U.S. Bank, Wells Fargo Exceed Expectations

Wells Fargo Closes 15 Wis. Loan Offices

Wells Rolls Out New Mobile Banking Apps

Treasury Auctioning TARP Warrants

The U.S. Treasury Department plans to auction warrant positions in PNC Financial Services Group Inc., Wells Fargo & Co. and four other financial institutions that received government investments through the Troubled Asset Relief Program’s (TARP) Capital Purchase Program. The warrants will be sold over the next six weeks via public offerings. Read more in the Business Journal of Milwaukee.

NAACP Drops Mortgage Suit Against Wells

The NAACP has dropped a lawsuit that accused Wells Fargo & Co. of steering African-American homeowners into subprime mortgages, the Business Journal of Milwaukee reported.

Lenders May Lose Billions on Fannie, Freddie

Lenders including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. may be forced to buy back $21 billion in faulty loans from Fannie Mae and Freddie Mac. “The agencies, which have suffered $200 billion in losses since 2007, have been cracking down on boom-era loans issues that may have been issued based on falsely stated incomes or inflated appraisals,” the Business Journal reported.

Wells Hiring 1,000 Brokers from Rivals

Wells Fargo plans to beef up its Wells Fargo Advisors unit by hiring 1,000 brokers from rivals and training 400 recruits new to the profession, according to the Business Journal of Milwaukee.

Wells Rolls Out Text Banking to Customers

Wells Fargo & Co. has begun offering “text banking” to all its customers, including those who haven’t yet enrolled in the bank’s online-banking program, the Business Journal of Milwaukee reported.

Wells Fargo Touts Confidence in Customers

Breaking from the cautious, even downbeat forecasts of rivals like JPMorgan Chase & Co., Wells Fargo used words like “favorable” and “confidence” about its future amid tentative signs that its loan defaults are close to a peak or already have peaked. But banking analysts say that ongoing problems could still hold back recovery, according to the Milwaukee Journal Sentinel.

Wells Completes TARP Repayment

Wells Fargo & Co. said it has completed its repayment of funds it received under the federal TARP program. Wells redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 and paid accrued dividends of $131.9 million, the Milwaukee Business Journal reported.