BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Lower Reserves Lead to Higher Profit for Wells Fargo]]>http://www.bloggingstocks.com/2011/01/19/lower-reserves-lead-to-higher-profit-for-wells-fargo/http://www.bloggingstocks.com/2011/01/19/lower-reserves-lead-to-higher-profit-for-wells-fargo/http://www.bloggingstocks.com/2011/01/19/lower-reserves-lead-to-higher-profit-for-wells-fargo/#commentsFiled under: ,

Wells Fargo (WFC)Wednesday morning, banking giant Wells Fargo (WFC) announced that its fourth-quarter profit increased sharply thanks to improving customer payment habits and lower reserves to cover "souring loans."

During the quarter, Wells Fargo reported net income of 61 cents per share ($3.2 billion), matching the consensus estimate. A year earlier, the company earned 8 cents per share ($394 million) thanks to a large preferred dividend paid to the government (this payment was not necessary this year). The bank's CEO John Stumpf stated that the bank's business segments "contributed to earnings as the economy started to gain strength."

Continue reading Lower Reserves Lead to Higher Profit for Wells Fargo

Lower Reserves Lead to Higher Profit for Wells Fargo originally appeared on BloggingStocks on Wed, 19 Jan 2011 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredfinancial stocksinthenewsinvestment banksJohn Stumpfquarterly earningsWells FargoWells Fargo earningsWFCWed, 19 Jan 2011 12:00:00 EST<![CDATA[Wells Fargo climbs out from under the TARP]]>http://www.bloggingstocks.com/2009/09/01/wells-fargo-climbs-out-from-under-the-tarp/http://www.bloggingstocks.com/2009/09/01/wells-fargo-climbs-out-from-under-the-tarp/http://www.bloggingstocks.com/2009/09/01/wells-fargo-climbs-out-from-under-the-tarp/#commentsWhen the financial crisis really got into full swing, a lot of banks ended up taking TARP money. Some banks needed it, and some banks were forced by Treasury Secretary Henry Paulson to take it.

Wells Fargo & Co. (NYSE: WFC) was one of those banks that was forced to take TARP money, and now it is making plans to pay the TARP money back.

Here's the interesting thing though. While many of the larger banks have paid the TARP money back, Wells Fargo says it is going to pay the money back without having to go out and raise additional funds for the bank -- something other large banks, like Goldman Sachs Group (NYSE: GS), didn't do.

Continue reading Wells Fargo climbs out from under the TARP

Wells Fargo climbs out from under the TARP originally appeared on BloggingStocks on Tue, 01 Sep 2009 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bloombergfeaturedhenry paulsonHenryPaulsonjohn stumpfJohnStumpfsubprime lendingSubprimeLendingtarptoxic assetsToxicAssetsTue, 01 Sep 2009 18:00:00 EST<![CDATA[Wells Fargo looking to pull off a JP Morgan-like deal]]>http://www.bloggingstocks.com/2008/03/25/wells-fargo-looking-to-pull-off-a-jp-morgan-like-deal/http://www.bloggingstocks.com/2008/03/25/wells-fargo-looking-to-pull-off-a-jp-morgan-like-deal/http://www.bloggingstocks.com/2008/03/25/wells-fargo-looking-to-pull-off-a-jp-morgan-like-deal/#commentsFiled under: , , , , ,

In an article in the San Fransisco Business Times, Wells Fargo (NYSE: WFC) CEO John Stumpf spoke about how he wouldn't at all mind getting involved in a Federal Reserve brokered deal, like JP Morgan Chase (NYSE: JPM) did with Bear Stearns (NYSE: BSC).

According to the article: "I would not be averse to a Fed-assisted transaction," Stumpf said, adding that any deal would have to meet the company's traditional acquisition targets and benefit the bank's acquired customers. Wells has built a reputation as a disciplined buyer over the years, focusing on deals that generate at least a 15% internal rate of return and contribute to the bottom line within three years.

"Fixer-uppers don't bother us," he added.

Who wouldn't want to be part of a deal like this? It's become pretty obvious that JP Morgan Chase got an amazing deal to buy Bear Stearns, and now Wells Fargo wants to join the party.

Continue reading Wells Fargo looking to pull off a JP Morgan-like deal

Wells Fargo looking to pull off a JP Morgan-like deal originally appeared on BloggingStocks on Tue, 25 Mar 2008 15:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankingbanking stocksBankingStocksBear StearnsBearStearnsfederal reserveFederalReserveinthenewsJohn StumpfJohnStumpfJP MorganJpMorganWells fargoWellsFargoTue, 25 Mar 2008 15:55:00 EST