Wells fargo Stories
Market rallies as banks extend rebound
Stocks rallied on Wednesday as financial shares extended their comeback for a second day, helped by remarks by a Federal Reserve official that raised hopes of an interest rate cut. Financials were leading the Dow and S&P following Fed Vice Chairman Donald Kohn's comments. The group has struggled under tight credit conditions.
Wells Fargo to take $1.4 billion charge for bad loans
Wells Fargo & Co, the second-largest U.S. mortgage lender, said on Tuesday it would take a $1.4 billion fourth-quarter charge largely related to losses on home equity loans as the nation's housing market deteriorates.
US stocks drop on credit concerns, housing slump views
U.S. stocks fell on Thursday for a second day, led by a drop in financial shares amid news of further credit market problems, lower retail sales at J.C. Penney, and Wells Fargo's dour assessment of the housing market.
Dollar drops as investors stay cautious on risk
The dollar fell against most major currencies on Tuesday, resuming a long-term decline after a respite the previous session as investors expected further signs of housing weakness and sluggish consumer spending that could hurt U.S. economic growth.
Wachovia, Capital One say credit conditions worsen
Wachovia Corp said on Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are having trouble paying their bills as the U.S. credit crisis deepened.
Wachovia unveils $1.1 bln in credit losses
Wachovia Corp, the fourth-largest U.S. bank, said on Friday that it had incurred about $1.1 billion of further losses in October from credit market turmoil.
American Express, Visa settle antitrust case
Visa USA, Inc will pay American Express Co. a total of $2.25 billion to settle allegations stemming from an anti-trust lawsuit filed in 2004 by AmEx, according to a report.
Wachovia profit falls on write-downs
Wachovia Corp posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
Wells Fargo, other banks hurt by credit losses
Wells Fargo & Co and other U.S. regional banks on Tuesday reported disappointing third-quarter results, hurt by mounting losses from mortgages and other loans as the U.S. housing market slumps.Earnings fell short of analysts' forecasts at Wells Fargo, Regions Financial Corp and KeyCorp U.S. Bancorp's results topped forecasts, though profit fell. All four banks said loan losses rose.
Stocks fall on high oil prices
Stocks fell on Tuesday as high oil prices raised concern about the impact of oil prices on the economy's outlook and disappointing bank earnings fueled caution about profit growth.
Millionaires turn to psychologists
The surge in the number of millionaires in the world is spawning a fast-growing industry -- wealth psychology.
Banks' crisis skills to be laid bare by results
Big banks try to gird for crises as a matter of course and investors will soon learn how prepared they were for this summer's credit crunch. Analysts and investors are speculating how badly Citigroup Inc, Bank of America Corp, JPMorgan Chase & Co and smaller rivals may have gotten caught by a flight from risk that caused the value of billions of dollars of mortgages and loans to evaporate.
U.S Producer Prices Slip in Aug.
Prices paid to U.S producers fell sharply in August according to data released on Tuesday, painting a gloomy picture for U.S growth.
Home builder confidence drops more in Sept: NAHB
Home builder sentiment fell for a seventh straight month in September as tougher mortgage requirements hindered sales from bloated inventories, the National Association of Home Builders said on Tuesday.
Wachovia, WaMu say credit conditions weigh
Two of the largest U.S. banking companies said on Monday that tough credit market conditions may cause higher losses related to lending.
Buffett could buy parts of Countrywide: report
Billionaire investor Warren Buffett may buy parts of beleaguered mortgage lender Countrywide Financial Corp, some investors are speculating, according to The Wall Street Journal.
Big U.S. banks could benefit from Countrywide woes
The U.S. mortgage meltdown has crushed dozens of lenders and is causing severe liquidity problems at the largest, Countrywide Financial Corp.
Federal Home Loan Banks of Chicago, Dallas talk merger
The Federal Home Loan Banks of Chicago and Dallas announced on Wednesday that they have begun preliminary talks about a possible merger as both banks face challenges turning a profit.
Dollar hits lifetime low vs euro on subprime jitters
The dollar dropped to a record low against the euro on Thursday as troubles in the U.S. mortgage and credit markets continued to dampen the currency's appeal.
Wells Fargo names Stumpf CEO; Kovacevich stays chair
Wells Fargo & Co., the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.
American Express Shares Jump On Strong 1Q Profit
Shares of financial services company American Express Co. (NYSE: AXP) got a boost from investors on Friday, a day after the company reported that first quarter profit rose 21 percent, beating Wall Street expectations.
Financial Sector Shares Drop Slightly
Shares of financial services companies fell slightly on Tuesday during noon trading following the release of third quarter earnings reports.
Banks Feel the Fed Squeeze
Profits at large U.S. banks are up, but not as much as they could be. This week and next, banks are reporting their earnings as Wall Street investors cautiously note the factors that could mean lower earnings.
Guidance for graduates
Congratulations, graduates! You've made it through all the tests, the early morning classes and the professorial diatribes.