Bankruptcies to weigh on Wells Fargo

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009195-bankruptcies-to-weigh-on-wells-fargo/

By Alistair Barr, MarketWatch

Wells Fargo & Co. quarterly results, due on Tuesday, likely will be dented by a spike in personal bankruptcies late in 2005.

The new regulations make it more difficult for consumers to file for debt protection. Before the rules kicked in on Oct. 17, many people rushed to file for bankruptcy under the previous, easier system.

In November, Wells Fargo said the jump in filings would trigger an extra $175 million in credit losses, knocking 7 cents a share off fourth-quarter earnings.

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