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Bank earnings season: Morgan Stanley struggles, Wells Fargo gets foreclosure scare

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With Monoline insurers asking Bank of America probably to take back a country wide $47bn portfolio of “sub-aqua” securities because of paper gaps that were the bank’s fault; Wells Fargo short lived cheer as it reported strong recovery to close the gap with Bank Am and Citi thru 2009 may be aborted earlier than planned once dust settles on the foreclosures imbroglio as Wachovia eliminates Wells Fargo advantages in a non mortgage exposure business

Morgan Stanley in the meantime seemingly nursed hopes of beating the icon Goldman Sachs at its game but slipped badly by a $589 million from the year ago to report a $91million loss, while Wells Fargo scoots on $0.60 cents  earnings ahead of the Fed’s beige book announcement to cast light on mortgages in the afternoon.

Wells Fargo profits thus rose to $3.34 billion on reducing loan losses even as eerily similar to peers revenues headed lower 9% to $20.9 billion

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This entry was posted on October 21, 2010 by in Financial Markets.

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