Skip to: Content
Skip to: Site Navigation
Skip to: Search
SATURDAY, NOVEMBER 21, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: Wells Fargo

Wells Fargo stories: 45 news summaries

1 - 20 of 45 Stories | 1 2 3 Next >>

Switch to grid view »

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

Sep 14, 09 6:52 PM CDT
(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple... More »

MORE ABOUT:
Wells Fargo • Ponzi scheme • Malibu Colony • bank fraud • executives • squatting • Bernard Madoff • Cheronda Guyton

Wells Fargo Exec Squats in Foreclosed Beach House

Owner of $12M spread was Madoff victim

Sep 12, 09 8:51 AM CDT
(Newser) - Wells Fargo has tried to distance itself from an executive who allegedly hung out in a bank-owned $12 million beach house, promising “decisive action” against any employee “who may have violated Wells Fargo’s policies.” Cheronda Guyton, the senior VP in charge of foreclosed commercial properties, allegedly... More »

MORE ABOUT:
Wells Fargo • Malibu • mansion • Bernard Madoff

(Newser) - Many of the lenders eligible for $75 billion in taxpayer subsidies from the government's foreclosure prevention program are the very same subprime lenders who fueled the mortgage crisis in the first place, the Washington Post reports. According to a report to be released tomorrow, JPMorgan, Countrywide, Wells Fargo, and other... More »

MORE ABOUT:
Wells Fargo • Countrywide • JPMorgan Chase • subprime lender • Making Homes Affordable

BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

Aug 4, 09 11:44 AM CDT
(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers... More »

MORE ABOUT:
Bank of America • foreclosure • mortgage • loans • Wells Fargo • home loans • Treasury Department • mortgage lender • Obama administration • President Obama • loan modification

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank... More »

MORE ABOUT:
Citigroup • Bank of America • Federal Reserve • Wells Fargo • Treasury Department • banking industry • TARP • stress tests

Bank Wrangling Softened Stress Test Results

Fed massaged some figures to portray banks as healthy

May 8, 09 5:40 AM CDT
(Newser) - Some major banks managed to cajole the government into using more optimistic figures in its "stress test" results, insiders tell the Washington Post.  Banks like Citigroup—eager to show they were healthy and didn't need more help from the government—were given credit for pending moves to raise... More »

MORE ABOUT:
Bank of America • Wells Fargo • bank • Treasury Department • banking industry • financial crisis • TARP • stress tests

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

May 6, 09 9:28 AM CDT
(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill... More »

MORE ABOUT:
Citigroup • subprime mortgages • Wells Fargo • AIG • mortgage loans • GMAC • investment banks • JPMorgan Chase • subprime lender • banks • financial crisis • TARP

MARKETS

 Stocks Fall Back; Dow Off 16 

Investors keep an eye on upcoming jobs, stress test reports

May 5, 09 3:19 PM CDT
(Newser) - Yesterday’s rally failed to carry stocks today, with traders nervously anticipating weekly and monthly employment reports as well as the bank stress-test results later this week, the Wall Street Journal reports. Bank of America rose 5.4%, while Wells Fargo dropped 3.3%. The Dow fell 16.09 to... More »

MORE ABOUT:
Bank of America • Dow Jones • Wells Fargo • Nasdaq • S&P 500 • stress tests

(Newser) - The Obama administration is expected to tell 10 of 19 banks receiving "stress tests" to raise more capital as a buffer against possible dark days ahead, the Wall Street Journal reports. Down from a recent estimate that 14 banks needed more money, the list may include Wells Fargo, Bank... More »

MORE ABOUT:
Citigroup • Bank of America • Wells Fargo • capital injection • TARP • stress tests

MARKETS

 Big Banks Rally; Dow Up 119 

Investors mull 'stress test' criteria

Apr 24, 09 3:24 PM CDT
(Newser) - Stocks gained today on some positive earnings reports, but anxiety over the ramifications of government "stress tests" kept the lid on, the Wall Street Journal reports. The disclosure of the “stress test” methodology seemed to boost the biggest banks, like Bank of America, Wells Fargo, and US Bancorp,... More »

MORE ABOUT:
Bank of America • Dow Jones • Wells Fargo • Nasdaq • S&P 500 • stress tests • US Bancorp

MARKETS

 Dow Rises 246 
 on Rosy Bank News

Rosy NYT report on Treasury 'stress tests' fuels risk appetite

Apr 9, 09 3:23 PM CDT
(Newser) - Surging financial stocks spurred a broader rally today, the Wall Street Journal reports. A New York Times report that all 19 banks facing Treasury “stress tests” will pass boosted shares in a sector already buoyed by a strong Wells Fargo earnings forecast. The Dow rose 246.27 to close... More »

MORE ABOUT:
New York Times • Dow Jones • Wells Fargo • Nasdaq • Treasury Department • financial sector • S&P 500 • stress tests

MARKET Open

 Wells Fargo Lifts Stocks 


Apr 9, 09 8:45 AM CDT
(Newser) - Stocks soared at the open today, thanks to Wells Fargo’s announcement that it expects record first-quarter earnings, the Wall Street Journal reports. The Dow climbed 150 points, while the Nasdaq added 1.8% and the S&P jumped 2.3%. Wells Fargo was up more than 20%. A... More »

MORE ABOUT:
stock market • Dow Jones • Wells Fargo • Nasdaq • financial sector • S&P 500

(Newser) - CEOs of the nation’s largest banks today assured President Obama they understand their institutions are vital to economic recovery and pledged to do all they can to help the government, Bloomberg reports. Following today’s White House meeting, Wells Fargo’s CEO said “the basic message” of the... More »

MORE ABOUT:
White House • Wells Fargo • John Stumpf • Larry Summers • Obama administration • Wall Street bailout • President Obama • meeting

(Newser) - Amid growing dissatisfaction with government restrictions on bailout funds, President Obama will meet with bank CEOs on Friday, Reuters reports. Several banks have indicated that they will repay their TARP loans to avoid new government rules. In the meeting with execs from Citigroup, Goldman Sachs and others, Obama will urge... More »

MORE ABOUT:
Citigroup • Goldman Sachs • Wells Fargo • Obama administration • banks • financial crisis • Wall Street bailout • President Obama • meeting • TARP

(Newser) - Wells Fargo, which received $25 billion in TARP funds, has canceled a swanky corporate retreat in Las Vegas after criticism began to mount, the AP reports. The bank had booked 12 nights at two pricey hotels to recognize top employees. Wells Fargo initially defended the retreat when news of it... More »

MORE ABOUT:
Las Vegas • Wells Fargo • mortgage brokers • conference • Wynn Las Vegas • corporate retreat • Wall Street bailout • junket

MARKET Open

 Stocks Soar on Bank Hopes 


Jan 28, 09 8:52 AM CST
(Newser) - Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping... More »

MORE ABOUT:
stock market • Citigroup • Bank of America • Wells Fargo • Nasdaq • Dow • banking • S&P 500

BofA Boss Reluctantly Bags Bonuses

Bridling at political pressure, Lewis nixes cash for top execs

Jan 7, 09 8:37 AM CST
(Newser) - Despite being rankled by political pressure to forgo bonuses for himself and other top Bank of America execs, CEO Kenneth Lewis has asked the board to withhold bonuses for 2008, reports the Wall Street Journal. The company saw its stock fall 66% in 2008 and 3rd-quarter profits plunge 68%, and... More »

MORE ABOUT:
executive compensation • Bank of America • Merrill Lynch • Wells Fargo • Kenneth Lewis • China Construction Bank

BoA, Wells Fargo
Wrap Up Takeovers

Tough road ahead for merged financial institutions

Jan 1, 09 3:27 PM CST
(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7... More »

MORE ABOUT:
Bank of America • takeovers • Wachovia • mortgage • Merrill Lynch • Wells Fargo • banks • financial crisis

A $250B Offer They Couldn't Refuse

In brief meeting, Paulson gave banks a 'take it or take it' deal

Oct 15, 08 7:47 AM CDT
(Newser) - When the CEOs of America's 9 largest banks arrived at the Treasury at 3pm Monday afternoon, they each received a draft one-page statement promising to sell shares to the government. By 6:30 they'd all signed them. The New York Times reconstructs the meeting, during which Henry Paulson wore down... More »

MORE ABOUT:
Bank of America • CEO • Henry Paulson • Wells Fargo • Treasury Department • financial crisis • recapitalization

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

Oct 10, 08 3:02 PM CDT
(AP) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but... More »

MORE ABOUT:
Citigroup • mergers and acquisitions • Wachovia • antitrust • Wells Fargo • SEC • credit crisis • financial crisis

1 - 20 of 45 Stories | 1 2 3 Next >>


from our news partners