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WELLS FARGO & COMPANY

(WFC)
  Report
Delayed Nyse  -  04:03 2022-12-02 pm EST
45.94 USD   -1.98%
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Wells Fargo to pay over $13 mln penalty to resolve 401(k) review

09/12/2022 | 10:15am EST

Sept 12 (Reuters) - Wells Fargo & Co said on Monday it would pay a penalty of $13.2 million as part of a settlement with the U.S Department of Labor to resolve the federal agency's review of certain transactions related to the bank's 401(k) retirement plans.

About $131.8 million would also be paid out to eligible current and former participants of the plan, the bank said, adding that it "strongly disagrees with the DOL’s allegations".

WFC gives its employees some of its preferred stock under a retirement package offered to them. The DoL alleged that from 2013 through 2018, the funds under the plan paid more for the preferred stock than what it was worth. Wells first disclosed the federal review in February.

The fourth largest U.S. bank has been the subject of several regulatory crackdowns in the past few years, including those tied to a sales scandal that erupted publicly in 2016.

Chief Executive Officer Charlie Scharf has pledged to get the bank "on the right track" and resolve regulatory issues as quickly as possible.

(Reporting by Niket Nishant in Bengaluru; Editing by Anil D'Silva and Vinay Dwivedi)


ę Reuters 2022
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Financials (USD)
Sales 2022 74 319 M - -
Net income 2022 14 393 M - -
Net Debt 2022 - - -
P/E ratio 2022 12,3x
Yield 2022 2,39%
Capitalization 175 B 175 B -
Capi. / Sales 2022 2,36x
Capi. / Sales 2023 2,14x
Nbr of Employees 239 209
Free-Float 69,2%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 45,94 $
Average target price 53,90 $
Spread / Average Target 17,3%
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