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 27, 2011 |
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.
January 29, 2008 |
Defaults on U.S. sub-prime mortgages continued their relentless climb in December as some borrowers faced rising payments on adjustable loans, according to Wachovia Corp. A team of analysts at Wachovia said 28.1% of loan balances backing 20 sub-prime bonds created in the first half of 2006 were in default, up 2.43 percentage points from the previous month. That increase compares with a jump of 2.25 percentage points in November. "It is increasingly difficult to find new synonyms for the word 'increase' to describe the direction of nonperforming loans," the analysts wrote in a report dated Friday.
October 22, 2008 |
Wachovia Corp. is seeking at least $358 million in a lawsuit against six home builders including KB Home, Toll Bros. Inc. and Lennar Corp. over a failed Nevada development. Wachovia Bank, a unit of Charlotte, N.C.-based Wachovia, sued in Manhattan federal court. Wachovia said land developer Focus Kyle and eight builders, two of which weren't sued, defaulted on guarantees to develop a planned community in Las Vegas. The $565-million development was to be called Kyle Canyon Gateway, with 16,000 homes on 1,710 acres, according to Commercial Property News Magazine.
December 24, 2008 |
Wachovia Corp. shareholders Tuesday approved its sale to Wells Fargo & Co., one of the final steps toward ending the independence of the sixth-largest U.S. lender. Wells Fargo's Oct. 3 acquisition agreement granted the San Francisco-based buyer 39.9% of the voting power in the transaction for Wachovia, whose roots date from 1879. A shareholder lawsuit aimed at blocking the deal, which plaintiffs' lawyers described as unprecedented, was dismissed by a North Carolina judge Dec. 5.
July 19, 2006 |
Wachovia Corp., which is acquiring Golden West Financial Corp. in a $25.5-billion deal, plans to set up its new Western region headquarters in Golden West's home city of Oakland. The deal is expected to be completed in the fourth quarter and would give Charlotte-based Wachovia its first major West Coast foothold. Wachovia, the nation's fourth-largest bank, has yet to name an executive to head the western region, which will also include Arizona, Nevada, Colorado and Illinois.
April 17, 2007 |
Citigroup Inc. and Wachovia Corp., the first major U.S. banks to report quarterly results, posted higher-than-expected profits Monday, helped by keeping operating costs down. Citigroup, the largest U.S. bank, reported an 11% drop in first-quarter profit, but earnings rose 4% excluding a charge related to 17,000 job cuts as revenue from securities trading soared.
May 8, 2004 |
Wachovia Corp., the No. 4 U.S. bank, said its retail brokerage was being investigated over payments from mutual fund companies, and its broker-dealer unit might face charges over alleged conflicts between stock research and investment banking. The Charlotte, N.C.-based company said the Securities and Exchange Commission was investigating how well the brokerage, Wachovia Securities, disclosed revenue-sharing arrangements with fund companies.
June 22, 2004 |
Wachovia Corp. is buying competitor SouthTrust Corp. in a $14.3-billion deal that would make it the biggest bank in the Southeast. Wachovia said it planned to close 130 to 150 branch offices and eliminate about 4,300 jobs after the merger, announced Monday, is completed. Many of the job cuts would be done through attrition, said Ken Thompson, Wachovia's chief executive, chairman and president.
May 10, 2008 |
Wachovia Corp. Chief Executive Kennedy Thompson, under fire for buying Oakland-based Golden West Financial Corp. as the housing market peaked in 2006, was stripped of his role as chairman of the fourth-largest U.S. bank. Lanty Smith will become nonexecutive chairman, Charlotte, N.C.-based Wachovia said. Thompson, 57, remains on the board and retains full management responsibility, spokeswoman Christy Phillips Brown said.