The Management Express

The economic crisis saw the closing of two other small banks in Washington. It is being speculated that there are more banks and financial institutions that are under scrutiny and that if the crisis situation is not regulated it would effect in the shutting down of many of the other major institutions which in turn would effect the world economy.

Wells Fargo & Co’s shares went soaring after it declared that it expects a $3 billion first quarter profit. This is a shake to the disturbed banking sector. This San Francisco based bank is one of the biggest US mortgage lenders. Its earlier results, provides proof that lenders doing traditional banking activities will handle the recession better.