Wells fargo Stories
Average Buyers Can Afford Most Homes
A family earning the nation's median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo.
August home-builder sentiment highest in year
U.S. homebuilder sentiment in August rose to its highest level in over a year, a private survey showed on Monday, adding to mounting evidence that the housing market and economic recession were leveling out.
U.S. August home-builder sentiment highest in year
U.S. homebuilder sentiment in August rose to its highest level in over a year, a private survey showed on Monday, adding to mounting evidence that the housing market and economic recession were leveling out.
Euro dips vs Dollar; yen up broadly on risk aversion
The euro hit a two-week low against the dollar and neared a one-month trough against the yen on Monday as world stock markets fell and doubts about a U.S. recovery prompted investors to cut exposure to risk.
Humana profit up, helped by Medicare; shares rise
Health insurer Humana Inc posted a higher-than-expected quarterly profit as an improved performance in its Medicare plans for the elderly offset a decline in earnings from its business serving employers.
Illinois files bias suit against Wells Fargo
Illinois Attorney General Lisa Madigan filed suit on Friday against Wells Fargo & Co , accusing the second-largest mortgage lender of steering blacks and Latinos into high-cost subprime loans.
WellPoint tops Street estimates, but shares fall
Health insurer WellPoint Inc posted higher-than-expected quarterly profit on Wednesday, but its shares dropped 4.1 percent as revenue missed analysts' estimates and the company failed to increase its full-year earnings forecast.
U.S. housing turning corner but consumers lack confidence
U.S. home prices rose in May for the first time in three years, suggesting the housing market is stabilizing, but a weakening job market hit consumer confidence in July and could prevent near-term economic recovery.
Bank of America to pare branches, but not 10 percent
Bank of America Corp said on Tuesday it plans to modestly reduce the size of its U.S. branch network over the next three to five years, but does not have plans to eliminate 10 percent of its branches.
Citigroup names three directors, adds Grundhofer role
Citigroup Inc said it has appointed three new directors and installed a new chief to oversee its retail banking unit, addressing criticism that it lacks enough leaders with commercial banking experience.
Loan losses drag on Wells Fargo, other big banks
Wells Fargo & Co and other major U.S. banks said the troubled economy drove big increases in loan losses, reducing second-quarter earnings.
Mid-Day Minute – July 22
U.S. Banks confront losses, Morgan Stanley's Woes, Big Pharma Beats Expectations
Central banks cautious on credit, U.S. banks disappoint
Japan hinted on Wednesday it might do more to ease credit and Britain awaits more data before doing the same, while disappointing earnings from Morgan Stanley and Wells Fargo tempered optimism Wall Street can extend its recent rally.
Wells Fargo loan losses rise
Wells Fargo said on Wednesday the loan losses increased in the second quarter as borrowers battled to keep their payments up to date. The bank dropped as much as 7.6 percent in New York trading.
Wall St little changed as bank results offset Apple
Stocks seesawed on Wednesday as disappointing quarterly results from top banks sparked caution over the health of financials, though sentiment rose after a robust earnings report from Apple Inc .
Wells Fargo profit rises; credit losses up
Wells Fargo & Co on Wednesday said quarterly profit increased 47 percent as strong mortgage banking results and the acquisition of Wachovia Corp offset rising credit losses.
BJ Services posts loss on weak oil, gas demand
U.S. oilfield services company BJ Services Co (BJS.N) reported a quarterly net loss on Tuesday as oil and gas producers ratcheted back activity in response to weaker oil and gas prices.
Analysts give mixed 2009 outlook for BofA, Citigroup
Several Wall Street analysts on Monday gave a mixed 2009 outlook for Citigroup Inc (C.N) and Bank of America Corp (BAC.N), after the U.S. banks on Friday reported a surge in second-quarter loan losses despite posting profits for the period.
Banks' red ink shows consumers still bruised
Bank of America Corp and Citigroup Inc raised huge red flags on Friday with quarterly results that suggested the U.S. consumer remains sorely injured as the global recession drags on.
CIT assets attractive but only to bargain hunters
Many of CIT Group Inc's businesses, including trade and transportation finance, could be of interest to potential buyers as the commercial lender stares at the possibility of bankruptcy.
July home builder sentiment highest since September
U.S. home builder sentiment in July jumped to its highest level since September as improved sales conditions boosted confidence in the market for new single-family homes, an industry group said on Thursday.
Big banks stop honoring California IOU's
The biggest U.S. banks, including Wells Fargo & Co. and Bank of America Corp., JP Morgan Chase and Citibank announced plans to stop exchanging the registered warrants for cash after Friday.
California IOU holders may turn to check cashers
California IOU recipients can turn to credit unions and check-cashing storefronts if a state budget deal does not appear by Friday and if three major banks refuse to accepting the notes beyond Friday as planned, analysts said on Tuesday.
Wells Fargo to expand securities business: report
Wells Fargo & Co will announce an expansion in its securities business, the Wall Street Journal reported on its website.
U.S. home-builder sentiment slips in June
U.S. home-builder sentiment slipped in June, a private survey showed on Monday, as higher mortgage rates and an ongoing credit crunch dampened expectations for the sector.
U.S. homebuilder sentiment lower in June
U.S. homebuilder sentiment slipped in June, a private survey showed on Monday, as higher mortgage rates and an ongoing credit crunch damped expectations for the sector.
KKR Financial swaps 1.18 mln shrs for $3 mln debt
KKR Financial Holdings LLC, a debt fund managed by private equity firm Kohlberg Kravis Roberts & Co, said a debtholder swapped $3 million of convertible notes for 1.18 million shares in the company.
Target says shareholders re-elect directors
Target Corp shareholders reelected its four incumbent directors, the retailer said on Thursday, dealing a defeat to activist investor William Ackman, who launched a heated proxy contest seeking five seats on its board.
American Express to cut 4,000 jobs, takes ‘cautious outlook’
American Express said Tuesday it would cut about 4,000 jobs, or 6 percent of its worldwide workforce, along with other reductions in spending, as the company said it was taking a “cautious outlook” as the economy moves toward a recovery.
American Express to cut 4,000 jobs, takes ‘cautious outlook’
American Express said Tuesday it would cut about 4,000 jobs, or 6 percent of its worldwide workforce, along with other reductions in spending, as the company said it was taking a “cautious outlook” as the economy moves toward a recovery.