Wells Fargo stock climbed after a Bloomberg report the lender is moving closer to the Fed taking away an asset cap that has hurt the lender's growth.
Wells Fargo revealed second-quarter figures on Tuesday that detailed the firm’s first quarterly loss since 2008. The bank lost 66 cents per share, below the 33 cent estimate. Net interest income landed at $US9.9 billion, missing the $US10.3 billion expectation. The bank’s earnings were largely dented by increased loan loss […]
Wells Fargo stock slumped as much as 8.3% on Wednesday after the firm’s chief financial officer warned it will divert more profits to loan-loss reserves in the second quarter. Net interest income will slide 11% year-over-year in the second quarter due to historically low rates, CFO John Shrewsberry added at […]
Chewy founder Ryan Cohen only invested in Apple and Wells Fargo stock after he sold his company for $US3.35 billion,Bloomberg Businessweek reported Friday. While the move is in stark disagreement with the oft-recommended strategy of diversification, Cohen said that he likes to “go all-in” when he finds bets he has […]
Wells Fargo is now the subject of merger speculation, as its stock trades nearly 70% off its 2018 high and is trading back to levels not seen since the Great Recession. In a tweet, Fox Business Senior Correspondent Charles Gasparino speculated that Goldman Sachs and Wells Fargo are considering a […]
The Federal Reserve will “temporarily and narrowly” ease its balance sheet restriction against Wells Fargo to allow the bank to provide additional emergency lending to small businesses, according to a Wednesday statement. The change only bolsters the bank’s ability to lend through the Paycheck Protection Program and the Fed’s upcoming […]