Who knew there were speedbumps in the old west?
Wells Fargo & Co reported a fourth-quarter loss as it added to reserves for credit losses and wrote down investments.
The company also said the former Wachovia Corp, which it bought on December 31, lost $11.17 billion in the fourth quarter, largely to boost loan loss reserves as well as investment writedowns. Before Wells Fargo outbid Citigroup Inc to take control, Wachovia nearly collapsed as losses soared from troubled mortgages.
Wells Fargo said it remains “comfortable in the aggregate” with its original assumptions on Wachovia’s credit quality, and is comfortable with its forecasts for cost savings and earnings impact.
They’re comfortable? Wow. I haven’t heard any banker types use that word in a long time.
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