Posts Tagged ‘Wells Fargo’
What happens when HSBC dives in to subprime, takes a huge multibillion dollar loss, turns tail and runs away from customers, and alienates as many US citizens as possible? Wells Fargo has become the largest Western bank when measured by its stock market value after it leapfrogged rivals HSBC and JP Morgan last year.
NEW YORK, July 14 (Reuters) – Capital One Financial Corp and Wells Fargo are among the bidders for HSBC Holdings Plc’s U.S. credit card portfolio, according to sources familiar with the situation.
Passage of increased regulation and scrutiny of United States banks resulted in apparent moves away from free checking on the part of Bank of America, Wells Fargo, and HSBC, according to recent reports. The move by Bank of America, Wells Fargo, and HSBC does not come as a big surprise. Any excuse is a good excuse in the minds of some.
Wells Fargo overtook HSBC in depositories while HSBC is losing. Wells’s rise puts it ahead of HSBC, with a market cap of $169.76 billion, whose American Depository Shares are off 15% this year and 2% since Monday’s close.
This report came in a few moments ago. There is no way, at this time, to confirm or deny the accuracy of the report. So, at the end of a long week, here it is: “Just found out that the restructuring of offices is to get us ready to sell to Wells Fargo. I am a high level DSM and I have it on good word that this will happen in the next 12 months.”