Latest news with #Scharf
United News of India
01-08-2025
- Business
- United News of India
Wells Fargo names Charles Scharf as Chairman
New Delhi, Aug 1 (UNI) Wells Fargo & Company, a US-based financial services giant, is set to give the additional charge of Chairman to its current CEO, Charles Scharf. Reportedly, the move is taken by the bank as an award for Scharf's major role in building the bank's image. Charles Scharf is an American business executive and is currently serving as the CEO and President of Wells Fargo. Scharf has previous experience at Visa Inc. and BNY. He has done his Executive MBA at the Stern School of Business. Steve Black (Current Chairman, Wells Fargo) said, ' We are thrilled to recognize Charles' significant contributions to Wells Fargo and are planning to appoint him as the chairman of the board. We also plan to appoint a lead independent director to maintain independent board leadership.' 'The special equity award is designed to acknowledge Charles' role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future,' Black added. The statement reflected the board's desire to retain Charles Scharf as the CEO of the company due to its previous transformative initiatives for the future success of the company. Charles Scharf also welcomed the decision of the board and highlighted his intent to contribute to organizational development during the current momentum. UNI SAS GNK
Business Wire
31-07-2025
- Business
- Business Wire
Wells Fargo Board of Directors Announces Intention to Name CEO, Charlie Scharf, Chairman
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced that the Board of Directors of Wells Fargo intends to appoint Charlie Scharf, Chief Executive Officer, Wells Fargo, as Chairman of the Board. When Mr. Scharf becomes Chairman, the Board intends to appoint a Lead Independent Director to support the Board's continued independent oversight. In addition, the Board awarded Mr. Scharf a one-time special equity grant consisting of $30 million in Restricted Share Rights and 1,046,000 Stock Options. These actions reflect the Board's desire to retain Mr. Scharf as the CEO of the Company and to recognize his leadership in transforming Wells Fargo, including creating significant shareholder value and positioning the company for future success. Under his leadership, he has built an outstanding management team, significantly strengthened the company's risk and control infrastructure, improved its reputation, achieved critical regulatory milestones, and delivered a strong financial performance, while making strategic investments in driving growth of our core businesses. The award will vest (and become exercisable for stock options) on a pro rata basis following the fourth, fifth and sixth anniversaries of the grant date. The Board believes the award design, coupled with our stock ownership policy, promotes further alignment of Mr. Scharf's compensation with long-term shareholder value creation. Steven Black, current Chairman of the Board, Wells Fargo, said: 'We are thrilled to recognize Charlie's significant contributions to Wells Fargo and are planning to appoint him as Chairman of the Board. We also plan to appoint a Lead Independent Director to maintain independent Board leadership. The special equity award is designed to acknowledge Charlie's role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the Company for the future. We look forward to Charlie's continued guidance and strategic direction as we navigate the future." Mr. Scharf stated: 'Over the last several years, our Operating Committee and our 213,000 employees have executed a multi-faceted transformation under extremely difficult circumstances. It is a privilege to lead Wells Fargo and our talented and dedicated team, and I look forward to building on our significant momentum to continue improving our performance and market position in everything we do.' More information about the Board's leadership and the equity award is available in the Company's Form 8-K filed with the Securities and Exchange Commission today. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.0 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. Cautionary Statement About Forward-Looking Statements This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at
Yahoo
29-07-2025
- Business
- Yahoo
Suncoast Equity Management Appoints Eric Lynch as Managing Director of Institutional Asset Management
Alongside his leadership role, Mr. Lynch will join the firm's Investment Committee to help guide long-term strategy and portfolio oversight TAMPA, Fla., July 29, 2025--(BUSINESS WIRE)--Suncoast Equity Management, a boutique investment management firm with a growing presence in the intermediary distribution space, today announces the appointment of Eric Lynch as Managing Director of its Institutional Asset Management business. Mr. Lynch will also join the firm's Investment Committee, where he will help shape investment strategy and contribute to portfolio decision-making. In his role at Suncoast, Mr. Lynch will serve as a member of the portfolio management team for the firm's flagship Suncoast Select Growth and Suncoast Small to Mid-Cap portfolios and contribute to the Suncoast Dividend Growth portfolio. Additionally, he will lead the firm's institutional channel, overseeing business development, strategy messaging and relationship management. He will play a key role in expanding Suncoast's presence within the intermediary distribution space by cultivating and strengthening partnerships with financial advisors, consultants, and institutional clients. In addition to his leadership role, Mr. Lynch will become a key equity stakeholder in Suncoast, alongside other executives, a step that reflects his deep alignment with the firm's mission and his integral role in shaping its long-term leadership and strategic direction. "What really sets Suncoast apart is its disciplined, focused investment approach combined with a sincere commitment to building lasting relationships—with both individual investors and institutional partners," said Mr. Lynch. "I'm excited to join a team that values integrity and thoughtful decision-making, and to help grow the business while honoring the time-tested principles that have driven Suncoast's success for decades." Mr. Lynch brings over 20 years of experience in equity research, investment strategy, and institutional client service. He joins Suncoast from Scharf Investments LLC, where he served on the Investment Committee and led strategy communications and business development efforts. At Scharf, he was the primary analyst for companies in the Quality Value Portfolio and contributed to both the Multi-Asset and Global portfolios. Early in his tenure at Scharf, he managed the Quality Growth portfolio for several years. He is a frequent guest on CNBC, Bloomberg and Reuters, among other media outlets, and has been quoted often in The Wall Street Journal and Barron's. He will continue to serve on the Scharf Advisory Board until further notice to ensure a smooth transition and foster continued collaboration between the two firms. Earlier in his career, Mr. Lynch founded and led Lynch Capital Management LLC, a registered investment advisory firm where he followed a quality growth strategy. He also held roles as co-chief operating officer, portfolio manager, and research analyst at Polen Capital Management. Leveraging his deep industry experience, Mr. Lynch will collaborate closely with the investment team to identify opportunities, strive to enhance portfolio construction, and ensure alignment with the firm's disciplined investment philosophy. His leadership is expected to drive growth, foster client trust, and support Suncoast's commitment to delivering tailored investment solutions that help meet the evolving needs of its diverse client base. "We are excited to welcome Eric to our leadership team," said Donald R. Jowdy, Founder and Chief Investment Officer of Suncoast Equity Management. "We first worked closely together at Polen Capital with David Polen and have been friends for 20 years. His deep expertise in quality-oriented investing and commitment to long-term client success align perfectly with our firm's mission. I am confident that the addition of Eric will strengthen our investment process and enhance the value we deliver to our clients." Mr. Lynch's appointment follows the firm's recent launch of its first actively managed exchange-traded fund (ETF), the Suncoast Select Growth Fund (NYSE: SEMG), which began trading in May. The ETF represents a significant milestone for Suncoast as it broadens access to its time-tested investment strategy through a modern, tax-efficient vehicle. With SEMG and the continued expansion of its institutional intermediary business, Suncoast is strengthening its platform to meet growing demand from advisors and institutions. Mr. Lynch's leadership will be instrumental in supporting this next phase of growth while reinforcing the firm's commitment to delivering disciplined, research-driven investment solutions. For more information about Suncoast Equity Management, please visit About Suncoast Equity Management Founded in 1997, Suncoast Equity Management is a Tampa-based investment management firm specializing in long-term portfolio strategies and comprehensive wealth planning. Through its proprietary Disciplined Investment System (SEM-DIS), Suncoast Equity Management strives to deliver consistent, research-driven results for individuals, families, and institutional partners. With a commitment to transparency, partnership, and performance, Suncoast Equity Management helps clients build and preserve lasting wealth. To learn more, please visit Important Information Investments involve risk. Principal loss is possible. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.813.963.0502. Please read the prospectus carefully before investing. An investment in the Fund involves risk. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. The following are the principal risks of investing in the Fund. The Fund is actively managed and is subject to the risk that the strategy may not produce the intended results. The Fund is new and has a limited operating history to evaluate. Large-Capitalization Companies Risk. The stock of large-capitalization companies may trail the returns of the overall stock market, both in the long and short term. Growth Investing Risk. The stock of growth companies may be more volatile than other types of investments, both in the long and short term. Value Style Investing Risk. Investing in value stocks presents the risk that the stocks may not achieve their full market value. Mid-Capitalization Companies Risk. Investing in the stock of mid-capitalization companies involves greater risk, generally, than that associated with investing in larger, more established companies. The stock may be more volatile and less liquid and be more sensitive to changing market conditions. New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, investors have no track record or history on which to base their investment decisions. The Fund is distributed by Quasar Distributors, LLC. The fund's investment advisor is Empowered Funds, LLC, which is doing business as ETF Architect. Suncoast Equity Management serves as the Sub-adviser to the Fund. Quasar is not affiliated with ETF Architect or Suncoast Equity Management. View source version on Contacts MEDIA CONTACTS: Meaghan McNicholmeaghan@ (412) 720-3777 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
29-07-2025
- Business
- Business Wire
Suncoast Equity Management Appoints Eric Lynch as Managing Director of Institutional Asset Management
TAMPA, Fla.--(BUSINESS WIRE)-- Suncoast Equity Management, a boutique investment management firm with a growing presence in the intermediary distribution space, today announces the appointment of as Managing Director of its Institutional Asset Management business. Mr. Lynch will also join the firm's Investment Committee, where he will help shape investment strategy and contribute to portfolio decision-making. "What really sets Suncoast apart is its disciplined, focused investment approach combined with a sincere commitment to building lasting relationships—with both individual investors and institutional partners." In his role at Suncoast, Mr. Lynch will serve as a member of the portfolio management team for the firm's flagship Suncoast Select Growth and Suncoast Small to Mid-Cap portfolios and contribute to the Suncoast Dividend Growth portfolio. Additionally, he will lead the firm's institutional channel, overseeing business development, strategy messaging and relationship management. He will play a key role in expanding Suncoast's presence within the intermediary distribution space by cultivating and strengthening partnerships with financial advisors, consultants, and institutional clients. In addition to his leadership role, Mr. Lynch will become a key equity stakeholder in Suncoast, alongside other executives, a step that reflects his deep alignment with the firm's mission and his integral role in shaping its long-term leadership and strategic direction. 'What really sets Suncoast apart is its disciplined, focused investment approach combined with a sincere commitment to building lasting relationships—with both individual investors and institutional partners,' said Mr. Lynch. 'I'm excited to join a team that values integrity and thoughtful decision-making, and to help grow the business while honoring the time-tested principles that have driven Suncoast's success for decades.' Mr. Lynch brings over 20 years of experience in equity research, investment strategy, and institutional client service. He joins Suncoast from Scharf Investments LLC, where he served on the Investment Committee and led strategy communications and business development efforts. At Scharf, he was the primary analyst for companies in the Quality Value Portfolio and contributed to both the Multi-Asset and Global portfolios. Early in his tenure at Scharf, he managed the Quality Growth portfolio for several years. He is a frequent guest on CNBC, Bloomberg and Reuters, among other media outlets, and has been quoted often in The Wall Street Journal and Barron's. He will continue to serve on the Scharf Advisory Board until further notice to ensure a smooth transition and foster continued collaboration between the two firms. Earlier in his career, Mr. Lynch founded and led Lynch Capital Management LLC, a registered investment advisory firm where he followed a quality growth strategy. He also held roles as co-chief operating officer, portfolio manager, and research analyst at Polen Capital Management. Leveraging his deep industry experience, Mr. Lynch will collaborate closely with the investment team to identify opportunities, strive to enhance portfolio construction, and ensure alignment with the firm's disciplined investment philosophy. His leadership is expected to drive growth, foster client trust, and support Suncoast's commitment to delivering tailored investment solutions that help meet the evolving needs of its diverse client base. 'We are excited to welcome Eric to our leadership team,' said Donald R. Jowdy, Founder and Chief Investment Officer of Suncoast Equity Management. 'We first worked closely together at Polen Capital with David Polen and have been friends for 20 years. His deep expertise in quality-oriented investing and commitment to long-term client success align perfectly with our firm's mission. I am confident that the addition of Eric will strengthen our investment process and enhance the value we deliver to our clients.' Mr. Lynch's appointment follows the firm's recent launch of its first actively managed exchange-traded fund (ETF), the Suncoast Select Growth Fund (NYSE: SEMG), which began trading in May. The ETF represents a significant milestone for Suncoast as it broadens access to its time-tested investment strategy through a modern, tax-efficient vehicle. With SEMG and the continued expansion of its institutional intermediary business, Suncoast is strengthening its platform to meet growing demand from advisors and institutions. Mr. Lynch's leadership will be instrumental in supporting this next phase of growth while reinforcing the firm's commitment to delivering disciplined, research-driven investment solutions. For more information about Suncoast Equity Management, please visit About Suncoast Equity Management Founded in 1997, Suncoast Equity Management is a Tampa-based investment management firm specializing in long-term portfolio strategies and comprehensive wealth planning. Through its proprietary Disciplined Investment System (SEM-DIS), Suncoast Equity Management strives to deliver consistent, research-driven results for individuals, families, and institutional partners. With a commitment to transparency, partnership, and performance, Suncoast Equity Management helps clients build and preserve lasting wealth. To learn more, please visit Important Information Investments involve risk. Principal loss is possible. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.813.963.0502. Please read the prospectus carefully before investing. An investment in the Fund involves risk. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. The following are the principal risks of investing in the Fund. The Fund is actively managed and is subject to the risk that the strategy may not produce the intended results. The Fund is new and has a limited operating history to evaluate. Large-Capitalization Companies Risk. The stock of large-capitalization companies may trail the returns of the overall stock market, both in the long and short term. Growth Investing Risk. The stock of growth companies may be more volatile than other types of investments, both in the long and short term. Value Style Investing Risk. Investing in value stocks presents the risk that the stocks may not achieve their full market value. Mid-Capitalization Companies Risk. Investing in the stock of mid-capitalization companies involves greater risk, generally, than that associated with investing in larger, more established companies. The stock may be more volatile and less liquid and be more sensitive to changing market conditions. New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, investors have no track record or history on which to base their investment decisions. The Fund is distributed by Quasar Distributors, LLC. The fund's investment advisor is Empowered Funds, LLC, which is doing business as ETF Architect. Suncoast Equity Management serves as the Sub-adviser to the Fund. Quasar is not affiliated with ETF Architect or Suncoast Equity Management.
CNBC
15-07-2025
- Business
- CNBC
We're upgrading Wells Fargo stock despite its earnings-driven decline
Wells Fargo reported better-than-expected second-quarter results before Tuesday's opening bell. However, the stock was under pressure after management reduced guidance on a key banking metric. Total revenue for the three months ending June 30 increased 0.6% year over year to $20.8 billion, beating analysts' expectations of $20.77 billion, according to market data provider LSEG. Adjusted earnings per share of $1.54 per share exceeded Wall Street's consensus estimate of $1.41 per share, LSEG data showed. EPS excludes a 6-cent per share gain associated with the company's acquisition of the remaining interest in its merchant services joint venture. WFC YTD mountain Wells Fargo YTD Lofty expectations may have also contributed to Tuesday's drop in Wells Fargo shares. Before the earnings announcement, Wells Fargo shares were up nearly 19% year to date and more than 35% from their post-Liberation Day lows. The financials came into earnings season hot thanks to deregulation tailwinds and a successful round of bank stress tests, leaving Wells shares vulnerable to some profit-taking. With shares down more than 6% on the session, we view the weakness as a buying opportunity. We're upgrading Wells Fargo stock to our 1 rating and reiterating our $90 price target. Bottom line Wells Fargo reported a solid quarter with strong fee growth and muted expense growth, leading to a 15.2% Return on Tangible Common Equity. However, two factors are creating some disappointment. First was the quarterly miss on net interest income and the cut to its full-year NII outlook. The headlines will say this is a bad thing, but Wells Fargo is deliberately prioritizing its balance sheet to focus more on its market business to support stronger client activity in products like commodities and bonds. What it will lose in NII should be made up for in non-interest income. Still, this change caught investors off guard. With the Federal Reserve asset cap finally gone, investors were hoping for better results. Keep in mind, CEO Charlie Scharf has transformed the bank over the past few years to make it less hostage to the bond market yield curve. He wants Wells Fargo to make the most money possible durably, and if that means sacrificing some NII in the short run, then so be it. "We're not focused on maximizing net interest income. We're focused on maximizing returns, how much money we make overall. And so we'll try and do as good a job as we can going forward, giving some more clarity on how we intend to use that balance sheet, how it can affect the different pieces," Scharf explained on the earnings call. We don't think the balance sheet shift is a bad thing, since Wells Fargo is giving up some interest-rate-based revenue streams in favor of more fee growth, which we think is the better bet over the long run. A second disappointment may be related to the lack of significant balance sheet growth Wells Fargo expects for the rest of the year. But anyone expecting a growth explosion immediately after the cap was lifted hasn't been listening to what the company has said. Scharf repeatedly said that when the asset cap is lifted, it won't be like a "light switch" that goes off. "We never wanted to lead people to believe that there'd be any major change in the next week, the next month, the next quarter. But it certainly does open options for us to grow and increase returns beyond what we've seen in the past," Scharf explained on the call. The way we see it, Scharf isn't managing the bank on a quarter-to-quarter basis to make its NII numbers. He's doing what's best for the long run – strategically expanding the balance sheet and investing organically to generate the highest return for shareholders. With shares down more than 6% on the session, we think this weakness is an opportunity. We are upgrading Wells Fargo stock to our 1 rating and reiterating our $90 price target. Commentary Second quarter net interest income declined about 2% from last year to $11.7 billion, missing expectations of $11.9 billion. The bank's net interest margin, which measures the difference in what the bank receives in interest on loans and pays out on deposits, was 2.68%, below estimates of 2.71%. The bank cited the impact of lower interest rates on floating rate assets and the impact of deposit mix changes as reasons for the decline from last year. Wells Fargo's period-end loans were up about 1% from last year and 1% from the first quarter of 2025. On a sequential basis, commercial loans increased 2% while consumer loans were flat. Total deposits were down about 2% from both the first quarter of 2025 and the second quarter of 2024. Non-interest income increased 5% year over year to $9.11 billion, beating the Q2 consensus estimate of $8.85 billion. Even when backing out a $253 million gain on a merchant services joint venture acquisition, non-interest income still beat. Compared to last year, investment advisory fees and brokerage commissions increased 4%; investment banking fees grew 9%; card fees were up 7%; and net gains from trading activities were down 12%. Non-interest expense increased less than 1% year over year at $13.38 billion, slightly better than the consensus estimate of $13.42 billion. The increase from last year was due to increases in both personnel and non-personnel expenses. The higher personnel expense was driven by higher revenue-related compensation in wealth and investment management, while non-personnel expenses were due to increases in technology and equipment expense as well as higher advertising and promotion expenses. Still, Wells Fargo remains committed to becoming more efficient. It has reduced headcount for 20 consecutive quarters. Why we own it We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. And, he has delivered. His tireless efforts to clean up the bank's act after a series of misdeeds before his tenure paid off in the Federal Reserve finally lifting its 2018-imposed $1.95 trillion asset cap in early June. Competitors : Bank of America and Citigroup Weight in Club portfolio : 4.3% Most recent buy : Aug. 7, 2024 Initiated : Jan. 8, 2021 Wells Fargo also repurchased 43.9 million shares or $3 billion worth of stock in the quarter, bringing its share count down 5% from a year ago. That works out to an average price of $68.34, which is a great outcome with shares trading at around $79. Provisions for credit losses were about $1 billion, which was lower than the $1.18 billion expected. The bank's allowance for credit losses for loans was up slightly from the first quarter but down from $1.23 billion in the second quarter last year. 2025 guidance Wells Fargo now expects net interest income to be roughly in line with 2024 NII of $47.7 billion. This flattish year-over-year outlook was a cut versus prior guidance of about 1% growth and about $325 million below the consensus estimate of $48.02 billion. What changed between the company's prior guidance to now was lower NII in its markets business, which is being largely offset by higher non-interest income. Basically, as alluded to earlier, Wells Fargo is dedicating more of its balance sheet toward supporting its fee-based market business, which does not earn interest. So, the cost of funding this shift will result in lower net interest income, while most of the revenue will be recognized in non-interest income. On the expense side, Wells Fargo reaffirmed its expectation of non-interest expense of $54.2 billion. (Jim Cramer's Charitable Trust is long WFC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
