stifel with analyst John Egbert citing valuation. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Evercore ISI with analyst Robert Ottenstein saying reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. 5. Dollar Tree (DLTR) downgraded to Neutral from Buy at Cleveland Research with the firm saying sales trends appear to have slowed further at Family Dollar as the company struggles with increased price competition, difficult comps, and strategy headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
UBSW
10/10/16
UPGRADE
Target $44
UBSW
Neutral
Wells Fargo upgraded to Neutral from Sell at UBS
UBS analyst Brennan Hawken upgraded Wells Fargo to Neutral saying the risk/reward appears more balanced after the significant underperformance of the shares. The analyst believes Wells' earnings outlook remains uncertain, however. He keeps a $44 price target for the shares.
10/13/16
BOFA
10/13/16
NO CHANGE
Target $48
BOFA
Buy
'Healing process' may now start for Wells shares, BofA/Merrill says
BofA/Merrill analyst Erika Najarian believes the departure of CEO, Chairman and President John Stumpf could begin a "healing process" for the shares of Wells Fargo. Consensus feedback from investors post the Congressional hearings is that Stumpf retiring may be a necessary step for the bank to begin putting the cross-sell controversy behind it, Najarian tells investors in a research note. The analyst expects the shares to react positively today on the news. She has a Buy rating on Wells Fargo with a $48 price target. The shares are down 9c to $45.23 in pre-market trading.

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AVA

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BMWYY

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BMY

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