Bank Watch roundup: Wells results show consumer lending beats Wall Street

04/14/2014 7:00 AM

04/14/2014 7:43 AM

CAN WELLS FARGO COUNT ON A MORTGAGE TURNAROUND?: Mortgage originations at Wells Fargo hit the lowest level since the Wachovia merger in the first quarter, the bank said Friday. The bank's top executives are counting on that being the rock bottom. At least the Wall Street Journal says the earnings results show that Wells Fargo's consumer and business lending is more lucrative than JPMorgan Chase's Wall Street trading.

GRANDMA IS YOUR NEW MORTGAGE LENDER: No joke — grandparents are helping people buy homes at all points on the spectrum, from giving $5,000 toward a downpayment to actually collecting interest payments and principal on an actual mortgage, the Boston Globe reports. In many cases, it's actually a business decision.

DELOITTE ADVISES ON A DEAL: The Charlotte investment banking team at Deloitte Corporate Finance advised Level Four Orthotics & Prosthetics Inc. with a recapitalization through Orlando-based Penta Mezzanine Fund, Deloitte said.

BOFA STRATEGIST SAYS TO COUNT ON A CORRECTION: Bank of America's chief investment strategist says the market is due for a 10 to 15 percent pullback in August, MarketWatch reports.

CITIGROUP CUTS MORE JOBS: Including that of the younger brother of former Citi CEO Charles Prince, the Wall Street Journal reports.

WHY STEVE COHEN IS THE 'GODFATHER' OF WALL STREET: The Guardian says that his firm's legal troubles and connection to insider trading charges hasn't left a mark on the hedge fund titan.

SPANISH BANKS PUSHING THEIR OWN HOMES HARD: Banks in the country are offering 100 percent financing and below-market interest rates to people who want to buy the thousands of foreclosed homes they won in the hard-hit country, the Wall Street Journal reports.

FEES DRAINING RETIREMENT ACCOUNTS: A new study says that the average 401(k) fee will drain $70,000 from your account over the typical career. They're assuming a 1 percent of assets annual fee for a 25-year-old making the U.S. median wage, and comparing it to funds charging 0.25 percent of assets.

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