Wells Fargo Looks To Return More Capital

[Parsad]

Stumpf says they will ask to return more money to shareholders...again, not sure what markets need to hear.  Cheers!

 

http://www.bloomberg.com/news/2012-12-04/wells-fargo-s-stumpf-affirms-plan-to-return-more-capital.html?cmpid=yhoo

[meiroy]

 

http://finance.yahoo.com/news/wells-fargo-provides-statement-independent-211200500.html

 

"Wells Fargo’s portion of the cash settlement will be $766 million, which is based on the proportionate share of Wells Fargo-serviced loans in the overall IFR population. Wells Fargo expects to record a pre-tax charge of approximately $644 million in the fourth quarter of 2012 to fully reserve for its cash payment portion of the settlement and additional remediation-related costs. Wells Fargo will commit an additional $1.2 billion to foreclosure prevention actions. This commitment will not result in any charge as the Company believes that the commitment is covered through the existing allowance for credit losses and the nonaccretable difference relating to our purchased credit-impaired loan portfolio."