Weekly News Roundup: Wells Fargo (NYSE:WFC)

Categories: Roundups





Here’s a run-down of Wells Fargo (NYSE:WFC) news stories from this week. Wells Fargo (NYSE:WFC) company shares ended the week at 33.76 (as of 2/11/2011).

Weekly News Roundup: Wells Fargo (NYSE:WFC)

Tuesday 8 February

In an event which has frustrated many customers, Wells Fargo (NYSE:WFC) ATMs have failed across the country.
Wells Fargo (NYSE:WFC) ATM crashed across the country since yesterday afternoon which frustrated many customers.

About 12,000 ATM centers crashed, and the outage lasted for several hours. The customers only received the message “Out of Service” every time they tried to withdraw the cash. The cause of the crash was no not known even to officials of Wells Fargo (NYSE:WFC), but they had managed to fix the problem.

Peggy Gunn, a spokesperson for Wells Fargo (NYSE:WFC), said, “All we can say is that we’re aware of the situation and we’re working to resolve it as quickly as possible.”

Wednesday 9 February

Wells Fargo (NYSE:WFC) has appointed Sloan as the Chief Financial Officer in replacement of Atkins.
San Francisco-based Wells Fargo (NYSE:WFC) appointed Timothy J. Sloan as the chief financial officer and senior executive vice president as a replacement for Howard Atkins who unexpectedly retired on Tuesday, citing various personal reasons.

His retirement will take effect in August, and until then he will be on unpaid leave. Wells Fargo (NYSE:WFC) said that his retirement has no connection with company’s financial condition. Sloan’s duties will be handed over to Patricia Callahan.

Wells Fargo (NYSE:WFC) Chairman and President John Stumpf said, “We understand Howard’s decision to retire after having served Wells Fargo successfully for nearly 10 years and after having had a financial services career that has spanned four decades.”

Thursday 10 February

Wells Fargo (NYSE:WFC) has announced $22 million in compensation and benefits for the former CFO.
The Francisco based bank Wells Fargo (NYSE:WFC) announced that it will give more than $22 million as compensation and benefits for its retired CFO Howard Atkins.

He will receive about $9.25 million as compensation and pension benefits and $13.2 million as restricted stock and options. Atkins resigned from Wells Fargo (NYSE:WFC) yesterday citing personal reasons. The company said that his departure from bank is unrelated to its financial condition.

Oscar Suris, a spokesman for Wells Fargo (NYSE:WFC) said, “Whether you’re retiring or not, when you leave a company those are the things you take with you.”

We’ll be keeping a close eye on the Wells Fargo share price for developments over the next few weeks.


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