Stock Market & Financial Investment News

News Breaks January 24, 2013 07:44 EDT WFC Wells Fargo sued for $160M in CDO losses by German agency, Reuters reports In Manhattan federal court, German government agency Erste Abwicklungsanstalt and the House of Europe Funding I Ltd, a Cayman Islands CDO issuer, sued Wells Fargo Bank, N.A. (WFC), accused it of mismanaging a collateralized debt obligation, resulting in more than $160M in losses, reports Reuters. They allege that Wells Fargo and Collineo Asset Management GMBH, a German financial services company, allowed investments of overly risky assets not permitted under the contracts governing House of Europe Funding I Ltd, a Cayman Islands CDO issuer, according to the lawsuit filed in Manhattan federal court. They sued Wells as trustee and Collineo as asset manager for allowing the ineligible purchases.Reference Link News For WFC From The Last 14 Days Check below for free stories on WFC the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 22, 2013 09:02 EDT WFC Financials upgraded to Overweight from Market Weight at Wells Fargo Wells Fargo believes that financials' earnings continue to be the strongest of any sector in the S&P 500. The firm thinks that the sector's stocks appear to be breaking out from a technical standpoint. Citigroup (c) and Ameriprise Financial (AMP) are on the firm's priority list. May 21, 2013 07:26 EDT WFC Barclays to host a conference Subscribe for More Information 07:13 EDT WFC U.S. bank mergers less likely this year, Bloomberg reports Subscribe for More Information May 20, 2013 11:49 EDT WFC Wells, Citi halt most foreclosure sales amid OCC scrutiny, American Banker says Subscribe for More Information May 16, 2013 08:33 EDT WFC BofA/Merrill's gobal financial analysts hold an analyst/industry conference call Global Financial Institutions Analysts discuss their Global Financials Quarterly Best Ideas Report on an Analyst/Industry conference call. Relevant companies AIG, ALL, ASBC, BCH, BKU, BBT, BBD, C, CMA, EVER, FITB, FHN, FRC, FULT, HBAN, ING, KEY, MTB, PNC, RF, STI, SUSQ, SNV, HIG, USB, WFC, XL and ZION may be included on the Analyst/Industry conference call to be held on May 16 at 10 am. 06:41 EDT WFC Big banks to benefit from U.S. concession on derivatives, NY Times says Subscribe for More Information May 15, 2013 17:53 EDT WFC Wells Fargo confirms reinstatement of $203M judgment in overdraft case Subscribe for More Information 16:55 EDT WFC Berkshire Hathaway gives quarterly update on stakes Subscribe for More Information 15:45 EDT WFC Judge orders Wells Fargo to pay $203M to settle overdraft case, Retuers says Subscribe for More Information May 14, 2013 08:33 EDT WFC CFTC investigates swap contracts, FT reports The Commodity Futures Trading Commission issued a “special call” asking Wall Street banks and other traders to provide documents that would prove recent derivatives transactions known as “exchanges of futures for swaps” were legal. Lawyers at the CFTC enforcement division are also scrutinizing the trades for possible violations. The probe is into the legitimacy of more than 1M energy and metals transactions by the biggest traders in commodities markets over the past two years.Reference Link 06:19 EDT WFC Brokerage firms see market share drop, competition increase, Bloomberg reports Subscribe for More Information May 13, 2013 15:04 EDT WFC Fed says large banks must submit midyear stress tests on July 5 Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said. The Dodd-Frank Wall Street Reform and Consumer Protection Act required that large bank holding companies and non-bank financial institutions that are designated for Federal Reserve supervision by the Financial Stability Oversight Council conduct two stress tests each year. In the midyear test, which is being conducted for the first time in 2013, each firm develops its own baseline, adverse, and severely adverse scenarios to best reflect its individual operations and risks. Each firm in the midyear test is required to release the results produced under its severely adverse scenario, helping promote market discipline and understanding of the financial conditions and risks of individual firms, between September 15 and September 30, the Fed added. Sign up for a free trial to see the rest of the stories you've been missing.