|Bid||24.00 x 800|
|Ask||24.07 x 1000|
|Day's range||23.65 - 24.46|
|52-week range||17.28 - 27.15|
|Beta (5Y monthly)||1.15|
|PE ratio (TTM)||5.93|
|Forward dividend & yield||1.41 (5.98%)|
|Ex-dividend date||26 Feb 2020|
|1y target est||N/A|
The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), and the Wells Fargo Utilities and High Income Fund (NYSE American: ERH) have each announced a distribution.
Can you wash money that you think has been contaminated with coronavirus? Should you? How can you deposit or withdraw money right now?
(Bloomberg) -- Governor Andrew Cuomo of New York said the stimulus package working its way through Congress is inadequate. He also restricted access to a malaria drug that President Donald Trump has touted as a treatment for the novel coronavirus.Spain had its deadliest day yet. In Britain, the government moved to shut Parliament and Prince Charles tested positive. European Union leaders inched toward a rescue package. Germany unleashed a historic bailout.Russian President Vladimir Putin postponed a public vote on constitutional changes next month that would allow him to rule to 2036. In Brazil, President Jair Bolsonaro, echoing Trump, urged the country to resume normal life to protect the economy.Key Developments:Cases top 458,000; 20,807 dead, 113,687 recovered: Johns HopkinsTrump will stop using the term ‘Chinese virus,’ easing blame gameTokyo asks people to stay inside as new cases spur lockdown riskIndia locked down, U.K. shuts Parliament; Iran, Singapore tighten curbsFired Americans send state unemployment websites crashingWorld leaders get sweeping powers they may never give upThe humming of Chinese plants returns as rest of world reelsSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.California in Deal With Banks for Mortgage Relief (4:50 p.m. NY)Wells Fargo & Co., US Bancorp, Citigroup Inc. and JPMorgan Chase & Co. have agreed to a 90-waiver of residential mortgage payments for Californians affected by the virus, Governor Gavin Newsom said. He also is considering a state-wide moratorium on evictions, a move some cities and counties have already made.“We’d reserve the right to look at a state overlay,” Newsom said at a briefing. “We have a team reviewing the legal parameters of that issue.”There have been 2,535 confirmed cases in the most populous U.S. state, a 17% increase from Tuesday, Newsom said. He praised the stimulus bill being considered by Congress and said more help will be needed, noting that one million Californians have filed for unemployment insurance since March 13.N.J.’s Virus Numbers on Track to Echo N.Y.’s (4:20 p.m. NY)Northern New Jersey is on track for the kind of viral surge that New York is experiencing, the state’s health commissioner said on Wednesday.Judy Persichilli said the trends in her state were tracking those of neighboring New York, which projects a peak infection rate in 14 to 21 days.“When we see this peak in New York, I think we can expect Bergen, Essex and Hudson counties will follow the trends,” she said at a news conference in Trenton on New Jersey’s response to the pandemic.Read full story hereU.K.’s Johnson Threatens Action to Stop Profiteering (4 p.m. NY)U.K. Prime Minister Boris Johnson said he’s considering making profiteering illegal as Britain battles the coronavirus, following reports that some firms had been hiking prices on essential products.“We are looking very carefully at what’s going on,” Johnson said at a press conference Wednesday. “I do not want to see people exploiting peoples’ need at a critical time, a national emergency.”WHO: Countries Wasted Time Amid Spread (2:52 p.m. NY)The world squandered a window of opportunity to fight the coronavirus and many actions should have been taken one or two months ago, according to World Health Organization Director-General Tedros Adhanom Ghebreyesus.Worldwide lockdowns have created a second window of opportunity that shouldn’t be wasted, he said at a press briefing in Geneva. There are 150 countries with fewer than 100 reported cases, he said, adding that those in lockdown should use this time to contain the virus.“The last thing any country needs is to reopen schools and businesses only to close them again because of resurgent cases,” he said.New Cases Decline in Italy (1:50 p.m. NY)Italy reported that new coronavirus cases fell on Wednesday, after nearly three weeks of lockdown measures. There were 5,210 new cases, compared with 5,249 a day earlier.Fatalities from the disease over the past 24 hours totaled 683, compared with 743 on Tuesday, according to figures from the civil protection agency. Confirmed cases in the country now total 74,386.The news came as the government broadened rules that shield companies from hostile takeovers as the virus takes a heavy toll on the economy.Cuomo: Stimulus a ‘Drop in the Bucket’ (12:54 p.m. NY)The stimulus package working through Congress is “terrible” for New York state, the epicenter of the coronavirus pandemic in the U.S., Governor Andrew Cuomo said.The $2 trillion in aid approved by the U.S. Senate includes $3.8 billion for New York state and $1.3 billion for New York City, Cuomo said, which he called a “drop in the bucket.” Lost tax revenue will cost the state as much as $15 billion, he said.Cuomo has been a chief critic of the Trump administration’s response to the coronavirus outbreak, demanding Trump invoke his national-security authority to speed production of ventilators and other medical equipment.N.Y. Restricts Access To Malaria Drugs (12:15 p.m. NY)New York Governor Andrew Cuomo joined other states in restricting access to malaria treatments that President Donald Trump has touted for the novel coronavirus despite a lack of proof they will work.Cuomo updated an executive order Monday evening to block pharmacists from filling prescriptions for the malaria drugs chloroquine and hydroxychloroquine for any uses not approved by the Food and Drug Administration unless it is for a patient who has tested positive for Covid-19 and is part of a clinical trial. The medications are not approved to treat coronavirus.The government doesn’t typically impose on the practice of medicine. Doctors are typically allowed to prescribe drugs for any illness or condition, not just those a specific medication is approved to treat. Ohio, Texas, Idaho and Nevada have also moved to limit access to the drugs.Most NYC Covid-19 Dead Had Other Health Problems (11:30 a.m. NY)Ninety-five percent of New York City’s almost 200 deaths from the new coronavirus had underlying health conditions, though almost half were under the age of 75, according to data published by the city’s health department on Tuesday.The deaths, as well as data on cases and hospitalizations, mimic the patterns found in other cities with major outbreaks. New York City had more than 15,000 Covid-19 cases as of 5 p.m. Tuesday, the largest outbreak in the U.S.Read the full story hereSigns of Slowing Spread in Netherlands (10:49 a.m. NY)New hospitalized cases of the coronavirus in the Netherlands seem to be leveling off after a recent rise, according to the RIVM National Institute for Public Health and the Environment.That may indicate a decrease in the rate at which the virus is spreading in the Netherlands, RIVM said in its daily update, adding that the next few days should show whether the curve is really flattening.The daily tally of confirmed cases rose 15% to 6,412. That compares with a rise of 17% on Tuesday.Home-Testing Kits Coming to U.K. (10:34 a.m. NY)Sharon Peacock, director of the U.K.’s National Infection Service, said 3.5 million virus home-testing kits have been ordered and will be available in days once scientists in Oxford have finished evaluating them for public use.The blood tests, which check for antibodies, will be sold via Amazon and pharmacy chains so people can test themselves, Peacock told a panel of lawmakers in Parliament. Prime Minister Boris Johnson’s government has been criticized for not carrying out enough testing during the coronavirus crisis.U.K.’s Sunak to Detail Support for Self-Employed (10:34 a.m. NY)U.K. Chancellor of the Exchequer Rishi Sunak on Thursday will announce a package of assistance for self-employed Britons. It’ll be Sunak’s fourth emergency package to help British companies and workers cope with the economic fallout from the coronavirus pandemic. Last week, he guaranteed 80% of the wages of those with jobs that are at risk because of the outbreak.Prime Minister Boris Johnson’s spokesman also said authorities will crack down on people profiteering from the coronavirus crisis.Putin Delays Vote on Plan to Stay in Power (9:50 a.m. NY)President Vladimir Putin postponed a public vote on constitutional changes next month that would allow him to rule to 2036 as Russia attempts to stem the spread of the coronavirus.Putin, who has promised Russians final say on amendments to the constitution he has rushed through, said the vote planned for April 22 would be rescheduled at a later date.Saying Russia couldn’t cut itself off from the pandemic, he said that people wouldn’t work next week, though workers would still get paid. He announced the delay during a hastily arranged national address Wednesday.Though its totals remain well below those in some big European countries, Russia reported that coronavirus cases jumped by a third over the past day to 658.Ackman Puts Part of His Fortune in Covid-19 Testing (9:04 a.m. NY)Billionaire Bill Ackman said he invested a portion of his personal wealth to help manufacture antibody testing kits produced by Covaxx, a newly formed subsidiary of closely-held United Biomedical Inc.Ackman has repeatedly called for a complete shutdown of the U.S. for 30 days to help combat the spread of the virus. He has also called for antibody testing, like the one Covaxx develops, across the country to determine who has already contracted the virus.Bullard Says 2Q Will See Most Pandemic Disruption (8:52 a.m. NY)St. Louis Fed President James Bullard told CNBC the second quarter is likely to see the most disruption from the coronavirus outbreak, but the economy should bounce back by year’s end. “If we can get this to work right, everything will snap back to normal once this is over,” he said.Bullard tempered earlier remarks predicting that the U.S. unemployment rate may hit 30% in the second quarter. “This number will be unparalleled, but don’t get discouraged.”Switzerland Expands Entry Curbs (8:47 a.m. NY)Switzerland on Wednesday stepped up the curbs on incoming travel to include all countries within the Schengen area. It previously had limited arrivals from Spain, Italy, Germany, France and Austria.The Schengen area is a passport-free travel zone among 26 European nations.Portugal Confirmed Coronavirus Cases Rise (8:35 a.m. NY)The number of confirmed coronavirus cases in Portugal increased 27% to 2,995 on Wednesday from 2,362. That compares with a daily increase of 15% reported on Tuesday and a 29% gain on Monday.The total number of deaths increased to 43 on Wednesday from 33 reported through Tuesday morning; 22 patients have now recovered, unchanged from Tuesday. Almost 80% of coronavirus-related deaths in Portugal so far are of people aged 70 or older.Schumer Expects Senate to Pass Stimulus Deal Today (8:34 a.m. NY)Senate Democratic leader Chuck Schumer calls the stimulus deal the “art of compromise” and says help is on the way for American workers, state and local governments and small businesses. He told CNN he expects the Senate to pass the bill today.One in 20 Britons has lost a job because of the outbreak and 9% experienced a reduction in hours or pay, according to YouGov. The survey was taken on the first two days of the U.K.’s official lockdown, with the government banning all unnecessary movement of people for at least three weeks and requiring the closure of non-essential businesses. There have been about 477,000 new claims for state support payments, according to the Department for Work and Pensions.EU Leaders Call for Corona Bonds (8:26 a.m. NY)Nine EU leaders, including Emmanuel Macron and Giuseppe Conte, urged the introduction of so-called coronabonds in a letter cited by AFP on Wednesday.India Delays Plans for Population Register (7:50 a.m. NY)The government has indefinitely postponed plans to begin surveys leading to its next census and a comprehensive population register. The process was to have begun in April and was seen as a precursor to a national citizens register that, along with a new citizenship law, had led to angry protests across India since December.India is likely to agree on an economic stimulus package of more than 1.5 trillion rupees (about $20 billion), Reuters reported, citing two unidentified people familiar with the plans.Italian Opposition Pushes Takeover Protection for Weakened Banks (7:50 a.m. NY)Italy must toughen the rules shielding strategic sectors from hostile takeovers because the coronavirus has left banks, insurance companies and pharmaceutical firms vulnerable to foreign predators, according to a senior opposition lawmaker.Senator Adolfo Urso, vice-president of the parliament’s security and intelligence committee, said in an interview Wednesday that he will file amendments to the government’s decree on a 25 billion-euro ($27 billion) stimulus package for the economy by Friday afternoon.Stock Rebound Fades (7:45 a.m. NY)European equities swung between gains and losses in a volatile session as optimism about a U.S. stimulus package dimmed amid renewed worries over the economic blow from the coronavirus outbreak. The Stoxx Europe 600 Index was up 0.6% after having earlier risen as much as 4.8%. U.S. stock futures declined and Treasuries gained.Amazon, Walmart Struggle to Cope as India Enters Lockdown (7:45 a.m. NY)The country’s 1.3 billion people are in a three-week lockdown, sending many to scour the web for food and daily essentials. But unlike in China, where online fresh grocery services offered a lifeline during its Covid-19 outbreak, Indian authorities are stopping food trucks on highways, and shutting down warehouses and rice mills. They’re also preventing delivery and supply-chain workers from doing their jobs.(A previous version corrected the day of Governor Cuomo’s executive order)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The San Francisco-based bank said all of its domestic full-time employees who make less than $100,000 a year would receive a pre-tax payment of $600 and part-time employees would get a $300 bonus. Front-line employees like branch workers, call-center staff and technology specialists who are required to come into the office as others work from home because of the coronavirus outbreak will receive an additional $200 per pay period starting April 17 for up to five paychecks, the memo said. Management has also decided not to pay out a discretionary profit-sharing 401(k) contribution for 2019, citing the bank's financial performance last year and the "extraordinary environment," said the memo signed by Chief Executive Charlie Scharf.
(Bloomberg) -- The Federal Reserve, racing again to contain mounting economic and financial-market fallout from the coronavirus, unveiled a sweeping series of measures that pushed the 106-year old central bank deeper into uncharted territory.In a surprise announcement Monday before markets opened in New York, the U.S. central bank said it will buy unlimited amounts of Treasury bonds and mortgage-backed securities to keep borrowing costs at rock-bottom levels -- and to help ensure chaotic markets function properly. It also set up programs to ensure credit flows to corporations as well as state and local governments.The Fed’s latest steps landed as investors wait for U.S. lawmakers to deliver a multi-trillion dollar package of coronavirus support, which failed to come together Sunday when Democrats objected that it did not do enough for average Americans.Following a string of emergency measures last week, the moves also increasingly push the central bank into new territory by providing direct support to U.S. employers, municipalities and households, which would traditionally be viewed as fiscal policy.“Wow, just wow,” George Rusnak, head of investment management at Wells Fargo Private Bank, said on Bloomberg Television. “Hopefully you’ll come out of this with some fiscal stimulus as well, and you’ll be set with good growth opportunities in the long run.”In a sign, however, of just how unnerved investors are by the pandemic, the Fed’s moves failed to spark anything beyond a brief rally in stocks and corporate bonds Monday after weeks of staggering losses.Stocks fell 4.5% in New York. Yields on 10-year U.S. Treasuries initially sank below 0.69% as investors digested the news before pushing back to around 0.74%.Some pockets of the market reacted positively to the Fed moves. Signs of stress in the corporate debt sector eased, with the CDX Investment Grade index spread tightening. Bond ETFs eligible for central-bank purchases rallied and the dollar retreated versus major peers.Economic ShutdownMonday’s Fed action followed an already-dizzying number of steps taken by Chairman Jerome Powell in the past three weeks that would have been unthinkable just months ago. They represent a dramatic reaction to the sudden stop inflicted on the economy by the contagion and by the subsequent panic among investors.Group of 20 finance ministers and central bank chiefs separately joined an emergency call to work on a joint response to the economic blow dealt by the pandemic.The U.S. economy is reeling as cases rise and the death toll mounts. Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter, along with a 50% drop in gross domestic product. Morgan Stanley expects the U.S. economy to plummet 30% in the second quarter.The package included several unprecedented steps for the Fed, including intervention in the corporate bond market, purchases of commercial asset-backed mortgages and exchange-traded funds, and, if Congress clears the way, a significant Main Street lending program directly aimed at aiding small businesses.Not a ‘Slush Fund’“This is not a slush-fund,” U.S. Treasury Secretary Steven Mnuchin told Fox Business earlier on Monday. “It’s a mechanism we can use working with the Federal Reserve to provide another $4 trillion of liquidity into the market. That’s on top of the Fed’s balance sheet. This is a massive liquidity program.”Beyond the unlimited quantitative easing program, the new emergency facilities will employ a total of $300 billion, backed by $30 billion from the Treasury’s Exchange Stabilization Fund.Roberto Perli, a former Fed economist and partner at Cornerstone Macro LLC in Washington, said he expects those facilities to grow substantially if Congress moves ahead with plans to pump more money into the ESF.The draft of an economic aid bill currently being hashed out on Capitol Hill included $425 billion for the ESF to support Fed actions.The Fed’s new credit facilities carry limits on paying dividends and making stock buybacks for firms that defer interest payments, but have no explicit restrictions preventing beneficiaries from laying off workers.The Fed said a week ago it would buy at least $500 billion of Treasuries and $200 billion of agency MBS. The Fed will now make those purchases unlimited and will take on a slew of new efforts, many aimed at directly aiding employers and households, as well as cities and states.“This is a great step forward,” said Julia Coronado the president of MacroPolicy Perspectives. “Getting to the corporate bond market was critical. A lot of people needed to be clear the QE was unconstrained.”Other HighlightsTwo more programs were created to support large employers -- a Primary Market Corporate Credit Facility for new bond and loan issuance, and a Secondary Market Corporate Credit Facility to provide liquidity for outstanding corporate bonds.Yet another program, a Term Asset-Backed Securities Loan Facility, will “enable the issuance of asset-backed securities backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration and certain other assets.”The central bank also said it would expand the existing Money Market Mutual Fund Liquidity Facility to include a wider range of securities, including municipal variable-rate demand notesFinally, the Fed said it would expand the existing Commercial Paper Funding Facility to also include high-quality municipal debt, another move to help cash-strapped states and cities.“The Fed’s latest moves signal a resounding ‘whatever it takes’ approach from the central bank, and dispel any notion that monetary policy makers are either sparing ammunition or running out of unconventional tools,” Andrew Husby and Carl Riccadonna, of Bloomberg Economics, wrote in a note to clients.(Updates with outlook for more actions in sixth paragraph, plus markets in ninth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The bank approached the Fed about a temporary or permanent lifting of the $1.95 trillion asset cap, which has curbed its growth and profitability since it was imposed in 2018, the FT said https://www.ft.com/content/af0c45a8-6afa-11ea-800d-da70cff6e4d3 on Saturday, citing people familiar with the matter. Removing the cap has been a priority for Chief Executive Charles Scharf and the issue has become acute as the Fed tries to encourage banks to extend credit to customers facing income shortfalls, FT said.
Wells Fargo & Company (NYSE: WFC) today announced additional comprehensive steps to help customers, communities and employees grappling with the impact of COVID-19. The company has suspended residential property foreclosure sales, evictions and involuntary auto repossessions. Additionally, the Wells Fargo Foundation will increase its charitable donations to $175 million to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations.
(Bloomberg) -- The Federal Reserve said Friday it had expanded its emergency program to provide liquidity to money market mutual funds, allowing the purchase of assets from single-state and other tax-exempt municipal money market funds.Shares of BlackRock Inc.’s iShares National Muni Bond ETF, the biggest municipal-bond exchange-traded fund, traded higher after the announcement.“Thank you to @federalreserve,” U.S. Treasury Secretary Steven Mnuchin said in a tweet. “Today I approved the expansion of the Money Market Mutual Fund Liquidity Facility to include municipal securities. This will create additional liquidity to support the states and municipalities!”The move followed the Fed’s Wednesday night announcement that it had created a Money Market Mutual Fund Liquidity Facility aimed at relieving pressure from prime money market funds that were seeing large institutional-customer withdrawals. The Treasury Department will provide $10 billion of credit protection.Money market funds provide credit to everything from banks through repurchase agreements to corporations through purchases of commercial paper. They are a critical link the chain of short-term finance where companies borrow and lend outside the formal banking system.“Fed purchase of municipal bonds is unprecedented,” said Mark Zandi, chief economist for Moody’s Analytics. “They didn’t go that far in the financial crisis. It illustrates the severe stress on credit markets, and how aggressive and creative the Fed needs to be to keep credit flowing.”Risk Free LoansThe program, administered by the Boston Fed, will provide risk-free loans to banks that will purchase a range of assets from prime, and now municipal, money market funds, with the assets deposited with the Fed as collateral. By expanding the program to include short-term municipal bonds, it may ease the difficulty cities and states are having in raising funds.The program, however, has its limits. Fed officials see the universe of eligible municipal assets at around $40 billion. Money funds generally cannot purchase securities that are further than 13 months from maturity.The move by the Fed is a “welcomed starting point to offer the municipal market some relief from the liquidity logjam,” said Gabriel Diederich, a portfolio manager at Wells Fargo Asset Management.Yields on short-dated municipal bonds, which are among the easiest to sell, have ricocheted upwards, climbing to 2.84% from 0.47% on March 9, according to Bloomberg BVAL pricing scales as of 1:00 p.m. New York time.Others were even more upbeat.”It’s a major help to high-grade municipals, where liquidity pressures have concentrated on money market funds,” said Matt Fabian, a partner at Municipal Market Analytics, an independent research firm. “The program gives the funds an ability to afford investor redemptions without creating additional pressure on the underlying assets. Of course, liquidity is an issue all along the curve, but giving the front a boost is better than nothing.”May Be ExpandedOfficials at the central bank indicated eligible securities could eventually be expanded to include variable-rate municipal bonds.The global health crisis has hammered municipal bonds as states and localities strain resources to prepare a medical response, help local businesses and suffer tax revenue losses as they ask people to stay at home.Municipal bonds were headed for an 8% drop in March, their worst month of performance since 1981, according to Bloomberg Barclays indexes.Prime funds are those money funds eligible to invest in debt not backed by the U.S. government.(Updates with additional details from third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Regulators are encouraging banks to tap into capital and liquidity to lend into an economy affected by the coronavirus but further regulatory easing could be coming.
Wells Fargo & Co on Tuesday became the latest to implement such a stay at home declaration in response to the quickly-spreading coronavirus outbreak, but only for employees who don't interact with customers and can effectively work remotely. Branch, call center, and operations center employees and their managers are among those considered essential and will continue reporting to their offices, according to a Wells Fargo memo seen by Reuters.
Branch employees, call center, and operations center employees and their managers are among those considered essential and will continue reporting to their offices, according to a memo seen by Reuters. "Customer-facing and some non-customer-facing Wells Fargo employees will continue to work from Wells Fargo offices to serve customers, support operations, or support related activities such as business continuity planning," a spokeswoman said. Wells Fargo Chief Executive Officer Charlie Scharf told Congress last week that roughly 62,000 of the bank's employees were already working remotely.
We can well imagine that “wow” has been uttered by more than just a few people of late - about the spread of the coronavirus, the impact of the virus on share prices and the global economy, and about the change in lifestyle that has taken place in a mere matter of weeks. But for those of us who follow insider-sentiment data from Vickers Stock Research, recent data has led us to a “double-wow”. Two weeks ago, we pointed out that corporate insiders reacted to stock price declines by increasing their purchases of shares in the companies at which they work.
Wells Fargo & Company (NYSE:WFC) shareholders (or potential shareholders) will be happy to see that the President...
(Bloomberg) -- Banks including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and Capital One Financial Corp. have assured nervous customers that they’ll provide assistance to those impacted financially by the coronavirus.“Call us and we’ll make it right,” Bank of America Chief Executive Officer Brian Moynihan said Sunday on CBS News’ “Face the Nation.”But reaching a representative is proving more and more difficult as customer-service centers are inundated by calls from clients seeking help.“Due to staffing issues resulting from our response to Covid-19, also known as coronavirus, wait times may be longer than normal,” callers to Wells Fargo’s customer-service line were told Monday. The bank said last week that it was “having a larger-than-normal number of employees work remotely on a specific day.” A Wells Fargo spokeswoman didn’t respond to questions about call-center employees.The problem is twofold: Banks are trying to fight the spread of the highly contagious virus by keeping some employees at home, while call volumes are higher than normal as more American workers become concerned about paying credit-card bills and making mortgage payments as workplaces close amid the spread of the coronavirus.Particularly hard hit are workers in the service industry as governors in New York, New Jersey, California and other states order businesses such as bars, movie theaters, restaurants and gyms shut to fight the spread of the coronavirus. President Donald Trump said Monday afternoon that Americans should stop eating out.‘Longer Than Usual’“As we address the needs of our customers, including those impacted by Covid-19, call wait times may be longer than usual,” Capital One callers were told. As of Monday morning, hold times to reach a customer representative at the bank were in excess of 20 minutes, according to calls placed by Bloomberg. That compares with an average of 41 seconds in 2018, according to a study from MyBankTracker.Capital One spokeswoman Sarah Craighill acknowledged that wait times are longer than normal, and said that digital tools, including the bank’s mobile app, are the fastest way to reach the company. “We are grateful to our customers for their patience and understanding as we navigate these uncertain times together,” she said in an email.Some customers have taken to social media to express their frustration.“Yesterday I sat on hold for 3 hours and got nothing accomplished,” one user said on Twitter. “I’ve been disconnected 7 times. I spend an insane amount of money on Citi cards annually. This is awful customer service.”Citigroup has offered to waive monthly service fees and penalties for early certificate of deposit withdrawals.The bank’s U.S. customer calls related to Covid-19 represents a small portion of overall calls, with the focus being on trip cancellations, billing disputes and market volatility attributable to the virus, a Citigroup spokeswoman said. The majority of operations-centers employees continue to report to the office, while those who can work from home are doing so, she said.When asked about what Bank of America would do for customers who can’t make mortgage or credit-card payments, Moynihan said in the interview Sunday that they can “call the number on the card and they say, ‘I’m affected by the disease,’ and we’ll defer the payment.”To get that deferral, customers may be on hold for more than 30 minutes, based on wait times Monday.“Overall, call volumes and wait times have remained stable, though we continue to prepare for increased volumes,” Bank of America spokesman Bill Halldin said in an email. The company is using social distancing and additional cleaning at its call centers, and some customer-service employees are working from home.(Updates with Citigroup comments in fourth-to-last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Wells Fargo Bank, N.A., said today it is decreasing its prime rate to 3.25 percent from 4.25 percent, effective today, March 16, 2020.
Wells Fargo & Company today announced Jack Ginter as the head of Abbot Downing, the boutique business serving ultra-high-net-worth clients. Abbot Downing is part of Wells Fargo Wealth & Investment Management.
Wells Fargo & Company (NYSE: WFC) today announced that Ellen Patterson will join the company as its senior executive vice president and general counsel, effective March 23, 2020. Reporting to CEO Charlie Scharf, Patterson will be responsible for all legal affairs at the company and will serve on the company’s Operating Committee.
To the annoyance of some shareholders, Wells Fargo (NYSE:WFC) shares are down a considerable 32% in the last month...
The current equity market malaise almost led to a bear market following heavy selling pressure on Monday March 9, with the S&P 500 falling 19% from its recent peak. While volatility is likely to remain high as the range of economic and corporate profit outcomes continues to be considered, and as monetary and fiscal stimulus measures are likely announced, we believe many high-quality stocks have been oversold and represent opportunities for investors on the lookout for bargains. We screened for companies in our coverage universe that have the following criteria: Buy-rated, at least 20% below their 52-week high, a Financial Strength rating of High (indicating a strong balance sheet that can weather a downturn), and where we have at least have a market weight recommendation on the sector. The list of 26 high-quality stocks is below.
Banks heavily exposed to oil and gas saw massive declines on Monday as the coronavirus fears were compounded by tumbling oil prices.
Wells Fargo today announced that it is seeking to invest up to $50 million in African American Minority Depository Institutions (MDIs). These investments are part of Wells Fargo’s commitment to supporting economic growth in African American communities where MDIs, often community based banks, provide mortgage credit, small business lending, and other banking services. Wells Fargo commends Congresswoman Joyce Beatty and Congressman Gregory Meeks for recently sponsoring legislation to enhance MDIs and these investments in African American MDIs will support the spirit of that legislation.