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.
Q4 Earnings Show Big Banks Fared Better Than Expected In 2020
January 15, 2021
In the first wave of Q4 earnings reports, J.P. Morgan Chase, Citigroup and Wells Fargo showed the pandemic’s impact on critical lending and spending, and of course debt repayment, may not ... Read moreBlend And MX FinTechs Land $300 Million Investments
January 15, 2021
Blend and MX, which are both FinTech startups, separately announced that they have each landed $300 million in funding.
“Money experience” company MX said it has landed $300 million in a ... Read moreWells Fargo’s Provision For Credit Losses Drops $823 Million
January 15, 2021
Wells Fargo reported on Friday (Jan. 15) as part of its Q4 2020 earnings that its provision for credit losses fell $823 million. The bank attributed the drop mostly to ... Read moreToday In B2B: HSBC Launches Cash Flow Tech; TD Makes Equipment Finance Buy
January 15, 2021
Today in B2B payments, HSBC launches cash flow management tool, and TD Bank acquires equipment finance operations from Wells Fargo. Plus, AspireHR links with SAP Concur, EedenBull teams with NAB ... Read moreTD To Buy Wells Fargo's Canadian Direct Equipment Finance Business
January 14, 2021
The Toronto-Dominion Bank (TD) and Wells Fargo have unveiled a deal through which TD will buy the Canadian Direct Equipment Finance operation of Wells Fargo, which is “subject to certain closing ... Read moreCiti, JPM And Wells Fargo Lead Big Earnings Week For Banks
January 13, 2021
The start of earnings season typically is marked by banks’ reports – and a slew of them report this week, clustered on Friday (Jan. 15).
That day, we’ll hear from marquee ... Read moreToday In B2B: Small PPP Loans Cause Controversy; Bank Profits Sink
January 12, 2021
Today in B2B payments, some small businesses received less than $99 in Paycheck Protection Program (PPP) loans, and U.S. bank profits are expected to sink. Plus, Pilot Company collaborates on ... Read moreUS Banks' Q4 Profits May Drop Up To 40 Pct
January 11, 2021
When the largest banks in the U.S. start reporting fourth-quarter results, it is expected that profits will be down by as much as 40 percent from last year, Reuters reported ... Read moreToday In Payments: Crypto Market Tops $1 Trillion; UnitedHealth’s Optum Buys Change Healthcare
January 7, 2021
In today’s top news, the cryptocurrency market topped $1 trillion after bitcoin set new record highs above $37,000, and UnitedHealth’s Optum bought Change Healthcare. Plus, Americans are reporting not receiving ... Read moreM&A Emerges As Key Strategy To Drive SMB Finserv Collaboration
January 7, 2021
In an environment in which connecting small- to medium-sized businesses (SMBs) to vital financial services and products is more imperative than ever, the world of SMB banking and FinTech is ... Read more
Integrated Workflows Fuel Cross-Border B2B Payments
January 7, 2021
There are a lot of moving parts in B2B payments that are keeping corporate finance executives busy as they work to modernize and optimize their operations. In 2020, many of ... Read moreThe Government’s Push To Make Stimulus Payments Digital
December 8, 2020
Stimulus payments are again in the headlines and on the horizon.
But how consumers will get those payments — hundreds of millions of payments, covering hundreds of billions of dollars — ... Read moreWells Fargo Debuts Digital Supplier Payment Tool
November 19, 2020
Wells Fargo is beefing up its digital payments arsenal with a new service aimed at business customers.
The financial services giant on Thursday (Nov. 19) announced in a press release that ... Read moreGoogle Pay Adds Support At 89 More US Banks For Payments Services
November 5, 2020
Google Pay has added 89 banks compatible with its services in the last month and a half of updates, according to a report from TalkAndroid.
The new additions keep up the ... Read moreDigital Payment Company Nexi Agrees To Buy SIA For $5.4B
October 5, 2020
Nexi, the Italian digital payment company, agreed Sunday (Oct. 4) to buy its FinTech competitor, SIA, for about 4.6 billion euros ($5.4 billion) in a stock deal to create one ... Read moreVCs Fuel B2B FinTechs That Find The Opportunity In Pandemic Disruption
August 28, 2020
B2B FinTechs this week scored more than $137.5 million for their technologies, which ranged from cybersecurity solutions to supply chain analytics. Several investments highlighted the opportunity for FinTech startups and ... Read moreThe Big U.S. GDP Crash Reverses Economic Growth Of Last 11 Years
July 30, 2020
“Worst quarter ever.” It sounds like a bit of hyperbole, but that’s an accurate description of the quarter that started in March and ended in June as COVID-19 was raging.
Figures out ... Read moreWells Fargo Debit/Credit Purchases Down as COVID-19 Hits
April 15, 2020
Wells Fargo’s first-quarter results showed the impact of reduced customer spending amid the continued impact of the coronavirus, and reserves taken in anticipation of loan losses.
Earnings per share were a ... Read moreTrump Unveils Measures To Combat Economic Impact of Virus
March 11, 2020
President Donald Trump unveiled a number of executive actions designed to blunt at least some of the economic impact of the coronavirus, which continues to spread across the United States. In ... Read moreRTP Raises Transaction Threshold To $100K
January 23, 2020
The Clearing House (TCH) is upping the value limit for transactions from the current level of $25,000 to $100,000 starting Feb. 1, TCH announced on Thursday (Jan. 23).
The new higher ... Read more
Wells Fargo Seeks Bidders For Private-Label Credit Card Unit
November 12, 2020
Wells Fargo & Co is seeking to sell its private-label credit card and point-of-sale (POS) financing unit as part of an ongoing strategic review of its businesses.
The banking group has ... Read moreWhat SMB Owners' Personal Credit Card Dependency Means For The Recovery
August 3, 2020
For a significant number of small- to medium-sized businesses (SMBs), navigating through the economic headwinds wrought by the pandemic, in plastic they trust.
And by plastic, we mean credit cards.
The ripple ... Read moreCloud Technology For FIs, Debit Cards, Potential Credit Card Default Crisis Top This Week's News
July 31, 2020
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have ... Read moreToday In Payments: Amazon Introduces Smart Shopping Carts; Europe Reopens, Shopping Spree Underway
July 14, 2020
In today’s top news, Amazon introduced shopping carts that let customers skip checkout lines, and retail sales in Europe surged by nearly 18 percent. Plus, Robinhood raised $320 million.
Amazon Introduces ... Read moreTough Times in Consumer Credit Could Push Some Americans to Nontraditional Lenders
June 8, 2020
April wasn’t a good month for consumer-credit use. According to the latest Federal Reserve data, U.S. consumer borrowing dropped 19.6 percent — its fastest decline since 1943.
All in, consumer credit ... Read moreJPMorgan Says It's Processing 300,000 PPP Loans
April 14, 2020
JPMorgan Chase reported results that showed the impact of the coronavirus, especially toward the end of the quarter, reflecting declines in consumer spending – and expectations that a significant number ... Read moreBoA Mortgage Customers Struggling Due To Pandemic Can Defer Payments
March 20, 2020
Bank of America (BoA) customers impacted by the coronavirus can request mortgage, credit card and other loan deferments, the company announced on Thursday (March 19).
The bank is providing relief to ... Read moreCFPB Sues Citizens Bank For Violating Truth In Lending Act
January 31, 2020
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Thursday (Jan. 30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). It filed the complaint ... Read moreBanks’ Earnings Show Digital Traction Amid Buoyant Consumer Spending
January 20, 2020
There are a few common themes among big bank earnings reports.
The U.S. consumer is strong, and the ripple effects of strong U.S. consumer spending is carrying over to other areas ... Read moreWells Fargo Sees Card Spending Growth As Restructuring, Regulators Loom
January 14, 2020
For Wells Fargo (at least, when it came to the latest earnings report), it was all about the costs — and scandals. Charles Scharf, the new CEO who took the ... Read more
Amazon Expands Data-Driven Fashion Push
December 15, 2020
While apparel sales have been uneven in 2020, as consumers have shown a greater preference for comfy loungewear to haute couture, Amazon’s battle to enter and drive the segment has continued apace.
At ... Read moreWells Fargo's Scharf Predicts Rapid Economic Rebound After Vaccines Are Out
December 9, 2020
Charlie Scharf, the CEO of Wells Fargo, thinks once the COVID vaccines are able to reach wide swathes of the country, the U.S. economy will recover quickly, CNBC reports.
“The world ... Read moreDigital Technology And Subscriptions Drive Retail Innovation
November 3, 2020
This year’s holiday season will be digital-first, and digital-only, for many companies, but estimates on holiday spending vary. In subscriptions, Amazon and Walmart are vying for an increasing portion of consumer spend – and ... Read moreDigital River CEO: Branding Will Drive Holiday Success
November 2, 2020
For retailers, the beginning of November would normally be the ramp-up to the holiday season. It used to be a time to check inventory, optimize media campaigns and revisit strategies ... Read moreRetail Sales, Card Data Point To Continued Consumer Spending Rebound
October 16, 2020
The latest retail sales numbers indicate U.S. consumer spending is up, with increases in categories across the board.
The main driver of the economy – that would be consumer spending – ... Read moreMain Street, Disbursements And QR Codes Top This Week's News
September 11, 2020
It’s the end of another work week, and the PYMNTS Weekender is here to catch you up on the latest news. We have deep dives on Main Street, disbursements and ... Read moreMall Owners Set Up $800M Deal To Save JCPenney
September 9, 2020
U.S. mall owners Simon Property Group and Brookfield Property Partners are in talks to bail out the bankrupt JCPenney, CNBC reported.
The deal could be for $800 million and would avoid ... Read moreNRF Lists Hot 100 Retailers
August 7, 2020
For retailers, it’s better to be hot in 2020 than top.
The National Retail Federation (NRF) said on its blog this week that the Hot 100 Retailers, while vulnerable to mergers and ... Read moreToday In Payments: Amazon Introduces Smart Shopping Carts; Europe Reopens, Shopping Spree Underway
July 14, 2020In today’s top news, Amazon introduced shopping carts that let customers skip checkout lines, and retail sales in Europe surged by nearly 18 percent. Plus, Robinhood raised $320 million.
Amazon Introduces ... Read moreMall Of America's Mortgage Payments Reportedly Overdue
June 16, 2020
Minnesota’s Mall of America, one of the nation’s largest shopping centers, missed its third payment on its $1.4 billion mortgage, Bloomberg reported.
That puts its owner, Triple Five Group, more than ... Read more