Wells Fargo & Co., the largest U.S. home lender, has assigned about 400 underwriters to originate mortgages for the bank to hold, with as many as 40 percent of those loans likely to fall outside government guidelines taking effect this week.
Morgan Stanley , owner of the world’s largest brokerage, hired 100 bankers to offer more products such as jumbo mortgages and structured loans to Morgan Stanley Smith Barney clients and may quintuple their numbers by the end of 2011, a person with knowledge of the strategy said.
Bank of America Corp . and Wells Fargo are pushing their customers to buy more brokerage, savings and banking services from them as the weak economy and new regulations make it harder to earn money from loans and investment banking.
Bank of New Zealand, a unit of National Australia Bank Ltd. , may seek to raise as much as NZ$400 million ($274 million) from the nation’s first sale of covered bonds, according to a person familiar with the plan.