Articles Tagged with ''third-quarter earnings''

Wells Fargo's looming $1 billion mortgage litigation settlement brings down 3Q earnings

Mortgage banking spirals down by 37%
Wells Fargo’s third-quarter earnings report didn’t hold much positive news for the company. And much of the bad news came from the mortgage segment. The bank saw an 18% drop in its net income due, in part, to the bank setting aside $1 billion for a potential settlement with the Department of Justice over crisis-era mortgage bonds. The bank's mortgage banking income also plummeted 37%.
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Despite accounts scandal investigation, Wells Fargo beats revenue expectations

Results driven by strong mortgage origination
All eyes are on Wells Fargo due to the ongoing investigation into its massive fake account scandal. With reports that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses, the industry is definitely watching what's going on. Despite that, Wells Fargo still managed to beat earnings expectations in the third quarter of 2016, partially thanks to a boost from strong mortgage originations.
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Ally Financial posts $423M net income in 3Q2014

Mortgage operations see $3M loss
Ally Financial reported net income of $423 million, or $0.74 per diluted common share, for the third quarter of 2014 compared to net income of $323 million, or $0.54 per diluted common share, in the prior quarter, and net income of $91 million, or a loss of $0.27 per diluted common share, for the third quarter of 2013.
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