Latest Wells Fargo & Co News

US stocks slump; S&P 500 has its worst week since February

Jun. 18, 2021 16:43 PM EDT

NEW YORK (AP) — Stocks sank again on Wall Street Friday, knocking the S&P 500 to its worst weekly loss since February, as more steam comes out of banks and other stocks that soared earlier this year with expectations for the economy and inflation. The S&P 500...

Ally Bank ends overdraft fees, a first for large US banks

Jun. 02, 2021 19:15 PM EDT

NEW YORK (AP) — Ally Financial said Wednesday that it is ending overdraft fees entirely on all of its bank products, becoming the first large U.S. bank to end overdraft fees across its entire business. It's a major move by Ally, one of the nation's largest banks, and...

Bank CEOs tell Congress they'll work to avoid foreclosures

May. 27, 2021 17:22 PM EDT

WASHINGTON (AP) — The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer. ...

Bank CEOs outline pandemic support; senators split on issues

May. 26, 2021 16:53 PM EDT

WASHINGTON (AP) — The CEOs of the six biggest U.S. banks went before Congress Wednesday, eager to lay out their support for struggling consumers and small businesses hard hit by the pandemic. But lawmakers focused more keenly in a Senate hearing on the contentious...

Buffett's firm sells off financials, halves Chevron stake

May. 17, 2021 19:20 PM EDT

OMAHA, Neb. (AP) — Investor Warren Buffett's company pared back its holdings in financial firms further during the first quarter and also halved its new investment in Chevron. Berkshire Hathaway Inc. provided an update on its U.S. stock holdings in a filing with...

Bank of America profit doubles in 1Q to $8.1 billion

Apr. 15, 2021 07:49 AM EDT

NEW YORK (AP) — Bank of America's profits doubled in the first quarter, the bank said Thursday, as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic. Bank of America is the...

Asian stock markets mixed after Wall St retreats from record

Apr. 14, 2021 23:29 PM EDT

BEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street retreated from a record high as major banks reported strong profits at the start of the U.S. earnings season. Shanghai, Hong Kong and Sydney declined while Tokyo and Seoul advanced. ...

Wells Fargo earned $4.74 billion in Q1, topping estimates

Apr. 14, 2021 09:42 AM EDT

SILVER SPRING, Md. (AP) — Wells Fargo had its best quarter in a year and a half, posting a profit of $4.74 billion and freeing up more than a billion dollars that had been set aside for potential loan defaults at the beginning of the coronavirus pandemic. The San...

Wells Fargo profit jumps to $4.74 billion in first quarter

Apr. 14, 2021 08:14 AM EDT

Wells Fargo & Co. says first-quarter net income jumped to $4.74 billion from $653 million a year earlier, when the pandemic struck the global economy. The San Francisco-based bank said Wednesday that it had earnings of $1.05 per share in the latest quarter, compared...

Asian shares gain despite virus worries; China exports rise

Apr. 13, 2021 00:04 AM EDT

TOKYO (AP) — Asian shares were mostly higher on Tuesday with hopes growing for a global economic rebound despite surging coronavirus cases in many places. China reported its exports rose nearly 31% in March, in line with expectations but weaker than the 60% growth seen...