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May 18, 2023
05/23
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KGO
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of the plaintiffs in a class-action lawsuit against wells fargo. he says he wanted to refinance his home, but he was given the runaround. braxton and other attorneys and plaintiffs say they were discriminated against. >> black people, in particular, were trying to refinance their homes and in they were being approved at a rate of 47%. other banks were improving black americans for refinance at a rate of 71%. white americans at wells fargo were being approved at a rate of 72%. reporter: more than 750 customers may have similar experiences. the former san francisco mayor and ben crump announcing support for the lawsuit where it was filed. >> the first demonstration o housing in san francisco, i conducted. that was more than ago. and you would think that things would have been learned by one of the premier institutions in san francisco. reporter: wells fargo said in a statement, we are confident that we follow enterprise guidelines in our decision-making and or underwriting practices are consistent, regardless of race or ethnicity. these allegations a
of the plaintiffs in a class-action lawsuit against wells fargo. he says he wanted to refinance his home, but he was given the runaround. braxton and other attorneys and plaintiffs say they were discriminated against. >> black people, in particular, were trying to refinance their homes and in they were being approved at a rate of 47%. other banks were improving black americans for refinance at a rate of 71%. white americans at wells fargo were being approved at a rate of 72%. reporter:...
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Jul 14, 2023
07/23
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BLOOMBERG
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wells fargo up 6%. do you start to see more investors rotate into financials because of the sheer revenue from the interest increases we have seen from the fed that they do not have to pass along to depositors? evidently depositors do not need to get paid. jonathan: you are very passionate about that. lisa: that is one of the key questions because this gap is taking money from depositors. jonathan: any other business we would be like they have to make money, but when it comes to banks we are like pass it on. lisa: it is personal. you think about these ballooning deposit accounts, you're giving them free money and they're making bank with it. tom: one of the first things i heard was from a banker of a tiny bank and i said why have emerged with somebody? he said we like to go to lunch. at the small bank level, they are trying to keep at it so they can go to the rotary meeting or the lunch. why are super regionals any different? if i'm one of the 15 banks under these guys come and i am looking at j.p. morg
wells fargo up 6%. do you start to see more investors rotate into financials because of the sheer revenue from the interest increases we have seen from the fed that they do not have to pass along to depositors? evidently depositors do not need to get paid. jonathan: you are very passionate about that. lisa: that is one of the key questions because this gap is taking money from depositors. jonathan: any other business we would be like they have to make money, but when it comes to banks we are...
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not a wells fargo. garn, an ex wells fargo guard, is on the run with $7000000.00 in cash. he got away with it last night when he robbed his partner in a wells fargo manager in west hartford connecticut. mm hm. so when, when victor grabbed a supervisor from behind, you put him in a headlock and took his supervisors own gun out of his holster and put it to his head and told them, you know, i'm not working for anybody else anymore. and oh, i'm not playing the supervisor had, you know, heard the tone in victor's voice. and as he testified and tries it, victor spoke to me in a tone of voice ad rather heard before i was waiting for him outside. it was the longest hour or whatever of my entire life. it was a $7100000.00 according to to the press. i know it weighed and bought a 1000 and some odd pounds and the car was riding low. the thief had so much money to steal from here that he couldn't even haul it all away. police estimate left about a $1000000.00 behind me. i felt we had pulled off a great job. nobody had been caught, nobody was hurt. i was arrogant. my friend loaned me j
not a wells fargo. garn, an ex wells fargo guard, is on the run with $7000000.00 in cash. he got away with it last night when he robbed his partner in a wells fargo manager in west hartford connecticut. mm hm. so when, when victor grabbed a supervisor from behind, you put him in a headlock and took his supervisors own gun out of his holster and put it to his head and told them, you know, i'm not working for anybody else anymore. and oh, i'm not playing the supervisor had, you know, heard the...
137
137
Jan 13, 2023
01/23
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FBC
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looks like wells fargo is a little bit of a miss and i'm switching my screen and going into wells fargo. let's talk about this really quick here. earnings per share, 67-cents. return on equity, 6.4%. that's actually not so bad for them. return on assets, 0.61%. customers -- this is wells far he grow now. remember, they've got a huge portfolio of home loans for wells fargo. okay. they came in and said that basically customers have remained resilient with deposit balances, consumer spending, credit quality still stronger than prepandemic levels. but one of the things that wells fargo -- this is what the street seems to be focus on right now, the stock isn't jumping as much as it could have because of the loan loss provisions. i said this earlier. every bank we're looking at for this quarter it is about loan loss provisions and wells fargo just went into the red. they say that wells far he grow, we're watching the impact of higher rates on our customers, we think we're going to see deposit balances, credit quality continue to return towards pre-pandemic levels. still it looks like there's
looks like wells fargo is a little bit of a miss and i'm switching my screen and going into wells fargo. let's talk about this really quick here. earnings per share, 67-cents. return on equity, 6.4%. that's actually not so bad for them. return on assets, 0.61%. customers -- this is wells far he grow now. remember, they've got a huge portfolio of home loans for wells fargo. okay. they came in and said that basically customers have remained resilient with deposit balances, consumer spending,...
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May 18, 2023
05/23
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KNTV
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fargo bank. >> home ownership is the heart of the american dream, and wells fargo has pushed that dream out of reach for thousands of black and brown americans with their blatant discrimination loan practices. >> reporter: he was joined by former mayor willie brown. >> and these are people who are qualified under the most strict circumstances and evaluations. and have demonstrated their ability to continuously pay. >> if you apply to wells fargo, either because of denials or the length of the process, you've got a 1 in 3 chance of being approved. i started this lawsuit to try to determine why that was the case when it wasn't the case for non-black americans. >> reporter: dennis ellis is interim lead counsel for the case. >> so far in this case, there has been no answer to the data that suggest there was a massive opportunity for minorities to refinance their homes and to gain original home loans at historically low rates, and wells fargo failed them. >> reporter: at today's rally, a handful of homeowners shared their stories and challenges. >> when i had the opportunity to refinance my
fargo bank. >> home ownership is the heart of the american dream, and wells fargo has pushed that dream out of reach for thousands of black and brown americans with their blatant discrimination loan practices. >> reporter: he was joined by former mayor willie brown. >> and these are people who are qualified under the most strict circumstances and evaluations. and have demonstrated their ability to continuously pay. >> if you apply to wells fargo, either because of...
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Apr 14, 2023
04/23
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BLOOMBERG
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wells fargo, 2.3%. under the hood, pnc came out the liver to better-than-expected results and those shares are up more than 3%. are we seeing an all clear for the banks are always seeing jp morgan missing money on the hills of everyone flooding into the biggest banks while some of the smaller regional banks see outflows and incredible pressure that strains lending? are we going to see that beverages continue as people go into the big banks and shun originals? tom: i think it is more complex than that. some of what you say i think it is true. there can be trends there. we can see in the coming weeks but on this conference call, do everything they can to not talk about how they are winning. all their victories across many different platforms. jonathan: you do not think they want to scream and shout about their deposits? tom: can you erase the dividend? we cannot raise the dividend in this crisis right now. jonathan: i think bloomberg intelligence come into this release question whether this was a storm an
wells fargo, 2.3%. under the hood, pnc came out the liver to better-than-expected results and those shares are up more than 3%. are we seeing an all clear for the banks are always seeing jp morgan missing money on the hills of everyone flooding into the biggest banks while some of the smaller regional banks see outflows and incredible pressure that strains lending? are we going to see that beverages continue as people go into the big banks and shun originals? tom: i think it is more complex...
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Jan 13, 2023
01/23
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CNBC
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charlie scharf at wells fargo emphasizing -- >> well, wells fargo, you know, your strong endorsement of the stock is not being well received in the market, jim >> i don't give a darn the people who are selling it, they are people who i think have done some work >> do you want me to mark the close today or the open today for judging your call? >> they have a 3:00 conference call >> how should i do it? you want me to give you the down five and then i'll take it from there as a buy >> let's talk to sara after. by the way, sara had an excellent interview with john d donahoe from nike. we go back and forth, anchor to anchor, i talk to her about how things went. but i will say this. wells fargo is the hardest to understand because it has the most regulatory problems >> that's a good point overall, we got the market down about 0.8% that would be the s&p, the nasdaq, not far behind that, jim. to your point, sort of across the board, most things are down. it's interesting, we talked about tesla, of course, and yet it's gm and ford that are down even more, not to mention rivian and lucid. the
charlie scharf at wells fargo emphasizing -- >> well, wells fargo, you know, your strong endorsement of the stock is not being well received in the market, jim >> i don't give a darn the people who are selling it, they are people who i think have done some work >> do you want me to mark the close today or the open today for judging your call? >> they have a 3:00 conference call >> how should i do it? you want me to give you the down five and then i'll take it from...
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Jul 14, 2023
07/23
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BLOOMBERG
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>> wells fargo would be the one takeaway. they did exactly what we thought they would do and we hoped they would do that this quarter and we are seeing some decent relative outperformance in the shares. wells fargo has about 3% of the loan portfolio in office exposure with maybe just under one third of that in california. san francisco is one of the more concerning markets i guess. what they did is they put up a large reserve against that, almost $1 billion in excess reserves this quarter. we are more comforted by that because now they're reserve two offices almost 9%. in our reports historically, we have looked at nine or 10% as the loss of stress and was markets. we didn't necessarily put the issue behind them but the reserves they put up really helps address the issue going forward. jon: you mentioned the stocks. there is still plenty of uncertainties for the banking sector but when i look at your target prices for names like jp morgan and wells fargo, it looks like you see a little potential upside, maybe not too much but
>> wells fargo would be the one takeaway. they did exactly what we thought they would do and we hoped they would do that this quarter and we are seeing some decent relative outperformance in the shares. wells fargo has about 3% of the loan portfolio in office exposure with maybe just under one third of that in california. san francisco is one of the more concerning markets i guess. what they did is they put up a large reserve against that, almost $1 billion in excess reserves this...
0
0.0
Jan 13, 2023
01/23
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CNBC
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wells fargo, absolutely messy. it's going to be messy for a while given the litigation, given all the things going on. underneath the surface net interest income up 45% that's why you own wells fargo, because of what we talked about before net interest income sensitive banks are going to benefit from higher rates in fact, wells fargo just guided 10% growth for net interest income what i'm waiting for on wells is that expense number. i think that's going to be the bright spot versus other banks that's where they have wiggle room to lower costs. >> okay. but higher reserve costs at wells fargo. how about the overall market, stef it's now down. we had five straight days of the nasdaq and beginning of the year sometimes a good start allows us maybe to put the year before in the rear-view mirror is this -- december this poor t tend a better year for you or are you still waiting to see >> i think there's a lot of negativity out there, right, joe? everyone is so bearish i think that there are some bright spots first, i th
wells fargo, absolutely messy. it's going to be messy for a while given the litigation, given all the things going on. underneath the surface net interest income up 45% that's why you own wells fargo, because of what we talked about before net interest income sensitive banks are going to benefit from higher rates in fact, wells fargo just guided 10% growth for net interest income what i'm waiting for on wells is that expense number. i think that's going to be the bright spot versus other banks...
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48
May 17, 2023
05/23
by
KTVU
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wells fargo. so these are the trend. these these issues of lending discrimination in lending are still happening nationwide, right? i mean, i think we hear a lot over the years that you know racism is easing up and it's not happening , but your lawsuit would clearly state perhaps if the court found it to be true that it is happening. that's right. look, aspirational. i think we all would like to believe that we've had our first african american president. we have a african american as vice president. currently, i think we'd all like to believe that discrimination no longer exists, but that's patently false discrimination does exist. it exists institutionally. i'm not saying that it exists in every corner around every bend, but it exists in this context. and we can tell you that with a bad actor like wells fargo. who has a history of predatory lending, has a history of it line to their own shareholders as a history of pain. um penalties and sanctions and fines to the government and admitting they've engaged in bad behavio
wells fargo. so these are the trend. these these issues of lending discrimination in lending are still happening nationwide, right? i mean, i think we hear a lot over the years that you know racism is easing up and it's not happening , but your lawsuit would clearly state perhaps if the court found it to be true that it is happening. that's right. look, aspirational. i think we all would like to believe that we've had our first african american president. we have a african american as vice...
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0.0
May 18, 2023
05/23
by
KRON
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well, this lawsuit is accusing wells fargo of denying loans to and discriminating against minority mortgage applicants during the pandemic. the lawsuit claims about 750,000 people could have been affected. civil rights attorney ben crump is claiming that racial discrimination and home ownership and financing is one of the main reasons for the differences in generational wealth between black americans and others. the plaintiffs won 5 million dollars in damages. former san francisco mayor willie brown is weighing in. he says he led the first housing protests in the city 60 years ago and can't believe this problem still exists. >> but the first demonstration on the issue of housing in san francisco. i that was more than 6 decades ago. and think? but things were about to learn i want other premier in san francisco served and was may damage that had been i love actual support by i said count me >> attorneys for the point of say wells fargo is no stranger to allegations of trouble and lending practices late last year. the consumer financial protection bureau ordered the san francisco based bank t
well, this lawsuit is accusing wells fargo of denying loans to and discriminating against minority mortgage applicants during the pandemic. the lawsuit claims about 750,000 people could have been affected. civil rights attorney ben crump is claiming that racial discrimination and home ownership and financing is one of the main reasons for the differences in generational wealth between black americans and others. the plaintiffs won 5 million dollars in damages. former san francisco mayor willie...
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0.0
Jan 10, 2023
01/23
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KRON
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and coming up next, a wells fargo vice president has been arrested. hear what he's accused of doing to another accused of doing to another passenger on a plane flight. ♪♪ this is how it feels to du more with less asthma... ...thanks to dupixent. dupixent is not for sudden breathing problems. it's an add-on treatment for specific types of moderate-to-severe asthma. and can help improve lung function for better breathing in as little as two weeks. dupixent helps prevent asthma attacks... and can even reduce or eliminate oral steroids. imagine that. ♪♪ dupixent can cause allergic reactions that can be severe. get help right away if you have rash, chest pain, worsening shortness of breath, tingling or numbness in your limbs. tell your doctor about new or worsening joint aches and pain, or a parasitic infection. don't change or stop asthma medicines, including steroids, without talking to your doctor. who knows what you can do when you du more with less asthma. ask your asthma specialist about dupixent. >> wells fargo, vice president was arrested i
and coming up next, a wells fargo vice president has been arrested. hear what he's accused of doing to another accused of doing to another passenger on a plane flight. ♪♪ this is how it feels to du more with less asthma... ...thanks to dupixent. dupixent is not for sudden breathing problems. it's an add-on treatment for specific types of moderate-to-severe asthma. and can help improve lung function for better breathing in as little as two weeks. dupixent helps prevent asthma attacks... and...
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0.0
Oct 13, 2023
10/23
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CNBC
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wells fargo has not moved? wells fargo had been the great hope for a very long time and the hope has not realized? >> actually, they continue to make a lot of progress on the cost side. obviously this regulatory head w wind than any of us could have and anticipated. as a practical matter, this deposit cap has actually really helped them in this silicon valley fall-out. they had to work out a lot of what i would call non-operational deposits over the last couple of years so that has positioned them as a counterparty of choice on the west coast. so we're quite optimistic on wells and the progress they're making. >> we got basically 30 seconds left. what is the jpm number to the degree it does portend for bank of america? >> i think it's going to be, if i had to point to one thing, i think capital market is going to be reasonably good and the manager income trends were encouraging. so i would say income and credit would be positive. i would expect a trade up on the heel of jpmorgan's numbers. >> when we come back,
wells fargo has not moved? wells fargo had been the great hope for a very long time and the hope has not realized? >> actually, they continue to make a lot of progress on the cost side. obviously this regulatory head w wind than any of us could have and anticipated. as a practical matter, this deposit cap has actually really helped them in this silicon valley fall-out. they had to work out a lot of what i would call non-operational deposits over the last couple of years so that has...