The Bankwatch

Tracking the consumer evolution of financial services

Wells offers welcome surprise to the markets with their results

 Wells Fargo offerred a welcome surprise to the market today, by not succumbing to another round of subprime losses as many other Banks are experiencing.  I can imagine Wells will be popular with vendors and research companies now, unlike some of the others who are sufferring.

The timing was good, as traders sought to cover short positions, in anticipapation of the SEC ruling that those must all be reported now.  Wells Fargo cheer lifts banks 

While earnings have declined at Wells Fargo for three straight quarters, the bank has stayed profitable amid the turmoil for much of the banking industry. Banks such as Citigroup and WaMu have reported multi-billion dollar losses and rival west coast banks such as Countrywide and IndyMac have had to sell or have failed because of losses on soured home loans.

… …

Shares in Wells Fargo, the fifth-largest US bank, leapt by more than 32 per cent on Wednesday after it reported better-than-expected second-quarter results and lifted its dividend, leading other financial stocks and broader equity markets higher.

Written by Colin Henderson

July 16, 2008 at 19:23

Posted in US

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2 Responses

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  1. 🙂

    Ed Terpening

    July 17, 2008 at 09:13

  2. Thanks Ed – you should be happy 🙂


    July 17, 2008 at 10:21

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