fareastwarriors Posted December 28, 2013 Share Posted December 28, 2013 http://www.latimes.com/business/la-fi-wells-fargo-sale-pressure-20131222,0,2502059,full.story#axzz2on9Y5d37 Wells Fargo's pressure-cooker sales culture comes at a cost Employees say intense sales demands at Wells Fargo branches create a dilemma for many: cheat or risk being fired. Bank officials say they make ethical conduct a priority. Link to comment Share on other sites More sharing options...
fareastwarriors Posted December 28, 2013 Share Posted December 28, 2013 http://www.latimes.com/business/money/la-fi-mo-wells-fargo-sales-pressure-20131228,0,5939661.story#axzz2on9Y5d37 Times investigation of Wells Fargo culture provokes strong reaction Link to comment Share on other sites More sharing options...
fareastwarriors Posted December 30, 2013 Share Posted December 30, 2013 http://www.bloomberg.com/news/2013-12-30/wells-fargo-to-pay-fannie-mae-591-million-to-resolve-claims.html Wells Fargo to Pay Fannie Mae $591 Million to Resolve Claims Link to comment Share on other sites More sharing options...
fareastwarriors Posted January 9, 2014 Share Posted January 9, 2014 Wells Fargo Creates SWAT Team to Keep Loans In-House: Mortgages http://www.bloomberg.com/news/2014-01-08/wells-fargo-creates-swat-team-to-keep-loans-inhouse-mortgages.html Link to comment Share on other sites More sharing options...
fareastwarriors Posted January 14, 2014 Share Posted January 14, 2014 4Q https://www08.wellsfargomedia.com/downloads/pdf/press/4q13pr.pdf Fourth quarter 2013: Net income of $5.6 billion, up 10 percent from fourth quarter 2012 Diluted earnings per share of $1.00, up 10 percent Revenue of $20.7 billion, compared with $21.9 billion Noninterest expense of $12.1 billion, down $811 million Efficiency ratio of 58.5 percent, improved by 30 basis points ROA of 1.47 percent, up 1 basis point ROE of 13.81 percent, up 46 basis points • Fourth quarter 2013 results included: o Strong loan and deposit growth: Total loans of $825.8 billion, up $26.2 billion from fourth quarter 2012 Core loan portfolio up $39.9 billion1 Total average core checking and savings deposits up $50.7 billion Link to comment Share on other sites More sharing options...
meiroy Posted January 15, 2014 Share Posted January 15, 2014 http://blogs.wsj.com/moneybeat/2014/01/14/as-wells-fargo-hits-profit-milestone-ceo-gives-credit-to-wachovia/ "“I don’t see the connectivity between being number one in something and having more regulatory or litigation scrutiny,” he said. “Companies are unique, what they bought and what the behaviors are of those companies they bought matters.” - Stumpf Read: the people leading Wells Fargo have superior capital allocation skills. Indeed. Link to comment Share on other sites More sharing options...
Libs Posted January 15, 2014 Share Posted January 15, 2014 Something I don't get about WFC. At Q1 2011, they had net charge-offs of 3.5 Billion for the quarter. Their allowance for credit losses stood at $22.4B. If you annualize the charge offs, you get 22.4 / 14 = 1.74X. Currently, the allowance stands at $14.5B. Charge-offs were under a billion last quarter.So the ratio is now 14.5 / 3.85 = 3.76X. Why on earth is it higher now, when the existing loan book is so much better? Are they monkeying with the numbers to smooth earnings, or is this driven by regulators? Link to comment Share on other sites More sharing options...
fareastwarriors Posted January 23, 2014 Share Posted January 23, 2014 Wells Fargo Sells Servicing Rights on $39 Billion in Mortgages http://dealbook.nytimes.com/2014/01/22/wells-fargo-sells-servicing-rights-on-39-billion-in-mortgages/?module=BlogPost-Title&version=Blog Main&contentCollection=Mergers & Acquisitions&action=Click&pgtype=Blogs®ion=Body Link to comment Share on other sites More sharing options...
fareastwarriors Posted January 27, 2014 Share Posted January 27, 2014 Wells Fargo chief’s rise to the top http://www.ft.com/intl/cms/s/2/74c30a12-7c81-11e3-b514-00144feabdc0.html#axzz2rcQ5KXps This, for instance, is Stumpf’s explanation of why he arrives at his desk by 5.30am: “I get up at 4.30, because that’s what you do on the farm.” He adds: “I don’t think you need to get up early in life, but most people I know who are successful get up early.” The farm in question is the 125 acres in Minnesota where he grew up as the second of 11 children. The girls slept in one bedroom, the boys in another. “We were very, very poor,” he says, and bankruptcy was often a threat. With his silver hair and easy patrician style, Stumpf, who became chief executive six years ago, seems born to the corner office. But his rise to the top of the banking industry was far from ordained. After leaving school at 17 with poor grades and few prospects, he worked for a year in a bakery. He later joined the Minneapolis-based Norwest, which rode a wave of acquisitions – including those of Wells Fargo (whose name it took) in 1998 and Wachovia at the depths of the financial crisis a decade later – to reach the top of the US banking industry.Wells_Fargo_chief’s_rise_to_the_top.pdf Link to comment Share on other sites More sharing options...
fareastwarriors Posted February 16, 2014 Share Posted February 16, 2014 Wells Fargo to Ease Mortgage Standards Slightly Bank to Lower Minimum Credit Score Required for Some Mortgage Loans http://online.wsj.com/article/SB10001424052702303704304579383180007672774.html?mod=WSJ_Markets_LEFTTopStories Link to comment Share on other sites More sharing options...
valueinvesting101 Posted February 21, 2014 Share Posted February 21, 2014 Deflation Risk Growing in Wells Fargo Model http://www.businessweek.com/news/2014-02-20/deflation-risk-growing-in-wells-fargo-model-cutting-research Link to comment Share on other sites More sharing options...
gfp Posted March 26, 2014 Share Posted March 26, 2014 http://www.businesswire.com/news/home/20140326006495/en/Wells-Fargo-Receives-Objection-2014-Capital-Plan#.UzM96a1dVnQ Link to comment Share on other sites More sharing options...
gary17 Posted April 4, 2014 Share Posted April 4, 2014 Hi, I am wondering if anyone has recently looked at WFC warrant.... seems like the premium is a lot less in comparison to BAC. Does anyone know why? thanks Gary Link to comment Share on other sites More sharing options...
racemize Posted April 4, 2014 Share Posted April 4, 2014 Hi, I am wondering if anyone has recently looked at WFC warrant.... seems like the premium is a lot less in comparison to BAC. Does anyone know why? thanks Gary Mostly because WFC is already operating at normal capacity, so the future potential EPS/price growth is already normal. People expect BAC to go up more, so the warrant prices in more growth. That being said, WFC warrants are much cheaper than they have been. Seems like a good time to buy them, absent anything terrible happening to banks/economy/etc. Link to comment Share on other sites More sharing options...
Green King Posted April 4, 2014 Share Posted April 4, 2014 Hi, I am wondering if anyone has recently looked at WFC warrant.... seems like the premium is a lot less in comparison to BAC. Does anyone know why? thanks Gary Mostly because WFC is already operating at normal capacity, so the future potential EPS/price growth is already normal. People expect BAC to go up more, so the warrant prices in more growth. That being said, WFC warrants are much cheaper than they have been. Seems like a good time to buy them, absent anything terrible happening to banks/economy/etc. How can you tell looks expansive VS cost of leverage for options ? Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 4, 2014 Share Posted April 4, 2014 US bank dividends: on the rise Average payout ratio will be 24 per cent of net profits this year http://www.ft.com/intl/cms/s/3/f707002e-b9f2-11e3-a3ef-00144feabdc0.html?siteedition=intl#axzz2xrJvbggs Link to comment Share on other sites More sharing options...
gary17 Posted April 4, 2014 Share Posted April 4, 2014 It is interesting how wfc has little volatility in comparison to BAC! Link to comment Share on other sites More sharing options...
ourkid8 Posted April 4, 2014 Share Posted April 4, 2014 Totally agree... Lets hope BAC is maximizing their $4B repurchase authorization this quarter, especially since the stock is under $17! The problem is, i doubt they are and I bet they will evenly repurchase stock - $1B /quarter which is a bit disapointing but these damn regulators!!! It is interesting how wfc has little volatility in comparison to BAC! Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 22, 2014 Share Posted May 22, 2014 Warren Buffett's favorite bank isn't like the others http://buzz.money.cnn.com/2014/05/20/wells-fargo-stock/ Link to comment Share on other sites More sharing options...
peter1234 Posted May 23, 2014 Share Posted May 23, 2014 Thank you, great article. They even mention valuation at the end... But if there is a negative for Wells Fargo, it is clearly its valuation. The stock trades at a premium to all of its peers on a price-to-earnings and book value basis. In other words, the market already knows that Wells Fargo is the best of the bunch. So if you want to own quality, you have to pay up for it. :) Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 16, 2014 Share Posted June 16, 2014 Wells Fargo Nears Market-Value Milestone http://online.wsj.com/articles/wells-fargo-nears-market-value-milestone-1402878547?mod=WSJ_hp_LEFTWhatsNewsCollection Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 16, 2014 Share Posted June 16, 2014 Vanilla Works for Wells Fargo http://blogs.wsj.com/moneybeat/2014/06/16/vanilla-works-for-wells-fargo/?mod=WSJ_LatestHeadlines Link to comment Share on other sites More sharing options...
dcollon Posted August 26, 2014 Share Posted August 26, 2014 John Stumpf said government-backed agencies that buy mortgages, such as Fannie Mae, Freddie Mac and the Federal Housing Administration, were too quick to accuse banks of faulty underwriting on mortgages that default and force them to repurchase the soured loans, known as “put-back” risk. “If you guys want to stick with this program of ‘putting back’ any time, any way, whatever, that’s fine, we’re just not going to make those loans and there’s going to be a whole bunch of Americans that are under-served in the mortgage market,” Mr Stumpf told the Financial Times.Wells_chief_warns_on_mortgage_lending_-_FT.pdf Link to comment Share on other sites More sharing options...
racemize Posted August 26, 2014 Share Posted August 26, 2014 sounds similar to what Dimon was saying in the last conference call. Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 10, 2014 Share Posted September 10, 2014 Wells Fargo CFO: Fed's Capital Surcharge Idea Could Be a "Game Changer" Bank Still Actively Seeking Acquisition Opportunities, Says Wells's Shrewsberry http://online.wsj.com/articles/wells-fargo-cfo-still-actively-seeking-acquisition-opportunities-1410353325?mod=WSJ_LatestHeadlines Link to comment Share on other sites More sharing options...
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