Advertisement
YOU ARE HERE: LAT HomeCollectionsWachovia
IN THE NEWS

Wachovia

FEATURED ARTICLES
BUSINESS
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.
ARTICLES BY DATE
WORLD
November 27, 2011 | By Tracy Wilkinson and Ken Ellingwood, Los Angeles Times
Money launderers for ruthless Mexican drug gangs have long had a formidable ally: international banks. Despite strict rules set by international regulatory bodies that require banks to "know their customer," make inquiries about the source of large deposits of cash and report suspicious activity, they have failed to do so in a number of high-profile cases and instead have allowed billions in dirty money to be laundered. And those who want to stop cartels from easily moving their money express concern that banks that are caught get off with a slap on the wrist.
Advertisement
BUSINESS
April 12, 2008 | From Times Wire Services
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. The Charlotte, N.C.-based company said the new guidelines for its portfolio loans, or those it keeps on its books, take effect this month. They are aimed at reducing Wachovia's exposure to risky home loans that tend to lead to foreclosures. "We want to ensure Wachovia maintains strong credit quality and we are making sure we're putting customers in the right loans," Wachovia spokesman Don Vecchiarello said.
BUSINESS
August 5, 2011 | By E. Scott Reckard, Los Angeles Times
In the latest legal fallout from the mortgage implosion, Wells Fargo & Co. has agreed to pay $590 million and accounting firm KPMG has agreed to pay $37 million to settle class-action lawsuits centering on controversial "pick-a-pay" loans issued by Oakland's World Savings and later by Wachovia Corp. Wells Fargo disclosed the proposed settlement Friday in a quarterly filing with the Securities and Exchange Commission. If approved by a judge, the deal would settle claims of misrepresentation that investors brought against Wachovia, which acquired World Savings' parent company in 2006 and was taken over in turn by Wells Fargo during the financial crisis.
BUSINESS
April 18, 2008 | From Times Wire Services
Wachovia Corp. said Thursday that it raised $8.05 billion in an offering of common and preferred stock, exceeding its original plan of raising $7 billion. The Charlotte, N.C., bank, the nation's fourth-largest, announced the stock sale Monday, the same day it reported a first-quarter loss of $393 million and a 41% cut in its dividend. Wachovia shares rose 44 cents to $25.85.
BUSINESS
August 21, 2008 | From Times Wire Services
Wachovia Corp. sold land and construction loans secured by 2,900 housing lots for $40 million to a joint venture headed by residential land company LandCap Partners of Los Angeles, a person with knowledge of the deal said.
BUSINESS
August 16, 2008 | From Times Wire Services
Wachovia Corp. agreed to buy back $9 billion of auction-rate securities as New York Atty. Gen. Andrew Cuomo increased pressure on Merrill Lynch & Co. and Goldman Sachs Group Inc. to settle claims that they too misled investors in the bonds. Wachovia agreed to repurchase the securities and pay a $50-million fine to settle claims by the Securities and Exchange Commission and states including Missouri and New York. Cuomo said Merrill faced an "imminent" lawsuit from New York because the company's offer last week to buy back $10 billion of the debt wasn't satisfactory.
BUSINESS
April 26, 2008 | From the Associated Press
Wachovia Corp. has agreed to pay an estimated $144 million to settle federal allegations that it failed to stop telemarketers who were charged with taking advantage of thousands of elderly consumers. The federal Office of the Comptroller of the Currency said Friday that Charlotte, N.C.-based Wachovia didn't act quickly enough to block telemarketers and payment processors who maintained their accounts at the bank. The marketers obtained customers' bank account numbers while selling products including vouchers for discount travel as well as groceries and medical discount plans.
BUSINESS
August 5, 2011 | By E. Scott Reckard, Los Angeles Times
In the latest legal fallout from the mortgage implosion, Wells Fargo & Co. has agreed to pay $590 million and accounting firm KPMG has agreed to pay $37 million to settle class-action lawsuits centering on controversial "pick-a-pay" loans issued by Oakland's World Savings and later by Wachovia Corp. Wells Fargo disclosed the proposed settlement Friday in a quarterly filing with the Securities and Exchange Commission. If approved by a judge, the deal would settle claims of misrepresentation that investors brought against Wachovia, which acquired World Savings' parent company in 2006 and was taken over in turn by Wells Fargo during the financial crisis.
NATIONAL
October 5, 2008 | From Times Wire Reports
Citigroup Inc. said Saturday that a New York state court judge granted an order extending the bank's "exclusivity agreement" with troubled Wachovia Corp., after Wells Fargo & Co. on Friday made a competing bid for the North Carolina lender. New York State Supreme Court Judge Charles Ramos issued the emergency injunction Friday night, extending Citigroup's agreement to negotiate the acquisition of parts of Charlotte, N.C.-based Wachovia "until further order of the court," Citigroup said in a statement.
BUSINESS
December 16, 2010 | Bloomberg News
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.
BUSINESS
November 28, 2010 | Andrew Leckey
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.
BUSINESS
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.
BUSINESS
April 29, 2010 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
June 10, 2009 | Tom Petruno
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.
BUSINESS
February 26, 2009 | Bloomberg News
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.
WORLD
November 27, 2011 | By Tracy Wilkinson and Ken Ellingwood, Los Angeles Times
Money launderers for ruthless Mexican drug gangs have long had a formidable ally: international banks. Despite strict rules set by international regulatory bodies that require banks to "know their customer," make inquiries about the source of large deposits of cash and report suspicious activity, they have failed to do so in a number of high-profile cases and instead have allowed billions in dirty money to be laundered. And those who want to stop cartels from easily moving their money express concern that banks that are caught get off with a slap on the wrist.
Los Angeles Times Articles
|