Items Tagged with 'Norwest'

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  • Wells Fargo's Net Earnings Down 25 Percent for Q3: Report

    Wells Fargo & Co. [stock WFC][/stock] announced Wednesday its third quarter earnings, reporting a profit of $1.64 billion, or 49 cents per share. Q3 net income fell 25 percent from last year's $2.17 billion in the same quarter, reflecting the economic headwinds now largely facing the nation's banking sector.
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  • Wells Fargo: Earnings Drop as More Borrowers Miss Payments (Update 1)

    (Update 1: corrects for Wells Fargo still being in wholesale, but 'pulling back' significantly from the channel.) Wells Fargo reported its fourth quarter earnings today, and said that earnings fell 38 percent as the bank saw credit quality deterioriate. Net income fell to to $1.36 billion during the fourth quarter, or 41 cents a share, from $2.18 billion, or 64 cents, in the year-ago period.
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  • No Slowdown Here: Wells Fargo Claims Top Spot in U.S. Retail Originations, Servicing Volume

    In 2006, Wells Fargo ranked as both the nation's number one retail mortgage originator and mortgage servicer for the full year, according to data released recently by competing industry publication Inside Mortgage Finance (ed note: IMF charges nearly $900 per year to subscribe, which is partly why Housing Wire was started). The distinction marks the 15th year in a row that Wells Fargo has claimed the top spot in retail mortgage lending, originating $158.48 billion in loans through its retail channel and earning an industry market share of 14.2 percent. In addition, Wells Fargo grew its servicing portfolio to $1.34 trillion and, with the top ranking in this category, now has 13.2 percent of the nation's home mortgage servicing market share, up from 11 percent in 2005. That represents a 12-month increase in portfolio value of $336 billion, or growth of nearly 34 percent.
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