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Wells Fargo shares gain a fourth day on Thursday, four directors to be appointed for sales scandal investigation


According to a person with knowledge on the matter, Stephen Sanger, Wells Fargo Chairman, and Elizabeth Duke, the companys Vice Chair, have been appointed to a four-member committee, which will be in charge of internal investigation in regard to the bank holdings recent sales scandal. The person familiar with the matter requested to remain anonymous, as the committees complete make-up has not been revealed to the public.

Wells Fargo shares closed higher for a fourth consecutive trading session on Thursday. The stock inched up 0.02% ($0.01) to $57.29, after going up as high as $58.02 a share, or a level not seen since August 5th 2015 ($58.02). Shares have risen 6.92% so far during the current week and 8.26% since the start of December. In the week ended on December 4th the bank holding company added 1.82% to its market value, rebounding after a 0.38% drop in the prior week. Novembers 15.02% advance marked the stocks best performance in at least 6 years.

The source claimed that Enrique Hernandez, the Board of Directors Risk Committee Chairman, and Donald James, an official participating in the Board of Directorss finance and risk committees, will also be included in the special committee.

On September 27th Wells Fargos board announced that its human resources committee will cooperate with the Shearman & Sterling law firm on the investigation. Stephen Sanger and Donald James are among the five directors included in the banks human resources committee.

Sanger, who has been a former Chief Executive of General Mills Inc., has attended Wells Fargos board since 2003. Elizabeth Duke, on the other hand, previously a member of the Federal Reserve Board of Governors, has had a directors seat since 2015. Both officials recently received a pay raise for the positions they occupy. The Chairman is now paid $250 000 per annum, while the Vice Chair – $100 000 per annum.

In relation with the sales scandal, Wells Fargo laid off 5 300 branch employees, while the banks former CEO, John Stumpf, resigned.

A regulatory settlement from September 8th revealed that dubious sales practices at Wells Fargo date back to 2011.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Wells Fargo stock are presented as follows:

R1 – $57.41
R2 – $57.53
R3 (Range Resistance – Sell) – $57.65
R4 (Long Breakout) – $58.01
R5 (Breakout Target 1) – $58.43
R6 (Breakout Target 2) – $58.61

S1 – $57.17
S2 – $57.05
S3 (Range Support – Buy) – $56.93
S4 (Short Breakout) – $56.57
S5 (Breakout Target 1) – $56.15
S6 (Breakout Target 2) – $55.97

By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:

Central Pivot Point – $53.15
R1 – $54.90
R2 – $56.23
R3 – $57.98
R4 – $59.74

S1 – $51.82
S2 – $50.07
S3 – $48.74
S4 – $47.42 is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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