John Shrewsberry, Wells Fargo CFO, discusses the housing purchase market and how it impacts its mortgages business.» Read More
JACKSON HOLE, Wyoming, July 11- U.S.
NEW YORK, July 11- Wells Fargo& Co is angling to cash in on the U.S. energy boom, as the fourth-largest U.S. bank looks for new avenues of revenue growth to overcome a slump in mortgage lending, its traditional driver of profits.
NEW YORK, July 11- Major global equities markets edged higher and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank ebbed, while oil prices dropped on easing concern about supply losses in the Middle East.
*Wells Fargo falls, more banks' earnings due next week. Shares of Wells Fargo& Co., down 0.5 percent at $51.54, were in the spotlight as the biggest U.S. mortgage lender was the first major U.S. bank to report earnings. Wells Fargo's results will be followed next week by earnings from Citigroup, Goldman Sachs, JPMorgan Chase and Bank of America.
July 11- Wells Fargo& Co, the fourth-largest U.S. bank, reported a 39 percent drop in mortgage revenue for the second quarter as lending volume dropped, underscoring the urgency for the bank to find other sources of income growth. Meanwhile, the pressure on Wells Fargo's mortgage business, one of its largest sources of revenue for years, is continuing and intense.
LONDON, July 11- European markets steadied and shares in Lisbon staged a small bounce on Friday as concerns eased about the health of Portugal's largest bank and its impact on the euro zone financial system. Doubts about the financial health of the family that controls BES had pulled the PSI 20 to a nine-month low on Thursday and rocked bourses across Europe.
NEW YORK, July 11- Major global equities markets steadied and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank ebbed, while oil prices dropped on easing concern about supply losses in the Middle East.
NEW YORK, July 11- The U.S. dollar was stable against the yen and the euro on Friday as Portugal's largest bank sought to reassure investors about its financial stability. Banco Espirito Santo said on Thursday night that loan losses to the troubled empire of its founding family would not put the bank at risk of running short of capital.
MEXICO CITY, July 11- Mexico's central bank kept interest rates on hold on Friday, highlighting signs of stronger economic growth while still pointing to slack in the economy that bodes for steady borrowing costs ahead.
NEW YORK— A stable housing market and fewer bad loans helped lift Wells Fargo's quarterly profit 3 percent. As the first major bank to post results this earnings season, San Francisco- based Wells Fargo& Co. sets the tone for the rest of the industry. Wells Fargo's revenue declined 1 percent to $21.1 billion.
*BoE outlines two possible leverage ratio supplements. LONDON, July 11- The Bank of England proposed on Friday that Britain's biggest banks should set aside from 2019 more capital than planned under global rules being drawn up to prevent a repeat of the financial crisis.
*Portugal's top index rises 0.9 pct after Thursday's slump. LONDON, July 11- Portuguese shares bounced on Friday, outperforming skittish European markets, as investors decided concern over Portugal's biggest listed bank were unlikely to disrupt the country's financial system and affect lenders across the euro zone.
NEW YORK, July 11- Major global equities markets steadied and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank eased.
The old adage, "As goes GM, so goes the nation," can apply to Wells Fargo, which released earnings Friday, Raymond James analyst Anthony Polini tells CNBC.
CNBC's Steve Sedgwick provides insight to the potential default at Banco Espirito Santo, and real worries of a domino effect around the world.
Though Wells Fargo's earnings only met expectations, Jim Cramer says there are several reasons to be bullish on the banking giant.
NEW YORK, July 11- The Japanese yen was stable against the U.S. dollar, after jumping on Thursday as Portugal's largest bank sought to reassure investors about its financial stability. Banco Espirito Santo said on Thursday night that loan losses to the troubled empire of its founding family would not put the bank at risk of running short of capital.
By Sergio Goncalves and Laura Noonan. LISBON July 11- Portugal's government and central bank assured investors on Friday that the southern European country's financial system was sound, aiming to quell worry about the spillover effects of trouble at the Espirito Santo business empire.
SOFIA, July 11- Bulgaria is to allow its fourth-biggest lender to collapse and will hive off its healthy activities into a separate bank as it moves to clear up the mess from the country's worst financial scandal since the 1990 s.
SOFIA, Bulgaria— Bulgaria's central bank says it will strip the country's fourth-largest lender, Corpbank, of its license following an audit— the results of which will be submitted to prosecutors.
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