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Wells Fargo's Kovacevich to Continue as Chairman for Interim Period During Wells Fargo-Wachovia Merger Transition

Article from: US Fed News Service, Including US State News Article date: November 03, 2008

Wells Fargo issued the following news release:

Wells Fargo & Company's (NYSE:WFC) Board of Directors, with the recommendation of CEO John Stumpf, requested that Chairman Dick Kovacevich, who turned 65 last week, continue as chairman for an interim period and Kovacevich agreed. To make this possible, the Board has voted to grant an exception to the Company's mandatory retirement age of 65 for senior executives.

Kovacevich will focus primarily on helping President and CEO John Stumpf (elected CEO in June, 2007) and the company's senior leaders achieve a successful merger integration of ...

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Wachovia Takes Massive $23.9B 3rd Quarter Loss

Posted Oct 22, 08 8:40 AM CDT in Business 

Wachovia Takes Massive $23.9B 3rd Quarter Loss
Source: AP Photo/Paul Sakuma

(Newser) – Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells Fargo’s gain.

New tax rules allow Wells Fargo, which agreed to buy Wachovia for $14 billion, to more easily absorb the losses. “The more losses the better off they are,'' an analyst tells Bloomberg. “It's kind of a free pass.'' Wells Fargo said the company is “on track” to complete the merger, which will help give it a nationwide presence.

Source: Bloomberg

More about:  Financial Crisis • corporate earnings • Wachovia • writedowns • Wells Fargo & Co

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MARKET opener

 Sour Earnings Sink Stocks 

Recession fears keep bears growling

Wall Street Journal Wall Street Journal Oct 22, 08 8:51 AM CDT
(Newser) - Recession fears kept bears roaring today, as the Dow shed 230 points at the open on a spate of lousy third-quarter results. Wachovia posted a staggering $23.9 billion loss to lead a group of five gloomy blue chip reports, the Wall Street Journal reports. “We’ve seen a range of poor results lately,” said one market watcher, “and there is no reason why this is not set to continue.” More »

More about:  Financial Crisis • Dow Jones • stock market • recession • Apple • markets • corporate earnings • Wachovia • third quarter earnings

earnings reports

Citi Losses Less than Expected; Merrill Drops $5B

Third quarter earnings show recovering bank, struggling brokerage

Bloomberg Bloomberg Oct 16, 08 7:20 AM CDT
(Newser) - A pair of earnings reports from Citigroup and Merrill Lynch for the third quarter shows just how deeply wounded the big brokerage is, while painting a slightly brighter picture for the big bank, reports Bloomberg. Citi, the nation’s largest bank, beat analyst expectations with a net loss of $2.8 billion; Merrill, bought by Bank of America in September, lost $5.2 billion. More »

More about:  Financial Crisis • Citigroup • Merrill Lynch • corporate earnings • writedowns

Earnings

Wachovia Posts $8.9B Loss Under New CEO

'Dismal' housecleaning quarter much worse than expected

New York Times New York Times Jul 22, 08 9:58 AM CDT
(Newser) - New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean house, but analysts had predicted only a 78 cents-per-share loss. Instead, after $6.1 billion in writedowns, Wachovia lost $4.20 a share. More »

More about:  Financial Crisis • earnings reports • corporate earnings • Wachovia • second quarter earnings

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