February 4, 2009 |
Cries for post-bailout accountability resounded at the biggest banks Tuesday as Citigroup Inc. issued a 43-page defense of its lending, a consumer group lashed Bank of America Corp. for throwing a $10-million Super Bowl bash, and Wells Fargo & Co. canceled plans to fete its top mortgage salespeople in Las Vegas. The complaints raised questions likely to be asked more frequently as more government help for companies is doled out.
January 21, 2009 |
Few bank stocks showed the strength that Wells Fargo & Co. did in 2008. This year, few are faring worse than Wells. Shares of the San Francisco-based giant Tuesday plummeted $4.45, or 24%, to $14.23, an 11-year low. The stock is down 52% just since Dec. 31, compared with a 43% drop on average for big U.S. bank stocks. The selling accelerated Tuesday after Paul Miller, a veteran bank industry analyst at Friedman, Billings, Ramsey & Co. in Arlington, Va.
September 12, 2009 |
Wells Fargo & Co., seeking to distance itself from a company executive's alleged personal use of a $12-million beachfront Malibu home owned by the bank, said today that it would "take decisive action" against any employee "who may have violated Wells Fargo's policies." The bank said in a statement that its rules of conduct prohibit employees from "personal use of properties held by Wells Fargo." The company reiterated that it had launched a full investigation into the allegations.
July 13, 2012 |
Wells Fargo & Co. saw its profit jump 17% in the second quarter on strong loan and deposit growth. The San Francisco-based bank said it made $4.6 billion, or 82 cents a share, in the second quarter, up from $3.9 billion, or 70 cents, in the same period a year ago. “While the economic recovery remains uneven, we continued to meet our customers' financial needs and benefited from signs of stabilization in the housing market," John Stumpf, Wells'...
October 9, 2012 |
NEW YORK -- The U.S. attorney in Manhattan has accused Wells Fargo of defrauding a government-backed mortgage insurance program, in another major civil case brought in the wake of the housing bust and financial crisis. The mortgage-fraud suit, filed by U.S. attorney Preet Bharara, seeks "hundreds of millions of dollars" in damages for claims the U.S. Department of Housing and Urban Development has paid for defaulted loans "wrongfully certified" by Wells Fargo. The suit alleges the San Francisco banking giant falsely certified loans insured by the government's Federal Housing Administration.
December 11, 2012 |
Accusing Wells Fargo & Co. of reneging on a sweeping mortgage-modification deal, a lawyer for troubled homeowners is trying to reopen a case involving risky "pick-a-pay" loans written during the housing bubble. Legal filings last week claimed Wells Fargo failed to provide wide-ranging reductions of loan balances to delinquent borrowers as it had promised two years ago when it settled a combined national class-action suit. A bank spokeswoman strongly disputed the claim, saying it was riddled with errors.