March 24, 2001
Wells Fargo & Co. agreed to buy H.D. Vest Inc. for $127.5 million in cash to expand its financial planning business. Wells Fargo will pay $21.03 for each H.D. Vest share and option--three times the Irving, Texas-based company's closing price of $7 on Thursday. News of the deal sent H.D. Vest shares surging $13.38 to close at $20.38 on Nasdaq. H.D. Vest has more than 6,000 tax and financial advisor independent contractors, who provide financial, tax and estate planning advice to about 1.
January 8, 2001 |
Hoping to lure more casual investors into online investing, Wells Fargo & Co. this week will unveil an Internet service that allows customers to buy individual stocks in small batches. The service enables investors to buy stocks in whatever dollar amount they desire, San Francisco-based Wells said. The service, which lists 4,100 stocks and 68 indexes, allows investors to invest fixed-dollar amounts in weekly or monthly intervals. Each purchase order incurs a $2 fee.
June 28, 2006 |
Wells Fargo & Co. said Tuesday that it would split its stock for the first time since 1998, boost its cash dividend and buy back an additional 25 million shares. The two-for-one stock split will be effective Aug. 11, San Francisco-based Wells Fargo said. The buyback represents about 1.5% of shares outstanding. Banks are turning to share buybacks in an effort to get a better return for shareholders as rising short-term interest rates diminish income from mortgages and other loans.
January 25, 2006 |
Wells Fargo & Co. said Tuesday that it would require directors running in uncontested board elections to obtain a majority of shareholder votes before being seated. The San Francisco-based bank said the change was designed to improve its corporate governance practices. Nominees in uncontested elections to Wells Fargo's board who receive more votes "withheld" than "for" election must resign.
April 13, 2004 |
Wells Fargo & Co. has emerged as the favorite bidder for mutual fund firm Strong Financial Corp., which is likely to fetch less than $500 million, sources familiar with the company's sale say. "My information is the Wells deal is back on track," said one source close to the negotiations. "But we've not seen anything close to definitive." San Francisco-based Wells Fargo is one of the nation's largest banks and a major provider of mutual funds and other investment services. Nuveen Investments Inc.
October 18, 1990 |
In a further sign that real estate lending is softening, Wells Fargo & Co. confirmed Wednesday that it closed four of its 18 construction lending offices last week and laid off about 10% of its workers in that area. The closed offices are in San Jose, Sacramento, Minneapolis and Phoenix. Mary Essary, spokeswoman for the San Francisco-based bank, said the layoffs affected about 75 people out of 750 in the unit.
September 21, 2005 |
Wells Fargo & Co.'s chief executive said Tuesday that it was "very unlikely" that the No. 5 U.S. bank would soon undertake a major merger, but that prices on some smaller potential acquisition targets had come down. Dick Kovacevich, whose Norwest bank merged with Wells Fargo in 1998 and took the latter's name, said big mergers make it difficult to expand existing businesses because management spends too much time integrating the merged companies.
November 17, 2007 |
Wells Fargo & Co. said it would require more home equity borrowers to verify their incomes, ending a less stringent policy blamed in part for a 35% jump in third-quarter credit losses. "Stated income" home equity loans will no longer be accepted through independent mortgage brokers as of Tuesday, according to an e-mail San Francisco-based Wells sent to brokers. The decision by Wells, the second-largest U.S. mortgage lender, follows a similar move this month by JPMorgan Chase & Co., the No.
July 24, 2007 |
Wells Fargo & Co., the fifth-largest U.S. bank, said Monday that it stopped offering a popular sub-prime mortgage product in response to market and regulatory pressure. Payments on the discontinued product, known as a 2/28 adjustable-rate mortgage, are based on rates that are fixed for two years and then are adjusted twice a year for the remaining 28. Other big lenders including Countrywide Financial Corp., Washington Mutual Inc., Merrill Lynch & Co.'s First Franklin and H&R Block Inc.'