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S&P Credit Research8756 word report
published Jul 20, 2009
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S&P Credit Research
| Abstract: | A leading U.S. retail banking franchise for deposits and loans Low-volatility business profile and related core earnings performance Systemic importance to U.S. banking High exposure to residential mortgage assets in weak housing markets Near-term pressure on earnings because of the weak credit cycle and higher loan losses Merger risks of Wachovia Corp. acquisition Wells Fargo&Co. should continue to weather the problems in the banking industry in better shape than many others. First-quarter 2009 earnings, at 0.98% return on adjusted assets despite heavy reserve-building, attest to the organization's earnings power and the benefits of the Wachovia merger. Preprovision earnings should remain strong thanks to both Wells' and Wachovia's strong client franchises in retail and middle-market lending. In addition to
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| Brief Excerpt: | RESEARCH Ratings Definitions Wells Fargo & Co. Publication date: 20-Jul-2009 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365; tanya_azarchs@standardandpoors.com Secondary Credit Analyst: John K Bartko, C.P.A., New...
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| Report Type: | Full Report
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| Ticker: | WFC
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| Issuer: | Wells Fargo&Co.
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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