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SAN FRANCISCO - Wells Fargo & Company (NYSE: WFC) announced today that the Consumer Financial Protection Bureau’s (CFPB) 2018 consent order concerning the bank’s compliance risk management program has been terminated. This marks the twelfth consent order the financial institution has resolved with regulators since 2019, and the sixth since the beginning of the year.
CEO Charlie Scharf commented on the development, stating, "Today’s termination, along with the recent closure of other consent orders, demonstrates that we have completed much of our common risk and control infrastructure work, including work that is required by other orders." Scharf expressed pride in the efforts of the Wells Fargo team and conveyed confidence in the bank’s ability to resolve remaining open consent orders.
Wells Fargo, a leading financial services company with approximately $1.9 trillion in assets, provides a wide range of banking, investment, mortgage, consumer, and commercial finance services. It operates through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. In Fortune’s 2024 rankings, Wells Fargo was listed as the 34th largest corporation in America.
The termination of this consent order indicates progress in Wells Fargo’s efforts to address regulatory concerns and enhance its risk management and compliance practices. The bank has maintained dividend payments for 55 consecutive years, demonstrating long-term stability despite regulatory challenges. However, the company cautioned against undue reliance on forward-looking statements regarding future performance or business outcomes, citing potential risks and uncertainties. Access detailed financial health scores and additional insights through InvestingPro, where subscribers can find 10+ additional ProTips about Wells Fargo’s performance and outlook.
The information for this report is based on a press release statement from Wells Fargo & Company.
In other recent news, Wells Fargo reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $1.39, surpassing analyst forecasts of $1.23. However, the company’s revenue fell short of expectations, coming in at $20.15 billion against a projected $20.75 billion. Despite the earnings beat, the revenue shortfall may have contributed to a negative market reaction. Wells Fargo also issued a new series of medium-term notes, including $3 billion in Senior Redeemable Fixed-to-Floating Rate Notes due in 2036. These notes are part of a strategic move to manage debt profiles and fund ongoing operations.
Additionally, Truist Securities adjusted its outlook on Wells Fargo, lowering the price target from $285 to $180 while maintaining a Buy rating. The adjustment reflects a more conservative long-term analysis due to economic uncertainties affecting professional services revenue projections. Despite these challenges, Wells Fargo’s strategic focus on fee-based revenue and operational efficiency resulted in a 16% year-over-year increase in diluted EPS for the quarter. The bank’s net income stood at $4.9 billion, and it returned $4.8 billion to shareholders through dividends and buybacks.
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