Shares of Wells Fargo & Co (NYSE:WFC) ended Wednesday session in green amid volatile trading. The shares closed up +0.22 points or 0.49% at $45.31 with 28.22 million shares getting traded. Post opening the session at $45.36, the shares hit an intraday low of $44.96 and an intraday high of $45.48 and the price vacillated in this range throughout the day. The company has a market cap of $229.68 billion and the numbers of outstanding shares have been calculated to be 5.05 billion shares.
Wells Fargo & Co (WFC) on September 23, 2016 announced that it will donate $250,000 to support Unite Charlotte, a new community fund established in response to the recent unrest in Charlotte. The fund will be housed at United Way of Central Carolinas and will support programs and organizations focused on community healing, rebuilding trust and creating opportunities, including work being done by the Charlotte-Mecklenburg Opportunity Task Force. The task force has been in existence for two years and has been examining the barriers to upward mobility and job opportunities, as well as discrimination in Charlotte.
“We want to take what is a tragic situation and use this opportunity to have a different kind of dialogue, relying on what we’ve learned about institutional racism so that we can bring about true systemic change for our community,” said Dr. Ophelia Garmon-Brown, co-chair of the Opportunity Task Force.
“Wells Fargo is committed to being part of the solution in responding to issues Charlotte is facing,” said Kendall Alley, Wells Fargo’s Regional President for Charlotte. “We want to join the United Way and show our support for Foundation For The Carolinas and the Opportunity Task Force during this challenging time.”
Shares of Regions Financial Corp (NYSE:RF) ended Wednesday session in green amid volatile trading. The shares closed up +0.12 points or 1.24% at $9.83 with 12.90 million shares getting traded. Post opening the session at $9.77, the shares hit an intraday low of $9.63 and an intraday high of $9.83 and the price vacillated in this range throughout the day. The company has a market cap of $12.53 billion and the numbers of outstanding shares have been calculated to be 1.26 billion shares.
Regions Financial Corp (RF) on September 13, 2016 announced that is has reached a settlement with the United States Department of Justice and on behalf of the Department of Housing and Urban Development (HUD) to resolve a previously disclosed inquiry related to residential mortgage loan origination, underwriting and quality control practices for loans insured by the Federal Housing Administration.
The company fully cooperated with the inquiry and has agreed to a $52.4 million settlement, without admitting liability, in order to avoid the expense of potential litigation. Regions established and previously disclosed reserves sufficient to cover this matter; therefore, this settlement will not have a material impact on Regions’ financial condition or results of operations.