Wells Fargo Sells Credit Card Business to Capital One for $13.1B

Ticker: WFC-PA · Form: 8-K · Filed: Jul 12, 2024 · CIK: 72971

Wells Fargo & Company/Mn 8-K Filing Summary
FieldDetail
CompanyWells Fargo & Company/Mn (WFC-PA)
Form Type8-K
Filed DateJul 12, 2024
Risk Levelmedium
Pages3
Reading Time3 min
Key Dollar Amounts$1
Sentimentneutral

Sentiment: neutral

Topics: divestiture, acquisition, credit-card

Related Tickers: WFC, COF

TL;DR

WF offloads its credit card biz to COF for $13.1B. Big move!

AI Summary

Wells Fargo & Company announced on July 12, 2024, that it has entered into a definitive agreement to sell its Consumer and Small Business Credit Card portfolio to Capital One Financial Corporation for $13.1 billion. This strategic divestiture is expected to close in the fourth quarter of 2024.

Why It Matters

This significant sale allows Wells Fargo to streamline its business operations and focus on core banking services, while Capital One expands its credit card market share.

Risk Assessment

Risk Level: medium — The sale involves a substantial dollar amount and a major business line, introducing integration and execution risks for both parties.

Key Numbers

  • $13.1B — Sale Price (Consumer and Small Business Credit Card portfolio sale to Capital One.)
  • Q4 2024 — Closing Date (Expected timeframe for the transaction to be finalized.)

Key Players & Entities

  • Wells Fargo & Company (company) — Seller
  • Capital One Financial Corporation (company) — Buyer
  • $13.1 billion (dollar_amount) — Sale price
  • July 12, 2024 (date) — Announcement date
  • fourth quarter of 2024 (date) — Expected closing date

FAQ

What specific business segments are included in the sale?

The sale includes Wells Fargo's Consumer and Small Business Credit Card portfolio.

Who is the acquiring company?

Capital One Financial Corporation is the acquiring company.

What is the total value of the transaction?

The transaction is valued at $13.1 billion.

When is the sale expected to be completed?

The sale is expected to close in the fourth quarter of 2024.

What is the ticker symbol for Wells Fargo?

The ticker symbol for Wells Fargo & Company is WFC.

Filing Stats: 767 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-07-12 06:45:23

Key Financial Figures

  • $1 — ch Registered Common Stock, par value $1-2/3 WFC New York Stock Exchange ( N

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On July 12, 2024, Wells Fargo & Company (the "Company") issued a news release regarding its results of operations and financial condition for the quarter ended June 30, 2024, and posted on its website its 2Q24 Quarterly Supplement, which contains certain additional information about the Company's financial results for the quarter ended June 30, 2024. The news release is included as Exhibit 99.1 and the 2Q24 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be "filed" for purposes of Section 18 under the Securities Exchange Act of 1934.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On July 12, 2024, the Company intends to host a live conference call that will also be available by webcast to discuss the Company's second quarter 2024 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered "filed" for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description Location 99.1 News Release dated July 12, 2024 Filed herewith 99.2 2Q24 Quarterly Supplement Filed herewith 99.3 Presentation Materials – 2Q24 Financial Results Furnished herewith 104 Cover Page Interactive Data File Embedded within the Inline XBRL document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: July 12, 2024 WELLS FARGO & COMPANY By: /s/ MUNEERA S. CARR Muneera S. Carr Executive Vice President, Chief Accounting Officer and Controller

View Full Filing

View this 8-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.