Wells Fargo – News Stories About Wells Fargo - Page 6

MARKET Open

Jan 28, 2009 8:52 AM CST

Stocks Soar on Bank Hopes

(Newser) - Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping...

BofA Boss Reluctantly Bags Bonuses

Jan 7, 2009 8:37 AM CST

BofA Boss Reluctantly Bags Bonuses

Bridling at political pressure, Lewis nixes cash for top execs

(Newser) - Despite being rankled by political pressure to forgo bonuses for himself and other top Bank of America execs, CEO Kenneth Lewis has asked the board to withhold bonuses for 2008, reports the Wall Street Journal. The company saw its stock fall 66% in 2008 and 3rd-quarter profits plunge 68%, and...

BoA, Wells Fargo
Wrap Up Takeovers

Jan 1, 2009 3:27 PM CST

BoA, Wells Fargo Wrap Up Takeovers

Tough road ahead for merged financial institutions

(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7...

A $250B Offer They Couldn't Refuse

Oct 15, 2008 7:47 AM CDT

A $250B Offer They Couldn't Refuse

In brief meeting, Paulson gave banks a 'take it or take it' deal

(Newser) - When the CEOs of America's 9 largest banks arrived at the Treasury at 3pm Monday afternoon, they each received a draft one-page statement promising to sell shares to the government. By 6:30 they'd all signed them. The New York Times reconstructs the meeting, during which Henry Paulson wore down...

Feds Give Green Light to Wells Fargo-Wachovia

Oct 10, 2008 3:02 PM CDT

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(Newser) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but...

Citi Drops Wachovia Talks,
Will Still Sue for Damages

Oct 9, 2008 5:23 PM CDT

Citi Drops Wachovia Talks, Will Still Sue for Damages

(Newser) - Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still...

Wells, Citigroup Call Truce in Wachovia Battle

Oct 7, 2008 2:47 AM CDT

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

(Newser) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and...

Dow Down 700, Hits 4-Year Low

UPDATED

Oct 6, 2008 1:58 PM CDT

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(Newser) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200...

Citigroup Sues Wells,
Wachovia for $60B

Oct 6, 2008 1:02 PM CDT

Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

(Newser) - Citigroup has sued Wells Fargo and Wachovia for $60 billion in damages, alleging the latter breached an exclusivity agreement in agreeing to its sale to Wells. Wells is also charged with violating Citi's right to purchase some of Wachovia's assets under a previous deal, reports Bloomberg. The Wells agreement would...

Feds Work
to Cement Wachovia Deal

Oct 6, 2008 6:52 AM CDT

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

(Newser) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated...

Citi Suit
Blocks Wells'
Wachovia Deal

Oct 5, 2008 8:00 AM CDT

Citi Suit Blocks Wells' Wachovia Deal

Court order says bank must only deal with Citigroup, for now

(Newser) - In a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US...

Citi May Seek to Recover Wachovia Deal

Oct 4, 2008 9:05 AM CDT

Citi May Seek to Recover Wachovia Deal

Bank could make a better offer; may sue Wells Fargo

(Newser) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that...

Citi Demands Wells Fargo Give Wachovia Back

Oct 3, 2008 11:43 AM CDT

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

(Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank...

Stocks Rise on Opening Bell

MARKETS

Oct 3, 2008 8:48 AM CDT

Stocks Rise on Opening Bell

New Wachovia deal boosts optimism

(Newser) - Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest...

Wells Fargo Buys Wachovia
for $15.4B, Trumps Citigroup

Oct 3, 2008 7:17 AM CDT

Wells Fargo Buys Wachovia for $15.4B, Trumps Citigroup

After initial no, Bay Area bank buys out troubled lender

(Newser) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal. The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the...

Wells Closing In
on Deal to
Buy Wachovia

Sep 29, 2008 5:38 AM CDT

Wells Closing In on Deal to Buy Wachovia

Merger would create three banks with 30% of all deposits

(Newser) - Wells Fargo appeared to be close last night to forging a deal to buy struggling Wachovia, the nations's fourth-largest bank, reports the Wall Street Journal. Federal regulators pressured Wachovia to seek a suitor after its share prices plunged 47% last week. Citigroup was also in talks, but Wells now appears...

Feds Search for WaMu Buyer

Sep 17, 2008 1:06 PM CDT

Feds Search for WaMu Buyer

Falling share price stokes worries of a bank run

(Newser) - Washington Mutual, America's largest savings and loan, may be the next big financial institution to fail, the New York Post reports. Fearing a run on the struggling bank, federal regulators placed calls yesterday gauging interest in a WaMu buyout to Wells Fargo, JP Morgan Chase, HSBC, and others, but no...

Time for the
Dow to Ditch Ailing AIG

OPINION

Sep 16, 2008 3:45 AM CDT

Time for the Dow to Ditch Ailing AIG

Index should replace enfeebled AIG or GM with Apple or Cisco

(Newser) - The downsizing of American International Group should spur its ejection from the Dow Jones 30, Paul R. La Monica writes in CNNMoney. The company's inclusion in the index means its troubles will hurt the market even more than the tribulations of Lehman, Fannie and Freddie—its shedding of divisions will...

Citi Losses Shrink in 2nd Quarter, Beat Expectations

Earnings

Jul 18, 2008 8:32 AM CDT

Citi Losses Shrink in 2nd Quarter, Beat Expectations

Rounds out week of better-than-expected results

(Newser) - Citibank delighted shareholders today by losing a mere $2.5 billion in the second quarter, the Wall Street Journal reports. Analysts had expected much worse from the US’ biggest bank by assets, but Citi beat expectations by reducing writedowns and slashing jobs. The results should prove a counterweight to the...

Markets Surge on Oil, Financials

MARKETS

Jul 16, 2008 3:27 PM CDT

Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

(Newser) - The markets rallied big today, as the price of oil fell for a second day and financials regained some of the ground lost in recent chaotic sessions, the Wall Street Journal reports. The Dow gained 276.74 to go back over the 11,000 mark, at 11,239.28. The...