Sometimes life can turn on a dime. Just ask Richard Eggers, a former Wells Fargo employee.
updated: Wed Apr 04 2012 17:09:00
Erin Burnett speaks to her panel about the resignation of the head of the General Services Administration.
In February 2009, President Barack Obama gave this stern warning to bailed-out banks:
With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences.
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.
Standard and Poor's downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world's 37 largest banks.
Wells Fargo admits that it sent the wrong bank statements to customers in Southern states -- but it wouldn't confirm news reports that thousands were affected.
Citigroup Chief Executive Vikram Pandit said the firm 'continues to navigate a challenging economic environment' as the firm reported earnings and revenue that topped forecasts.
Bank stocks continued to put pressure on the broader stock market Monday.
Moody's has declared the era of "too big to fail" over.
Got a partner who's constantly changing the rules, takes an eternity to reach on the phone, and lately just isn't paying you much interest?
After ending its debit rewards program for new customers earlier this year, Wells Fargo is now scrapping the program for existing customers as well.
Yet another of the nation's top banks is flirting with the idea of charging a monthly fee to customers who use debit cards.
The Federal Reserve announced a record $85 million fine Wednesday against Wells Fargo for allegedly pushing borrowers with good credit into expensive mortgages and falsifying loan applications.
U.S. stocks came off session lows but ended weaker Friday afternoon after a court ruled against Wells Fargo and US Bancorp in a foreclosure case. The ruling sparked a sell off in bank stocks that rippled through the broader market.
Wells Fargo, in an agreement with California's attorney general announced Monday, said it would provide $2 billion worth of loan modifications to nearly 15,000 homeowners.
Wells Fargo, which until now said it stood behind its foreclosure processes, said Wednesday it would submit additional paperwork in 55,000 foreclosure cases pending before the courts.
Wells Fargo reported its highest quarterly profit ever Wednesday, and said its "sound and accurate" practices meant it does not need a freeze on foreclosures.
Major mortgage servicers are broadening their investigations into the possible mishandling of foreclosures.
Wells Fargo was ordered to pay more than $200 million in restitution to California customers for manipulating and multiplying overdraft fees, a federal judge has ruled.
Wells Fargo Co. on Wednesday posted a second-quarter profit that rose from a year earlier and topped what analysts had expected, thanks to dwindling losses from commercial and consumer loans.
Wall Street appears to have beaten Washington to the punch.
Wells Fargo will cut 3,800 jobs and close 638 stores in its financial division, the company said Wednesday.
Americans may still be frustrated with the nation's top banks, but the technology that large lenders are dangling in front of consumers may keep some from leaving.
Wells Fargo swung to a fourth-quarter profit even as it repaid $25 billion in bailout funds, the bank said Wednesday.
Wells Fargo said it raised more than $12 billion in a stock sale Tuesday as part of a plan to repay $25 billion in government aid.
Wells Fargo said Monday it has reached an agreement with the government to return $25 billion in bailout money it received during last year's financial crisis.
Wells Fargo reported record profits of $3.2 billion, the company said Wednesday, nearly doubling the amount of money it made just a year ago.
The landscape of lenders willing to work with small business owners has changed dramatically in the last year, but one bank -- Wells Fargo -- has emerged stronger than ever.
What happens if you use one of your bank's foreclosed properties -- particularly one in swanky Malibu beach -- for your own parties? You get fired.
U.S. home prices are their most affordable in 18 years, according to a report released Monday.
As the largest shareholder of Wells Fargo through Berkshire Hathaway, Warren Buffett knows the San Francisco bank deeply. He first invested before Wells Fargo was bought by Norwest, where current Wells Chairman Dick Kovacevich was CEO. As part of his reporting for his feature on Wells Fargo, Fortune Editor at Large Adam Lashinsky spoke at length with Buffett by telephone on March 26.
Wells Fargo thrilled investors earlier in April when the bank said its first-quarter profit would be double Wall Street's expectations as home-loan demand surged with low interest rates. Shares jumped 32% that day and optimists wondered if the news marked an end to the banking industry's slump.
Stocks rallied Thursday, ending a holiday-shortened week on a high note after Wells Fargo forecast a nearly $3 billion quarterly profit, adding to hopes that the banking sector is stabilizing.
I don't want to necessarily say that investors were displaying a bit of good old-fashioned irrational exuberance Thursday following Wells Fargo's projected results.
Wells Fargo delivered a much-needed bit of good news for the banking sector Thursday, saying it expected to book a better-than-expected profit of approximately $3 billion in the most recent quarter.
Government debt prices dropped Thursday as stocks rallied on Wells Fargo's first-quarter profit forecast.
Wells Fargo lit a fire under the stock market Thursday morning, after the bank forecast a nearly $3 billion quarterly profit, adding to hopes that the hard-hit financial sector is stabilizing.
If the government is hoping for a coordinated response from the banking sector with its latest toxic asset plan, it better not hold its breath.
Just a day after Citigroup stock dipped below $1, bank stocks endured another selloff Friday, even as investors were encouraged about the strength of West Coast banking leader Wells Fargo.
Wells Fargo gets the "chutzpah" award for its PR counter attack. You may have heard about the bank's swanky Las Vegas trip that it had planned for its employees last weekend at two high-end casino resorts.
Wells Fargo announced Tuesday it would cancel a four-day business meeting in Las Vegas, Nevada, after news reports tagged it a "pricey Las Vegas casino junket."
Wells Fargo reported a $2.6 billion fourth-quarter loss Wednesday, hurt by its acquisition of Wachovia and rising credit costs. But excluding a host of charges, many of them related to the merger, earnings beat Wall Street estimates.
Nearly all of the nation's largest banks have reported dreary fourth-quarter results, and now investors are wondering if Wells Fargo will do the same.
Wells Fargo & Co. said Wednesday its third-quarter net income declined due to investment write-downs and higher credit losses, but the results were much better than expected.
Citigroup and Wells Fargo agreed Wednesday to extend their legal standstill in the fight for Wachovia until Friday morning
The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo
Stocks slumped Friday, as a brutal week ended with President Bush signing the historic $700 billion bailout plan after weeks of contentious debate.
Bank stocks took a dive Monday as investors continued to worry about the turmoil in the credit markets even as Congress works on passing a $700 billion bailout of the banking industry.
A strong earnings report from regional bank Wells Fargo Wednesday sent bank stocks skyrocketing. But analysts said it may wind up being the exception and not the rule as more banks prepare to report big losses.
The dollar rose against the euro and yen Wednesday, signaling that investors may be starting to be a little more optimistic about the economy.
If this weekend's news about Fannie Mae and Freddie Mac and Friday's IndyMac failure weren't scary enough, now Wall Street will have to contend with what is likely to be dismal quarterly results from many top financial firms.
Dear FSB: Way back when, there were low-interest rate loans from the government for women and minorities in small business. They no longer exist, business advisors say. Why is this? I am an older woman in business and find it all but impossible to get a loan.
Don't look now but the cost of financing a home purchase in some of the nation's priciest areas just got more expensive.
Wells Fargo & Co., the second-largest U.S. mortgage lender, said Thursday it will close its nonprime wholesale lending business, which processes and funds loans for third-party brokers, citing turmoil in the market for riskier home loans.
Wells Fargo & Co., the fifth-largest U.S. bank, said Monday it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.
Wells Fargo & Co., the fifth-largest U.S. bank, said Tuesday second-quarter profit rose 9 percent as growth in several fee categories offset a decline in mortgage banking income.
Wells Fargo & Co., the fifth-largest U.S. bank, Wednesday named John Stumpf chief executive, effective immediately, replacing Richard Kovacevich, who will remain chairman.
Wells Fargo (WFC) ranks no. 41 on FORTUNE's list of America's largest corporations.
Everyone understands the advantages of growth investing. Bet on a company with a hot new technology or a great retailing idea, and as the business expands, the share price will soar.
All five of the big banks in the Sivy 70 have reported quarterly results in the past 10 days, and the results for the most recent quarter have been remarkably varied.
As you may have noticed from the regular shouts of "New record high!" coming out of Wall Street, it's been a pretty exciting year for stock market investors. Overcoming all kinds of political and e...
For a while now, I've been saying that big growth stocks are unduly depressed and look like smart choices for bargain hunters. Other market watchers are also singing this song, and savvy money mana...
The Dow Jones industrial average reached an all-time high a couple of weeks ago, and now the venerable stock market index is closing in on the 12,000 mark.
Wells Fargo ranks no. 138 on FORTUNE's Global 500 this year, with $40.4 billion in revenues, up 19.3% from the previous year. The San Francisco, California-based company was ranked no. 144 on the 2005 list. Its 2005 profits were $7.7 billion, up 9.4% from a year earlier. 2005 was a banner year for most Global 500 companies.
Sometimes It Just Pays to Pay In Person
Many small-business owners started businesses with their own money, and with relatively small amounts, according to the Wells Fargo/Gallup Small Business Index study.
Received wisdom in the business world has it that there are "devil customers" and "angel customers" - and your company's profits, if not its very soul, ride on your ability to rid yourself of the first and attract the second.
75% of small-business owners say that raising the minimum wage by 10% would have no effect on them.
RECEIVED WISDOM IN THE BUSINESS WORLD has it that there are "devil customers" and "angel customers"--and your company's profits, if not its very soul, ride on your ability to rid yourself of the fi...
Wells Fargo, based in San Francisco, runs a serious business. The fifth largest bank in the United States, it's the only one with a triple-A credit rating. And over 20 years, it's grown its profits an average of 13 percent annually on a compounded basis.
22% Percentage of Americans who say they would continue working at their current job even if they won $10 million in a lottery[*]
The most popular—and misunderstood—way to value a stock is to use the price-to-earnings ratio. According to financial analysts and cocktail-party pundits alike, a high P/E tells you that a stock is...
The most popular -- and misunderstood -- way to value a stock is to use the price-to-earnings ratio.
What's the fastest-growing group of first-time home buyers? The under-25 set. Since 1992 the number of homeowners under age 25 has nearly doubled, to almost 1.5 million in 2002, according to the U....
Over the past decade or so, Wells Fargo's shares have easily outrun rivals'. But since last year, the bank's stock has slipped by around 2%, while the shares of embattled financials like Citigroup ...
Richard Kovacevich likes to proclaim that Wells Fargo is much more than a bank. It's a refrain that has echoed throughout the banking business ever since the late 1990s, when the quest to become t...
Wells Fargo CEO Richard Kovacevich likes to proclaim that his company is much more than a bank.
When Wells Fargo was a startup, broadband meant 5 mph. That was the average speed of the Wells Fargo stagecoaches that carried bullion and financial documents between the boomtown of San Francisco ...
Lenders looking for new ways to expand business have been resurrecting the home-equity-line credit card with a heavy marketing push. Now offered by banks and mortgage brokers, including Citibank an...
The refinancing boom and the hot housing market are taking a toll on virtually everyone in the real estate business, from title-search clerks to termite inspectors. The result: backlogs and delayed...
What does Wall Street think about financial firms' push to consolidate our assets? Those who follow the stocks are all for it. "The cost of acquiring customers is going up," says Robert Hagstrom, m...
Brace yourself: The onslaught is coming. Transformed by technology and liberated by looser regulations, the biggest names in financial services are gunning for your wallet as never before. Over the...
Are banks back? After a dismal second half of 1998, the industry posted impressive first-quarter results as the global economy appeared to be on the mend: BankAmerica, for example, reported a 44% i...
Maybe we should start calling them AVMs, as in All-Purpose Vending Machines. Big banks across the country are beginning to stock their ATMs with everything from postage stamps to phone cards and bu...
IF YOU MANAGED TO DUCK PITCHES FOR tax-advantaged variable annuities from your insurance agent or financial planner, watch out for another round of fire. Your local banker is getting in on the act ...
Would-be refinancers got a nasty shock the third week in October: Fixed mortgages shot up one-third of a percentage point, the largest one-week hike since 1989. But don't wait for rates to drop bef...
If there were a prize for the worst-timed book of the year, the winner would have to be -- may I have the envelope, please -- Portfolio Insurance: A Guide to Dynamic Hedging. This 322-page tome was...
Several commercial banks have recently introduced CDs that promise the thrill of speculation but without the chill. Northern Trust Co. in Chicago (800-562-5200) and Chase Manhattan Bank in New York...
In his gray flannel suit, with the Wall Street Journal tucked under one arm and his bulging briefcase firmly in hand, Mike Garbutt, 36, looks like all the other determined Concord, Calif. commuters...
Wells Fargo Bank announced plans to buy Crocker National Bank from London's Midland Bank for $1.08 billion in cash and securities. The deal, which is expected to be completed this year, would unite...
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