Wells goes through quarter on earnings call


Overall traffic to branches was strong in Q1 despite the brutal winter weather (JPM's CFO notably blamed the weather for having a role in its weak Q), says Wells Fargo (WFC +2%) CFO Tim Sloan on the earnings call (his last as CFO). The refinance boom now a bust, Sloan expects a strong purchase market to drive originations growth in Q2. Also commenting on housing/mortgages, CEO John Stumpf notes the number of those buying homes for cash is up.

As for acquisitions, management says Wells is in a position to do a big one, but is going to be picky.

Wells sits alone among the TBTF banks in the green in morning action. XLF -0.5%, KBE -0.35%

Earnings call presentation

Previous earnings coverage

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Comments (2)
  • cstay
    , contributor
    Comment (1) | Send Message
     
    I had been a DRIP (Dividend Reinvestment Program) Investor for the past 9 years. My portfolio includes KO, PG, COL, WFC, AFL and XOM. I am a firm believer of DRIP in these US blue chip companies.
    11 Apr 2014, 11:59 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (10591) | Send Message
     
    If you are interested in (WFC) warrants, here is one way to get exposure:

     

    http://bit.ly/1gSvpcA
    11 Apr 2014, 07:10 PM Reply Like
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