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WFC

Wells Fargo

$44.75

-0.57 (-1.26%)

08:25
10/14/16
10/14
08:25
10/14/16
08:25

Wells Fargo says 'working to address, fix' retail banking sales practices

Says "We apologize and acknowledge that we did not act quickly enough to stop the activity and remediate customer harm. We are working to address and fix, as our objective is to put the customers' interest first 100% of the time." Says 82.7 million deposit accounts and 10.8 million creditcard accounts were examined to quantify the financial harm stemming from potentially unauthorized accounts. Says that approximately 115k, or 0.12%, of the 93.5 million accounts examined had incurred a fee, adding that "We have refunded $2.6 million to those customers." Says has made changes to enhance oversight, expand customer transparency, and improve the customer experience. Says will continue to invest in process enhancements and proactive monitoring. In the month of September, "Overall customer traffic to branches and call centers remained at levels typical for September. Customers continued to use their accounts. Deposit balance growth was in-line with prior trends. Continued primary checking growth, but growth had moderated. Debit and credit card transaction volumes were up from September 2015." In September, says customer visits with branch bankers were down 10% YoY, consumer checking account opens down 25% y/y, credit card applications down 20% y/y." In consumer lending, says Mortgage referrals from Retail Banking were down 24% in September from August. Says client transaction activity in wealth and investment management was muted in September, "but this largely reflects the market environment." Comments from slides that will be presented on the Q3 earnings conference call.

  • 14

    Oct

  • 23

    Oct

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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QUNR

Qunar

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-0.22 (-0.72%)

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IIPR

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$18.05

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AAPL

Apple

$136.53

-0.58 (-0.42%)

, SMCI

Super Micro Computer

$27.40

0.3 (1.11%)

19:55
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HLF

Herbalife

$59.40

-1.34 (-2.21%)

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AHT

Ashford Hospitality

$7.37

-0.13 (-1.73%)

19:17
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  • 24

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PG

Procter & Gamble

$91.13

-0.31 (-0.34%)

, EPC

Edgewell Personal Care

$76.27

-5.44 (-6.66%)

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UL

Unilever; also tag UN

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NSU

Nevsun Resources

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Nevsun Resources

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$2.94

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NSU

Nevsun Resources

$2.94

-0.06 (-2.00%)

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Earnings
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SFTBF

SoftBank

$76.88

-0.02 (-0.03%)

, S

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GOOG

Alphabet

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ALB

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UTX

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  • 23

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BREW

Craft Brew

$15.60

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, BUD

AB InBev

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GLPG

Galapagos NV

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