Companies will have to reveal more information about how much they pay their top executives, under expanded requirements being imposed by federal regulators amid a public outcry over compensation.
Wells Fargo & Co. said Tuesday that a stock offering planned for later this week should raise $12.25 billion that will be used to help repay its government bailout loan.
NEWARK, N.J.----Wells Fargo & Company and Prudential Financial, Inc. announced today that Wells Fargo will pay $4.5 billion in cash to purchase Prudential's noncontrolling interest in their retail brokerage joint venture, which includes Wells Fargo Advisors, LLC .
The value of loans held by the biggest beneficiaries of the government's bank bailout fell for the ninth consecutive month in October, the Treasury Department reported Tuesday, a day after President Barack Obama criticized top bankers for not doing enough to boost lending.
Wells Fargo & Co. said Tuesday that a stock offering planned for later this week should raise $12.25 billion that will be used to help repay its government bailout loan.
The stock market fell for the first time in five days and Treasurys slipped after a jump in inflation stoked concerns that the Federal Reserve would be forced to raise interest rates.
Wells Fargo, the San Francisco-based lender, sold $10.7bn in new shares at a slight discount to the market price on Tuesday, raising capital to repay $25bn in federal aid and underscoring investors' appetite for financial stocks.
SAN FRANCISCO----Wells Fargo & Company said today that underwriters in Wells Fargo's public offering of 426 million shares of common stock have fully exercised their option to purchase an additional 63.9 million shares.
News that Citigroup and Wells Fargo are paying back government funds did little to bolster a sector plagued by rising delinquencies and a hobbled lending environment.
Treasury Secretary Timothy Geithner said on Tuesday that U.S. banks will be in a better position to resume lending as they pay back the unprecedented cash injections the government provided to keep them afloat during the financial crisis.
No comments:
Post a Comment