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Profile: 

Wells Fargo & Company
420 Montgomery Street
San Francisco, CA 94104
United States - Map
Phone: 866-249-3302
Website: http://www.wellsfargo.com

Details   
Index Membership: S&P 100
S&P 500
S&P 1500 Super Comp
Sector: Financial
Industry: Money Center Banks
Full Time Employees: 267,600


Business Summary   
Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States. The company operates through three segments: Community Banking; Wholesale Banking; and Wealth, Brokerage, and Retirement. The Community Banking segment offers deposit products, including checking accounts, savings deposits, market rate accounts, individual retirement accounts, time deposits, and debit cards. Its loan products include lines of credit, equity lines and loans, equipment and transportation loans, education loans, residential mortgage loans, and credit cards. This segment also provides receivables and inventory financing, equipment leases, real estate financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, and merchant payment processing services; consumer and real estate loans to individuals; and loans secured by autos, as well as purchases sales finance contracts from retail merchants. The Wholesale Banking segment provides commercial and corporate banking products and services, including commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, mezzanine financing, high-yield debt, foreign exchange services, treasury management, investment management, institutional fixed-income sales, commodity and equity risk management, insurance, corporate trust fiduciary and agency services, and investment banking services. This segment also provides banking products for commercial real estate market, and mortgage brokerage services. The Wealth, Brokerage, and Retirement segment offers financial advisory, lending, fiduciary, and investment management services. As of December 31, 2009, Wells Fargo & Company provided its services through approximately 10,000 banking stores located in 39 states and the District of Columbia. The company was founded in 1929 and is headquartered in San Francisco, California.

NOT ENOUGH: Wells Fargo (WFC) beats forecasts.. but is falling


Read more: http://www.businessinsider.com/10-unusual-stocks-20-october-2010#not-enough-wells-fargo-wfc-beats-forecasts-but-is-falling-3#ixzz12vzJtlDa


Made somewhat of a rebound by afternoon...
Let's see what takes place tomorrow.............

SAN FRANCISCO, Oct 20, 2010 (BUSINESS WIRE) -- Wells Fargo & Company (WFC):

Record quarterly earnings Record net income of $3.34 billion; $21.2 billion of cumulative net income since Wachovia merger closed December 31, 2008 Net income applicable to common stock a record $3.15 billion, up 19 percent from prior year and up 9 percent from prior quarter Diluted earnings per common share of $0.60, up 7 percent from prior year and up 9 percent from prior quarter Revenue of $20.9 billion; pre-tax pre-provision profit(1)of $8.6 billion, included approximately $380 million (pre tax) negative impact from changes to Regulation E and related overdraft policy changes Noninterest expense of $12.3 billion, down 15 percent (annualized) from prior quarter; third quarter included $476 million of merger integration costs Diverse sources of growth All business segments contributed to earnings, with Community Banking up 13 percent and Wholesale Banking up 2 percent from prior quarter Continued strong deposit growth; average checking and savings deposits up 9 percent from prior year, up 9 percent (annualized) from prior quarter; consumer checking accounts grew a net 7.3 percent from prior year Supplied $176 billion in credit to consumers and businesses during the quarter, up 17 percent linked quarter with growth in mortgage originations, commercial loans and lines of credit, home equity lines and credit card lines Second highest quarter for mortgage applications ever -- $194 billion; mortgage originations of $101 billion, up from $81 billion in prior quarter; application pipeline of $101 billion at September 30, 2010, up from $68 billion at June 30, 2010 Credit quality improved for third consecutive quarter Net loan charge-offs of $4.1 billion, down $394 million, or 9 percent from prior quarter, down $1.3 billion, or 24 percent, from fourth quarter 2009 peak Stable 30+ days past due delinquency trends, improving 90+ days past due trends Reserve release(2) of $650 million (pre tax) reflecting improved portfolio performance; anticipate reserve levels will continue to decline absent significant economic deterioration Allowance for credit losses equal to 150 percent of annualized net charge-offs Strong capital position on rapid internal capital generation

Wachovia integration exceeding expectations Conversion of first Eastern banking stores completed (Mississippi, Alabama and Tennessee), remaining Eastern store conversions will take place throughout 2010 and 2011 Mutual fund business converted to Wells Fargo Advantage Funds during the quarter Credit losses lower than original expectations, integration expenses and cost saves on track, revenue synergies growing More than 2.3 million homeowners benefitted from home payment relief through Wells Fargo modifications and refinances from January 2009 through August 31, 2010 532,600 mortgage loan modifications 1.8 million mortgage loans refinanced

They are providing the good services as they are in the commercial retail and corporate services and they are not charging too much for there services also therefore the customers will also be benefited by them.

Berkshire Buys Stake in Dollar General
Aug 15, 2011 4:41 PM CT

Berkshire Hathaway Inc. (BRK/A) added a stake in retailer Dollar General Corp. (DG) and increased holdings in MasterCard Inc. (MA) as Chairman Warren Buffett expanded his equity portfolio with help from new investment manager Todd Combs.

Buffett's firm had 1.5 million shares of Dollar General at the end of the second quarter, Omaha, Nebraska-based Berkshire said today in a regulatory filing that listed the company's U.S. stockholdings. Berkshire increased its stake in Purchase, New York-based MasterCard by 88 percent during the quarter and held 405,000 shares as of June 30, the filing shows.

Buffett bought stocks at the fastest pace in almost three years as Berkshire's cash was boosted in the second quarter by earnings and the repayment by Goldman Sachs Group Inc. of a $5 billion capital injection. Buffett, Berkshire's chief executive officer and head of investments, has turned his focus to stocks as interest rates remained near record lows.

"That does encourage one to invest in equity," said David Kass, a professor at the University of Maryland's Robert H. Smith School of Business. Short-term U.S. Treasury securities, where Buffett keeps most of Berkshire's $47.9 billion of cash, "are paying essentially zero or close to zero," Kass said.

Berkshire's equity portfolio was valued at $67.6 billion as of June 30, with 40 percent in consumer products firms and 37 percent in financial firms such as banks and insurers. The rest of the portfolio was in a group Berkshire labels "commercial, industrial and other."

Confidential Treatment
Berkshire omitted information about its portfolio for the second straight quarter. The U.S. Securities and Exchange Commission sometimes allows companies to withhold data from the public to limit copycat investing while a firm is building or cutting a position.

Buffett added about 10 million shares in Wells Fargo & Co. (WFC), increasing its stake in the biggest U.S. home lender by almost 3 percent. Wells Fargo climbed 3.7 percent to $25.02 at 4:15 p.m. in New York Stock Exchange composite trading. It has dropped 19 percent this year.

Berkshire's holding in the San Francisco-based bank is valued at more than $8 billion, the second-largest in the portfolio behind Coca-Cola Co. (KO)

The stake in Goodlettsville, Tennessee-based Dollar General is valued at $48.2 million based on today's closing share price of $32.19. The retailer sells merchandise including food, cleaning products and pet supplies.

MasterCard Rally
Buffett, 80, is counting on Combs to help reshape a U.S. portfolio that was cut to 25 holdings at the end of 2010 from more than 40 in 2009. Combs was assigned to oversee as much as $3 billion with a focus on equities and can make trades without consulting Buffett. It was Combs, 40, who in the first quarter added a stake in in MasterCard, a firm that he had bet on while managing hedge fund Castle Point Capital Management LLC.

MasterCard, the world's No. 2 payments network, has climbed 33 percent since the end of March and 49 percent this year, the second-best performance in the 75-company S&P 500 Information Technology Index after National Semiconductor Corp.

MasterCard, led by CEO Ajay Banga, 51, climbed the most since 2009 on Aug. 3 after reporting a second-quarter profit that beat analysts' estimates amid an increase in consumer spending. The firm may be poised to take a bigger share of the U.S. debit-card market as new U.S. rules on transaction fees and processing threaten to erode the dominance of larger rival Visa Inc. MasterCard closed at $335 a share today.

Coca-Cola, Wells Fargo
Berkshire's biggest holdings, including Wells Fargo and Atlanta-based Coca-Cola have slipped in the last three weeks as global equity markets retreated. Buffett has reiterated his view that the U.S. would avoid a second recession in three years. Buffett has reiterated his view that the U.S. would avoid a second recession in three years.

"Financial markets create their own dynamics, but I don't think we're facing a double dip," Buffett told Bloomberg Television's Betty Liu in an interview on Aug. 6.

Berkshire also disclosed that it owned 2.1 million shares of Verisk Analytics Inc., the actuarial data provider. American International Group Inc., Hartford Financial Services Group Inc. and Travelers Cos. were among insurers that sold holdings in the company in a 2009 initial public offering. Berkshire didn't sell its shares in the offering.

Buffett's firm cut its stake in Kraft Foods Inc. by about 5.5 percent to 99.5 million shares.

Berkshire's cash soared 71 percent in 12 months from $28 billion on June 30, 2010, as New York-based Goldman Sachs and Swiss Re Ltd. repaid financing extended by Buffett during the credit crunch of 2008 and 2009. Buffett, who doesn't pay dividends to shareholders, makes investments with Berkshire's profits and policyholder premiums accumulated at the firm's insurance subsidiaries.

Today's filing by Berkshire includes U.S. holdings. Equity investments abroad are reported to local regulators.

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