Wells Fargo

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Banks Cut Colleges Eligible for Student Loans

Students at 2-year, non-elite 4-year schools left in the lurch

(Newser) - Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times. In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say...

Stocks Rise on Healthy Data
 Stocks Rise on Healthy Data 
MARKETS
May 29, 2008 3:33 PM CDT

Stocks Rise on Healthy Data

GDP, financial rallies treat investors well, for now

(Newser) - The markets saw gains today as good economic data and a rally amid financial shares gave evidence that the nation may be moving past the current slump, the Wall Street Journal reports. The Dow gained 52.19 points to close at 12,646.22, the Nasdaq gained 21.62 to...

Markets Up Big on Earnings
 Markets Up Big on Earnings 
MARKETS
Apr 16, 2008 3:42 PM CDT

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

(Newser) - Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal. The Dow ended...

Home-Equity Loans Latest to Bite Banks

Even lenders that dodged subprime chaos suffering big trickle-down losses

(Newser) - Home-equity loan defaults are soaring, the Wall Street Journal reports, as the trickle-down effect of the subprime mortgage crisis makes its way into what was once a source of big profits for lenders. JP Morgan Chase and Wells Fargo both escaped major writedowns on subprime mortgages gone bad, but already...

Subprime Lender Lobbying Foiled Safeguards

Ameriquest's budget to woo local, national officials: $20M+

(Newser) - Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory...

Stocks Fall Second Straight Day
Stocks Fall Second Straight Day
Nov 15, 2007 3:46 PM CST

Stocks Fall Second Straight Day

Wells Fargo, JC Penney are chief bearers of bad news

(Newser) - Stocks were down for a second consecutive session today on bad tidings from Wells Fargo, JC Penney, and Exxon Mobil. Mortgage giant Wells called the housing market the worst since the Depression; Exxon fell after a surprise decrease in oil prices. The Dow was down 120.96 to 13,110....

Stocks Dip on Mortgage Fears
Stocks Dip on Mortgage Fears
Sep 28, 2007 3:22 PM CDT

Stocks Dip on Mortgage Fears

Foreclosure worries continue to simmer

(Newser) - The markets dropped today on news that mortgage defaults last month climbed 30% from a year earlier, more evidence that foreclosures are on the rise. Wells Fargo and Washington Mutual tumbled, and the Dow dipped 17.31 to 13,895.63. Stocks bottomed out after a Fed official said players...

Top Banks Borrow $2B From Fed
Top Banks Borrow $2B From Fed
Aug 23, 2007 5:12 AM CDT

Top Banks Borrow $2B From Fed

Bid to encourage other banks to borrow to shore up credit markets

(Newser) - America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without...

Banks Tighten Credit Squeeze
Banks Tighten Credit Squeeze
Aug 3, 2007 4:38 AM CDT

Banks Tighten Credit Squeeze

Lenders 'raising rates like crazy'

(Newser) - Lenders are cutting credit, tightening standards or raising interest rates to a broader range of borrowers beyond those with weak credit records who qualify for subprime loans, the Wall Street Journal reports. Panic is spreading to a category of mortgages between subprime and prime that often involves borrowers who don't...

CEO Passes Reins at Wells Fargo
CEO Passes Reins at Wells Fargo
Jun 28, 2007 6:01 AM CDT

CEO Passes Reins at Wells Fargo

Successor will continue bank's strategy

(Newser) - Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning...

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