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.
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.
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.
March 18, 2012 |
John Stumpf has an unusual pedigree among the CEOs of the nation's largest banks. He grew up in rural Minnesota, attended college at St. Cloud State University and got his MBA going to night school. But since joining Norwest Bank in Minneapolis in 1982 he has steadily climbed the ranks, with a particularly rapid ascent after Norwest merged with Wells Fargo in 1998. He became CEO of Wells in 2007, just in time for the financial crisis. As part of a story on Wells' new status as the nation's most valuable bank, Stumpf spoke with the Times about where he came from and how he approaches business.
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'...