Bank Watch roundup: Wells Fargo cuts more mortgage jobs
04/18/2014 7:31 AM
04/18/2014 7:32 AM
WELLS FARGO CUTS MORE MORTGAGE JOBS: Another 300 or so mortgage processors are being shown the door as the bank's industry-leading home loan business continues to struggle, the Des Moines Register reports. It is unclear how many were in Charlotte, if any. The city hasn't been spared in these continuing rounds of layoffs, however. A minimum of 400 mortgage workers in Charlotte have been laid off since the middle of last year, when rising interest rates cut demand for refinancing.
MORGAN STANLEY LANDS N.C. BOND REFUNDING: The state treasurer's office touted a deal on Thursday that involved $306.85 million in general obligation refunding bonds. Morgan Stanley won the bid, with a rate of 1.804%. Janet Cowell says it'll save the state $25 million.
WELLS HIRES TWO AWAY FROM THE CFPB: The bank has brought on two Consumer Financial Protection Bureau officials who helped craft new mortgage rules as Wells crafts its own new policies, American Banker reports.
BB&T SHARES SLUMP AFTER EARNINGS: The Winston-Salem bank narrowly missed Wall Street's expectations, sending shares down 3.5 percent. The numbers looked good, but mostly because of the big tax charge it took in the year-ago quarter. Like at many banks, revenue and mortgage banking took a beating.
WALMART GETTING INTO MONEY TRANSFERS: It's the major retailer's latest push into financial services: a cut-rate money transfer business that sent Western Union shares plummeting. Walmart will leverage its 4,000 stores to catapult into the business next week.
FIFTH THIRD EARNINGS FALL BY A QUARTER: Legal costs and a drop in the valuation of its investment in payment processor Vantiv sent the Cincinnati bank's earnings down 25 percent.
GOLDMAN SACHS INCOME FELL: But they still beat analysts' estimates. Trading fell faster than the bank cut expenses, the Wall Street Journal reported, sending net income down 10 percent.
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