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Wells Fargo (WFC) will indeed request permission from the Fed for a bigger capital return in...
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Friday, January 11, 10:53 AM ETWells Fargo (WFC) will indeed request permission from the Fed for a bigger capital return in 2013, says CFO Tim Sloan on the conference call. Q4 repurchases (42M shares) were not returns as they were done mostly to offset employee stock awards. A theme of the call: The bank has too much money and nowhere to profitably invest it. One popular way - mortgage lending - looks to be slowing, with $125B issued in Q4, down from $139B in Q3. Shares -1.6%, with the rest of the banks following. (earnings)
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Mortgage refis should be slowing after a torrid pace, but new origination loans will continue to climb for years, albeit at "normal" levels.
You can also read it on the National Post's website under the name, CURSE OF THE ZOMBIE TITLE. This will come up under google news also.