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BUSINESS
October 12, 2012 | By E. Scott Reckard
Wells Fargo & Co. said its third-quarter profit rose 22%, with its volume of mortgage lending up more than 50% as homeowners refinanced their home loans. The San Francisco-based bank said in its earnings report Friday that net income totaled $4.94 billion, or 88 cents per share, up from $4.06 billion, 72 cents a share, in the third quarter last year. Revenue of $21.21 billion was up 8.1% from a year earlier but down slightly from the second quarter and less than the $21.47 billion that analysts had expected.
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BUSINESS
April 11, 2014 | By E. Scott Reckard
California's banking giant, Wells Fargo & Co., reported 14% higher first quarter earnings, powering well beyond Wall Street's expectations as declining loan losses and operating cost cuts offset the slowdown in mortgages at America's largest home lender.  San Francisco-based Wells Fargo, the fourth-largest U.S. bank by assets, said it earned $5.89 billion, $1.05 per share. That compared to $5.17 billion, 92 cents a share, in last year's first quarter. Revenue declined 3% to $20.63 billion.
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OPINION
December 25, 2013
Re "Wells Fargo sales quotas come at cost," Dec. 22 From 1996 to 2002, I worked at a Wells Fargo branch in Brentwood. My experience was just as The Times reported for other workers. I was criticized numerous times for not selling according to the bank's wishes. Contrary to the bosses' demands, I chose not to push products on people who did not want or need things like loans or credit cards. Customers were called in the evenings, as the article describes. Employees misbehaved.
BUSINESS
February 27, 2014 | By Hugo Martin
The Business section of the Los Angeles Times and several of its writers were honored Thursday by the Society of American Business Editors and Writers. The daily section was named as a finalist for the general excellence award for daily newspapers with a circulation of more than 400,000, behind the winner, the business section of the New York Times. “A worthy honoree,” the judges said of the Los Angeles Times' Business section. “In particular, the paper's investigation on Wells Fargo sales quotas featured on the front page exhibited great enterprise in exposing questionable behavior from a bank that had largely avoided scrutiny.” Los Angeles Times staff writer E. Scott Reckard won in the breaking news category, honored for the Wells Fargo story . Consumer columnist David Lazarus won in the category of newspaper commentary, primarily for his coverage of healthcare issues . In the category of newspaper features, staff writer Alana Semuels won for a series on overworked and increasingly pressured Americans.
BUSINESS
February 4, 2009 | E. Scott Reckard
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.
BUSINESS
January 21, 2009 | Tom Petruno
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.
BUSINESS
December 11, 2012 | By E. Scott Reckard
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.
BUSINESS
October 9, 2012 | By Andrew Tangel
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.
BUSINESS
July 13, 2012 | By Andrew Tangel
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'...
CALIFORNIA | LOCAL
July 27, 2013 | By Joe Piasecki
About 70 anti-foreclosure activists gathered Saturday afternoon outside the San Marino home of Wells Fargo Chief Financial Officer Tim Sloan, testing a city law against political protest in residential areas that was enacted after a previous demonstration at the bank executive's house. Members of Occupy Fights Foreclosures and the nonprofit Alliance of Californians for Community Empowerment staged a circular picket line in the 1300 block of Woodstock Road for about an hour. The group dispersed quickly and without incident after San Marino police declared the assembly unlawful.
BUSINESS
February 27, 2014 | By E. Scott Reckard
Wells Fargo & Co. is slicing an additional 700 jobs from its mortgage operations, bringing staff reductions to about 7,000 -- nearly 12% of its home-lending workforce -- since last year, when rising interest rates ended a refinance boom.  Processing and fulfillment employees around the country are getting the boot, said Tom Goyda, a spokesman for Des Moines-based Wells Fargo Home Mortgage, the country's No. 1 originator of residential loans....
BUSINESS
January 14, 2014 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
BUSINESS
December 30, 2013 | By Jim Puzzanghera
WASHINGTON - Wells Fargo & Co. said Monday it has agreed to pay $591 million to Fannie Mae to settle disputes over soured mortgages the bank sold to the seized housing finance giant during the subprime housing boom. The agreement covers loans originated by Wells Fargo before 2009 that Fannie Mae was trying to force the bank to buy back. The deal "resolves substantially" all repurchase issues related to those loans, the company said. Wells Fargo will pay $541 million in cash to Fannie Mae, with the rest covered by credits from earlier repurchases.
BUSINESS
December 28, 2013 | By E. Scott Reckard
A Times investigation into the intense sales culture at Wells Fargo Bank, published in Sunday's newspaper, has drawn strong reaction from the bank's customers and employees. Many related experiences similar to those described in the story. The Times reported that rigid daily quotas caused many employees to unethically inflate sales - often by pushing unnecessary accounts or services, at times without customer permission. Some staffers begged family members to open ghost accounts; others ordered credit cards that customers never requested, or forged signatures on account paperwork.
OPINION
December 25, 2013
Re "Wells Fargo sales quotas come at cost," Dec. 22 From 1996 to 2002, I worked at a Wells Fargo branch in Brentwood. My experience was just as The Times reported for other workers. I was criticized numerous times for not selling according to the bank's wishes. Contrary to the bosses' demands, I chose not to push products on people who did not want or need things like loans or credit cards. Customers were called in the evenings, as the article describes. Employees misbehaved.
CALIFORNIA | LOCAL
December 6, 2013 | By Ruben Vives
The FBI is asking the public's help in identifying a bank robber dubbed the Valley Bandit who has struck eight banks in the San Fernando Valley over the past year. Since last December, he's robbed Bank of America, Chase and Wells Fargo branches in cities across the San Fernando Valley, including Northridge, North Hills, Van Nuys and Sherman Oaks. The most recent robbery took place on Wednesday at a Wells Fargo in West Hills. Federal officials on Friday released photographs of the accused robber in an effort to identify him.  Officials say the bandit enters the bank and says he wants to make a withdrawal before brandishing a weapon and demanding cash.
BUSINESS
May 10, 2012 | By David Colker
Yolanda Quesada received recognition rewards, service excellence pins and other accolades over the last five years for her work as a customer service representative in the home mortgage department of Wells Fargo. Then suddenly last week, she was fired. The bank had found that Quesada had been arrested for shoplifting 40 years ago when she was 18, according to the Milwaukee Journal Sentinel, which first reported the story. The bank said it has no choice but to sever ties with employees found to have certain types of criminal records.
BUSINESS
September 12, 2009 | David Sarno, Peter Hong and Lauren Beale
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.
BUSINESS
December 5, 2013 | By Andrew Khouri
The city of Los Angeles accused banking giants Wells Fargo & Co. and Citigroup Inc. of a “continuous pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenue and increased costs for city services. In twin lawsuits filed in U.S. District Court, the city alleged that both banks engaged in predatory lending practices and redlining that saddled minorities with loans they couldn't afford and resulted in a disproportionately high number of foreclosures in their neighborhoods compared with white neighborhoods.
BUSINESS
October 15, 2013 | By Roger Vincent
With its acquisition of some of the tallest skyscrapers in downtown Los Angeles finally complete, New York-based Brookfield Office Properties Inc. is now the dominant office landlord in the city's financial district. Brookfield completed its purchase of longtime L.A. office tower owner MPG Office Trust Inc. on Tuesday. The new owner controls seven high-profile skyscrapers in the financial district, which has suffered for years from too much office vacancy even as downtown's overall reputation has improved.
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