Wells Fargo | featured news

This the latest portfolio update for Berkshire Hathaway. Warren Buffett continued to add to his favorite companies such as Wells Fargo and IBM, while his new managers Ted Weschler and Todd Combs bought into three new positions and added to existing positions.

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Late last week, a research report by the Susquehanna Financial Group got the market buzzing about the possibility of Wells Fargo acquiring Discover Financial Services. Such an acquisition would no doubt be in line with Wells Fargo’s strategy of focusing on traditional banking services for growth. And the bank has made it clear in the recent past that it will not shy away from opportunities to grow inorganically. So, is there really value to be gained from such a merger between the fourth largest U.S. bank in terms of assets and the fourth largest payments firm?

The nation's largest mortgage lender said revenue from mortgage banking jumped almost 80% and consumers borrowed more on their credit cards. But it called the economic recovery uneven.

Wells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday.

The new center of U.S. mortgage lending is a nondescript office building in the American heartland, far from the California subprime lenders and the New York investment banks that drove the housing market into a bust.

Wells Fargo's profit jumped 13 percent in the first three months of the year, thanks to strong mortgage lending and a drop in delinquent loans, the bank said Friday.

The Federal Reserve also said on Tuesday that JPMorgan Chase, Wells Fargo, U.S. Bancorp and others could raise dividends or buy back stock.

Fourth-quarter profit at Wells Fargo rose 20% as the banking giant posted more loan growth and again reduced the amount of money it sets aside to cover potential loan losses.