Wells Fargo agreed Thursday to pay $148 million to various federal authorities to settle charges that Wachovia Securities, which it purchased in 2008, engaged in bid rigging and other illegal practices in the municipal bond market.
Wachovia's Web site is back up and running, after a technical error made it so customers couldn't log in to the bank's Web site for nearly eight hours on Friday.
The Better Business Bureau is assuring individuals who recently received a check from a federal court in Pennsylvania that the checks are legitimate and part of a settlement agreement with Wachovia Bank related to telemarketing fraud.
Wachovia reported a massive loss of nearly $24 billion Wednesday, in what was expected to be its last quarter as an independent company.
Banking giant Citigroup said Thursday it had ended talks with Wells Fargo about reaching an agreement to acquire parts of the struggling bank Wachovia and is no longer looking to buy any of Wachovia's assets.
Citigroup and Wells Fargo, the two banks fighting to buy Wachovia, agreed on Wednesday to extend a standstill on legal wrangling over the deal until Friday.
Citigroup, Wells Fargo and Wachovia agreed Monday to halt all litigation for two days in the bitter war over the ailing Wachovia.
A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry
Fortune: Citi plays the heavyupdated: Mon Oct 06 2008 09:06:00
Leave it to Citi to play the heavy in the bailout drama.
CNNMoney: Battle for Wachoviaupdated: Sun Oct 05 2008 22:07:00
The fight for who would win Wachovia - Citigroup or Wells Fargo - heated up Sunday night.
A judge has temporarily blocked Wells Fargo's acquisition of Wachovia, according to a news release by Citigroup, which previously had a deal with Wachovia.
The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo
Wachovia and Wells Fargo unveiled plans to merge Friday, just days after Citigroup said it would acquire Wachovia's banking assets, sparking what could be an ugly takeover fight for the Charlotte, N.C.-based bank.
In an abrupt change of course, Wachovia Corp. said it will be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal
Hard-hit bank stocks rallied Tuesday, partly on hopes that the government would indeed pull off a rescue plan for the embattled industry.
Financial markets tumbled through another difficult session Monday ahead of a planned House vote on an unpopular $700 billion plan to rescue troubled financial companies and as investors examined a deal for Wachovia Corp
Wachovia stock lost more than half its value in pre-market trading Monday as investors mulled the fate of the bank, including a potential merger with one of its peers - Citigroup or Wells Fargo.
A bidding war for Wachovia has erupted between banking giants Citigroup and Wells Fargo, according to a published report Sunday night.
Wachovia is reportedly mulling a deal with another large bank, including Citigroup and Spain's Banco Santander, according to reports published Friday afternoon.
Although Wachovia Corp. has been mentioned as one of the more troubled big U.S. banks, at least some analysts believe it is not at risk
Wachovia Corp. posted a nearly $9 billion loss for its second quarter Tuesday on losses related to home mortgages and the bank's declining market value.
So much for all the good news from the financial sector.
Wachovia Corp. said it lost $8.86 billion in the second quarter, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared
Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company's sales practices
Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest
Stocks tumbled Monday on new worries about the financial sector after S&P cut its debt rating on a number of banks, and Wachovia and Washington Mutual announced management shakeups.
U.S. stocks were set to open lower Monday, with investors wary ahead of a week of new signals about the economy's condition, and Wachovia's board getting ready to force out its CEO.
Wachovia Corp. said Tuesday it is nearly doubling previously
reported losses for the first quarter after reviewing its portfolio of
bank-owned life insurance
Wachovia Corp. is being investigated by Federal prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to a Wall Street Journal report Saturday morning.
Stocks slipped Monday afternoon, as worries about Wachovia's earnings and the outlook for corporate profits overshadowed any relief about the better-than-expected March retail sales report.
Wachovia investors are paying through the nose for the bank's ill-advised California gold rush.
Wachovia's dour numbers should end any fantasies that the credit crunch is almost over.
Some economists say the United States is not in a recession, but don't tell that to the majority of American consumers.
On Friday, Fortune published a story on CNNMoney.com about Wachovia Corp. that made several assumptions about Wachovia's balance sheet to argue that the bank might need to raise further capital in the near future. Upon review, editors have discovered errors of fact and interpretation in the article ('Why Wachovia's goodwill is bad') that don't support that premise, specifically:
At first pass, Wachovia Bank's virtually overnight sale of $3.5 billion of cumulative preferred stock on Tuesday looked like another example of a bank acting to shore up a balance sheet that's been bruised in the credit crisis.
Stocks took a big jump at the open but gave up most of their gains over the course of the day, as the latest developments from the credit crisis stayed in the spotlight.
Stocks took a big jump at the open but gave up most of their gains over the course of the day, as the latest developments from the credit crisis stayed in the spotlight.
U.S. blue chips took a sharp turn south Wednesday as investors absorbed news from Bank of America and Wachovia that their mortgage-backed securities had lost even more value than the banks had thought.
Stocks fell sharply Friday, with the Dow ending over 200 points lower, as mortgage-induced losses at Wachovia and Fannie Mae riled traders already nervous that the woes could spread to the wider economy.
Stocks sold off early Friday, continuing steep losses for the week, as Wachovia and the government-backed Fannie Mae became the latest victims hit by the fallout in the mortgage sector.
Stocks sold off early Friday, continuing steep losses for the week, as Wachovia became the latest bank hit by fallout in the mortgage sector.
Stocks sold off early Friday, continuing steep losses for the week as Wachovia became the latest bank hit by fallout in the mortgage sector.
U.S. stocks looked set to slide at the open on Friday after Wachovia warned of further losses due to risky mortgage bets, escalating credit worries.
What we said in "Why Banks Beat Bonds" (Aug. 6) we made the case for buying three big bank stocks: Bank of America, Citigroup, and Wachovia. Our argument rested on the fact that they had low price/earnings ratios, high dividend yields, and solid growth prospects. And they would not be buried by big losses in subprime mortgages, we declared.
CNNMoney: Wall Street wallopedupdated: Fri Oct 19 2007 15:36:00
Stock declines accelerated Friday afternoon, with investors shedding a variety of shares as worries about the bank sector, slowing corporate profit growth, the falling dollar and record-high oil prices all came to a head.
CNNMoney: Stocks get pummeledupdated: Fri Oct 19 2007 14:42:00
Stocks tumbled Friday afternoon after Wachovia became the latest financial services firm to reveal the impact of the summer's credit and mortgage market crisis on its profits.
Stocks tanked Friday afternoon after Wachovia became the latest financial services firm to reveal the impact of the summer's credit and mortgage market crisis on its profits.
Kevin Gyateng of Corporate FX analyzes results from the biggest U.S. banks.
CNNMoney: Stock losses mountingupdated: Fri Oct 19 2007 11:04:00
Stock declines accelerated Friday morning after Wachovia, Caterpillar and Honeywell all failed to meet earnings expectations, raising fresh concerns about weak third-quarter profits.
Shares in American Eagle Outfitters Inc. climbed in early trading Wednesday after a Wachovia Capital Markets analyst raised his rating on the teen retailer, citing stronger merchandise lines, improved margins and a good price for the stock.
Wachovia is grabbing more mortgage business as a result of the recent shakeout in the industry, Chief Executive G. Kennedy Thompson said Monday.
Bond rose but then pared gains Friday after reports showed strong home sales and durables.
Fortune: Why banks beat bondsupdated: Tue Jul 24 2007 06:09:00
Wouldn't it be great if you could find the ideal blend - an investment that combined the cozy security of government bonds with the double-digit returns investors expect from stocks? That seems like a pipe dream in a world where ten-year Treasuries yield 5 percent and equities sell at premium prices that augur a dim future.
Wachovia Corp., the fourth-largest U.S. bank, said Friday its second-quarter profit rose 24 percent, helped by growth in lending and the purchase of Golden West Financial Corp.
Wachovia Corp. (WB) ranks no. 46 on FORTUNE's list of America's largest corporations.
SI.com: 3 Questionsupdated: Wed May 02 2007 13:18:00
The most pressing question in golf is not who will win the Smurfy blue jacket that goes to the winner of the Wachovia Championship. It's not whether Phil Mickelson can get any less popular with the rank and file after getting a free pass out of last week's EDS Byron Nelson pro-am.
More people can now bank online - even when a computer isn't handy.
The U.S. economy grew at a slower pace than previous estimates, according to a government report on gross domestic product Thursday.
Wachovia Corp. ranks no. 158 on FORTUNE's Global 500 this year, with $35.9 billion in revenues, up 27.9% from the previous year. The Charlotte, North Carolina-based company was ranked no. 187 on the 2005 list. Its 2005 profits were $6.6 billion, up 27.4% from a year earlier. 2005 was a banner year for most Global 500 companies.
Wachovia is out of the acquisition game for the near future as the company works to integrate its proposed $25 billion merger with Golden West Financial.
In a world that's buzzing over the Internet's raging return and the dollar play in Asian equities, it's hard to believe that the best place to invest may well be bank stocks.
Stocks made modest gains at the start of trading Monday as enthusiasm over merger activity offset rising oil prices.
A Wachovia Corp. executive is expected to bring home a retirement package estimated to be worth over $100 million, drawing the ire of shareholders, according to a report published Tuesday.
Money Magazine: Money Helpsupdated: Thu Sep 01 2005 00:01:00
Q I hadn't used my E-Trade account in a while and didn't check the online statements. When I finally did, I saw ATM charges for $1,846--but the account doesn't have an ATM card! I asked for my mone...
Q. I hadn't used my E-Trade account in a while and didn't check the online statements. When I finally did, I saw ATM charges for $1,846 -- but the account doesn't have an ATM card! I asked for my money back, but they said I didn't log my complaint in time. Help!
Wachovia Corporation has apologized for its ties to slavery after disclosing that two of its historical predecessors owned slaves and accepted them as payment.
Bank of America Corp. and Wachovia Corp. are among the big banks notifying more than 670,000 customers that account information was stolen in what may the biggest security breach to hit the banking industry.
Growth in the job market isn't just Wal-Mart greeters or burger flippers any more.
The economy grew at a 3.3 percent annual rate in the spring, the government reported Wednesday, stronger than its previous estimate and ahead of forecasts on Wall Street.
Wachovia Corp., the nation's fourth-largest bank, is in talks to acquire SouthTrust Corp. for about $13.8 billion, the Wall Street Journal reported Monday, citing people familiar with the negotiations.
A newly announced bank merger and a reaffirmation of Intel's forecast may point to a stock rally Monday as summer begins on Wall Street.
Money Magazine: Creditupdated: Tue Apr 01 2003 00:01:00
MORTGAGES Average rate 30-year fixed rate 5.95% 15-year fixed rate 5.37 One-year adjustable rate 4.14
Money Magazine: Money Monitorupdated: Thu Feb 01 2001 00:01:00
CREDIT CARDS
You've probably received letters touting credit cards with teaser interest rates as low as 6% -- usually good for just a year or less. Don't toss these missives in the wastebasket. This is one mark...
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