News on Wachovia Corporation

Wachovia pays 160 million dollars to halt drugs probe

2010-03-17T15:16:17Z

<div><p>Wachovia has agreed to pay US prosecutors 160 million dollars for its failure to stop drug money being laundered to Mexican affiliates, the DEA said Wednesday.</p><p>The embattled bank admitted it failed to stop an estimated 110 million dollars from being sent from the US to Mexico by wire transfer that was used to buy cocaine-transporting aircraft.</p><p...

Wachovia settles money laundering case for $160M

2010-03-17T14:32:30Z

<div id="subtitle">Wachovia paying $160M to settle case involving laundering of Mexican drug money</div><div><p>Banking giant Wachovia Corp. will pay $160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses in the largest case of its kind ever brought against a U.S. bank, prosecutors...

Wachovia pays $160 million to settle drug money probe

2010-03-17T12:30:31Z

<div><p>MIAMI (Reuters) - The Wachovia Bank unit of Wells Fargo & Co has agreed to pay $160 million to settle U.S. allegations that it laundered Mexican drug money.</p><p>Under the agreement, Wachovia will fo...

Wachovia in talks to settle probe: report

2010-03-15T16:45:08Z

<div><p>(Reuters) - The Wachovia Bank unit of Wells Fargo & Co <WFC.N> is in talks with the U.S. Justice Department to settle complaints relating to the alleged fai...

Wachovia in talks with U.S. to settle probe: report

2010-03-15T04:15:33Z

<div><p>(Reuters) - Wachovia Bank is in talks with the U.S. Justice Department to settle complaints relating to the alleged failure in bank controls that enabled Mexican exchange houses to launder drug money, the Wachovia Securities helped life insurer and annuity provider Prudential Financial Inc. report its third straight quarterly pr...

Wells Fargo reports unexpected 4Q profit

2010-02-22T17:39:01Z

<div id="subtitle">Wells Fargo earns $394M, says confidence growing that worst of credit downturn is over</div><div><p>Wells Fargo &amp; Co. on Wednesday took a more optimistic view than other banks about consumer resilience, after it reported a surprise profit for the fourth quarter.</p><p>The bank did say problems remain in ...

Wells Fargo posts strong profits

2010-02-22T17:39:40Z

<div><p>US banking giant Wells Fargo reported strong profits for 2009 following its integration of smaller rival Wachovia and repayment of a 25-billion-dollar taxpayer bailout.</p><p>Wells Fargo posted net income of 2.82 billion dollars in the fourth quarter on record revenue of 22.7 billion...

Wells Fargo swings to Q4 profit; fee income rises

2010-02-22T17:42:21Z

<div><p>NEW YORK (Reuters) - Wells Fargo &amp; Co &lt;WFC.N&gt; swung to a fourth-quarter profit on a pickup in fee income, even as it repaid $25 billion in bailout funds to the U.S. government.</p><p&am...

Prudential closes $4.5 billion brokerage stake sale

2010-02-23T07:35:04Z

<div><p>NEW YORK (Reuters) - Prudential Financial Inc &lt;PRU.N&gt; said on Thursday it completed the planned sale of its minority stake in a retail brokerage to Wells Fargo &amp; Co &lt;WFC.N&gt; for $4....

Prudential sees $1.5 billion gain from Wachovia sale

2010-02-23T15:14:36Z

<div><p>NEW YORK (Reuters) - Prudential Financial Inc &lt;PRU.N&gt; said on Wednesday it expects the sale of its minority stake in Wachovia Securities to produce a $1.5 billion after-tax gain.</p><p>

Wells Fargo stock offering to raise $12.25B

2010-02-23T16:08:23Z

<div id="subtitle">Wells Fargo stock offering to raise $12.25B toward repaying $25B in bailout money</div><div><p>Wells Fargo &amp; Co. said Tuesday that a stock offering planned for later this week should raise $12.25 billion that will be used to help repay its government bailout loan.</p><p>The offering price of $25 a share ...

Wells Fargo lending units to combine

2010-02-23T16:08:57Z

<div id="subtitle">Wells Fargo and Wachovia lending units to combine as Wells Fargo Capital Finance</div><div><p>Wells Fargo &amp; Co. said Monday it will combine its various lending operations into one unit, including business it acquired through its purchase of Wachovia Corp. late ...

Wells Fargo Reportedly Closing Some California Branches

2010-02-23T21:36:43Z

<div id="subtitle">Ongoing Wachovia consolidation continues</div><div><p> Nearly a year after purchasing Wachovia, Wells Fargo may be prepared to consolidate the operations of the two banks.</p><p>The L...

Wells Fargo to close 122 California branches: report

2010-02-23T22:09:52Z

<div><p>(Reuters) - Wells Fargo &amp; Co said on Tuesday that it would fold up 122 California branches due to its takeover of Wachovia Corp last year, the IMAX Corp., operator of giant-screen movie theaters, said Monday it has reached a deal for a new $75 million credit line.</p><p>The deal with Wachovia Capital Finance Corp., with...

BNY Mellon's Kelly shoots down BofA CEO talk

2010-02-24T08:58:00Z

<div><p>CHARLOTTE, North Carolina (Reuters) - Bank of New York Mellon Corp &lt;BK.N&gt; CEO Bob Kelly told the bank's senior managers he is not interested in the top job ...

Philadelphia Transit

2009-10-30T21:30:23Z

A SEPTA transit map is shown outside the Pattison subway station near the Wachovia Spectrum, left, and the Wachovia center, right, Friday, Oct. 30, 2009, in Philadelphia. (AP Photo/Matt Slocum)

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Wells Fargo 3Q profit rises, but so do loan losses

2010-02-24T16:21:01Z

<div id="subtitle">Wells Fargo 3rd-quarter profit jumps 61 percent, but loan losses rise to more than $5 billion</div><div><p>Wells Fargo &amp; Co. on Wednesday reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the businesses it acquired with the purchase of