Wells Fargo ends non-prime mortgage business

Reuters - Wells Fargo & Co , the fourth-largest U.S. bank by assets, said on Wednesday it is closing more than 600 Wells Fargo Financial offices and will no longer originate non-prime mortgages.

Wells Fargo (WFC) said Wednesday it is closing more than 600 Wells Fargo Financial offices and laying off 3,800 employees over the next year in consolidation of its consumer finance division. Approximately 2,800 positions will be eliminated during the next two months. The fourth-largest U.S.

By Saibus Research:As everyone knows, Wells Fargo (WFC) is not only an industry leading money center bank and diversified financial institution, but it managed to strengthen itself during the financial crisis with the acquisition of Wachovia Corporation. That acquisition helped catapult Wells Fargo to the position of fourth largest US banking institution by assets.

Trefis submits: Wells Fargo (WFC) is the fourth largest bank in the U.S. by assets and second largest by market capitalization. The company derives nearly a third of its value from mortgage servicing and home mortgage loans which is the largest source of value for the company, according to our analysis.

Wells Fargo & Co, the fourth-largest U.S.

By Trefis: Wells Fargo (NYSE:WFC) is set to kick off the earnings season for banks this Friday, and although investors would love to see the country's fourth largest bank extend the record earnings streak it has been on, Q4 2012 results are expected to be lukewarm for the bank.

CHARLOTTE, North Carolina (Reuters) - Wells Fargo & Co , the

By John M. Mason: Friday, JPMorgan Chase (JPM) and Wells Fargo (WFC), the largest and the fourth largest banks released their first quarter earnings to the public. Nowhere in the reports of these earnings releases was there anything about "commercial" loans or "business" loans.