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Wells Fargo (WFC) will indeed request permission from the Fed for a bigger capital return in...

Wells 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)
Comments (3)
  • Ray Merola
    , contributor
    Comments (3161) | Send Message
     
    Too much cash and nowhere to invest it: kind of a high grade problem.

     

    Mortgage refis should be slowing after a torrid pace, but new origination loans will continue to climb for years, albeit at "normal" levels.

     

    11 Jan 2013, 11:27 AM Reply Like
  • Shalldo
    , contributor
    Comment (1) | Send Message
     
    How about paying some real interest on savings accounts?
    11 Jan 2013, 02:31 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (2789) | Send Message
     
    Read the story entitled SPECIAL REPORT: THE LATEST FORECLOSURE HORROR: THE CURSE OF THE ZOMBIE TITLE on the Reuters website for some goings on that Wells Fargo and its pals in the home mortgage business would prefer that you not know about.
    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.
    11 Jan 2013, 01:30 PM Reply Like
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