Wells Fargo shares retreat the most in 15 weeks on Friday, 69 executive jobs to be cut at bank’s retail unit

According to a July 28th statement by Wells Fargo & Company (WFC), 69 executive jobs are to be cut at the banks retail unit due to restructuring efforts.

Wells Fargo shares closed lower for a third consecutive trading session on Friday. It has also been the steepest daily loss since April 13th. The stock went down 2.58% ($1.41) to $53.30, after touching an intraday low at $53.18, or a price level not seen since June 27th ($52.91). In the week ended on July 30th the shares of the bank holding company lost 1.61% of their market value compared to a week ago, which marked a third consecutive period of decline and also the worst performance since the week ended on June 25th. The stock has extended its loss to 3.81% so far during the current month, following an 8.35% surge in June. The latter has been the first gain in the past four months and also the sharpest one since last November. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

According to Paul Gomez, a spokesperson for Wells Fargo, some of the executives are to retire with benefits, while others may part ways with the financial holding. Some of the executives may also assume positions in other divisions of the bank.

“We have just completed the process of consolidating the Regional President and Area President roles into a new position, Region Bank President”, Mary Mack, senior executive vice president for community banking, said, cited by Reuters.

91 executives are expected to assume the newly created position.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $60.00, with a high estimate of $67.00 and a low estimate of $35.00. The median estimate is a 12.57% surge compared to the closing price of $53.30 on July 28th.

The same media also reported that 13 out of 31 surveyed investment analysts had rated Wells Fargo’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 4 analysts had recommended selling the stock.

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 – $53.43
R2 – $53.55
R3 (Range Resistance – Sell) – $53.68
R4 (Long Breakout) – $54.06
R5 (Breakout Target 1) – $54.51
R6 (Breakout Target 2) – $54.69

S1 – $53.17
S2 – $53.05
S3 (Range Support – Buy) – $52.92
S4 (Short Breakout) – $52.54
S5 (Breakout Target 1) – $52.09
S6 (Breakout Target 2) – $51.91

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

Central Pivot Point – $53.96
R1 – $54.75
R2 – $56.19
R3 – $56.98
R4 – $57.76

S1 – $52.52
S2 – $51.73
S3 – $50.29
S4 – $48.84


TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action, Binary Options and Social Trading.