Shares of Bank of America Corp (NYSE:BAC) ended Wednesday session in red amid volatile trading. The shares closed down -0.09 points or -0.57% at $15.63 with 75.53 million shares getting traded. Post opening the session at $15.67, the shares hit an intraday low of $15.56 and an intraday high of $15.84 and the price vacillated in this range throughout the day. The company has a market cap of $157.70 billion and the numbers of outstanding shares have been calculated to be 10.20 billion shares.
On September 06, 2016 Allegiant (ALGT) and Bank of America announced a new relationship to launch the Allegiant World MasterCard® issued by Bank of America. The new card is available effective immediately.
This is Allegiant’s first credit card program and it will allow cardholders to earn three points per dollar on Allegiant purchases, two points per dollar on qualifying dining purchases and one point per dollar on all other purchases. Points always keep their full value and can be redeemed at Allegiant.com for flights, hotel stays and car rentals.
“We at Allegiant are very proud to launch our first-ever co-branded credit card, the Allegiant World MasterCard® issued by Bank of America” said Brian Davis, Allegiant vice president of marketing. “Offering a credit card rewards our passengers and creates more opportunities for them to travel just by using their card for everyday purchases. It’s the most important customer-facing initiative we have undertaken in many years.”
Shares of Wells Fargo & Co (NYSE:WFC) ended Wednesday session in red amid volatile trading. The shares closed down -0.44 points or -0.94% at $46.52 with 44.84 million shares getting traded. Post opening the session at $47.08, the shares hit an intraday low of $46.50 and an intraday high of $47.58 and the price vacillated in this range throughout the day. The company has a market cap of $227.08 billion and the numbers of outstanding shares have been calculated to be 5.05 billion shares.
On September 14, 2016 Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo & Company (NYSE: WFC), announced that SS&C Technologies Holdings, Inc. (SSNC), a global provider of financial services software and software-enabled services, has agreed to acquire its fund administration business, Wells Fargo Global Fund Services (GFS). Pending regulatory approvals, the transaction is expected to close in the fourth quarter. The terms of the transaction were not disclosed.
“We believe GFS clients will benefit from SS&C’s industry-leading position, proprietary technology and depth of expertise in fund administration,” said Dan Thomas, head of Institutional Investor Services at Wells Fargo Securities. “Wells Fargo Securities will continue to provide financial solutions to our alternative asset manager clients in core areas such as Prime Services, Futures and OTC Clearing and Futures Execution.”
As part of the acquisition, SS&C will acquire GFS’ operations and team members in New York, Minneapolis, Singapore, Hong Kong and the United Kingdom. Wells Fargo will work closely with SS&C to provide GFS clients a seamless experience and continuity of services. Additionally, Wells Fargo will continue to provide access to its suite of financial products and services to GFS clients after closing.
Wells Fargo Securities served as exclusive financial advisor to Wells Fargo in connection with the transaction, with K&L Gates LLP serving as legal counsel.