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WELLS FARGO & COMPANY

(WFC)
  Report
Delayed Nyse  -  04:03 2022-11-29 pm EST
47.57 USD   +1.26%
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Wells Fargo Reaches Agreement with U.S. Department of Labor Related to Legacy 401(k) Plan Matter

09/12/2022 | 09:25am EST

Wells Fargo announced that it has reached an agreement with the U.S. Department of Labor (DOL) to resolve a previously disclosed, legacy matter regarding the DOL's review of transactions that were used to fund certain Company contributions to its 401(k) Plan. The Company strongly disagrees with the DOL's allegations and believes it followed applicable laws in conducting the transactions. Though the Company disagrees with the DOL's allegations and has not conducted these transactions since 2018, Wells Fargo believes resolving this legacy matter is in the best interest of the Company.

All 401(k) Plan participants received all matching and profit-sharing contributions due to them. An independent third- party approved the transactions on behalf of the 401(k) Plan and confirmed that the 401(k) Plan did not pay more than fair market value for the Company stock at issue. The agreement provides that the Company will pay approximately $13.2 million to the DOL and approximately $131.8 million to eligible current and former 401(k) Plan participants.

As part of the settlement, the Company also agreed to redeem certain preferred securities held by the Company's 401(k) Plan in exchange for shares of the Company's common stock.


ę S&P Capital IQ 2022
All news about WELLS FARGO & COMPANY
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Analyst Recommendations on WELLS FARGO & COMPANY
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Financials (USD)
Sales 2022 74 307 M - -
Net income 2022 14 390 M - -
Net Debt 2022 - - -
P/E ratio 2022 12,8x
Yield 2022 2,31%
Capitalization 181 B 181 B -
Capi. / Sales 2022 2,44x
Capi. / Sales 2023 2,22x
Nbr of Employees 239 209
Free-Float 69,2%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 26
Last Close Price 47,57 $
Average target price 53,40 $
Spread / Average Target 12,3%
EPS Revisions
Managers and Directors
Charles William Scharf President, Chief Executive Officer & Director
Michael P. Santomassimo Chief Financial Officer & Senior Executive VP
Steven D. Black Chairman
Saul van Beurden Senior Executive VP & Head-Technology
Scott E. Powell Chief Operating Officer & Senior Executive VP
Sector and Competitors