Dallas, Texas 08/14/2013 (Financialstrend) – Wells Fargo & Co (NYSE:WFC) is a bank with diverse financial services, with investment banking, consumer banking and wholesale banking being its three main segments. Its stock opened at $43.25 with a day high of $43.36 and low of $43.06. Its 52 week high is of $44.78 and low of $31.25. Wells Fargo’s 12.74 million shares were traded during the day with average shares traded being at 19.28 million, share price marginally dropped initially in the day and recovered with price of $43.32.
Wells Fargo and American Express partnered to issue new credit cards to its customers. These cards will be accepted on the American Express Network and these cards will be up for grabs by next year. The terms of agreement are yet to be disclosed. Wells Fargo recently announced withdrawal from mortgage and joint venture business, with the customer service or loan processing system not to be impacted. The decision has come due to a change in state and federal oversight and the current market regulator. Approximately 300 members of Wells Fargo team will be affected with this decision.
The Industrial and Commercial Bank of China stepped down as Wells Fargo took the position of world’s largest bank. ICBC took this position when China was under rapid economic in 2007, ICBC’s then worth being USD 374 billion. Wells Fargo is now worth USD 236 billion and ICBC USD 223. Earlier Wells Fargo’s Q2 results reported net income of $5.5 billion with earnings per share of $0.98, up by 20% compared to its last year’s results.
US’s largest mortgage lender in partnership with NHS Neighborhood Housing Services provided a $4 million effort to help the housing market recover under a program called CityLIFT. Under the CityLIFT program a free home buying event is scheduled on 12th and 13th Sept from 10: 00 a.m. to 7:00 p.m. at Cleveland Convention Center, Halls B.C.
