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Wachovia, based in Charlotte, North Carolina, is a diversified, wholly owned financial services subsidiary of Wells Fargo. As an independent company, it was the fourth-largest bank holding company in the United States based on total assets.

The purchase of Wachovia Corporation by Wells Fargo was completed on December 31, 2008. Wells Fargo purchased Wachovia after a government-forced sale to avoid a failure of Wachovia.

Starting in 2009, the Wachovia brand will be absorbed into the Wells Fargo brand in a process that was initially estimated to last three years. In July 2009, Wachovia Securities became Wells Fargo Advisors. The merger of Wells Fargo and Wachovia bank charters is scheduled for completion in March 2010.[6] States containing both brands (not converted already) will convert in 2010 and all remaining branches will re-brand in 2011 to the Wells Fargo brand.

Citigroup Settles Shareholder CDO Suit For $590 Million

Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis.

The JP Morgan and Chase headquarters is seen in New York in this Jan. 30, 2008, file photo. REUTERS/Shannon Stapleton

Mortgages Boosted JPMorgan Chase and Wells Fargo in 1Q, But Stocks Plunge

JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC) beat first quarter earnings expectations Friday with the help of rising mortgage revenue, but the weak housing market could drag down future gains for the two big banks.

Millionaire Scam Artist: Con Man On ‘Millionaire Matchmaker’ Pleads Guilty After Swindling Millions From Bank

Michael Anthony Prozer III turned out to be a millionaire scam artist after federal prosecutors charged with mail, wire, and bank fraud. He pleaded guilty to the charges.

A U.S. flag flies above Wells Fargo & Co headquarters in San Francisco

Wells Fargo Seen Riding Wave of Mortgages to Solid 1Q Earnings

Wells Fargo & Co. (NYSE: WFC) is expected to report a big jump in quarterly earnings and a small rise in revenue on increasing mortgage refinancing during the first three months of the year.

Greg Smith Attacks Goldman Sachs: Is He A Hero, A Whistleblower Or Having A Midlife Crisis? [POLL]

Greg Smith did not choose the subtle approach for his exit from Goldman Sachs, where he had worked for 12 years. Instead, Greg Smith decided to post his resignation letter in The New York Times for the entire world to read. The resignation letter, entitled "Why I am Leaving Goldman Sachs," included scathing commentary on the "toxic" environment at the bank, its lack of "moral fiber" and the "muppets" who work there.

U.S. Treasury Secretary Timothy Geithner speaks at the Charlotte Chamber of Commerce in Charlotte

Geithner Denies Administration is Hostile to Banks

Treasury Secretary Timothy Geithner sought to calm fears that the Obama administration's bank reforms were hostile to the U.S. financial industry, saying on Wednesday the reforms were "tough where they need to be tough."

Senate Investigating HSBC for Money Laundering

HSBC Holdings PLC is under investigation by a U.S. Senate panel in a money-laundering inquiry, the latest step in a long-running U.S. effort to halt shadowy money flows through global banks, according to people familiar with the situation and a company securities filing.

GE Unit Pays $70 Million in Settlement over Muni Bond Scheme

A former unit of General Electric Co. (GE) agreed to pay $70.35 million to U.S. regulators to resolve complaints about the company's role in anticompetitive activity in the municipal bond investments market.

Wells Fargo Paying $148 Million to Settle Wachovia Muni Bid-Rigging Case

The SEC on Thursday charged Wachovia Bank N.A. -- now Wells Fargo Bank following a merger in March 2010 -- with fraudulently engaging in secret arrangements with bidding agents to improperly win business from municipalities and guarantee itself profits in the reinvestment of municipal bond proceeds.

Wells Fargo Cutting Technology Jobs in Cost Drive

Wells Fargo & Co plans to cut technology and operations jobs by the end of this year as the bank tries to eliminate more than $1.5 billion of quarterly operating expenses.

Mortgage Probe May Open New Path for Housing Relief

A controversial weapon could be deployed soon in the U.S. fight against the housing crisis as states and top banks near a deal in their dispute over mortgage abuses -- cutting the mortgage debt owed by homeowners.

Wells Fargo Q3 Profit up 21% on Improving Credit Quality

Wells Fargo & Company (NYSE: WFC) said its third quarter earnings grew 21 percent on improving credit quality. Its earnings came in above Street's view.

IFR-Redwood Trust Set to Launch US$375m Private RMBS

Redwood Trust, a California-based REIT, is about to launch its second private-label RMBS of the year, a US$375.2m prime-mortgage offering called Sequoia Mortgage Trust 2011-2 (SEMT 2011-2), according to a presale report released on Wednesday by Fitch Ratings.