News Column

Bank Watch roundup: Wells leads charge into jumbo mortgages

May 12, 2014

By Andrew Dunn, The Charlotte Observer

May 12--WELLS FARGO, OTHER BIG BANKS ISSUING MORE JUMBO MORTGAGES: As the mortgage business in general hasn't been great at the big banks, they've been placing more emphasis on making jumbo loans to their wealthy customers, Bloomberg reports. Wells Fargo created a team of 400 to issue jumbo loans last year as big banks across the industry, including Bank of America and JPMorgan Chase, look to deepen ties with its best and richest customers. Nonconforming loans made up 37 percent of BofA's mortgages in the first quarter, up from 22 percent the year before.

STAN KELLY SAYS 'STARS ALIGNED' FOR HIS DEPARTURE: The Wells Fargo head for the Carolinas says he's retiring in his late 50s to spend more time living the empty nest life with his wife (his youngest daughter is leaving for college). He plans to work on golf, tennis, fitness and philanthropy, but don't rule out something else in the next 18 months, he told the Winston-Salem Journal.

CARLOS EVANS HAD FRONT-SEAT TO CHARLOTTE HISTORY: The retiring Wells Fargo executive helped guide Wachovia through its final days and United Way through a leadership crisis, all at the same time. As he retires after 41 years in banking, he reflects on his career and how he's changed.

YOUNG PEOPLE SICK OF LONG HOURS IN BANKING: Tired of missing friends' weddings and social events, the finance industry's best and brightest are bailing, Bloomberg says. Building on the work of Kevin Roose in "Young Money," the news organization says young people are increasingly weighing the trade-offs between good pay and good living, and fleeing for start-ups.

LOCAL KIDS TO GET TIME WITH ORACLE OF OMAHA: They're national finalists in the "Grow Your Own Business" competition, and will present to Warren Buffett later this month.

WELLSFARGO TOURNAMENT MIGHT BE CRAMPED IN WILMINGTON: When the bank's signature golf event heads down U.S. 74 in 2017, they might find space at a premium. But preparations are already underway, the StarNews reports. Tournament officials have been in Charlotte checking out how Quail Hollow does things.


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Source: Charlotte Observer (NC)

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