WFC - Wells Fargo & Company

NYSE - Nasdaq Real-time price. Currency in USD
29.90
+1.13 (+3.93%)
As of 12:30PM EDT. Market open.
Stock chart is not supported by your current browser
Previous close28.77
Open29.34
Bid29.62 x 1300
Ask29.63 x 1100
Day's range28.68 - 30.11
52-week range25.11 - 54.75
Volume21,276,850
Avg. volume34,204,730
Market cap122.273B
Beta (5Y monthly)1.35
PE ratio (TTM)7.38
EPS (TTM)4.05
Earnings date13 Apr 2020
Forward dividend & yield2.04 (7.09%)
Ex-dividend date05 Feb 2020
1y target est38.24
  • Federal Reserve to temporarily lift asset cap on Wells Fargo to spur emergency small business lending
    Yahoo Finance

    Federal Reserve to temporarily lift asset cap on Wells Fargo to spur emergency small business lending

    The Federal Reserve says it will temporarily lift its asset cap on Wells Fargo to allow the massive lender to underwrite emergency small business loans.

  • Banks undergoing 'real stress test' as recession fears continue
    Yahoo Finance

    Banks undergoing 'real stress test' as recession fears continue

    Wells Fargo senior analyst Mike Mayo says banks will "pass this real stress" and could see double-digit returns again by next year.

  • Reuters

    Fed modifying asset cap so Wells Fargo can make more small business loans

    The U.S. Federal Reserve said on Wednesday it would "temporarily and narrowly" modify the growth restriction on Wells Fargo & Co's asset cap so the bank can make more loans under government assistance programs for small businesses hurt by the coronavirus disruption. Wells Fargo, a major small business lender, said on Sunday it had hit a $10 billion cap on loan applications it is able to accept under a $350 billion small business payroll protection program passed by Congress last month due to constraints imposed by the asset cap. The change will allow the bank to make additional loans under that program and the Fed's forthcoming Main Street Lending Program, and will be in place as long as those facilities are active, the central bank said.

  • Business Wire

    Wells Fargo Announces First Quarter 2020 Earnings Information

    Wells Fargo & Company (NYSE: WFC), as previously announced, will report its first quarter 2020 earnings results on Tuesday, April 14, 2020, at approximately 5 a.m. PT (8 a.m. ET). The results will be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/.

  • Earnings Preview: Wells Fargo (WFC) Q1 Earnings Expected to Decline
    Zacks

    Earnings Preview: Wells Fargo (WFC) Q1 Earnings Expected to Decline

    Wells Fargo (WFC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Fed's Asset Cap Limits Wells Fargo From Helping Small Firms
    Zacks

    Fed's Asset Cap Limits Wells Fargo From Helping Small Firms

    Wells Fargo (WFC) requests the Fed to lift the balance sheet growth limitation so that it can support small businesses.

  • Wells Fargo reduces mortgage products amid coronavirus outbreak
    Reuters

    Wells Fargo reduces mortgage products amid coronavirus outbreak

    The change comes as the coronavirus pandemic has put increased pressure on Wells Fargo's balance sheet which has been capped by regulators since 2018. The U.S. Federal Reserve restricted the bank's balance sheet at 2017 levels until it can prove it has the risk management structures which led to the 2016 sales practices scandal. The bank is shunning riskier non-conforming loans with downpayments of less than 20% and home equity lines of credit above $500,000, according to the memo.

  • Business Wire

    Wells Fargo Announces Change to a Virtual-Only Format for 2020 Annual Meeting of Shareholders

    Wells Fargo & Company (NYSE: WFC) announced today a change in the location of its 2020 Annual Meeting of Shareholders (the "2020 Annual Meeting"). In the interest of the health and safety of our shareholders, employees, and communities, and in light of further developments regarding the coronavirus or COVID-19 and recent guidance from the Centers for Disease Control and Prevention, the World Health Organization, and federal, state and local public health authorities, the 2020 Annual Meeting now will be held by remote communication in a virtual-only format. Shareholders will not be able to attend the 2020 Annual Meeting in person.

  • Wells Fargo Says Fed Cap Is Limiting Small-Business Relief
    Bloomberg

    Wells Fargo Says Fed Cap Is Limiting Small-Business Relief

    (Bloomberg) -- Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth.The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S. program, but customers already have expressed more interest than that, Wells Fargo said in a statement late Sunday. The firm will therefore focus on helping nonprofits and businesses with fewer than 50 employees.“While we are actively working to create balance-sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit,” Chief Executive Officer Charlie Scharf said in the statement. “We are committed to helping our customers during these unprecedented and challenging times, but are restricted in our ability to serve as many customers as we would like.”The situation may ratchet up pressure on the Fed to ease the unprecedented asset cap it imposed on the nation’s fourth-largest bank in 2018 in response to mounting scandals at the company. As the coronavirus pandemic began, the firm -- a leading lender to small and midsize U.S. companies, homebuyers and commercial-property investors -- had about $384 billion of additional lending capacity that it can’t unleash because of the cap.As markets swooned and commerce slowed this year, Wells Fargo’s representatives privately broached the idea of at least temporarily lifting the restriction so it could help more customers. The Fed has yet to publicly disclose a decision.People with knowledge of the situation told Bloomberg in late March that the regulator was reluctant to ease or lift the cap because the bank has yet to fully address concerns that prompted the sanction. Scharf, who took over in October, has made progress in enacting reforms, but the company must still prove it’s done enough to prevent abuses of customers, the people said.Friday was the first day that American small businesses hit by the fallout from the coronavirus pandemic could start applying for loans under the new U.S. program. It was part of the $2 trillion stimulus package Congress passed last month aimed at shoring up the economy.Scharf noted in the statement that Wells Fargo already extended almost $70 billion in new and increased commitments and outstanding loans to consumers, small businesses and corporations in the U.S. last month. The firm also said it plans to donate the fees it generates from the small-business stimulus program.Steve Troutner, Wells Fargo’s head of small business, instructed employees to suggest customers apply elsewhere to increase their chances of getting a loan before the stimulus money runs out, according to a memo seen by Bloomberg.“We are hopeful that despite the restrictions of Wells Fargo’s asset cap, our customers will be able to get the help they need, either from us or through other lenders as we all navigate together through this time,” Troutner said in the memo.(Updates with details, contents of internal memo beginning in eighth 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.

  • JPMorgan, Wells Fargo, FedEx, Nike and Costco are part of Zacks Earnings Preview
    Zacks

    JPMorgan, Wells Fargo, FedEx, Nike and Costco are part of Zacks Earnings Preview

    JPMorgan, Wells Fargo, FedEx, Nike and Costco are part of Zacks Earnings Preview

  • JPMorgan’s Dimon: 'There should have been a pandemic playbook'
    Yahoo Finance

    JPMorgan’s Dimon: 'There should have been a pandemic playbook'

    'I am hoping that civility, humanity, empathy and the goal of improving America will break through. We have the resources to emerge from this crisis as a stronger country,' writes Jamie Dimon in his annual letter.

  • Wells Fargo caps role in coronavirus rescue program at $10 billion
    Reuters

    Wells Fargo caps role in coronavirus rescue program at $10 billion

    The $350 billion loan program, which launched on Friday, will provide low-interest loans to help small businesses cover payroll and other fixed costs such as rent, mortgages and utilities over the next eight weeks. "While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit," Chief Executive Charlie Scharf said in a statement. The Federal Reserve in early 2018 ordered Wells Fargo to keep its assets below $1.95 trillion, until it had improved its governance and risk controls following a wave of sales practice scandals.

  • Business Wire

    Wells Fargo Receives Strong Interest in the Paycheck Protection Program (PPP)

    Wells Fargo & Company (NYSE: WFC) announced today it is targeting to distribute a total of $10 billion to small business customers under the requirements of the PPP and will focus on serving two segments of its customer population: nonprofits and small businesses with fewer than 50 employees. The company has received forms from customers expressing interest in the PPP that it expects will fill the company’s capacity to lend under the program, as it continues to operate under existing asset cap limitations.

  • Banks were not prepared for flood of small business coronavirus loan applications
    Yahoo Finance

    Banks were not prepared for flood of small business coronavirus loan applications

    Banks were supposed to start processing loan applications on Thursday at midnight from small businesses under the $349 billion Paycheck Protection Program, but they weren't prepared for the onslaught.

  • What Is Wells Fargo's (NYSE:WFC) P/E Ratio After Its Share Price Tanked?
    Simply Wall St.

    What Is Wells Fargo's (NYSE:WFC) P/E Ratio After Its Share Price Tanked?

    Unfortunately for some shareholders, the Wells Fargo (NYSE:WFC) share price has dived 34% in the last thirty days...

  • Business Wire

    Wells Fargo Utilities and High Income Fund Announces Sources of Distribution

    The Wells Fargo Utilities and High Income Fund (NYSE American: ERH) released information about the sources of today’s distribution in a Notice provided to shareholders. The full text of the Notice is available below and on the Wells Fargo Asset Management website.

  • Business Wire

    Wells Fargo Innovation Incubator Announces Partner Awards to Support Network of Cleantech Startup Champions

    Wells Fargo Innovation Incubator Announces Partner Awards to Support Network of Cleantech Startup Champions.

  • Wells Fargo Has $384 Billion of Lending Power Stymied by Fed Cap
    Bloomberg

    Wells Fargo Has $384 Billion of Lending Power Stymied by Fed Cap

    (Bloomberg) -- Wells Fargo & Co. is a leading lender to small and midsize U.S. companies, home buyers and commercial property investors, and has capacity to unleash about $384 billion of additional loans to customers trying to weather the coronavirus pandemic.But the bank can’t -- because it’s in the regulatory doghouse.The Federal Reserve remains reluctant to ease or lift its 2018 order capping the San Francisco-based lender’s assets because the company has yet to fully address concerns that prompted the unprecedented sanction, according to people with knowledge of the situation. The cap effectively prevents the bank from deploying a mountain of pent-up capital that could back a surge of lending.As the coronavirus pandemic began upending the economy in recent weeks, it quickly emerged that Wells Fargo’s representatives had privately broached the idea of at least temporarily lifting the restriction so it could help more customers. The Fed has yet to publicly disclose its decision.Behind the scenes, Fed officials are skeptical the bank is ready, the people said. Wells Fargo’s new leaders have been making progress but have yet to prove they have made adequate reforms to prevent the consumer abuses that fueled scandals in recent years. And they have confidentially warned the Fed they will miss an April deadline to submit a required plan for improvements.“While we cannot comment on regulatory matters, Wells Fargo is focused on satisfying the requirements of the consent order,” the company said in a statement. “During these challenging times, we are very focused on doing all we can for our clients while operating under the constraints of the asset cap.”Most FirepowerThe Fed’s consent order from February 2018 caps Wells Fargo’s assets at their 2017 level. At the end of last year, the bank was just $24 billion short of that level -- all the room it had to grow unless the ban is rescinded. With credit lines being drawn by companies and deposits flowing in, it may already have gotten there.Wells Fargo executives have made internal adjustments over the years to ensure they can meet customers’ needs. The bank should be able to keep meeting demands from existing clients, but it might be constrained in ramping up lending significantly as new ones seek help, one of the people said.The appeal puts the Fed in a difficult spot -- conflicted between its role as a tough regulator of financial giants and its current efforts as a central bank trying to ensure ample cash for the struggling economy. The Fed has encouraged the biggest lenders to use their excess capital and dip into additional buffers to expand lending during the pandemic.Bloomberg calculated Wells Fargo’s capacity for additional lending based on its capital at the end of 2019. Together, the nation’s eight banking titans had enough then to ramp up lending by $1.6 trillion. But ironically, the firm with the most firepower among them can’t proceed.It would be tricky to lift the ban temporarily, because it would entail setting a time line for undoing any growth. It’s one thing to prevent a balance sheet from expanding, quite another to shrink it significantly after making hundreds of billions of dollars in ongoing loans.Chief Executive Officer Charlie Scharf took over in October after two previous CEOs frustrated regulators and politicians who accused the bank of failing to act quickly enough to fix problems. Unlike his predecessors, both longtime Wells Fargo veterans, Scharf is an outsider, and he’s been developing plans to more radically overhaul the company. At a congressional hearing this year, he acknowledged there’s much left to do.The bank’s representatives didn’t try pressing a case to the Fed that Scharf’s work on reforms is done, the people said. Rather, they noted the scope of the emergency facing the country and the bank’s willingness to help. Without the cap, Wells Fargo would be able to arrange significantly more financing for consumers, local businesses, large corporations and municipalities.Wells Fargo has been in Washington’s crosshairs since a variety of scandals emerged following the 2016 revelation that employees had opened millions of potentially fake accounts to meet sales goals. Lawmakers on both sides of the aisle have expressed deep frustration with the bank, with some signaling the Fed would face a backlash if it’s lifted. But there’s a chance that the virus’s impact on the economy might shift the political landscape.On Saturday, Maxine Waters, who chairs the House Financial Services Committee, asked Fed Chair Jerome Powell for information on Wells Fargo’s request and what the regulator makes of it. She wants his staff to provide a briefing to the committee in coming days on its supervision of the bank.Desperate CompaniesCompanies eager for cash have drawn down credit lines and arranged new facilities, obtaining at least $177 billion in financing since March 9, when Bloomberg News began tracking the data. Behind the scenes, bankers have sought to persuade corporate clients that they don’t need to tap cash preemptively -- often for reasons that have less to do with liquidity than profitability. That suggests that even if Wells Fargo’s cap were lifted, it may not rush to deploy all of the money.While lending boosts the asset side of banks’ balance sheets, investors fleeing capital markets have generated a flood of deposits, increasing the liability side. By March 18, the 25 largest commercial banks had collectively gained $420 billion of deposits this year, according to Fed data.Wells Fargo had 9.6% of the market share for U.S. deposits in 2019, according to Federal Deposit Insurance Corp. data. If it maintained that share, the influx would amount to about $40 billion, potentially pushing the bank above its 2017 asset cap.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.

  • Business Wire

    Wells Fargo Closed-End Funds Declare Monthly Distributions

    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.

  • Coronavirus crisis: How to deal with potentially contaminated money
    Yahoo Finance

    Coronavirus crisis: How to deal with potentially contaminated money

    Can you wash money that you think has been contaminated with coronavirus? Should you? How can you deposit or withdraw money right now?

  • N.J. Surge on Track to Echo N.Y.; Italy Cases Slow: Virus Update
    Bloomberg

    N.J. Surge on Track to Echo N.Y.; Italy Cases Slow: Virus Update

    (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.

  • Implied Volatility Surging for Wells Fargo (WFC) Stock Options
    Zacks

    Implied Volatility Surging for Wells Fargo (WFC) Stock Options

    Investors need to pay close attention to Wells Fargo (WFC) stock based on the movements in the options market lately.

  • Wells Fargo to pay special compensation to front-line workers amid coronavirus outbreak
    Reuters

    Wells Fargo to pay special compensation to front-line workers amid coronavirus outbreak

    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.

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