December 16, 2010 |
Wells Fargo & Co., the San Francisco lender that doubled its size by buying Wachovia Corp. during the credit crisis, passed JPMorgan Chase & Co. to become the largest U.S. bank by stock market value. Wells Fargo's market capitalization rose to $157.6 billion at Thursday's close of New York trading, surpassing JPMorgan's $156.4 billion. Wells Fargo is ranked fourth by assets and deposits, while JPMorgan is second behind Bank of America Corp., and New York-based Citigroup Inc. is third.
November 28, 2010 |
Question: Can I expect the performance of Wells Fargo & Co.'s stock to improve? Answer: No one these days is doing handsprings over the prospects of banks, including Wells Fargo, a top-tier nationwide institution and the largest originator of home loans. Although the company has weathered its 2008 acquisition of Wachovia Corp. better than analysts had expected and is financially stronger than many rivals, its mortgage and home equity portfolios still bear close watching.
November 19, 2010
Wells Fargo has agreed to pay $100 million to Citigroup to settle all claims in a dispute related to its 2008 acquisition of Wachovia Corp. Wachovia nearly collapsed in October 2008, at the height of the financial crisis, under the weight of losses from real estate loans that went bad. The Charlotte, North Carolina-based bank initially agreed to be bought by Citigroup Inc. with help from the U.S. government. However, Wells Fargo & Co. came in with a higher offer days later and managed to grab Wachovia away from Citi.
April 29, 2010 |
More than a year after taking over Wachovia Corp. during the worst of the financial crisis, Wells Fargo & Co. has finally put its name on 87 Wachovia branches in California. The switchover took place last weekend. At the same time, the rest of Wachovia's 187 California branches were merged into nearby locations owned by Wells. The company also closed 18 Wells offices as part of the integration. The Wachovia locations, originally offices of Oakland-based World Savings, were generally smaller and less prominent than Wells Fargo branches.
June 10, 2009 |
Wells Fargo & Co. didn't want a federal capital infusion last fall but got one anyway. Now, despite its earlier objections, the bank isn't rushing to pay the money back. Wells confirmed Tuesday that it wasn't among the 10 megabanks that have applied to repay the capital the Treasury injected under the Troubled Asset Relief Program. The San Francisco bank cited a need to concentrate on digesting loss-ridden Wachovia Corp., which Wells bought late last year.
February 26, 2009 |
Wells Fargo & Co., which received $25 billion in government aid, said Wednesday that it was cutting spending on the Wachovia Championship golf tournament in April amid criticism from U.S. lawmakers about banks' expenses. The San Francisco bank, which acquired Wachovia Corp. in December, has a sponsorship contract with the PGA Tour through 2014, spokeswoman Mary Beth Navarro said.