Wells Fargo & Co. (NYSE:WFC)’s shares surged by 1.58%
Northern, WI 05/20/2013 (gdpwatch) – The share price of Wells Fargo & Co. (NYSE:WFC) had surged by 1.58 percent to close at $39.88 for the last trading session, which was $0.62 higher than the previous close. The stock, during the day managed to readjust its 52 week high price to $39.91 with the intraday high value. The trading volume of the shares at 24.40 million stocks was also higher than the average volume of 20.66 million shares in Wells Fargo & Co. (NYSE:WFC).
Focus on small businesses
The bank holding company, which is into diversified financial services, had recently added 25 new banks in the Triad West region of operation of the company. This new addition of banks is part of expansion plan of Wells Fargo & Co. (NYSE:WFC) into small businesses. In order to manage the works related to this small business initiative of the bank holding company, 1500 bankers including 118 Carolinas had been hired to Wells Fargo & Co. (NYSE:WFC).
The new bankers would now contribute to the providing of $4.2 billion in new loan commitments for the first quarter, which would have special focus on small businesses with annual revenue less than $20 million. Wells Fargo & Co. (NYSE:WFC) is confident that the steady economic development of the country completely depends on the healthy state and growth of small businesses operating within the country. This inclusion of new bankers with special focus on small businesses had been enabling Wells Fargo & Co. (NYSE:WFC) to witness nominal increases in its share price.