4 Financial Stock Stories Closing Out a Busy Earnings Week

Goldman Sachs Group Inc. (NYSE:GS): Current price $165.20

During a far-ranging interview in Australia on Friday morning with CNBC, Lloyd Blankfein said that he learned to expect the worst while steering Goldman Sachs through the 2007-2008 financial crisis, saying: “Not only should you think things could happen, you have to think everything will happen. Risk management, training yourself so well to anticipate the possibility of things that when things happen and the gun sounds, you get off the block so quickly that other people think it’s a false start.” The Goldman CEO went on to explain that a major driving force during the financial crisis was that people were in denial that their most-feared scenario could happen and took no steps to guard against it, making worst-case scenarios more likely to occur.

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Wells Fargo & Co. (NYSE:WFC): Current price $43.47

Wells Fargo reported this week that its wholly owned subsidiary, Wells Fargo Ventures LLC, will pull out of its eight mortgage lending joint ventures, according to The Motley Fool. A company statement said that the decision was based upon “the current regulatory and market environment as changes in state and federal oversight have increased the complexity and difficulty of operating mortgage joint ventures.” The subsidiary intends to wind down the ventures during the next 12 to 18 months. Wells said exiting the partnerships will not affect its commitment to its own mortgage business.

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WFC

Deutsche Bank AG (NYSE:DB): Current price $47.93

Continental Europe’s big bank might be able to say that second-quarter profit rose after earnings from its underwriting stock, and that bond sales helped to ignite a surge in revenue from investment banking. A consensus of nine analysts surveyed by Bloomberg indicates that net income could increase by 29 percent to 845 million euros in the quarter from 656 million euros in 2012. Analysts also said that Deutsche Bank can say that pretax profit at the investment bank doubled to 990 million euros when it reports earnings on Tuesday.

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Visa Inc. (NYSE:V): Current price $192.66

Visa has been sued by Wal-Mart Stores Inc.’s (NYSE:WMT) Asda division, William Morrison Supermarkets, and Arcadia Group PLC in regards to payment processing fees. The three companies sued Visa and its former European affiliate, Visa Europe Ltd., in a London court on Monday, according to court records. This week, the European Union proposed limits on levies known as interchange fees that banks may require from retailers at 0.2 percent for debit card payments and 0.3 percent for credit cards. In addition, MasterCard Inc. (NYSE:MA) is being sued by more than a dozen companies concerning its fees in the United Kingdom, including Asda and Morrison.

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