Wells Fargo
Stress-test success masks bigger problem with banks
The US government's bank stress tests appear to have been successful in stabilising financial markets, but some market observers believe they are obscuring broader systemic problems and could hamper efforts to deal with toxic assets.
CDSs on US financials narrow
Market sentiment towards US banks improved today, with the cost of credit protection on six of the nation's largest financial institutions falling. The move came on the same day Bank of America (BoA) was reported to have raised $7.3 billion from selling…
US banks require $74.6 billion in additional capital, stress tests reveal
Ten US banks collectively require an additional $74.6 billion in additional capital to insulate against possible losses over the next two years, the results of US government stress tests show.
Wells Fargo posts $2.55 billion loss in Q4
Hampered by its move to bolster credit loss reserves, Wells Fargo saw a $2.55 billion loss in the fourth quarter of 2008.
US government still has room to manoeuvre, analysts say
The US government's move to rescue beleaguered banking giant Citigroup will not impair its ability to bail out other banks.
CITI and Wells call legal hiatus over Wachovia
Losses & Lawsuits
UK bank CDS spreads tighten further
The cost of credit protection on UK banks fell further in early trading today following the unveiling of a £50 billion government rescue plan on Wednesday, but US markets remained unstable.
Wells Fargo signs up to Calypso
Wells Fargo will use Calypso Technology transaction and processing software to support its interest rate derivatives trading desk in San Francisco, said Calypso and bank officials.
People Swaps
ABN Amro hires global energy trading head Dutch bank ABN Amro has hired Jonathan Arginteanu to the newly created positionof senior vice-president and deputy head of global energy trading operationsin New York. He was previously head of rival bank BNP…
The Hunt For Terrorist Cash
One month after the attacks on Sept. 11, Congress passed the USA Patriot Act. Now every financial firm in the country is a deputy in the search for terrorist funding.
Wells Fargo to use AI to combat op risk
Wells Fargo, the San Francisco-based banking and financial services company, has bought an automated anti-money laundering software solution from IBM and Searchspace, a specialist software vendor, that will use artificial intelligence to monitor every…
Wells Fargo Automates Foreign Exchange Operations With Opics
TECHNOLOGY & INTEGRATION