During Covid, Financial Advisors Need Excellent Communication, Says Wells Fargo Advisors’ Joe …

Thematically, we are expanding the traditional investment mix. What’s been great in the last 10 years is the democratization of investing. Mutual funds …

JOSEPH MONTGOMERY, FOUNDER AND managing director of investments at Wells Fargo Advisors’ Optimal Service Group in Williamsburg, Va., follows the same rules for success at his $17 billion-under-management advisory as he did playing football as an All-American center for the College of William & Mary: “Surround yourself with really good people. You cannot have a weakest link,” says the Lynchburg, Va., native.

The strength of his 13-member team, which serves 30 institutional and 330 high-net-worth clients, has been essential…

Wells Fargo Cuts Dozens of Fixed-Income Analysts

… research on high-yield and investment-grade bonds and structured credit, … or around 50,000 to 66,000 jobs, Pension & Investments reported.

Wells Fargo  (WFC) – Get Report cut dozens of fixed-income analysts and is curbing distribution of fixed-income research to save money, a media report says.

The San Francisco banking titan has been hit by numerous scandals and government penalties over the past few years. The scandals included opening accounts unneeded and unwanted by customers.

As for the analyst cuts, they include people doing research on high-yield and investment-grade bonds and structured credit, knowledgeable sources told Bloomberg.

“We regularly review and evaluate the needs of our clients to align our resources accordingly,” Wells Fargo spokeswoman Hannah Sloane said in a statement.

“We continue to offer our clients fixed-income expertise and best-in-class product education, portfolio analysis, market intelligence, market commentary and investment analysis through our fixed-income market and portfolio-strategy group.”

Charles Scharf, who took the chief executive’s post a year ago, has begun job cuts that could total 20% to 25% of its workforce, or around 50,000 to 66,000 jobs, Pension & Investments reported.

Morningstar analyst Eric Compton has a cautiously optimistic view of Wells Fargo and puts fair value for the stock at $45.

It recently traded at $22.15, down 2.4%. The stock has dropped 59% year to date.

“We’re hoping that fourth-quarter results will show a bottom for net interest income, and that a gradual recovery in fees will continue” for Wells Fargo, he wrote after its earnings report last week.

“Regarding expenses, … we’re hoping a more normalized run rate of $54 billion-$55 billion may eventually materialize, but there is admittedly a lot of uncertainty here, and we wouldn’t be surprised to see more restructuring charges in the meantime.”

I2c joins Visa’s Fintech Fast Track program as new enablement partner

Visa’s Fintech Fast Track Program provides fintech startups the ability to access Visa’s growing partner network and receive guidance to get up and …

I2c, a banking technology and digital payment provider, joins Visa’s Fintech Fast Track program as a new enablement partner in the U.S. Canada and CEMEA region.

As a partner i2c will help accelerate the Visa integration process and help fintechs streamline time to market and leverage Visa’s capabilities, while providing flexibility, scalability and reliability afforded by its platform.

I2c helps companies deal with multiple systems, vendors, regions, languages and time zones by operating from a single global platform. It provides an end-to-end processing suite.

Visa’s Fintech Fast Track Program provides fintech startups the ability to access Visa’s growing partner network and receive guidance to get up and running.

Wells Fargo grant to help build Habitat for Humanity home in Williamson County

… Humanity of Williamson County to strengthen our neighborhoods through philanthropy and volunteerism,” said David O’Neil, region bank president.
Rebeccah Macias

Wednesday

Oct 14, 2020 at 10:23 PM

The Wells Fargo Foundation has awarded Habitat for Humanity of Williamson County a $15,000 grant to build an affordable home in Round Rock.

“We’ve had a rich history of working with Habitat for Humanity of Williamson County to strengthen our neighborhoods through philanthropy and volunteerism,” said David O’Neil, region bank president.

In 2019, Wells Fargo employees volunteered more than 1.9 million hours of service to strengthen their communities, including building, repairing and improving 674 across the country with several organizations through Wells Fargo Builds.

The grant is provided through Wells Fargo Builds and is part of the Wells Fargo Foundation’s $1 billion philanthropic commitment to create more housing affordability solutions by 2025.

“We are pleased to once again partner with Wells Fargo in building up another house in Williamson County while building up another family’s opportunity to create a home from that house,” said Debbie Hoffman, Habitat for Humanity of Williamson County’s executive director.

The funding is part of an $8.1 million donation for capacity building and direct mission support to build, renovate and repair more than 350 affordable homes across the United States.

The grant will support the construction of a new home for Kelsey and her two children.

“Safe and stable housing enables people to build upon the rest of their lives and, together, we can shift the narrative to help others understand that housing affordability is both an economic and humanitarian crisis that’s taking a toll on millions of people,” O’Neill said.

Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss

Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net …

SILVER SPRING, Md. — Wells Fargo says it earned $2 billion in the third quarter, less than half of what it made in the same period last year but a significant improvement from this year’s second quarter, when it posted a loss as the coronavirus swept through the U.S.

The San Francisco bank said Wednesday that it earned 42 cents per share, down from 92 cents per share a year earlier and less than the 44 cents Wall Street analysts were expecting.