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The Charles Schwab Corporation (NYSE:SCHW) reports that July trading volume is down 5 percent from June and down 2 percent year-over-year. The drop is seen as unusual, as July typically experiences an increase in activity since earnings are reported in that month. At any rate, client assets jumped $7.4 billion in July, which was considerably up from June, but still off 25 percent from a year ago.
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Wells Fargo & Co. (NYSE:WFC) is already the mortgage king of the hill, but now the company is also aiming at automobile lending and also at Ally Financial (formerly GMAC), focusing on increasing the portion of the country where it can gain an advantage in providing financing for GM sales. The company’s auto loans jumped by 18 percent year-over-year in the second quarter to $6.6 billion, making it second in the United States in the sector. Separately, Wells Fargo will pay more than $6.5 million to resolve the Securities and Exchange Commission’s charges that it sold investments tied to mortgage-backed securities, without first grasping their complexity or divulging the risks to investors.
Capital One Financial Corporation (NYSE:COF) has increased the amount of a preferred stock sale from the original amount of $250 million to $875 million. The coupon is at 6 percent, with the issue callable in five years’ time.
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