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Wells Fargo & Co. (WFC)

  • Apr. 11, 2013, 5:30 PM
    Notable earnings before Friday’s open: JPM, SJR, WFC
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  • Apr. 9, 2013, 11:29 AM
    Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC.
  • Apr. 9, 2013, 9:48 AM
    JPMorgan Chase (JPM) will lead big U.S. banks in job cuts with 17K expected through 2014, according to Bloomberg, after the six largest U.S. banks announced cuts to 1.8%, or 21K positions, during Q1. The housing rebound means many of the cuts will come in foreclosure units. Banks may tell more about their personnel plans starting this Friday when JPM and Wells Fargo (WFC) report Q1 results.
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  • Apr. 7, 2013, 4:19 AM
    A bipartisan Senate bill would force all banks to hold capital of 10% and those with over $400B in assets an extra 5%. The strictest provisions would hit six banks: JPMorgan (JPM), BofA (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS). Analysts reckon the bill has little chance of becoming law, although its authors reckon support for the measures are growing.
  • Apr. 5, 2013, 12:01 PM
    Wells Fargo (WFC) is likely to face a big drop in mortgage origination revenue this year, says JPMorgan's Vivek Juneja, expecting a decline to just $8B from $12B in 2012. The bank has offsets though, he says, including higher servicing revenues, and lower expenses and putback provisions. The overall impact on the bottom line should be just $334M-$404M. (previous)
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  • Apr. 5, 2013, 11:40 AM
    Avoid the "origination-reliant" bank names ahead of Q1 earnings, says FBR's Paul Miller, as the strong mortgage results from the past few reports will likely weaken. Most at risk: BAC, FITB, FBC, USB, STI, and WFC. That mortgage profits have worsened isn't news, but Miller suggests things have gotten worse than previous muted expectations.
  • Apr. 4, 2013, 3:02 PM
    Wells Fargo (WFC) bulls might want to consider the bank's TARP warrants as a cheap way to lever up, writes Assaf Nathan. Struck at $34.01 and expiring in 2018, the warrants are $3 in the money and sell for $12. Even better, the warrants - both the strike and the share count - are adjusted for distributions, adding more leverage the higher the stock price goes (you don't get this with a typical call option).
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  • Apr. 3, 2013, 2:52 PM
    Wells Fargo (WFC -0.2%) will have to face the music for serving as trustee for three SPVs tied to Medical Capital Holdings Inc. which went out of business in 2009 after the SEC sued it for fraud. A district judge denied WFC's bid to dismiss the charges which center around the bank's alleged failure in stopping Medical Capital Holdings from improperly diverting money. Investors lost as much as $1.08B when Medical Capital's "ponzi scheme" collapsed. 
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  • Apr. 3, 2013, 3:39 AM
    Wells Fargo (WFC) is enjoying the benefits of charging forward in the mortgage market while its rivals have retreated, with the bank accounting for 28.8% of all home loans issued last year as "production" hit a record $524B. The strategy has brought massive profits, although questions are being asked about what Wells will do once the refinancing boom, which has driven its growth, drops off.
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  • Apr. 1, 2013, 12:00 PM
    Bank of America (BAC) is biggest so it's only natural it should lead by a wide margin in mortgage-related complaints made to the CFPB, according to the bank, which blames its #1 spot on the Countrywide acquisition. BofA accounts for 29% of all complaints filed to date, compared to #2 Wells Fargo (WFC) with 16%.
  • Mar. 28, 2013, 11:15 AM
    Wells Fargo's (WFC) presence in the energy-boom states of the Northern Plains is paying off as it's the only one of the TBTFs reeling in significant deposits from the region. JPMorgan has no operations in the states surveyed, while BofA and Citigroup are at best marginal players. If the economy grows, then higher deposits mean better earnings, says Bernstein.
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  • Mar. 27, 2013, 9:20 AM
    One of Wells Fargo's (WFC) independent directors may not be so independent. Philip Quigley's son Scott works in the bank's principal investments group - the unit responsible for investing the lender's excess customer deposits (think London Whale). The younger Quigley earned $1.4M last year. Wells says it was unaware of the familial relationship until after the job offer had been made.
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  • Mar. 15, 2013, 5:54 AM
    Wells Fargo (WFC) CEO John Stumpf enjoyed an 8% increase in compensation to $19.3M in 2012 after the company's earnings jumped 19% to $18.9B, making him one of the best paid chief executives in the sector. Stumpf received a $2.8M basic salary, a $4M bonus and $12.5M in performance-based stock grants.
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  • Mar. 14, 2013, 5:14 PM
    After hours movers in the banks: JPM -2.5% and GS -2.1% after the two had their capital proposals approved but were asked to submit new plans "to address weakness in their capital planning processes." WFC +0.4%, BAC +3.8% after no dividend hike, but a whopping $10.5B in share repurchases and redemption of high-yielding preferreds. Morgan Stanley +0.9%. The XLF +0.1%.
  • Mar. 14, 2013, 5:06 PM
    More on bank capital return plans: Wells Fargo (WFC) an increase in the dividend to $0.30 from $0.25. Morgan Stanley (MS) will proceed with the $4.7B purchase of Smith Barney from Citigroup, but thus far there's no announcement of regarding capital returns.
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  • Mar. 14, 2013, 7:57 AM
    A Dallas Fed plan to cap assets at FDIC-insured banks at $250B would force most of the TBTFs to more than halve their consumer and business-lending units. Such a limit, says Dallas Fed EVP Rosenblum, is required to allow the FDIC to shut them down without using taxpayer funds. The Dallas proposal isn't becoming law anytime soon, but it is driving the debate in D.C.
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Company Description
Wells Fargo & Co is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions.
Sector: Financial
Country: United States