Wells Fargo stock declined 1.4% amid broader market weakness. Banking stocks traded lower after President Trump announced plans to raise global tariffs to 15% and stated he does not need Congressional approval for tariffs. This sector-wide decline affected multiple financial institutions including Bank of America and other banking companies. In company-specific news, Wells Fargo appointed Dennis Devine as head of Business Banking effective immediately. The bank hired a 3.1 billion dollar advisory team from JPMorgan, and topped the leaderboard for AI venture capital investments alongside Citigroup and Goldman Sachs. The National Labor Relations Board dismissed an unfair labor practice charge against Wells Fargo regarding union-related claims. Additionally, Wells Fargo faced a fraud claim denial involving an elderly customer's 814,000 dollar account loss.
Read full analysisWells Fargo stock declined 1.4% amid broader market weakness. Banking stocks traded lower after President Trump announced plans to raise global tariffs to 15% and stated he does not need Congressional approval for tariffs. This sector-wide decline affected multiple financial institutions including Bank of America and other banking companies. In company-specific news, Wells Fargo appointed Dennis Devine as head of Business Banking effective immediately. The bank hired a 3.1 billion dollar advisory team from JPMorgan, and topped the leaderboard for AI venture capital investments alongside Citigroup and Goldman Sachs. The National Labor Relations Board dismissed an unfair labor practice charge against Wells Fargo regarding union-related claims. Additionally, Wells Fargo faced a fraud claim denial involving an elderly customer's 814,000 dollar account loss.
Wells Fargo is one of the four largest U.S. banks by assets, with major operations in consumer banking, commercial lending, and wealth management. The bank recently had its Fed-imposed asset cap removed, a milestone following years of regulatory scrutiny tied to its 2016 fake-accounts scandal. Its stock remains sensitive to interest rate expectations and trade policy, both of which are in focus amid the current tariff escalation.