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Wells Fargo & Co. on Wednesday agreed to repay customers about $1.4 billion to settle a lawsuit and regulatory investigations alleging the company improperly marketed risky investments as safe.
The North American Securities Administrators Association says Wells Fargo has agreed to repurchase about $1.3 billion in soured auction-rate securities from clients.
Authorities say they have arrested five people who allegedly tried to rob a Nevada bank by presenting a false federal search warrant which demanded all of the money in the vault. The FBI says that when the Wells Fargo bank manager refused to comply Friday, he was handcuffed and threatened in the Las Vegas suburb of Henderson.
It's 8 o'clock in the morning, and the sun is just lighting up the sky over Utah's Wasatch Mountains. It's also lighting up the parking lot at the sprawling Sam's Club in Salt Lake City.
The earnings reports from Wells Fargo & Co., Morgan Stanley and a handful of regional banks show there's a formula for prospering in a weak economy: a strong retail or investment banking operation and plenty of money on hand.
Among the earnings stories for Wednesday, Oct. 21, from AP Financial News:
Wells Fargo & Co., the nation's fourth largest bank by assets, is set to report its third-quarter results before the market opens on Wednesday.
Wells Fargo & Co. on Wednesday reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the businesses it acquired with the purchase of Wachovia Corp., offset rising loan losses.
Investors dumped stocks and locked in profits Friday after the glow of a week full of strong earnings reports faded. The retreat came as cautious forecasts from railroads caused unease about the economy and a rising dollar pushed prices of commodities lower, which hurt materials and energy stocks. Traders appeared eager to collect gains after stock indexes rose more than 6 percent in the three weeks leading into Friday.
World stock markets fell sharply Thursday as investor optimism was dented by a broker downgrade of U.S. bank Wells Fargo and concerns about future Chinese economic growth.
Wells Fargo & Co. said Tuesday that Dick Kovacevich will step down as chairman at the end of 2009, after staying in the post an extra year to help the bank navigate the financial crisis.
Wells Fargo & Co. has fired an executive who reportedly partied and stayed at a bank-owned $12 million beach house in the exclusive Malibu Colony, the bank said Monday.
Wells Fargo & Co. on Wednesday said it completed 33,172 trial and final modifications under the Home Affordable Modification Program through the end of August.
A Wells Fargo analyst upgraded the offshore information technology and business process outsourcing sector on signs that its business slump may be bottoming.
The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers' home equity lines of credit.
Wells Fargo & Co. said Thursday it is increasing the salaries for its top four executives, including CEO John Stumpf.
After over a year of various industry initiatives, the slow pace of rewriting unaffordable loans remains at a crawl, threatening a fragile recovery. By msnbc.com's John W Schoen.
The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a list released Tuesday showed which lenders are laggards.
Wells Fargo & Co. said it will pay a quarterly dividend of 5 cents per common share — unchanged from the previous quarter's payout, but less than one-sixth of the dividend the bank had been paying earlier.
Wells Fargo & Co. joined other big banks in announcing a big second-quarter profit and tempering the news by reporting it is still contending with losses from failed loans.
Investors held on to the stock market's rally Friday, extending a two-week jump that has added 11 percent to the stock market's major indicators. Disappointing results from Microsoft Corp. and Amazon.com Inc. hit technology shares, however, and dragged the Nasdaq composite index lower.
An investment fund owned by Wells Fargo & Co. has agreed to pay $40 million to settle federal charges that it inflated the value of a mutual fund that invested mainly in securities tied to home mortgages and only selectively told shareholders about the fund's problems.
The company that made President Barack Obama's election night and Inauguration Day threads could stave off liquidation with a joint bid from a British company and an American company.
Warren Buffett's company found more bargains among beaten down marquee stocks during the first quarter as it added to its sizable investments in Wells Fargo & Co., US Bancorp and Johnson & Johnson.
Wells Fargo and Morgan Stanley said Thursday they'll try to raise billions in fresh capital, becoming the first major banks to scramble for money after the government said 10 large financial institutions need $75 billion in new funds.
Life After Overdraft Fees: 'Advances' At 120% Interest! Consumer groups that have been fighting the costly "courtesy overdraft protection" fear that banks have hit on a replacement that might be even worse – a crop of products with names like "Direct Deposit Advance" that are being pushed by lenders such as U.S.
Hard times in Charlotte, a city dependent on the banking industryNow Charlotte is suffering. Unemployment has spiked to 12 percent, well above the national average. Subdivisions sit unfinished. Mansions cannot be sold.
Tavis Smiley - "Ghetto Loan" Peddler for Wells FargoAs the housing market began booming in the mid-2000s, Wells Fargo & Co.
In another case of stupid ,bad judgement by a bank exec....Wells Fargo & Co has fired a senior vice president after investigating reports she held lavish parties at a foreclosed beachfront Malibu house owned by the bank.
Banker lived it up in bank-owned Malibu houseSAN FRANCISCO (Reuters) - A community watchdog group expressed outrage and Wells Fargo said it was launching an investigation after a newspaper reported that a senior exec threw lavish parties at a beachfront Malibu house owned by the bank.
Making Home Affordable Program hasn't helped enough, some say She's convinced that banks will improve their track record only if they're forced to make loans. "Until it's made a mandatory program, I think we will not see a significant drop in foreclosures," Thompson said.
Banks 'Too Big to Fail' Have Grown Even BiggerJ.P. Morgan Chase, an amalgam of some of Wall Street's most storied institutions, now holds more than $1 of every $10 on deposit in this country.
At The Top 9 Recipients of TARP Funds, 800+ People Made More Than $3,000,000 each in 2008NY Attorney General Andrew Cuomo released his report on bonuses at the TARP Top 9. At these firms alone, over 800 people made north of $3 million in 2008. That's a lot of scharole. See Appendix B for the bonus breakdown at each bank.
Have the Banks Gone Crazy? Wells Fargo Sues ItselfThe world of mortgage foreclosures just spun out of orbit. Wells Fargo is suing itself. To make matters worst Wells Fargo hired a lawyer to defend itself against itself.
Wells Fargo "Ghetto" Loans And the Mud PeopleApparently, one Mr. Paschal worked as a loan officer in Wells Fargo's Annandale, Virginia offices for 10 years, from 1997 to 2007.
In the State where I live (and likely elsewhere), the Justice Department persecutes people who resist extortion by mortgage companies like Wells Fargo, while the DOJ conceals Judges & crony lawyers involved in real estate crime, Bankruptcy and IRS frauds.
Ex-employees claim racism in Wells Fargo subprime loan pushWells Fargo loan officers guided minorities toward high-rate mortgages and joked that they were "riding the stagecoach to hell" for routinely steering prime-loan-qualified customers toward subprime loans, according to sworn declarations by two former employees, filed in federal c …
Confessions of a Money Manager: One reason housing is weak - Fannie MaeWhen I visited the local Wells Fargo branch bank in Madison to inquire about re-financing at a lower rate and hopefully avoiding large closing costs, the loan officer told me that he would have to check with Fannie Mae to see if these closing costs could be waived.
The truth is, in conversation with most. I have noticed a common interest. And that is the disinterest in everyday finance, and how it may or may not effect our day to day existence.
The next tsunami of foreclosures is approachingWell Fargo announced today $3 Billion in profits. It was fantastic news and it sent the stock market soaring. However, one thing that didn't get talked about was why they made so much money.
Wells Fargo Bank post record 1rst quarter profit in 2009. All at the expense of the American Tax Payer.Wells Fargo Bank anounced a record profit for the first quarter of 2009. The Bank attributes an increase in Mortgage activity as well as a decrease in unsecured loan default cost as the cause of this unpresidented profit in a faultering U.S. Economy.
Wells Fargo Assails TARP, Calls Stress Test �Asinine� (Update1) - Bloomberg.com"Is this America -- when you do what your government asks you to do and then retroactively you also have additional conditions?" Kovacevich said.
NAACP accuses Wells Fargo and HSBC of steering well-qualified blacks into subprime loansThe NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rate
NAACP: Bank Giants Steered Blacks To Bad LoansThe NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
Wells works to ignite Wachovia as a new growth engineOvernight, Wells essentially doubled in size by almost every measure, entering New York, Miami, Atlanta and other cities to create a coast-to-coast branch network.
Bank of America, Wells Fargo, and SunTrust Banks Are InsolventThe more the big banks lift their skirts, the scarier their dwindling capital starts to look.
Long delays frustrate home short-sellers | Real Estate News | eastvalleytribune.comChandler-based realtor Zack Alawi of www.myrealpro.com had put together what he thought was the perfect shortsale in Queen Creek.
The parade of economic surprises continues. Seems like they're almost daily now - a sure sign of building stresses and a possible wide-spread breakdown.
Stick Those TARP Funds Where The Sun Don't ShineFinally someone who understands that the morons on Capital Hill were doing nothing other then trying to get votes by angering the public when it was the representatives themselves that had the biggest hand in creating this mess. Who are they to FLOG ANYBODY???
Wynn Resorts cuts salaries, work week to save cash - Yahoo! NewsThis is what happens when companies let policicians make decisions for them. Wells Fargo cancels its annual trip, other sompanies follow the lead, and the effect is felt. We need MORE companies buying jets, MORE companies throwing parties, MORE companies taking trips.
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