$2 billion regulatory charge hurts Wells Fargo's earnings

$2 billion regulatory charge hurts Wells Fargo's earnings

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Bonds totaling $2 billion will be used to fund initiatives and projects promoting accessible housing, economic opportunity, renewable energy, and environmentally friendly transportation.

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"These initiatives are crucial for both our company's business and corporate environmental goals."

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Wells Fargo Securities, LLC was joined by five broker-dealers that have service-disabled veterans, women, and people of colour among their owners to act as bookrunners for the offering.

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They will get 75% of the underwriting fees from the deal, along with 19 other broker-dealers whose owners are also from underrepresented groups.

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One of the broker-dealers participating in the offering is Ramirez & Company, Inc. "We thank Wells Fargo for providing us and other varied businesses with the chance to operate at the pinnacle of our abilities.

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US stocks extended losses after a report showed US year-ahead inflation expectations rose for the first time in seven months.