WELLS FARGO

A veterans organization received a free pickup truck Thursday from Wells Fargo in San Antonio.

U.S. stocks mostly fell after getting pulled in opposite directions by competing waves of optimism and fear.

Wells Fargo says profits jumped 57% in the second quarter thanks to higher interest rates and loan balances.

The San Antonio City Council declined Wells Fargo’s card Thursday as it voted 7-4 to drop the multinational banking giant from a proposed pool of underwriters.

The San Antonio City Council delayed a routine vote on Thursday after its members split on whether to do business with Wells Fargo because of its recent scandal and penalty-plagued record.

Wells Fargo has agreed to a pay $1 billion to settle a lawsuit filed by its shareholders.

The nation’s largest banks appear to be weathering the current turmoil in their industry just fine.

Wells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.

Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.

Bank of America’s profits fell by 8% in the third quarter as the bank set aside cash to cover potential loan losses.

Wells Fargo easily beat Wall Street’s third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending.

Wells Fargo, the nation’s largest mortgage lender, saw its second-quarter revenue and profit decline as rising interest rates pushed people out of the housing market.

Four big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.

Wells Fargo easily beat Wall Street expectations for the fourth quarter with interest rates beginning to take off, likely another boost for the nation’s largest mortgage lender going forward.

Home construction fell a sharp 7% in July as home builders struggled to cope with a variety of headwinds.

A suspect in a robbery at a Wells Fargo on Monday was arrested hours later outside an EZ Pawn Shop, according to the San Antonio Police Department.

Crime Stoppers is offering a reward for more information on a bank robbery that took place on the West Side last week.

Environmental and tribal groups opposed to Enbridge Energy’s ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.

During the pandemic, Amazon sold billions of dollars worth of clothes. Wells Fargo estimates that U.S. sales of clothing and shoes on Amazon, including third-party sellers, grew 15% in 2020, reaching $41 billion. many vendors are wanting to establish a comprehensive brand presentation on the site, with assortments that minimally compete with existing channels. Wells Fargo estimates sales of clothing and shoes on Amazon will surpass $45 billion in 2021, a 10% gain. Only six other companies in the U.S. sell $10 billion worth of clothes or more TJMAXX, Macy’s, Target, GAP, Banana Republic, Old Navy, Athleta and Ross stores.

Wells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.

Stocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.

FILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.

SAN ANTONIO – Wells Fargo helped the San Antonio Food Bank distribute food to about 500 families at a pop-up distribution site that will be set up every Tuesday in August.

Wells Fargo helped the San Antonio Food Bank provide food to about 500 families at a pop-up distribution site. If you need help with the Public File, call 210-351-1241.

WASHINGTON – The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday. By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Otherwise, when banks make a loan, they are typically required to hold some cash in reserve in the case of default. Because of the bank’s prior scandals, Wells Fargo is under restraints from the Federal Reserve on how many loans it can hold on its books. Many smaller banks have complained that they have had trouble accessing the lending program, according to the ICBA.