Items Tagged with 'Wachovia Corp.'

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  • Wells Expects $3 Billion Q1 Return to Green

    Finally, a bit of good news from the banking industry. Wells Fargo & Co. [stock WFC][/stock] on Thursday said it expects to post a record net income of $3 billion -- or 55 cents per share -- in its first-quarter earnings statement, which is due out April 22. The expected gain would come after accounting for $372 million in dividends paid to the Treasury Department on its TARP capital investment.
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  • Wells Fargo Extends Modification Access to 478,000 Wachovia Customers

    Wells Fargo & Co. [stock WFC][/stock] said Monday it had extended access to its streamlined modification plan to some 478,000 customers of the absorbed Wachovia Corp. after the merger completed Dec. 21, 2008. The bank said it could not estimate an exact number of delinquent mortgages -- or mortgages risking delinquency -- of the approximately $120 billion mortgage portfolio. Mortgage customers being referred to foreclosure as well as those in foreclosure will receive an extension until Feb.
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  • Moody's Downgrades BofA, Wells Fargo

    It turns out that, for now at least, acquiring ailing financial institutions will carry some ratings risk -- Moody's Investors Service on Thursday said it had downgraded key credit ratings at both Bank of America Corp. [stock BAC][/stock] and Wells Fargo & Co. [stock WFC][/stock], after both banks completed sizable acquisitions in recent weeks. Ratings cuts affected debt ratings, as well as financial strength ratings at the lead banks.
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  • Wells Fargo and Wachovia Merger Complete

    Wells Fargo & Co. [stock WFC][/stock] announced Thursday the completion of its merger with Wachovia Corp., resulting in a monstrous distribution system for financial services with 1.4 trillion in assets and 11,000 stores nationwide servicing 48 million banking households and employing 276,000 employees.
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  • Wachovia Reports $23.9 Billion Net Loss in Q3

    Wachovia Corp. [stock WB][/stock] announced Wednesday a net loss of $23.9 billion -- or $11.18 per share -- in the third quarter of 2008. Most of the hefty loss includes $18.8 billion in goodwill write-downs, although some came in the form of mortgages.
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  • Fed Backs Wells' Merge With Wachovia

    Wells Fargo & Co. [stock WFC][/stock] announced Sunday that the Board of Governors of the Federal Reserve approved its application to merge with Wachovia Corp. [stock WB][/stock] "The approval is an important step forward in the transaction, which still requires the approval of Wachovia shareholders," and should be completed by the end of Q4 2008, Wells said in a press statement Sunday.
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