Sunday, April 24, 2011

Part I - Wells Fargo

1. Before the recession in 2008, Wells Fargo's stock was around 12.6 billion dollars
2. The stock went down to 12.25 billion after the recession began in 2008.
3. Wells Fargo received T.A.R.P funds of 25 billion in funds.
4. The company's revenue and profit before the crash was 89 billion. In 2010, Wells Fargo's revenue  declined down to 85 billion. In 2011, in its quarterly profit rose to $3.76 billion, or 67 cents a share, from $2.55 billion, or 45 cents a share, in the year-earlier quarter; revenue fell 5.2% to $20.3 billion.
5. Wells fargo did not experience high rates of default in the subprime mortgage lending because mortgages are predominately prime and near-prime.
6. Overall, the company in relation to the financial crisis has not done so bad as other banks. In general, Wells Fargo has done pretty smart moves with the financial crisis
7. Wells Fargo purchase troubled Wachovia Corporation. I read in a few articles that Wachovia had to do something with drug trafficking money and trafficking cartel.

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