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Wells Fargo & Co. (WFC)

- NYSE
  • 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%.
    | 8 Comments
  • 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.
    | 1 Comment
  • 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.
    | 1 Comment
  • 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%.
    | 18 Comments
  • 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.
    | 1 Comment
  • 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.
    | 6 Comments
  • Mar. 8, 2013, 7:40 AM
    A check of the largest banks premarket after last night's stress test results: C +2.1%, JPM -0.8%, BAC +0.3%, WFC +0.5%, MS -1.6%, GS -0.3%. The XLF +0.6%.
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  • Mar. 7, 2013, 4:50 PM
    More on the Fed Stress Tests: The exams measured to make sure banks' Tier 1 Common Ratio remained above 5% in the Fed's "severely adverse" economic scenario - GDP falling 5%, the UE rate rising to 12%, a 50% fall in stocks, and recessions overseas, among a number of other variables. This table shows the results, with GS and MS just passing, and BAC, C, WFC, and JPM getting by with a little more room.
    | 6 Comments
  • Mar. 7, 2013, 4:37 PM
    Fed Stress Tests: Ally Financial is the only bank not meeting the Fed standards.  All of the other 18 holding companies showed a Tier 1 Common Ratio higher than 5% under the central bank's severe loss scenario.
    | 24 Comments
  • Mar. 7, 2013, 11:01 AM
    The big U.S. banks are considering defying the Fed and announcing capital return plans shortly after stress tests are released this afternoon, reports Bloomberg. The Fed wants the lenders to wait another week, but bank lawyers worry the plans will leak out. It's under discussion, JPM CFO Lake told an investor conference (transcript) Tuesday. XLF +0.6%.
    | 34 Comments
  • Mar. 5, 2013, 8:34 AM
    After generating 12 consecutive quarters of EPS growth, will Wells Fargo (WFC) produce a 13th? A questioner at Wells' presentation at the Citi Financial Services Conference notes Q1 estimates are for $0.88/share vs. Q4 earnings of $0.91. Whatever the earnings are, says CFO Tim Sloan, they won't be low-quality. With Fed stress test results due Thursday, Wells says its aiming for a payout ratio of 50-65% of earnings. (earlier)
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  • Mar. 5, 2013, 7:39 AM
    KeyCorp (KEY), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM), and BB&T (BBT) make RBC's list of best-capitalized banks - those that the Fed this month should allow dividends/buybacks of 75-100% of earnings. WFC, FITB, and MTB are in the middle of the pack and should be allowed payouts of 50-75%. Capital laggards - BAC, C, and COF - may only be allowed payouts of 10-30% of earnings.
    | 6 Comments
  • Mar. 4, 2013, 11:55 AM
    Expect gradual, but not outsized jumps in capital returns from the banks this year, says Goldman (stress tests results are due Thursday, capital return decisions due March 14). Management teams are likely to be conservative in their requests from the Fed as "taking a mulligan" - i.e., resubmitting a plan after being shot down - is not seen as a viable option.
    | 6 Comments
  • Feb. 24, 2013, 4:52 AM
    Federal and state regulators are reportedly investigating the role of major banks in facilitating the activities of online payday lenders that make short-term loans at exorbitant interest rates. The banks, which can earn lucrative overdraft and other fees, allow the lenders to automatically withdraw cash from debtor accounts, even in states where such loans are banned.
    | 31 Comments
  • Feb. 21, 2013, 3:26 PM
    Wells Fargo (WFC +1.3%) is a rare big-cap in the green, with news Warren Buffett added 17.3M shares to Berkshire's stake in the company (total now 439.8M) not hurting. Wells has now surpassed Coca-Cola as Berkshire's largest holding.
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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