JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they're not the only ones getting bigger these days.
Stocks tumbled Wednesday afternoon, after influential analyst Richard X. Bove downgraded his rating on Wells Fargo, sparking a steep selloff in the banking sector.
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.
During the housing boom, mortgage lenders were doling out the dough, giving loans to people who could never have qualified before.
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.
The Wells Fargo stagecoach rolled on with another impressive quarterly performance, even as credit losses continued to take its toll on the bank's balance sheet.
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.
JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they're not the only ones getting bigger these days.
Stocks tumbled Wednesday afternoon, after influential analyst Richard X. Bove downgraded his rating on Wells Fargo, sparking a steep selloff in the banking sector.
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.
During the housing boom, mortgage lenders were doling out the dough, giving loans to people who could never have qualified before.
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.
The Wells Fargo stagecoach rolled on with another impressive quarterly performance, even as credit losses continued to take its toll on the bank's balance sheet.
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.
Dick Kovacevich ought to be happy. The sun is shining in San Francisco on an early April morning, shares of Wells Fargo, where Kovacevich is chairman of the board, have almost doubled in a month, and Wells appears to have survived the worst of the banking crisis with its reputation intact (so far).
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.
Wells Fargo's better-than-expected quarterly results and optimism about the Obama administration's stimulus plan were among the factors lifting stocks Wednesday morning.
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.
Call it the case of same story, different quarter for the nation's banks.
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.
Wells Fargo's multi-billion-dollar acquisition of Wachovia Corp. was approved by the Federal Reserve Board on Sunday.
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 agreed Wednesday to extend their legal standstill in the fight for Wachovia until Friday morning
The fight for who would win Wachovia - Citigroup or Wells Fargo - heated up Sunday night.
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.
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.
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 group representing the buyers and sellers of mortgage backed securities unveiled a plan on Wednesday to recharge the moribund mortgage market.
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.
Six major banks lowered their prime rates by half of a percentage point Tuesday after the Federal Reserve cut its key interest rate.
Builders say the current housing market is the weakest it's been in 16 years, but as bad as that is, their view of where the market will be in six months is even worse.
Don't look now but the cost of financing a home purchase in some of the nation's priciest areas just got more expensive.
The past five years were heady times for financial services companies as they lent money out at low interest rates to home buyers and corporations alike and watched profits soar.
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.
Up and down Wall Street, traders' screens are green, signaling that these are great times for stock market investors. The S&P 500 and the Dow Jones Industrial average are setting all-time highs. So much cash is sloshing around the sidelines, and borrowing costs are so low, that practically each day brings news of asset sales or corporate takeovers. Reuters. Chrysler. Stuyvesant Town. MGM.
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.
Corporate America is doing backflips over renewable energy.
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.
BEND, ORE. (CNN/Money) - If you're shopping for a house or just getting around to refinancing, you probably won't be able to lock in rock-bottom interest rates.
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...
Last month Wells Fargo CEO Dick Kovacevich pulled off a humdinger of a deal. He snagged Utah-based First Security for half the price that another bank had agreed to pay in an aborted deal last year...
These days, you've either got it or you don't. Either your portfolio is juiced with Qualcomm (up 2,621% in 1999), Oracle (290%), Yahoo! (262%) and other tech and Internet darlings--or you're wonder...
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 ...
Congratulations. You've done it. You've endured your high school classes, studied hard--well, at least hard enough--and you've not only graduated but also are heading to a college of your choice. A...
You have a bank account (with money in it). You pay bills (lots of them). You lick stamps (yecch). Want a change? Though you probably can't do much about your bills, if you have a home computer and...
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...
Looking at the rate of change that has buffeted, battered, whacked, slammed, and shocked American managers over the past decade, one would have to conclude that any executive who seeks a competitiv...
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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