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Financial Stocks Momentum: Wells Fargo & Co (NYSE:WFC), Regions Financial Corp (NYSE:RF)

Category: Loan Center Published: Thursday, 07 July 2016 Written by Chance Allen

Shares of Wells Fargo amp; Co (NYSE:WFC) ended Friday session in red amid volatile trading. The shares closed down -2.20 points or -4.59% at $45.71 with 46.74 million shares getting traded. Post opening the session at $45.76, the shares hit an intraday low of $45.28 and an intraday high of $46.97 and the price vacillated in this range throughout the day. The company has a market cap of $221.42 billion and the numbers of outstanding shares have been calculated to be 5.08 billion shares.

On June 17, 2016 Even with check usage waning, US businesses still send consumers more than three billion checks annually from insurance claims and tax refunds to financial aid and rebates, according to the Federal Reserve. To make the paper-to-electronic evolution easier and more secure, Wells Fargo amp; Company's (WFC) commercial, corporate, and institutional customers will soon be able to speed up B2P (business-to-person) electronic payments with its new payment option as part of the existing Payment Manager® service.

Payment Manager B2P, which is expected to roll out in early 2017, enables businesses to pay any consumer who has a US bank account without collecting or storing sensitive bank account information. The service only requires the customers' email address or mobile phone number and any accompanying remittance details to conduct a transaction.

"We're excited to bring our business customers a new product that will help them improve payment timing, maximize staff efficiency, and boost payee satisfaction," said Keith Theisen, executive vice president and product management director for the Wells Fargo Treasury Management Group.

Shares of Regions Financial Corp (NYSE:RF) ended Friday session in red amid volatile trading. The shares closed down -0.91 points or -9.69% at $8.53 with 31.85 million shares getting traded. Post opening the session at $8.89, the shares hit an intraday low of $8.52 and an intraday high of $9.00 and the price vacillated in this range throughout the day. The company has a market cap of $9.75 billion and the numbers of outstanding shares have been calculated to be 1.27 billion shares.

On June 22, 2016 Regions Bank announced that it has appointed Bill Horton, Regional President of the South Region, to lead an expanded Commercial Banking Group reporting to John Turner, head of the Corporate Banking Group.

The realigned Commercial Banking Group combines Regions' existing Business Banking and Commercial Banking businesses and will serve small and middle-market companies through relationship managers located across the company's footprint. Regions' Treasury Management and Business Loan Center underwriting groups will also report to Horton.

"Streamlining our commercial banking businesses under Bill's leadership will create a consistent, simplified approach across our markets that enhances our bankers' ability to deepen relationships with clients, understand their needs and provide the best solutions," said Turner. "Bill has more than 40 years of experience serving commercial clients and working with bankers across our markets, and I'm pleased to have him leading our efforts to meet the needs of business clients."

 



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