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On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. [ 17 ] [ 18 ] Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate ...
On October 9, 2008, Citigroup abandoned its attempt to purchase Wachovia's banking assets, allowing the Wachovia-Wells Fargo merger to go through. However, Citigroup pursued $60 billion in claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement ...
2008 [2] Wells Fargo: Wachovia: Wells Fargo: $15.1 Billion [40] Wells Fargo: 2008 JPMorgan Chase: Washington Mutual: JPMorgan Chase: $1.9 Billion [41] JPMorgan Chase & Co. 2008 Fifth Third Bank: First Charter Bank: Fifth Third Bank: $1.1 billion [42] Fifth Third Bank: 2008 PNC Financial Services: National City Corp. PNC Financial Services: $5. ...
September 30, 2008: Dexia: The Belgian, French and Luxembourg governments Public finance and retail [29] October 3, 2008: Wachovia, Charlotte, North Carolina: Wells Fargo, San Francisco, California: Retail and investment banking $ 1.5 × 10 ^ 10 [30] October 7, 2008: Landsbanki: Icelandic Financial Supervisory Authority: Commercial bank [31 ...
On October 28, 2008, Wells Fargo received $25 billion of funds via the Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury. [64] [65] As a result of requirements of the government stress tests, the company raised $8.6 billion in capital in May 2009. [66]
The settlement class consists of people or entities that purchased common stock in Wells Fargo between Feb. 2, 2018, and March 12, 2020, according to the lawsuit.
SoFi's number of members grew from 2.52 million at the end of 2020 to 9.37 million in the third quarter of 2024. ... while Bank of America and Wells Fargo have much ... if you invested $1,000 when ...
Wachovia Securities was the trade name of Wachovia's retail brokerage and institutional capital markets and investment banking subsidiaries. Following Wachovia's merger with Wells Fargo and Company on December 31, 2008, the retail brokerage became Wells Fargo Advisors on May 1, 2009 and the institutional capital markets and investment banking group became Wells Fargo Securities on July 6, 2009.