Tuesday, January 17, 2012

Morning roundup: Wells Fargo posts record earnings, Bank of America chairman says he has confidence in CEO

Here's a look at what's news in banking and finance after the long weekend:

  • Wells Fargo posted record earnings of $4.1 billion in the fourth quarter of 2011 and $15.9 billion for the full year, the company reported Tuesday morning.
  • At a conference in Abu Dhabi, Bank of America Chairman Chad Holliday said he fully supports CEO Brian Moynihan, Reuters reports.
  • The New York Times took a long look at Anne Finucane, Bank of America's chief strategy and marketing officer, and her attempts to reshape the bank's image.
  • Bank of America's earnings report on Thursday will be one of the two most important this week, TheStreet.com says, as it will give investors a look at "the troubled areas of the U.S. banking system." The other is Google.
  • European banks are using unusual accounting methods to help meet capital requirements set by their regulators, including taking paper losses on acquisitions made years earlier, the Wall Street Journal says.
  • “You know those big paydays on Wall Street?” Alan Johnson asks at cocktail parties, according to The New York Times. “I have something to do with them.”