Bloomberg reported that at a recent investor conference, Wells Fargo chief executive John Stumpf said the bank would suffer some fallout from a renewed European recession even though it has very few holdings there.
According to the Bloomberg story, Stumpf said the bank’s direct exposure to the continent is “almost nil” but “there would be some spillover” if Europe’s turmoil leads to another contraction in the region’s economy because it’s such an important trading partner. Stumpf also noted that the distress may make it easier for the bank to find acquisitions, Bloomberg said.
To read the full text of the Bloomberg story click here.
No tags available
The last edition of Dispatches from the Trenches discussed the importance of collateral descriptions in security agreements and financing statements as well as the use of collateral types versus more specific descriptions. This edition focuses further on helpful techniques and... read more
There are two common themes throughout Bill Mayer’s professional life that have led him to where he is today: solid foundations and continual support. Mayer, who recently took the reins of Wells Fargo Equipment Finance (WFEF) upon John McQueen’s retirement,... read more