Wells Fargo is due to be deemed a bank that "needs to improve" under the Community Reinvestment Act (CRA), a law meant to promote lending to poor neighborhoods.
Corporate earnings, economic reports and Fed speakers could all challenge markets in the week ahead, but traders will be on guard for the latest catalyst â€” the potential bombshells coming from the presidential election.
Wells Fargo, the second largest US bank by market value, this month paid USD 185 million in fines as it admitted that employees had boosted sales figures by opening some two million deposit and credit accounts in customers' names without their knowledge.
Buffett has long been a fan of Wells Fargo and invested in the bank in 1989, says a Bloomberg report. Most of his stake is held through Berkshire insurance subsidiaries, though he also owns some shares of Wells Fargo personally, according to the report
Paul Schatz, President of Heritage Capital says that there can be a currency collapse around the world in 2017-18, which will lead to mass money flowing into US assets â€“ first in treasury bills, followed by an enormous large cap rally in the US.
The 'Big Day' will certainly have a tremendous amount of impact on Indian market and here is how the market experts analyse the same.
Yellen's arguments against potential dissenters at the December 15-16 Fed policy meeting were strengthened by Labor Department data on Friday that showed employers hired 211,000 people in November while even greater numbers joined the workforce.
The domestic lender said that US-based Wells Fargo Bank will act as sponsor and co-lender to the project, providing a loan of USD 20 million, bringing the total facility amount to USD 265 million.
The media firm also assured that the positive growth and momentum in Q1 results continued into Q2 with a further string of hits.
Wells Fargo states that "the continued increase in receivables, driven by a sudden spike in revenues booked in the UAE (a red flag for some investors)."
Apple announced a programme on Wednesday that will allow customers to finance unlocked versions of the new iPhones through monthly instalments starting at USD 32, regardless of which carrier they choose.
The company also said Ahmet Bozer, another Coke veteran who had been widely seen as a possible successor to Chief Executive Officer Muhtar Kent, will retire. Bozer, executive vice president and president of Coca-Cola International, will stay on as an adviser until March of 2016, the company said.
Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billion euro loan installment due to the International Monetary Fund on Tuesday.
Increased focus on infrastructure investment, under which the government has increased the gross budgetary support to public infra projects by a whopping Rs 70,000 crore this year, shall also aid the growth process, Jayant Sinha said.
With the Reserve Bank warning of a Rs 53,000 crore loss to the banks on account of exposure to the power discoms, Union Minister of State for Finance Jayant Sinha today said the government is working on solutions to solve the problem.
"The question marks around strategy, user growth, and new innovations remain. My preference is to sit on the sidelines and learn a little more. There are many, if not more uncertainties today than there were yesterday," Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management, told CNBC on Friday.
HDFC Bank is ranked at 74th position in the BrandZ list compiled by Millward Brown, a global research agency, in association with WPP. As per the report, the bank is the India's most valuable brand with a value of USD 14 billion.
GE is pursuing negotiations to sell all or part of the business to Wells Fargo, with the talks also involving other bidders, the newspaper said, citing people familiar with the matter. Contacted by AFP, the huge US conglomerate declined to comment.
General Electric Company said it would sell the bulk of its real estate portfolio to investors including Blackstone Group and Wells Fargo & Co for USD 26.5 billion, in the biggest commercial real estate deal since 2007.
The offering comes just a week after Apple waded into the dollar market with a USD 6.5bn offering, its third in as many years to pay for share buybacks.
All 10 S&P 500 sectors were lower, with tech among the biggest drags after Wells Fargo downgraded Apple Inc to "market perform" from "outperform," saying the company's market cap had limited upside potential without material market share gains. Apple fell 1.4 percent to USD 553.13.
More bricks in the global recovery wall are likely to slot into place in a week that could also yield more clues as to when the Federal Reserve will start unwinding its exceptional monetary stimulus.
In late May, Bernanke told Congress a decision to scale back the Fed's USD 85 billion per month stimulus could be taken at one of its "next few meetings." He made the Fed's intentions even clearer on June 19, when he spoke openly of the reduction and eventual end of the program, potentially by mid-2014.
The rule would impose a so-called leverage ratio, a hard cap on how much banks can borrow to fund their business, requiring them to hold equity capital equal to 6 percent of total assets.
New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co for violating the National Mortgage Settlement brokered last year between the country's biggest banks and 49 state attorneys general.