pymnts Profile:
Wells Fargo (NYSE: WFC)
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States.
Meet the 2006 Payments Startup That Took ACH Payments Global
May 1, 2024Cross-border payments circa May 2024 have become a highly specialized sector of the payments industry. Look at the activity in this space, even year-to-date, and you’ll see companies like the Solana ...Read moreGoogle Transitioning Fitbit Pay to Google Wallet in Most Countries
April 30, 2024Google is transitioning its Fitbit Pay contactless payments to Google Wallet in most countries. “Google Wallet is now available for all Fitbit devices that support contactless payments,” a message on the Fitbit Pay web page said. “Fitbit Pay will no ...Read moreBanks Pay Savers More to Stay Amid Steep Interest Rates
April 28, 2024For America’s biggest banks, deposit costs are exceeding interest income. That’s the first time that’s happened since the Federal Reserve began increasing rates two years ago, the Financial Times noted in ...Read moreSenators Press Banks for Better Defenses Against Wire Fraud
April 19, 2024The looming specter of wire fraud has spurred lawmakers to press big banks for better defenses against bad actors — and a detailing of the impact the scams have had on consumers. On ...Read moreUS Bancorp Interest Income Dips as Customer Caution Continues
April 17, 2024U.S. Bancorp is forecasting a decline in net interest income for this year. In announcing its earnings Wednesday (April 17), the lender said it anticipates net interest income (NII) of $16.1 billion ...Read moreBanks Report Lending Slows as Corporate Borrowers Pay Down Debt
April 16, 2024The largest U.S. banks are reporting a slowdown in lending. Bank of America and PNC were the latest to do so, with the former reporting Tuesday (April 16) that lending was “sluggish” and the ...Read moreBanks Cut 5,000 Jobs in Q1 Amid Uncertain Economic Climate
April 16, 2024The largest U.S. banks cut a total of more than 5,000 jobs during the first quarter. They did so to control costs during an uncertain economic climate in which investors are ...Read moreEarnings Season and FICO Data Point to ‘Strong’ Consumer Credit Profiles
April 16, 2024Earnings season, so far — and chiefly through the big banks — is pointing to some strength in consumer credit. And that strength has been measured through FICO scores detailed by ...Read moreeCommerce Helps Fuel Unexpected Climb in Retail Sales
April 15, 2024Retail sales climbed higher than anticipated in March, fueled in part by a jump in eCommerce. Data released Monday (April 15) by the U.S. Department of Commerce showed retail sales rising 0.7% ...Read moreWells Fargo Sees Brighter Days for US Consumer Spending
April 12, 2024The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn’t post stellar earnings Friday (April 12) it did vote ...Read more
Google Transitioning Fitbit Pay to Google Wallet in Most Countries
April 30, 2024Google is transitioning its Fitbit Pay contactless payments to Google Wallet in most countries. “Google Wallet is now available for all Fitbit devices that support contactless payments,” a message on the Fitbit Pay web page said. “Fitbit Pay will no ...Read morePayPal Appoints Ex-SoFi Executive Aaron J. Webster as Chief Enterprise Services Officer
March 13, 2024PayPal has appointed former SoFi executive Aaron J. Webster as executive vice president, chief enterprise services officer, effective Monday (March 18). In his new role, Webster will be responsible for global financial crime and fraud prevention ...Read moreBank of America Reports Digital Banking Alerts, Logins Rise 11%
February 12, 2024Bank of America clients had a record 23.4 billion digital interactions with the bank in 2023. Those interactions include logging into their accounts 12.8 billion times and receiving 10.6 billion proactive digital ...Read moreRight-Now Use Cases Can Turn Instant Payments Into an Instant Success
October 18, 2023Businesses and individuals are always going to need to get paid. That’s why the context around that payment, whether it’s speed, experience, convenience, personalization, cost, security or a combination of them ...Read moreThe Trickledown Consumerization of B2B Payments Helps Firms Win Business
June 22, 2023There are few B2B billing systems that businesses enjoy using. The amount of paper still being pushed around across the B2B space, even as the ecosystem around it goes increasingly digital, ...Read moreWells Fargo Reportedly Working with Borrowers as Office Sector Struggles
May 31, 2023Wells Fargo reportedly expects to see losses from real estate loans. CEO Charlie Scharf said Wednesday (May 31) at an event that there are significant risks in the office sector, Bloomberg reported Wednesday. “We look city by ...Read moreJPMorgan and Other Banks Reportedly Eye Expanding First Republic Support
March 20, 2023Big banks are reportedly considering expanding their efforts to support First Republic Bank. After 11 banks deposited $30 billion into the bank Thursday (March 16), they are now considering other options that ...Read moreTether Holdings Allegedly Used Falsified Documents to Access Banking System
March 3, 2023Companies behind the tether stablecoin allegedly used falsified documents to access the banking system, according to a report. In 2018, after Wells Fargo had stopped processing transactions from several accounts used ...Read moreBanks Out to Challenge Big Tech in Brewing Digital Wallet War
February 13, 2023With digital wallets now being used more after a years-long ramp-up, there’s a new battle brewing over which wallets consumers both know and trust with their payment credentials. Big Tech pulled ...Read moreCitizens Makes Zelle Available to Businesses Through Mobile Banking App
February 1, 2023Citizens is now making Zelle available to small business customers through its mobile banking app. The financial institution said in a Wednesday (Feb. 1) press release that the peer-to-peer (P2P) payments ...Read more
Earnings Season and FICO Data Point to ‘Strong’ Consumer Credit Profiles
April 16, 2024Earnings season, so far — and chiefly through the big banks — is pointing to some strength in consumer credit. And that strength has been measured through FICO scores detailed by ...Read moreWells Fargo Courts Frequent Travelers With New Autograph Card
March 6, 2024Wells Fargo has added a card to its Autograph suite to woo frequent travelers. The banking giant’s Autograph Journey card, announced Wednesday (March 6), offers accelerated earnings on travel categories like hotels, airlines, ...Read moreChime, Citi Mobile Lead Provider Ranking of Credit Card Apps
January 23, 2024Valentine’s Day is almost here. Want to buy your sweetheart that special something they’ve been eyeing, but need a financial boost? PYMNTS is here to help with our latest edition ...Read moreCiti Mobile Leads in PYMNTS’ Provider Ranking of Credit Card Apps
December 20, 2023Making your loved ones happy is priceless. For everything else, there’s a credit card. Picking a credit card can be challenging. Whether you’re considering annual fees, APR rates or rewards, there’s ...Read moreEarnings Season Shows Card Delinquencies ‘Normalizing,’ but What Comes Next?
October 27, 2023In the parlance of these times, and as earnings season commentary has pointed out, time and again: Consumer credit is normalizing. The question remains, however, as to what comes next. The slew of ...Read moreVenmo Remains on Top in PYMNTS Credit Card Apps Ranking
October 24, 2023This month in the PYMNTS Provider Ranking of Credit Card Apps we don’t see a lot of movement in terms of rankings, but we do see some score changes. Plus, there is ...Read moreVenmo Takes Top Spot, Chime Follows in Credit Card App Rankings
August 17, 2023Embracing the ever-evolving terrain of credit card apps, the PYMNTS Provider Ranking of Credit Card Apps stands as your steadfast guide, revealing the ascent of frontrunners and the fluctuations of contenders. As ...Read moreConsumers Have Covered Credit Card Bills So Far, but Defaults Loom
July 30, 2023Until recently, consumers were largely paying off cards and other loans. Current headwinds may change that. It is a testament to consumer resiliency that credit card late payments and other delinquencies ...Read moreBig Banks’ Loan Losses Spike as Credit Card Charge-Offs Rise
July 10, 2023America’s big banks are due to report their largest increase in loan losses since the pandemic. As the Financial Times reported Monday (July 10), analysts project the six largest banks in ...Read moreCapital One and Chase Retain Top Spots in Credit Card App Rankings
April 19, 2023It is the task of the PYMNTS Provider Ranking of Credit Card Apps to keep you updated on who’s riding high and who’s dipping down, and we take it seriously. That’s ...Read more
eCommerce Helps Fuel Unexpected Climb in Retail Sales
April 15, 2024Retail sales climbed higher than anticipated in March, fueled in part by a jump in eCommerce. Data released Monday (April 15) by the U.S. Department of Commerce showed retail sales rising 0.7% ...Read moreAlbertsons Launches New Meals as Grocers Aim to Gain Share From Restaurants
January 12, 2024Albertsons Companies is setting its sights on convenient meal occasions with the launch of ready-to-cook meals, a move that comes as grocers increasingly look to gain share of consumers’ food ...Read moreNearly 1 in 3 Hospitality SMBs Rely on National Banks for Credit
December 27, 2023Main Street small and medium-sized businesses (SMBs), which faced challenges during the pandemic and managed to stay afloat, are aiming to stabilize their finances in the current inflationary market conditions. ...Read moreShoppable Content Is Complicated; Its Future Shouldn’t Be
August 25, 2023One of the more compelling stories to come out of the pandemic was the idea of shoppable content. The hyper-convenient purchase moment and context of shoppable content, along with its emergent ...Read moreVersatile Credit, Nationwide Marketing Group, Wells Fargo Launch Financing Portal
August 15, 2023Versatile Credit, Nationwide Marketing Group (NMG) and Wells Fargo have partnered to launch The Finance Hub, a consumer financing portal for merchants. This new collaboration provides a comprehensive, tailored financing program for a broad range ...Read moreWhy Brands Are Bringing Their A-Game to Discount Retailers
June 22, 2023Who said quality had to be expensive? As the stigma around shopping at dollar stores fades and the demand for affordable alternatives and replicas increases, brands and retailers are becoming ...Read moreDollar Stores See Influx of Wealthy Consumers as Inflation Persists
June 20, 2023For wealthier Americans, there’s no longer a stigma attached to shopping at the dollar store. That’s according to a report Monday (June 19) by The Wall Street Journal, which finds that ...Read moreAuto Sales Slump Could Be a Crisis of the Sector’s Own Making
May 12, 2023The Bureau of Labor Statistics (BLS) published a little-noticed piece last month analyzing the part auto dealers’ markups played in new car price tag inflation during the post-pandemic recovery. With their ...Read moreWells Fargo CFO: Economy Will Worsen As 2023 Goes On
February 14, 2023Wells Fargo’s finance chief has a gloomy prediction for the U.S. economy. “It’s going to get worse as we go throughout the year,” said Mike Santomassimo, whose comments on Tuesday (Feb. 14) at the ...Read moreBanks Want to Prove They Can Innovate Digital Wallets, But Can They?
January 30, 2023One of the worst-kept secrets in payments was finally confirmed last week. That’s when Early Warning Services (EWS) announced its plans to launch a digital bank wallet in the second ...Read more