July 19, 1995 |
Keeping problem loans under control, Wells Fargo & Co. reported a second-quarter profit of $232 million, up 13% from the $206 million earned in the corresponding period last year. San Francisco-based Wells, one of several major U.S. banks to report earnings Tuesday, said the profit difference was mainly attributable to the fact that it added nothing to its reserve against possible loan losses. It made a $60-million loan-loss provision a year ago.
March 29, 1999 |
Wells Fargo & Co. could reduce its staff by as much as 4,600 people, or 5% of its 92,000 full-time workers, as the seventh-largest U.S. bank eliminates "redundant" jobs. The severance-related costs could total $280 million, said spokesman Larry Haeg. The costs would be covered in the $375-million charge Wells took in the fourth quarter for personnel-related expenses following the takeover of Wells by Norwest Corp. in November, Haeg said.
January 11, 2003 |
Wells Fargo & Co.'s consumer finance division apologized for repeatedly overcharging about 15,000 Californians on "instant loan checks," blaming the trouble on a computer processing error. As reported Friday in The Times, California regulators are seeking to void the loans and fine Wells Fargo Financial $38.8 million. They said Wells had assured them the problem was fixed, but the overcharges continued.
April 22, 2000 |
Wells Fargo & Co. said it will sell 11 remittance processing sites to Regulus Group, cutting 449 jobs in 10 states, not including California. Terms of the sale weren't disclosed. Philadelphia-based Regulus, which manages all forms of customer payment transactions, will be responsible for facilities, equipment, employees and other assets. Wells Fargo will control other services, such as check clearing. The companies will share revenue and plans for product development.
June 11, 2004 |
Wells Fargo & Co. was sued Thursday by Illinois consumers who claim the company violated a state law that limits the fees that can be charged on some types of loans. Elaine T. Taylor and five other Illinois residents say they were charged excessive fees on home equity loans, according to the suit, filed in state court in Chicago. The borrowers seek to represent all customers that may have been charged illegally high fees by the San Francisco-based bank.
March 24, 2001
Wells Fargo & Co. agreed to buy H.D. Vest Inc. for $127.5 million in cash to expand its financial planning business. Wells Fargo will pay $21.03 for each H.D. Vest share and option--three times the Irving, Texas-based company's closing price of $7 on Thursday. News of the deal sent H.D. Vest shares surging $13.38 to close at $20.38 on Nasdaq. H.D. Vest has more than 6,000 tax and financial advisor independent contractors, who provide financial, tax and estate planning advice to about 1.
January 8, 2001 |
Hoping to lure more casual investors into online investing, Wells Fargo & Co. this week will unveil an Internet service that allows customers to buy individual stocks in small batches. The service enables investors to buy stocks in whatever dollar amount they desire, San Francisco-based Wells said. The service, which lists 4,100 stocks and 68 indexes, allows investors to invest fixed-dollar amounts in weekly or monthly intervals. Each purchase order incurs a $2 fee.
October 1, 1998 |
Norwest Corp. President Les Biller will become chief operating officer of Wells Fargo & Co. when the two banks merge to create the seventh-largest U.S. bank later this year. Biller, 49, will be a vice chairman of the company, along with Wells Fargo President Rod Jacobs, who, as previously announced, will be chief financial officer after the company is acquired by Minneapolis-based Norwest.
June 28, 2006 |
Wells Fargo & Co. said Tuesday that it would split its stock for the first time since 1998, boost its cash dividend and buy back an additional 25 million shares. The two-for-one stock split will be effective Aug. 11, San Francisco-based Wells Fargo said. The buyback represents about 1.5% of shares outstanding. Banks are turning to share buybacks in an effort to get a better return for shareholders as rising short-term interest rates diminish income from mortgages and other loans.