Key Developments: Wells Fargo & Co (WFC.N)

WFC.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Wells Fargo & Co enters agreement to sell select local office locations to USI insurance services
Thursday, 23 Jan 2014 02:00pm EST 

Wells Fargo & Co:Says it has entered into an agreement with USI Insurance Services to sell 42 of its primarily smaller regional insurance brokerage and consulting locations.Says the sale is part of Wells Fargo's ongoing strategy to focus investments and resources in select markets, including Charlotte, Dallas, Minneapolis and San Francisco.Says the terms of the transaction, which is expected to close in Q2-2014, were not disclosed.  Full Article

Wells Fargo & Co agrees to sell mortgage servicing rights on about 184,000 loans
Wednesday, 22 Jan 2014 09:00am EST 

Wells Fargo & Co:Says its subsidiary, Wells Fargo Bank, N.A., has signed an agreement with Ocwen Loan Servicing LLC for the sale of residential mortgage servicing rights.Says on a portfolio consisting of about 184,000 loans with a total principal balance of $39 bln, or about 2 pct of Wells Fargo's total residential servicing portfolio as of the end of fourth quarter 2013.Says sale will be finalized as servicing is transferred, which the company expects will occur during 2014.Says the loans underlying the residential mortgage servicing rights sold are primarily owned by private investors and were not originated or owned by Wells Fargo.  Full Article

Wells Fargo & Co Settles Federal Mortgage Claims-Reuters
Wednesday, 6 Nov 2013 12:47pm EST 

Reuters reported that Wells Fargo & Co said that it had reached a $335 million settlement with a U.S. government agency over claims that it had misled certain investors in the bank's mortgage bonds.  Full Article

Wells Fargo & Co Announces Dividend
Tuesday, 22 Oct 2013 12:40pm EDT 

Wells Fargo & Company announced a quarterly common stock dividend of $.30 per share. The dividend is payable December 1, 2013, to stockholders of record on November 8, 2013, as approved by the Wells Fargo board of directors.  Full Article

Wells Fargo & Co Cuts 925 More Mortgage Jobs-Reuters
Thursday, 17 Oct 2013 02:59pm EDT 

Reuters reported that Wells Fargo & Co, is laying off 925 employees in its home loan unit as rising rates cut into demand for refinancing. The San Francisco bank provided a 60-day notice on October 16, 2013 to the workers whose jobs will be eliminated nationwide, a spokesman said in a statement. The bank will continue to evaluate its staff levels in response to market conditions, the spokesman added. As mortgage revenue declined, the bank aimed to eliminate jobs to save on expenses.  Full Article

NY To Sue Wells Fargo & Co-Reuters
Tuesday, 1 Oct 2013 08:28pm EDT 

Reuters reported that The New York Attorney General plans to sue Wells Fargo & Co, over failures to comply with the terms of the $26 billion National Mortgage Settlement. At the same time, Bank of America confirmed it has separately struck an agreement with New York Attorney General Eric Schneiderman over similar types of alleged compliance problems. Separately, a committee of 14 other states and federal authorities monitoring the settlement are also expected to announce agreements with both Bank of America and Wells Fargo to address similar compliance concerns over loan modifications and other issues.  Full Article

Wells Fargo & Co To Pay Freddie Mac $780 Million To Settle Mortgage Claims-Reuters
Monday, 30 Sep 2013 07:13pm EDT 

Reuters reported that (Federal Home Loan Mortgage Corp) Wells Fargo & Co said it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the government-controlled mortgage company prior to 2009. The U.S. mortgage lender said the settlement was reached on September 27, 2013 and totaled $869 million before adjusting for credits related to prior loan repurchases.  Full Article

U.S. Regulator Sues Wells Fargo & Co's unit, Others Over Faulty Securities-Reuters
Monday, 23 Sep 2013 10:41pm EDT 

Reuters reported that a U.S. regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing. Morgan Stanley and Morgan Stanley Capital I Inc, Barclays PLC, JPMorgan Chase & Co's unit Bear Stearns, Credit Suisse Group AG, Royal Bank of Scotland Group PLC and UBS AG sold faulty securities to Southwest and Members United corporate credit unions, the National Credit Union Administration (NCUA) said in its complaint. Goldman Sachs Group Inc, Wachovia Corp, a unit of Wells Fargo & Co and Residential Funding Securities LLC, (Ally Securities), also sold faulty securities to Southwest, NCUA said.  Full Article

Wells Fargo & Co Declares Dividend On Series A Preferred Securities
Monday, 9 Sep 2013 03:00pm EDT 

Wells Fargo & Co announced that its board of directors has declared a regular quarterly dividend on its Series A 7.25% preferred securities. The dividend is equal to $0.453125 per Series A security. The dividend is payable on September 30, 2013, to holders of record as of the close of business on September 16, 2013.  Full Article

Wells Fargo & Co To Cut 2,300 Mortgage Jobs-Reuters
Wednesday, 21 Aug 2013 06:13pm EDT 

Reuters reported that Wells Fargo & Co will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise. The cuts would represent around 3.3% of the bank's consumer lending employees, the bank said. Although the bank does not disclose how many of its staff work in home loans specifically, Wells Fargo had over 11,000 mortgage loan officers on its payroll at the end of March. The 2,300 employees whose positions are to be eliminated received their 60-day notice on August 21, 2013 a Wells Fargo spokeswoman said in an email.  Full Article

Itaú Unibanco raises $480 million from OPIC, Wells Fargo loans

SAO PAULO - Itaú Unibanco SA borrowed a combined $480 million from a U.S. government-run lender and Wells Fargo & Co, as Latin America's largest bank by market value is increasingly using loan markets to finance clients in Brazil, its home turf.

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