Citigroup Inc. and Wells Fargo & Co. said Monday they would repay their government bailout loans, freeing them from close regulatory scrutiny and marking the latest step toward recovery for the U.S. financial system.
Wells Fargo plans to sell $10.4 billion in new stock to help repay all $25 billion in bailout aid it received from the government at the height of the market meltdown last fall.
SAN FRANCISCO----Wells Fargo & Company announced today that it will pay cash to purchase Prudential Financial, Inc.'s noncontrolling interest in the retail brokerage joint venture, which includes Wells Fargo Advisors, LLC .
Wells Fargo says it's won approval for a deal to repay the $25 billion it secured last year under the Troubled Asset Relief Program, becoming the last major U.S. lender to announce plans to pay back the government funds.
President Barack Obama challenged top bankers Monday to explore "every responsible way" to increase lending, saying they were obliged to help after being rescued by taxpayers. He asked them to "take a third and fourth look" at their small-business lending.
Wells Fargo is the last major U.S. bank without an agreed plan to return money it got last year from the Troubled Asset Relief Program, after rival Citigroup unveiled plans to pay back its support.
Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government also will sell its one-third stake in the company.
Word of Obama demanding that banks increase lending and a huge oil buy out kept investors expecting market fireworks that never materialized. Wells Fargo and PNC Financial are expected to soon repay TARP funds to the Government.
SAN FRANCISCO----Wells Fargo & Company announced it will combine its asset-based lending units as Wells Fargo Capital Finance. The new organization will include the business units of Wachovia Capital Finance, Wells Fargo Business Credit, Wells Fargo Foothill, Wells Fargo Retail Finance, and Wells Fargo Trade Capital.
Wells Fargo is the last major U.S. bank without an agreed plan to return money it got last year from the Troubled Asset Relief Program, after rival Citigroup unveiled plans to pay back its support.
A federal judge suggested Monday that he might restrict the scope of a first-of-its kind lawsuit filed by the city of Baltimore against mortgage giant Wells Fargo Bank N.A.
Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing about $20 billion of capital, as the bank looks to end the executive pay restrictions that came with the funds.
Citigroup on Monday unveiled plans to raise up to $19.6bn and return $20bn to US taxpayers in a move that will free the bank from heightened government supervision but could inflict further pain on its shareholders.
Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.
President Barack Obama is asking bank executives to support his efforts to tighten the financial industry, while bankers are prepared to tell the president he should stop oversimplifying their concerns if he wants good-faith collaboration.
Now that the U.S. House has passed sweeping financial reforms, where does the legislation go from here? What will it mean for consumers? MarketWatch reporter Ron Orol says Wall Street is worried about the legislation.
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