ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Wells Fargo's Potential Legal Losses Increased in Second Quarter

By Matthias Rieker At Wells Fargo & Co. (WFC), the potential losses from legal and mortgage-related issues rose in the second quarter--a sign residual trouble from the financial meltdown is easing but not over. So called "reasonably possible potential litigation losses" in excess of the bank's second-quarter legal reserves rose 30% from the first quarter, to as much as $1.2 billion, the San Francisco bank said in a quarterly filing with the Securities and Exchange Commission on Tuesday. Banks are not required to, and rarely do, disclose how much they reserve for potential losses from lawsuits, but the SEC requires them to disclose how much they might possibly lose in excess of their legal reserves. That sum is smaller at Wells than at its big-bank peers. But at Bank of America Corp. (BAC), the possible losses exceeding its reserve fell slightly in the second quarter from the first, to $4.1 billion, and at Citigroup Inc. (C) remained flat, at $4 billion. J.P. Morgan Chase & Co. (JPM) has not filed its comparable form yet, known as a 10-Q. Wells Fargo also disclosed Tuesday that possible losses from mortgages it had sold to investors but is now forced to take back because the borrowers are delinquent could exceed its reserves for such losses by $2.6 billion, a 13% increase from the first quarter. The bank said it booked a $34 -million loss from so-called mortgage putbacks in the second quarter, a 12% increase. Last month, Wells Fargo surprised analysts with a $669 million provision for mortgage-repurchase demands from Fannie Mae (FNMA), Freddie Mac (FMCC) and other investors, a 56% increase from the first quarter.
The increased provision was the result of "some communication very late in the quarter" with government-sponsored entities, Chief Financial Officer Timothy Sloan said during a conference call with investors. "We continue to see behavioral changes from the agencies," he said. Meanwhile, the government continues to investigate Wells Fargo's mortgage practices, the bank said Tuesday. Wells Fargo recently settled lawsuits alleging it violated fair-lending laws, claims the bank denies. Write to Matthias Rieker at matthias.rieker@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
07/22/201413:03:18Judge Delays Decision on Argentine Bonds
07/22/201412:53:15U.S. Judge Delays Decision on Paying Some Holders of Argentine...
07/17/201413:20:15FINRA Securities Arbitration System to Be Examined
07/17/201413:00:39Advocates, Industry Executives to Examine FINRA Securities Arbitration...
07/17/201411:46:53ZF Said Able to Raise TRW Bid to as Much as $13 Billion -Bloomberg
07/17/201401:49:16UBS Sees Ford F-150 Gaining Market Share
07/15/201416:33:45India Shares Close Higher on Global Cues, Positive Economic Data
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201418:35:14MARKET SNAPSHOT: U.S. Stocks: Dow Closes Above 17,000
07/14/201418:34:20BOND REPORT: Treasurys Slide As Risk Assets Take Spotlight
07/14/201418:32:57BOND REPORT: Treasurys Fall As Investors Pile Into Risk
07/14/201418:30:00MARKET SNAPSHOT: U.S. Stocks Rise On Earnings, M&A News
07/14/201418:28:06Citi in $7 Billion Pact to Resolve Mortgage Probe -- 4th Update
07/14/201418:25:52Citi in $7 Billion Pact to Resolve Mortgage Probe -- 3rd Update
07/14/201418:24:15MARKET SNAPSHOT: U.S. Stocks: Dow Tops 17,000, Eyes Record Close
07/14/201418:23:21U.S. Hot Stocks: Hot Stocks to Watch
07/14/201418:20:11MARKET SNAPSHOT: U.S. Stocks: Futures Climb; Citigroup Results...
07/14/201414:32:46Citi in $7 Billion Pact to Resolve Mortgage Probe -- 2nd Update
07/14/201414:00:44Citi in $7 Billion Pact to Resolve Mortgage Probe -- Update
07/14/201413:41:32Citigroup to Pay $7 Billion to Resolve Mortgage Probe

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad