Save Money in this Sunday's paper

comments

Bank Watch roundup: Will Wells Fargo find its stock undervalued?

More Information


DOES WELLS FARGO THINK ITS STOCK IS UNDERVALUED?: Last month, everybody was talking about Bank of America's decision to increase its dividend from the penny per share each quarter. But Wells Fargo also asked for and received permission to buy back another $17.5 billion worth of stock. The Motley Fool says investors will be closely watching what pace those buy-backs take over the next year. If the pace is quick, it might signal the bank thinks its stock price should be much higher.

MORE ON BOFA'S FORCED-PLACE INSURANCE SETTLEMENT: The $228 million deal brings an end to two-year-old lawsuit claiming the Charlotte bank inflated insurance prices for homeowners, Reuters reports. Wells Fargo settled a similar suit in March. Bank of America does not admit wrongdoing.

STOCK DIPS ON THE NEWS: Bank of America shares fell more than 2 percent on Monday.

BANK OF AMERICA AHEAD OF POTENTIAL NEW CAPITAL RULES: A report from KBW shows that Bank of America would have enough capital to meet new leverage rules set to be voted on by the FDIC and Federal Reserve, the Wall Street Journal reports. Wells Fargo also would have enough.

HIGH FREQUENCY TRADING SOUNDS ILLEGAL BUT ISN'T: With charged words flying around in the debate over high-frequency trading, opponents are making it sound like the technique is illegal. A number of investigators want to make it so, but it won't be easy, The New York Times says. It doesn't fit well into existing securities laws.

CITIGROUP REACHES $1 BILLION SETTLEMENT: It will end a battle over mortgage securities held by a consortium of investors, Bloomberg reports. Bank of America has already reached a similar settlement. Meanwhile, the Wall Street Journal says the bank might miss its tangible common equity projections.

COMPANIES SCALE BACK CEO PERKS: Perhaps spooked by memories of then-Merrill Lynch CEO John Thain getting a $35,000 "commode on legs," Corporate America, and the finance industry in particular, is cutting back on the perks its top executives get, Reuters says.

Dunn: 704-358-5235; Twitter: @andrew_dunn
Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more



Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more


Quick Job Search
Salary Databases
CharlotteObserver.com