By By The Associated Press
Some facts about Wells Fargo:
- It is the country's fourth-largest bank by assets, with roughly $1.4 trillion. That puts it behind JPMorgan Chase, Bank of America and Citigroup. It is the biggest by stock market value - about $174 billion at Thursday's close
By By CHRISTINA REXRODEAP Business Writer
John Stumpf is a survivor.
He's a CEO who kept his job as peers fell after the 2008 financial crisis, a strategist who expanded his company while others shrank theirs, a personable banker at a time of great anger toward his industry.
Stumpf is the
By By MARCY GORDON and CHRISTINA REXRODEAP Business Writers
WASHINGTON (AP) - U.S. banks are enjoying their best profits in six years and are lending a bit more freely. The gradual improvement suggests that the industry will sustain its healing from the worst financial crisis in decades and
By TOM KRISHERAP Auto Writer
DETROIT (AP) - General Motors said Wednesday that it will buy Ally Financial's operations in Europe, China and Latin America as it tries to build a global finance unit to make low-interest car loans and boost sales.
The auto giant's U.S. loan business, GM
By ALEX VEIGAAP Real Estate Writer
LOS ANGELES (AP) - Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.
More than 309,000 borrowers
By CIARAN GILESAssociated Press
MADRID (AP) - Spain has no immediate need to ask for outside aid to help deal with its debts, Prime Minister Mariano Rajoy insisted Monday.
Spain, which is in recession for the second time in three years and struggling with an unemployment rate of 25 percent, has
By CHRISTINA REXRODEAP Business Writer
NEW YORK (AP) - The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning
By LISA CORNWELLAssociated Press
CINCINNATI (AP) - Fifth Third Bancorp reported Thursday that its third-quarter net income fell because of one-time expenses related to debt repayment and accounting issues.
Still, the Cincinnati-based bank reported improving lending business trends, and beat
By CHRISTINA REXRODE and DANIEL WAGNERAP Business Writers
NEW YORK (AP) - Is the mortgage market really back?
The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits.
JPMorgan CEO Jamie Dimon
By DANIEL WAGNERAP Business Writer
Wells Fargo posted record earnings in the third quarter as the bank increased mortgage lending and pocketed more fees.
Wells, the nation's biggest mortgage lender, expanded its loan portfolio by making new loans to consumers. It collected more interest on