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[CA] Wells Fargo - Canada - Retail, Wholesale

2009-08-06

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stories: bloomberg.com

Wells Fargo has ceased both its retail and wholesale mortgage lending operations in Canada as of 2009-07-31. Bloomberg had the following:

"Wells Fargo continuously reviews its operations and makes appropriate changes to its business model," spokeswoman Erin Downs said in a statement. "In response to recent analysis of our operations and the current market environment, at this time, we made the decision to stop originating consumer real-estate loans products in Canada."

The company also issued a statement to brokers on its web site (view cached). Wells Fargo Financial Corporation Canada is a $5.5 billion (Cdn dollars) corporation and has 130 branches with locations in all ten provinces.


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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.