Wells Fargo & Co., the largest U.S. home lender, sought to assure investors its other businesses can make up for flagging mortgage sales after posting a 13 percent gain in profit that partly relied on tapping loan-loss reserves.
JPMorgan Chase & Co. , sued by the trustee for Bernard Madoff’s defunct firm for $6.4 billion for allegedly aiding the con man’s fraud, asked a judge to remove the case from bankruptcy court because it raises “novel and unsettled questions” beyond the court’s scope and expertise.
Wells Fargo & Co., the largest U.S. bank by market value, named Jim Hays to oversee financial advisers in branches and wealth-management offices in a bid for growth and greater cooperation with the brokerage unit.
Malcolm Barnes distributed snacks for 27 years before losing his job in October 2007. After applying unsuccessfully with food companies, he’s taken welding and machining classes and is looking for manufacturing work.
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.
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.