Items Tagged with 'Mike Loughlin'

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  • Wells Fargo picks JPMorgan Chase exec Amanda Norton as new chief risk officer

    Replacing Mike Loughlin, who is retiring
    Wells Fargo has found its replacement for Mike Loughlin, the bank’s long-time chief risk officer who announced his retirement earlier this year. Taking over for Loughlin will be Amanda “Mandy” Norton, who joins the bank from JPMorgan Chase. For the last five years, Norton has served as JPMorgan Chase’s chief risk officer of consumer and community banking.
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  • Wells Posts $3 Billion Net Income

    Wells Fargo & Co. [stock WFC][/stock] posted a consolidated net income of $3.05bn, or 56 cents per share, for Q109 after losing $2.55bn, or 79 share, in Q408. Wells included acquired Wachovia's business for the first time in the quarter's earnings statement. Wells posted $2.5bn in consolidated revenue for mortgage banking, with $2.44bn from Wells Fargo's legacy business and $62m contributed by Wachovia's operations.
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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 Posts Record Net Income In Spite of Subprime Drain

    Wells Fargo & Company (NYSE:WFC), until recently widely regarded as the nation's leading originator of subprime mortgage loans, reported record net income for the first quarter of $2.24 billion, up 11 percent from prior year's $2.02 billion and up 12 percent from fourth quarter 2006. The company's gain in earnings came despite $124 million in pre-tax write downs due to the company's subprime mortgage exposure, including $90 million in adjusted carrying value for subprime loans on the bank's books. Wells also said revenue was reduced by $34 million due to a decline in the value of its mortgage servicing rights.
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