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Tag: Fargo

Alaska Bought Up Gilead, Lilly, and Wells Fargo Stock. Here’s What It Sold.

October 10, 2020
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Alaska’s Department of Revenue materially increased investments in Gilead Sciences and Eli Lilly stock in the third quarter.


David Paul Morris/Bloomberg

Alaska’s Department of Revenue made big changes in some of its biggest holdings in U.S.-traded equities.

The state agency, which is charged with collecting and investing funds for public purposes, materially increased investments in

Gilead Sciences

(ticker: GILD) and

Eli Lilly

(LLY), two companies working on treatments for Covid-19, in the third quarter. The Department of Revenue also bought more

Wells Fargo

(WFC) stock and cut holdings in

Bank of America

(BAC). The Alaskan agency disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.

Alaska’s Department of Revenue, which managed $8.1 billion in U.S.-traded equities as of Sept. 30, didn’t respond to a request for comment on its stock transactions.

The agency bought 253,419 more Gilead shares in the third

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Wells Fargo Reportedly Cuts More Than 700 Jobs

October 7, 2020
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Wells Fargo  (WFC) – Get Report reportedly has cut more than 700 commercial-banking jobs and the bank ultimately could reduce tens of thousands positions.

Shares of the San Francisco-based financial services company were up 2.77% to $24.84 in trading Wednesday.

The terminations affected positions across the division, Bloomberg reported, citing people with knowledge of the situation.

The unit offers a variety of services to businesses that typically have more than $5 million in annual sales. 

Wells Fargo said in a statement that “we are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities, and shareholders.”

“The work will consist of a broad range of actions, including workforce reductions, to bring our expenses more in line with our peers and create a company that is more nimble, streamlined, and customer-focused,” the bank said. “We expect to reduce the size

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Posted in %1$s Tagged %1$s

There Are No Good Reasons to Buy Wells Fargo Right Now

October 7, 2020
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a sign in front of a brick building: A Wells Fargo (WFC) sign hangs on a brick building in Bloomfield, Connecticut.


© Source: Martina Badini / Shutterstock.com
A Wells Fargo (WFC) sign hangs on a brick building in Bloomfield, Connecticut.

When I look for investment opportunities, there’s a lot from which to choose. Electric vehicles, 5G technology and e-commerce are all solid plays these days. Those sectors are performing much better, and have so much more promise, than big bank stocks such as Wells Fargo (NYSE:WFC) stock.



a sign in front of a brick building: A Wells Fargo (WFC) sign hangs on a brick building in Bloomfield, Connecticut.


© Provided by InvestorPlace
A Wells Fargo (WFC) sign hangs on a brick building in Bloomfield, Connecticut.

Despite that, some analysts are even sending some bullish signals these days.

  • Wolfe Research gave WFC an upgrade, calling it a compelling risk/reward stock.
  • UBS upgraded the stock from sell to neutral.

With all due respect to my fellow stock market experts, I don’t see it. But then again, I have a unique perspective when it comes to big bank stocks such as Wells Fargo,

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Posted in %1$s Tagged %1$s

Wells Fargo cuts more jobs as part of earlier cost-cutting drive

October 7, 2020
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(Reuters) – Wells Fargo & Co <WFC.N> has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said on Wednesday.

The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

“We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities, and shareholders,” a spokeswoman said via email on Wednesday.

“The work will consist of a broad range of actions, including workforce reductions, to bring our expenses more in line

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Posted in %1$s Tagged %1$s

Wells Fargo cuts 700 commercial banking jobs- Bloomberg News

October 7, 2020
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Oct 7 (Reuters) – Wells Fargo & Co WFC.N has cut 700 commercial banking jobs as part of workforce reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.

The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

Layoffs, branch closures and cuts to third-party spending are on the table, the bank’s executives had then said.

Big U.S. banks had postponed decisions about staff cuts when the virus outbreak first began to take hold, with executives saying they were unsure how long the outbreak would hurt

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Posted in %1$s Tagged %1$s

Wells Fargo CEO apologizes for comments about diversity

September 27, 2020
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NEW YORK (AP) — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry.

Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. The memo was written in June, but became public only this week.

The comments and similar statements made in a Zoom meeting, reported by Reuters, led to an intense backlash in Washington and on social media.

“Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter.

Scharf on Wednesday said in a prepared statement that his comments reflected “my own unconscious bias.”

“There is no question Wells Fargo has to make meaningful progress to increase diverse representation,” he wrote. San Francisco-based Wells has pledged to

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