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.
Wells Fargo Selling San Francisco HQ in Eastward Expansion
December 4, 2024Wells Fargo is reportedly selling its San Francisco headquarters as its leadership heads east. The banking giant’s office in San Francisco’s Financial District could go up for sale as soon as ...Read moreNew Year, New AML and Compliance Approach for Financial Institutions
December 3, 2024It’s almost 2025, but many businesses are still facing the same old anti-money laundering (AML) and know your customer (KYC) concerns, among other compliance requirements. With the news that Wise, the ...Read moreBank of America May Ask Courts to Resolve CFPB Zelle Investigation
October 30, 2024Bank of America may ask a court to resolve the Consumer Financial Protection Bureau’s (CFPB) investigation of the bank’s processing of payments through the Zelle network. The bank said in a ...Read moreVisa to Lay Off 1,400 as It Streamlines International Business
October 29, 2024Visa will reportedly lay off 1,400 employees and contractors, including about 1,000 in technology positions, by the end of the year. The company aims to streamline its international business with these ...Read moreObligo Raises $35 Million to Grow Its Flexible Security Deposit Solutions
October 21, 2024Obligo has raised $35 million in new funding to accelerate the growth of its flexible security deposit solutions for the residential rental market and to launch additional products. The company has ...Read moreEarnings Season Shows Consumer Pressures on Auto Loan Payments
October 21, 2024Earnings reports this season, particularly from banks, have taken note of the resilience in consumer spending, especially on debit and credit cards, in various areas of discretionary activity, including dining ...Read moreFannie Mae Upgrades Outlook on US Economy
October 17, 2024America’s economy is in a better place than previously thought, new Fannie Mae research shows. The mortgage company’s Economic and Strategic Research (ESR) Group released these findings Thursday (Oct. 17), based on annual revisions to ...Read moreBack-to-School Shopping Drives Consumer Spending Surge in September
October 17, 2024September’s retail sales data showed a (slight) acceleration of spending from August, though we’re well off past peaks. And speaking of past peaks — looking at year-over-year growth rates and patterns, ...Read more61% of Millennials Want Real-Time Payments in Finance and Insurance
October 15, 2024As the financial and insurance sectors evolve, the demand for swift and accurate payment systems has never been more pronounced. Legacy systems often need to improve, resulting in delays and ...Read moreCE 100 Index Gains 1.7% as JPMorgan Leads Banks Higher
October 14, 2024Earnings season is here — as always, led by the banks, and the banks led the CE 100 Index 1.7% higher through the past week. As a group, the banks ...Read more
This Week in B2B: Realizing Operational Certainty Through Payments Innovation
September 19, 2024The B2B landscape is full of what buyers and suppliers don’t know. In today’s rapidly evolving landscape, B2B businesses across the transaction frequently find themselves navigating uncertainty. Whether it’s the hidden ...Read moreSephora Offers Paze Online Checkout to Loyalty Members
August 28, 2024Early Warning Services has made its Paze online checkout available to Sephora’s loyalty program members. The checkout option — offered by participating banks and credit unions — is now available to ...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 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 more
Visa to Lay Off 1,400 as It Streamlines International Business
October 29, 2024Visa will reportedly lay off 1,400 employees and contractors, including about 1,000 in technology positions, by the end of the year. The company aims to streamline its international business with these ...Read moreCardless Enters Small Business Space With Alibaba Credit Card Partnership
September 19, 2024Co-branded credit card FinTech Cardless is entering the small business space. The move is designed to offer small- to medium-sized businesses (SMBs) financial products and rewards designed to improve their financial ...Read moreNew Deals and Digital Expansion Drive Mastercard’s Q2 Revenue Surge
July 31, 2024Playing a hot hand of new deals and balanced global consumer spending, Mastercard posted double-digit revenue growth for the second quarter, as announced in its earnings call Wednesday (July 31). “The ...Read morePressures on Lower-Income Consumers Signal Pain for Beauty and Apparel Merchants
July 22, 2024T.S. Eliot wrote that the world would end not with a bang but a whimper. It may be the case that the unstoppable wave of consumer spending may end that way ...Read moreBig Bank Earnings Show Mixed Signals on Consumer Credit Health
July 15, 2024Get enough data points in place, and you have a trend. As bank earnings have started to roll in — thus far, from JPMorgan, Wells Fargo and Citigroup — management commentary ...Read moreWells Fargo and Rent-Rewards Card Bilt Deny Troubles Despite Reported $10M in Monthly Losses
June 16, 2024Wells Fargo and Bilt are denying reports that their co-branded credit card relationship is in trouble. The banking giant teamed with the FinTech startup in 2022 on a card that let ...Read moreMastercard and Visa Pay $197 Million to Settle ATM Suit
May 30, 2024Visa and Mastercard will pay $197 million to end a class action suit centered on ATM fees. According to court papers filed Wednesday (May 29), the two payments giants have agreed ...Read moreWells Fargo Launches Business Credit Card With Cash Rewards
May 10, 2024Wells Fargo has launched a business credit card designed to provide easy-to-understand cash rewards. The new Signify Business Cash Worldwide Elite Mastercard offers unlimited 2% cash rewards on business purchases, with no annual fee ...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 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 more
Back-to-School Shopping Drives Consumer Spending Surge in September
October 17, 2024September’s retail sales data showed a (slight) acceleration of spending from August, though we’re well off past peaks. And speaking of past peaks — looking at year-over-year growth rates and patterns, ...Read morePressures on Lower-Income Consumers Signal Pain for Beauty and Apparel Merchants
July 22, 2024T.S. Eliot wrote that the world would end not with a bang but a whimper. It may be the case that the unstoppable wave of consumer spending may end that way ...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 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 more