CEO Dick Kovacevich has been the chief executive officer of Wells Fargo & Co since 1998. He is 62 years old. Follow Mr. Kovacevich and Wells Fargo & Co in the news and blogs or share your own opinion about the company and its leadership.
NEW YORK (Reuters) - Citigroup Inc <C.N> shares fell on Thursday, a day after the bank's $20 billion stock and bond offering got a cool reception on Wall Street and prompted the U.S. Treasury to delay plans to start selling off its Citi holdings. The shares fell as low as $3.14, down almost 9 percent, in morning trading. It was the largest percentage drop in the shares in three months and the largest fall among U.S. bank stocks on Thursday. The KBW Banks Index <.BKX> was down just 0.7... Read Full Story
US banking group Wells Fargo is to buy US insurance company Prudential's stake in a joint brokerage venture -- Wells Fargo Advisors -- for 4.5 billion dollars in cash by year's end. Wells Fargo made the announcement Tuesday, a day after it agreed that it would repay the US Treasury Department 25 billion dollars in public money it received at the peak of the financial crisis here. "Wells Fargo will acquire Prudential's interest on or before December 31, 2009," the two groups said in a joint... Read Full Story
An analyst upgraded Wells Fargo & Co. Tuesday, a day after the national bank said it would repay $25 billion in bailout money. Wells Fargo said Monday after the market closed it would repay the money it received last year at the height of the credit crisis. Wells Fargo's announcement came just hours after Citigroup Inc. said it would pay back $20 billion received as part of the Troubled Asset Relief Program, and that the government would sell its stake of nearly 34 percent in the bank. Wells... Read Full Story
US banking group Wells Fargo is to buy British insurance company Prudential's stake in a joint brokerage venture -- Wells Fargo Advisors -- for 4.5 billion dollars in cash by year's end. Wells Fargo made the announcement Tuesday, a day after it agreed that it would repay the US Treasury Department 25 billion dollars in public money it received at the peak of the financial crisis here. "Wells Fargo will acquire Prudential's interest on or before December 31, 2009," the two groups said in a... Read Full Story
A federal judge suggested Monday that he might restrict the scope of a first-of-its kind lawsuit filed by the city of Baltimore against mortgage giant Wells Fargo Bank N.A. The city accuses Wells Fargo of engaging in illegal "reverse redlining" — targeting black neighborhoods for bad loans that resulted in mass foreclosures. The resulting drain on city services cost tens of millions of dollars, the lawsuit alleges. Lawyers for Wells Fargo filed a motion to dismiss the lawsuit in September... Read Full Story
The following stocks were among those that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE: Best Buy Co., down $3.84 at $41.53 The electronics retailer said its earnings more than quadrupled, but predicted profit margins will be squeezed next quarter. Wells Fargo & Co., up 17 cents at $25.66 Wells Fargo will sell stock for $25 per share to help repay $25 billion in government bailout money. Weyerhaeuser Co., up 60 cents at $43.11... Read Full Story
Wells Fargo & Co. said Monday it will combine its various lending operations into one unit, including business it acquired through its purchase of Wachovia Corp. late last year. The new organization, called Wells Fargo Capital Finance, will include Wachovia Capital Finance, Wells Fargo Business Credit, Wells Fargo Foothill, Wells Fargo Retail Finance, and Wells Fargo Trade Capital. The unit will provide traditional asset-based lending, specialized senior secured financing, accounts... Read Full Story
St. Paul and Minneapolis have partnered with Wells Fargo Bank to help alleviate the effects of home foreclosures on neighborhoods. Each city received a $62,500 grant from Wells Fargo, to help first-time homebuyers. St. Paul Mayor Chris Coleman and Minneapolis City Council President Barbara Johnson accepted the checks from Wells Fargo CEO for MN, Jon Campbell.
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Technorati Tags: barbara johnson , chris coleman , first time homebuyer , grant , home foreclosure , mayor... Read Full Story
Wells Fargo & Co. said Monday it has hired a new leader for its food and agribusiness industry group. Lance Holden, a former Commerce Bank executive, will be responsible for developing and managing agribusiness relationships among food and fiber producers in central and eastern states. Holden, who will be based in Kansas City, also will head the grain merchandising and flour mill sectors. Before joining Wells Fargo, he was the agribusiness and food processing group division manager at... Read Full Story
