Wells Fargo & Co. says in a securities filing that the Dodd-Frank Wall Street Reform bill could have “negative consequences” on the San Francisco-based bank, parent of Charlotte-based Wachovia. Unlike Bank of America Corp., Wells did not disclose any specific projections for how the legislation will affect its bottom line. Charlotte-based BofA recently said the bill could cost it billions of dollars in lost revenue.
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Chicago-based Guaranteed Rate will discontinue its third-party wholesale channel, Stearns Wholesale Lending, just one year after it acquired the multichannel lender.
Wells Fargo originated $48.1 billion worth of mortgages in the fourth quarter, down from $51.9 billion in the previous quarter.