Friday, April 13, 2012

NewNet Launches TraxcomSecure® AccessGuard 1000 Enhanced Mobile Broadband

Service mark for GSMA mobile broadband
Service mark for GSMA mobile broadband (Photo credit: Wikipedia)
News2 new results for NFC Mobile Payment
NewNet Launches TraxcomSecure® AccessGuard 1000 Enhanced Mobile Broadband ...
NewNet Communication Technologies, a recognized leader in secure transaction processing and wireless network infrastructure, today announced a powerful new addition to its field proven and widely deployed AccessGuard mobile and broadband payment ...
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LG Viper April 22 Release Date
Wireless and Mobile News
Features of the LG Viper include Android 2.3 Gingerbread, a 1.2 GHz dual-core processor, 1 GB of RAM, mobile hotspot, 4GB card microSD slot that supports up to 32GB, 5MP camera, front-facing camera, 4" Gorilla Glass touchscreen and NFC.
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New Zealand Telcos, Paymark Prepare For NFC Venture

Web5 new results for NFC Mobile Payment
ShopSavvy - NFC, Payments and Local Retail Fighting Back ...
NFC, Payments and Local Retail Fighting Back ... Deals and Deal Apps, Mobile Advertising, Mobile Payments, Mobile Retail, Mobile Wallets and NFC by jboyd ...
New Zealand Telcos, Paymark Prepare For NFC Venture ...
One of the major hurdles in propelling NFC is the involvement of many players with competing interests, Richard Oglesby, senior analyst and mobile pay expert ...
Contactless Payments - Jobs, Training, & Companies | Skills | LinkedIn
Vice President, Mobile Strategic Alliances - Mobile, Contactless and Innovation Strategy at Visa Europe. * NFC and mobile payments expert with over 12 years ...
Payments Cards and Mobile News Login
rss subscribe keep up-to-date, link to the Payments Cards and Mobile RSS news feed ... Payments cards & mobile ... Isis Gets Broad Handset Support for NFC .
Nokia launches first NFC Windows Phone |
QUICK LINKS: MOBILE MONEY TRANSFER MOBILE PAYMENTS MOBILE ... Nokia unveiled on Wednesday its Lumia 610 NFC model, first to take the ...

UK mobile payment partnership faces regulatory roadblock

News6 new results for NFC Mobile Payment
UK mobile payment partnership faces regulatory roadblock
Mobile Payments Today
Bloomberg is reporting that the UK mobile payment partnership is facing increased scrutiny from EU regulators. The joint venture by wireless carriers Vodafone Group Plc, O2 and Everything Everywhere Ltd. had faced delays in even getting papers filed ...
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Facebook buys Tagtile, continues to focus on mobile
By Ryan Kim Apr. 13, 2012, 2:05pm PT No Comments Facebook is ending the week the way it started it: by buying a mobile start-up. This time, it's customer loyalty service Tagtile, and while it didn't disclose a price, I'm guessing it's far less than $1 ...
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Sequent Software joins with Global Platform to improve mobile security
QR Code Press
This is especially true when the technology is used in mobile commerce. NFC has been the driving force behind the mobile commerce industry because the technology is capable of turning smart phones and other devices into mobile payment platforms.
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QR Code Press
NFC grows worldwide
It represents what is known as "gamification" in the marketing industry, in which marketers challenge consumers to interact with items such as smart posters, print ads, point of sale terminals and product packaging through their mobile phones.
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UAE investigates putting ID info on NFC-capable phones (blog)
And the United Arab Emirates appears intent on demonstrating that power in a potential new scheme to embed national ID cards in NFC-capable mobile phones. According to The Register, the UAE is working with telecom company Etisalat to investigate the ...
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Quad and WIRED Magazine Produce America's First NFC-Powered Magazine Ad
Quad/Graphics, Inc. and WIRED have collaborated to produce America's first mass-produced Near Field Communication (NFC) magazine ad. WIRED's April issue features an ad with an NFC tag that launches a mobile site when tapped by an NFC-enabled Android ...
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NXP Semiconductors Has A Running Start In Near Field Communicatons

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Web3 new results for "Near Field Communications"
NXP Semiconductors Has A Running Start In Near Field ...
NXP Semiconductors Has A Running Start In Near Field Communications Seeking Alpha NFC standard chips (non near field communication) are used in some ...
Near Field Communications | EHS 4D Group
Posts tagged as 'Near Field Communications' in the Euro RSCG 4d blog archive. Making Brands Personal 14950.
NXP Semiconductors Has A Running Start In Near Field ...
NXP Semiconductors Has A Running Start In Near Field Communications. ... NXP Semiconductors Has A Running Start In Near Field Communications ...

Jumio taps into $154 billion processing volume in Q1 2012

Mountain View, Calif., April 13, 2012 -- 

Things are looking good for Jumio. With last year's launch of Netswipe and Netverify, Jumio can now report an impressive Q1/2012.

“We are seeing tremendous interest from the industry, and we are in discussion with almost every significant payment service provider in the States and Europe”, reveals Jumio founder, Daniel Mattes. As of end of Q1, high profile payment service providers like TSYS, Braintree, Payvision, SafeCharge, Financial Transaction Services (FTS), ccBill, Cardflex and Wirecard have signed reseller and distribution agreements with Jumio. These partners are going to distribute Jumio’s products worldwide, totaling a processing volume of $154 billion. "Jumio's approach is unique and will set the standard for the future. Partnering with Jumio will also raise our own profile", explains Yuval Ziv, VP of Business Development at SafeCharge.

Of the staggering $700 billion e-commerce market in the US and Europe, 49% are considered high-risk. Serving this $346 billion industry, which includes segments like digital goods, travel, online retail, gaming and gambling, requires the highest possible level of security. Simplified user experience and heightened security are relevant, not only in high-risk markets, but for the success of any online business. Amongst Jumio’s more than 1700 customers are companies like Western Union, Click A Taxi, Toptal, ICP, Vera&John, Bets4all, Model Citizen Fund and Bitinstant.

Alongside busy business development, Jumio invests significant resources to continuously increase security. Jumio is working closely with research centers and universities all around the world. "Security is the backbone of our industry", says Mattes. "Sophisticated technology behind any recognition solution is crucial to keep the level of trust we have gained from our customers and partners." Jumio operates a 24/7 anti-fraud team to ensure secure and swift transactions for both merchants and customers.

Jumio is expanding its operations into the fast-growing Asian market this year.

About Jumio
Jumio is applied computer vision technology. With computer vision, devices are able to read and understand information out of an image, captured by a connected camera. Jumio’s technology is designed to make everyday life easier, quicker, smoother. Jumio Inc. is headquartered in Mountain View, California and runs offices in Austria, India and Russia. The company was founded in 2010 by Daniel Mattes and employs around 50 people. Jumio has a total funding of $ 31.5 million to date. More on> >.
Jumio’s advisory board includes Zain Khan, former Google executive, Mark Britto, former Amazon executive, Thomas Jungreithmeir, managing director of TJP and Bjorn Evers, former gaming industry CEO. Facebook co-founder Eduardo Saverin and Scott Weiss, General Partner at Andreessen Horowitz, have seats on the board of directors.
Source: Company press release.

4 in 10 consumers resigned to online financial security breach

A new survey from mobile security firm Entersekt reveals that more than four out of 10 consumers believe it's only a matter of time before their financial security is breached after conducting online transactions.

entersekt logo.jpgEntersekt's survey of 1,000 consumers found that while many aren't prepared to give up the convenience of online transactions, 41% are convinced their financial security will be breached in the future.

iPhone 5 rumor rollup for the week ending April 13

News7 new results for NFC Mobile Payment
Nokia unveils the NFC technology based Lumia 610
QR Code Press
The partnership has caused some buzz in the mobile world, as it suggests that Orange may choose to use the Lumia as one of its flagship mobile payment devices. NFC technology is the driving force behind mobile commerce currently.
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QR Code Press
NewNet Launches TraxcomSecure® AccessGuard 1000 Enhanced Mobile Broadband ...
MarketWatch (press release)
The ubiquitous availability of mobile devices has spurred advances in NFC technology and the availability of mobile wallet solutions from a broad swath of players in the payments market. The industry recognizes the opportunity to further simplify the ...
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Report: NFC, QR codes will drive proximity marketing to $2.3 billion in 2016
New market research from Smiths Point Analytics projects that the global market for action oriented proximity based marketing services – ie NFC/QR-enabled ads – is expected to reach $2.3 billion by 2016. By SPA's definition, action oriented proximity ...
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PayByPhone delivers UK's first NFC parking solution
PayByPhone has placed NFC stickers onto all "pay and display" machines in Tumbridge Wells' council-run parking lots. According to PayByPhone, the user simply taps her NFC enabled mobile phone over the NFC logo on the sticker to launch the PayByPhone ...
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WIRED and Quad/Graphics create North America's first NFC advertisement for ...
QR Code Press
NFC technology has been gaining momentum in the marketing industry because of its ability to engage a new generation of consumer. These consumers are seemingly inseparable from their mobile devices, which creates a unique opportunity for advertisers to ...
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QR Code Press
NXP Enables Mobile Ticketing for Smart Mobile Devices
RFID-Ready (press release)
"NFC technology supporting MIFARE DESFire and Classic continue to be of substantial interest to transit agencies to enable a secure application for interoperable mobile ticketing and payment. We are pleased to see the introduction of NXP's solution ...
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RFID-Ready (press release)
iPhone 5 rumor rollup for the week ending April 13
PC Advisor
So, how will it change our lives, you ask. Let's start first with NFC, near field communications, the short-range radio link that is used in contactless mobile payments. "Recently, rumors of NFC for the iPhone 5 have waned," Nace says.
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Nokia Talks About NFC at WIMA 2012 (Video)

Nokia released a video showing how they are integrating and using Near-Field Communication (NFC) into their smartphones at the WIMA NFC event which took place in Monaco this week.

NFC Mobile Coupon Firm Coupies Lands 7-Figure Funding

The German mobile couponing firm Coupies has pulled in a seven-figure wad of funding, which it hopes to use for international expansion. The money comes from CologneInvest and constitutes Coupies’s first proper investment round, which is impressive considering it’s a 10-person operation that already has a reach of three million users.
Coupies is one of the first mobile couponing companies to embrace near-field communications (NFC), the short-range wireless tech that’s built into millions of smartcards, bank cards, and increasingly phones. Apple is yet to go NFC, but Nokia, RIM and a bunch of Android devices are already there.
Once the user has signed up for Coupies, they can be targeted with deals on a location basis. They get coupons sent to their handset, which they can then redeem at the store.
 Read more

Global Competition Review Features Constantine Cannon Among the Top Antitrust Firms Representing Plaintiffs

NEW YORKApril 12, 2012 /PRNewswire/ -- Constantine Cannon is pleased to announce that the publication Global Competition Review has named the firm to its select list of nine leading plaintiffs' antitrust practices.
In its profile of the firm, Global Competition Review pointed out that Constantine Cannon holds special status within the group of firms selected. "No other plaintiff practice can claim to have won two of the three largest antitrust settlements in US history," the profile states.
In 2003, Constantine Cannon secured the largest antitrust settlement in U.S. history against Visa and MasterCard, securing a record $3 billion in restitution payments for merchants, as well as injunctive relief estimated by the court to be worth up to $86 billion. In another lawsuit on behalf of Morgan Stanley/Discover, the firm secured a 2008 settlement of $2.75 billion, which is the third largest antitrust settlement.
Global Competition Review is a leading global antitrust and competition news service. The publication provides breaking news, daily updates and in-depth monthly features covering antitrust and competition enforcement in countries around the world.
About Constantine Cannon LLP
Constantine Cannon LLP has deep expertise in practice areas that include antitrust and complex commercial litigation, whistleblower representation, government relations, securities and e-discovery. The firm's antitrust practice is among the largest in the nation, with more than 25 attorneys representing both plaintiffs and defendants in complex antitrust litigation. Constantine Cannon also counsels corporations, trade associations and government entities on antitrust compliance, mergers and acquisitions, and antitrust policy.
SOURCE Constantine Cannon LLP

Key Vantiv Executives to Lend Expertise to Industry Panels on EMV, Mobile

CINCINNATIApril 13, 2012 /PRNewswire/ -- NPC, a Vantiv, Inc. subsidiary (NYSE: VNTV), will exhibit at Booth 202 during the Electronic Transactions Association (ETA) Annual Meeting & Expo inLas Vegas, Nevada April 17-19, 2012. NPC, a leading provider of innovative payment processing and technology solutions for independent sales organizations (ISO), will showcase its core product offerings along with a new philosophy built on the pillars of productivity, technology and partnership support.
Vantiv executives will also lend their expertise as keynote speakers during Expo educational sessions on Wednesday, April 18. Vantiv Vice President of Mobile, Ben Love will join the discussion for "eWallet / Mobile – The New Generation of Shoppers and Merchants" from 2:45-3:45 p.m., followed by Chief Product Officer, Bill Weingart, who will speak on the panel "Is EMV Finally, Actually, Really Here?" from 4:00-5:00 p.m.
"The cornerstone of our philosophy is that of growing our customers' businesses by building relationships and investing in the products that will drive the industry forward," said Weingart. "To do that, we develop and use cutting-edge technologies that vastly improve our ISO partners' payment processing services. Our integrated single point-of-entry platform ensures that our clients are more efficient, responsive, and profitable, and our commitment to providing advanced information, analytics and reporting tools help identify areas of improvement and new opportunities for growth."
Weingart and Love along with NPC Managing Director, Jim Oberman and key product experts will be on hand in the booth to demonstrate some of the company's strategic product offerings including:
  • Vantiv Secure – Point-to-point encryption to keep card data safe
  • Mobile – Apps, Card Readers, Tablets
  • PayTally –  Customer Billing, Payment Collection, Tracking, Management
  • PCI Program –  PCI Assistance, Breach Waiver Benefit,, Trustkeeper® Scanning
  • Payment Solutions – Credit, PIN Debit, Electronic Check, Bill Payment, Prepaid, Data Security, Data and Reporting. And, introducing EMV (Europay, MasterCard and Visa) and DCC (Dynamic Currency Conversion) now as standard features, all running on more secure and faster payment processing devices
On display will be a featured Vantiv product, Pay In Your Currency®, powered by Planet Payment®.  Also known in the industry as Dynamic Currency Conversion (DCC), this superior customer service solution offers international cardholders the convenience of paying their bills in their home currency.  Additionally, the DCC solution will be highlighted during the ETA's Technology Showcase on Wednesday afternoon.  Vantiv's payments expertise makes it easier for our partners to concentrate on delivering exceptional customer service.
"Our team is equipped to adapt to rapid changes in the market because we anticipate and influence trends," said Jim Oberman, NPC Managing Director.  "Our ISO Partners see us as a trusted source of information, education and consultation because our management team is highly accessible and committed to developing solutions that help them break through to new levels of profitability."
NPC is one of the largest providers of debit card and credit card acceptance in the U.S. dedicated exclusively to the small-to-medium merchant market. NPC has longevity and experience in the payments industry.  Currently, more than 200,000 merchants nationwide trust NPC and its partners to process their electronic payments.
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV) is a leading, integrated payment processor differentiated by a single, proprietary technology platform.  Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider.  We build strong relationships with our customers, helping them become more efficient, more secure and more successful.  Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S.  The company's growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit

JPMorgan Chase Q1 Net = $5.4 Billion on $27.4 Billion Revenue

JPMorgan Chase Reports First-Quarter 2012 Net Income of $5.4 Billion, or $1.31 Per Share

  • Solid performance across most businesses, with particular strength in Investment Bank and improvement in Mortgage Banking
    • Investment Bank reported strong performance driven by continued leadership and improved market conditions; maintained #1 ranking for Global Investment Banking Fees year-to-date
    • Consumer & Business Banking average deposits up 8% and Business Banking loan originations up 8% compared with prior year
    • Mortgage Banking application volume up 33% compared with prior year
    • Credit card sales volume2 up 12% compared with prior year
    • Commercial Banking reported seventh consecutive quarter of loan growth, up 16% compared with prior year
    • Treasury & Securities Services reported record assets under custody of $17.9 trillion, up 8% compared with prior year
    • Asset Management reported record assets under supervision of $2.0 trillion, up 6% compared with prior year
  • Fortress balance sheet strengthened: Basel I Tier 1 common1 of $128 billion, or 10.4%; estimated Basel III Tier 1 common1of 8.4%
  • Increased quarterly common stock dividend to $0.30 per share; authorized new $15 billion common equity repurchase program, of which up to $12 billion of repurchases is approved for 2012
  • First-quarter results included the following significant items:
    • $1.8 billion pretax benefit ($0.28 per share after-tax increase in earnings) from reduced loan loss reserves, related to mortgage and credit card
    • $1.1 billion pretax benefit ($0.17 per share after-tax increase in earnings) from the Washington Mutual bankruptcy settlement, in Corporate
    • $2.5 billion pretax expense ($0.39 per share after-tax reduction in earnings) for additional litigation reserves, predominantly for mortgage-related matters, in Corporate
    • $0.9 billion pretax loss ($0.14 per share after-tax reduction in earnings) from debit valuation adjustments (“DVA”) in the Investment Bank, resulting from tightening of the Firm’s credit spreads3
  • JPMorgan Chase Supported Consumers, Businesses and Our Communities
    • Provided $62 billion of credit2 to consumers in the first quarter
      -- Issued new credit cards to 1.7 million people
      -- Originated over 200,000 mortgages
    • Provided over $4 billion of credit to U.S. small businesses, up 35% compared with prior year
    • Provided $118 billion of credit2 to corporations in the first quarter
    • Raised $250 billion of capital for clients in the first quarter
    • Nearly $13 billion of capital raised for and credit2 provided to 780 nonprofit and government entities in the first quarter, including states, municipalities, hospitals and universities
    • Hired more than 3,400 U.S. veterans since the beginning of 2011
1 For notes on non-GAAP measures, including managed basis reporting, see page 13.
2 For notes on financial measures, see pages 13 and 14.
Whether positive or negative, the Firm does not consider DVA reflective of the underlying operations of the company.
NEW YORK--()--JPMorgan Chase & Co. (NYSE: JPM) today reported first-quarter 2012 net income of $5.4 billion, compared with net income of $5.6 billion in the first quarter of 2011. Earnings per share were $1.31, compared with $1.28 in the first quarter of 2011.
“We strengthened our fortress balance sheet, ending the first quarter with a strong Basel I Tier 1 common ratio of 10.4%. We estimate that our Basel III Tier 1 common ratio was approximately 8.4% at the end of the first quarter.”
Jamie Dimon, Chairman and Chief Executive Officer, commented on financial results: “The Firm reported strong revenue1 for the first quarter of 2012 of $27.4 billion, up 24% compared with the prior quarter and up 6% compared with prior year. While several significant items affected our results, overall, the Firm's performance in the first quarter was solid. The Firm’s return on tangible common equity1 for the first quarter of 2012 was 16%, compared with 11% in the prior quarter and 18% in the prior year.”
Dimon continued: "We are pleased that our results for the quarter reflected positive credit trends for our consumer real estate and credit card portfolios. Estimated losses declined for these portfolios, and we reduced the related loan loss reserves by a total of $1.8 billion in the first quarter. However, with respect to our Mortgage Banking business, we expect to see elevated levels of costs and losses associated with mortgage-related issues for a while longer. Credit trends across our wholesale portfolios were stable and continued to be strong."
Commenting on the balance sheet, Dimon said: “We strengthened our fortress balance sheet, ending the first quarter with a strong Basel I Tier 1 common ratio of 10.4%. We estimate that our Basel III Tier 1 common ratio was approximately 8.4% at the end of the first quarter.”
“Our strong balance sheet and earnings power allowed the Board to increase our annual dividend to $1.20 per share and authorize a new $15 billion equity repurchase program. The Company will constantly evaluate its best and highest use of capital. We will repurchase equity as deemed appropriate relative to our organic growth, investment opportunities, capital retention needs, and the stock price."
Dimon added: “JPMorgan Chase positively impacts the lives of millions of people and the communities in which they live. We are serving them each day, putting our resources and our voices to work on their behalf. During the first quarter of 2012, the Firm provided credit2and raised capital of over $445 billion for our commercial and consumer clients. We provided more than $4 billion of credit to U.S. small businesses, up 35% compared with the prior year. We originated more than 200,000 mortgages in the first quarter. To help struggling homeowners, we have offered more than 1.3 million mortgage modifications since 2009, and completed more than 490,000.”
Dimon concluded: “As we look toward the future, we continue to build our businesses by investing in infrastructure, systems, technology, and new products, and by adding bankers and offices around the world. The strengths that are embedded in this company — our people, client relationships, product capabilities, technology, global presence and fortress balance sheet — provide us with a foundation that is rock solid and an ability to thrive regardless of what the future brings.”

Wells Fargo Q1 Net Income = Record $4.2 Billion on $21.6 Revenue

Wells Fargo Reports Record Quarterly Net Income

Q1 Net Income of $4.2 billion; Q1 Revenue of $21.6 billion
SAN FRANCISCO--()--Wells Fargo & Company (NYSE:WFC):
“Absent significant deterioration in the economy, we continue to expect future reserve releases in 2012.”
  • Continued strong financial results:
    • Record diluted earnings per common share of $0.75, up 11 percent (annualized) from prior quarter
    • Wells Fargo net income of $4.2 billion, up 14 percent (annualized) from prior quarter
    • Revenue of $21.6 billion, up 20 percent (annualized) from prior quarter
    • Pre-tax pre-provision profit (PTPP)1 of $8.6 billion, up 27 percent (annualized) from prior quarter
    • Positive operating leverage
    • Return on average assets of 1.31 percent, up 6 basis points from prior quarter
    • Return on equity of 12.14 percent, up 17 basis points from prior quarter
  • Solid deposit growth and higher core loans:
    • Total average core checking and savings deposits up $7.8 billion from prior quarter
    • Core loan portfolios up $984 million from December 31, 20112
    • Total loans of $766.5 billion at March 31, 2012, compared with $769.6 billion at December 31, 2011
    • Announced the acquisition of BNP Paribas’s North American energy lending business, which is expected to close in April 2012 and includes approximately $3.9 billion of loans outstanding
  • Improved capital position:
    • Tier 1 common equity3 under Basel I increased $4.4 billion to $99.5 billion, with Tier 1 common equity ratio of 9.95 percent under Basel I at March 31, 2012. Under current Basel III capital proposals, Tier 1 common equity ratio estimated at 7.81 percent, an increase of 31 basis points from prior quarter
    • Increased quarterly common stock dividend rate to $0.22 per share, starting in first quarter 2012
  • Improved credit quality:
    • Net charge-offs were $2.4 billion, a decline of $245 million from prior quarter
    • 1.25 percent (annualized) charge-off rate, the lowest level since 2007
    • Reserve release4 of $400 million (pre-tax) reflected improved portfolio performance
1 See footnote (2) on SUMMARY FINANCIAL DATA table for more information on pre-tax pre-provision profit.
2 See table in Loans section for more information on core and non-strategic/liquidating loan portfolios.
3 See FIVE QUARTER TIER 1 COMMON EQUITY tables for more information on Tier 1 common equity.
4 Reserve release represents the amount by which net charge-offs exceed the provision for credit losses.
Selected Financial Information       
Quarter ended
Mar. 31,Dec. 31,Mar. 31,
      2012  2011 2011
Diluted earnings per common share$0.750.730.67
Wells Fargo net income (in billions)
Asset Quality
Net charge-offs as a % of avg. total loans1.25%1.361.73
Allowance as a % of total loans2.502.562.98
Allowance as a % of annualized net charge-offs199188172
Revenue (in billions)$21.6420.6120.33
Average loans (in billions)768.6768.6754.1
Average core deposits (in billions)870.5864.9796.8
Net interest margin3.91%3.894.05
Wells Fargo & Company (NYSE:WFC) reported record net income of $4.2 billion, or $0.75 per diluted common share, for first quarter 2012, compared with $3.8 billion, or $0.67 per share, for first quarter 2011, and $4.1 billion, or $0.73 per share, for fourth quarter 2011.
“Wells Fargo delivered outstanding first quarter results driven by strong revenue growth. Quarterly revenue was the highest in nine quarters, and we achieved our ninth consecutive quarter of earnings per share growth,” said Chairman and CEO John Stumpf. “Our continued performance for shareholders through a variety of economic environments is a testament to our diversified business model. The performance of our franchise also allowed us to provide our shareholders with an increased common stock dividend for the second consecutive year. As Wells Fargo celebrates its 160th anniversary and successful completion of the Wachovia merger integration, I want to again thank all our team members for helping our customers succeed financially and satisfying all their financial needs—quarter after quarter, year after year.”
“This was a great quarter for Wells Fargo, as we increased revenue, PTPP, and net income; saw improvement in operating leverage and credit quality; and continued to grow capital,” said Chief Financial Officer Tim Sloan. “Revenue was up 20 percent (annualized) from the fourth quarter, led by continued strong mortgage banking results. Expenses increased in the quarter, but we currently expect a $500-$700 million overall reduction in noninterest expense during the second quarter. Our return on assets of 1.31 percent was the highest since first quarter 2008, while our return on equity of 12.14 percent was the highest since second quarter 2009.
“We increased our quarterly common stock dividend rate 83 percent to $0.22 per share and have the ability to repurchase more common shares as a result of the Federal Reserve’s non-objection to our 2012 Comprehensive Capital Analysis and Review capital plan. Our shareholders have been very patient, and we are pleased to reward them with an additional return on their investment.”
Revenue increased $1 billion from fourth quarter 2011, to $21.6 billion. Total revenue increased due to growth in noninterest income, including strong mortgage banking and market sensitive revenues1, while net interest income remained stable. Businesses generating linked-quarter revenue growth included asset-backed finance, brokerage services, capital finance, capital markets, commercial banking, corporate banking, corporate trust, dealer services, equity funds, global remittance, insurance, international, mortgage banking, personal credit management, real estate capital markets, retail sales finance, private student lending, and wealth management.
1 Includes net gains (losses) from trading activities, net gains (losses) on debt securities available for sale and net gains from equity investments.

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