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July 24, 2008 1:58:36 PM CDT

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Stories related to: Wells Fargo

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12 Stories

  • July 2008

    • Citi Losses Shrink in 2nd Quarter, Beat Expectations

      newser  |  Wall Street Journal  |  Jul 18, 08 8:32 AM CDT

      Citi Losses Shrink in 2nd Quarter, Beat Expectations

      Citibank delighted shareholders today by losing a mere $2.5 billion in the second quarter, the Wall Street Journal reports. Analysts had expected much worse from the US’ biggest bank by assets, but Citi beat expectations by reducing writedowns and slashing jobs. The results should prove a counterweight to the ghastly results Merill Lynch reported after markets closed yesterday. More »

      Tags

      Merrill Lynch  • JPMorgan Chase  • earnings reports  • Wells Fargo  • second quarter earnings  • Citibank

    • Markets Surge on Oil, Financials

      newser  |  Wall Street Journal  |  Jul 16, 08 3:27 PM CDT

      Markets Surge on Oil, Financials

      The markets rallied big today, as the price of oil fell for a second day and financials regained some of the ground lost in recent chaotic sessions, the Wall Street Journal reports. The Dow gained 276.74 to go back over the 11,000 mark, at 11,239.28. The Nasdaq rose 69.14, settling at 2,284.85, and the S&P 500 gained 30.45, closing at 1,245.36. More »

      Tags

      S&P 500  • oil price  • Nasdaq  • Dow Jones Industrial Average  • Fannie Mae  • Freddie Mac  • Wells Fargo  • financial stocks  • oil prices

  • June 2008

    • Banks Cut Colleges Eligible for Student Loans

      newser  |  New York Times  |  Jun 2, 08 8:09 AM CDT

      Banks Cut Colleges Eligible for Student Loans

      Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times . In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say they have cut back their eligible institutions, focusing on upper-tier schools whose students generally borrow more and default less. More »

      Tags

      JPMorgan Chase  • student loans  • Wells Fargo  • credit market chaos  • Sallie Mae  • Citibank

  • May 2008

    • Stocks Rise on Healthy Data

      newser  |  Wall Street Journal  |  May 29, 08 3:33 PM CDT

      Stocks Rise on Healthy Data

      The markets saw gains today as good economic data and a rally amid financial shares gave evidence that the nation may be moving past the current slump, the Wall Street Journal reports. The Dow gained 52.19 points to close at 12,646.22, the Nasdaq gained 21.62 to 2,508.32, and the S&P 500 rose 7.41 to 1,398.23. More »

      Tags

      S&P 500  • Nasdaq  • Dow Jones Industrial Average  • Bank of America  • Wells Fargo  • MasterCard  • Visa

  • April 2008

    • Markets Up Big on Earnings

      newser  |  Wall Street Journal  |  Apr 16, 08 3:42 PM CDT

      Markets Up Big on Earnings

      Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal . The Dow ended up 256.80 to 12,619.27, the Nasdaq 64.07 to 2,350.11, and the S&P 30.28 to 1,364.71. More »

      Tags

      stock market  • Intel  • JPMorgan Chase  • corporate earnings  • Wells Fargo

  • March 2008
  • December 2007

    • Subprime Lender Lobbying Foiled Safeguards

      newser  |  Wall Street Journal  |  Dec 31, 07 10:59 AM CST

      Subprime Lender Lobbying Foiled Safeguards

      Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory lending. Countrywide, Citigroup, and Wells Fargo also joined the quest for softer rules. More »

      Tags

      subprime mortgages  • Citigroup  • borrowers  • Countrywide Financial  • Wells Fargo

  • November 2007

    • Stocks Fall Second Straight Day

      newser  |  Bloomberg  |  Nov 15, 07 3:46 PM CST

      Stocks Fall Second Straight Day

      Stocks were down for a second consecutive session today on bad tidings from Wells Fargo, JC Penney, and Exxon Mobil. Mortgage giant Wells called the housing market the worst since the Depression; Exxon fell after a surprise decrease in oil prices. The Dow was down 120.96 to 13,110.05, the Nasdaq 25.81 to 2,618.51, and the S&P off 19.43 to 1,451.15. More »

      Tags

      stock market  • Fannie Mae  • Wells Fargo

  • September 2007

    • Stocks Dip on Mortgage Fears

      newser  |  Bloomberg  |  Sep 28, 07 3:22 PM CDT

      Stocks Dip on Mortgage Fears

      The markets dropped today on news that mortgage defaults last month climbed 30% from a year earlier, more evidence that foreclosures are on the rise. Wells Fargo and Washington Mutual tumbled, and the Dow dipped 17.31 to 13,895.63. Stocks bottomed out after a Fed official said players shouldn’t “bake into the cake” future rate cuts, Bloomberg reports. More »

      Tags

      S&P 500  • Nasdaq  • Dow Jones  • foreclosure  • Medicare  • Wells Fargo  • Washington Mutual  • Fed

  • August 2007

    • Top Banks Borrow $2B From Fed

      newser  |  Wall Street Journal  |  Aug 23, 07 5:12 AM CDT

      Top Banks Borrow $2B From Fed

      America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without stigma, the Wall Street Journal reports. More »

      Tags

      Federal Reserve  • Citigroup  • JPMorgan Chase  • bank  • Bank of America  • Wachovia  • Deutsche Bank  • Wells Fargo

    • Banks Tighten Credit Squeeze

      newser  |  Wall Street Journal  |  Aug 3, 07 4:38 AM CDT

      Banks Tighten Credit Squeeze

      Lenders are cutting credit, tightening standards or raising interest rates to a broader range of borrowers beyond those with weak credit records who qualify for subprime loans, the Wall Street Journal reports. Panic is spreading to a category of mortgages between subprime and prime that often involves borrowers who don't fully document income, or those buying for investment—about 13% of the market. More »

      Tags

      subprime mortgages  • mortgage  • interest rate  • loans  • Wells Fargo  • IndyMac  • National City

  • June 2007

    • CEO Passes Reins at Wells Fargo

      newser  |  Financial Times (UK)  |  Jun 28, 07 6:01 AM CDT

      CEO Passes Reins at Wells Fargo

      Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning overseas expansion. More »

      Tags

      acquisitions  • bank  • Wells Fargo

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