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
05/22/201513:00:06Citi Hit With Setback in Commodities Repo Case
05/22/201512:51:35Citi Hit With Setback in Commodities Repo Case
05/22/201512:28:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/22/201511:04:01Court Rules Citi Not Entitled to Repayment in China Metal Case...
05/20/201514:09:31Citigroup Settles Investors' Private Forex Lawsuit
05/20/201514:01:27Current Report Filing (8-k)
05/20/201513:19:26Banks to Pay $5.6 Billion in Penalties in FX, Libor Probe...
05/20/201512:15:10What Is the S&P 500 Index?
05/20/201511:00:01Banks to Pay $5.6 Billion in Penalties in FX, Libor Probe
05/20/201510:53:09Banks to Pay $5.6 Billion in Penalties in FX, Libor Probe...
05/20/201510:29:57Global Banks to Pay $5.6 Billion in Penalties in FX, Libor Probe
05/20/201510:03:00Citigroup Announces Foreign Exchange Settlements with the U.S...
05/20/201508:06:02The Competitive Advantage of the Best Bank Stocks
05/19/201522:26:49Five Banks Face Combined $5 Billion Bill Over Forex Manipulation...
05/19/201519:20:25Genesys in Early Talks with Potential Buyers
05/19/201518:51:08Call-Center Software Co. Genesys in Early Talks with Potential...
05/19/201516:15:00Citigroup CEO Michael Corbat to Present at Bernsteinâs 31st A...
05/19/201515:56:59Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/19/201515:51:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/19/201514:28:02Intel Corporation and Altera Corporation Resume Acquisition Talks

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