wells fargo bank is like to cause problems, i guess. you know, i am yea homeowner in this city and leggy to be a homeowner. money comes out of my pocket when i pay my taxes and ends up in the hands of wells fargo bank, the same people who have caused all this havoc in our hotel and who put me out of the hotel and on unemployment with one of these bank of america edd cards. i think that it is fiscally irresponsible for my money in taxpayers' money to go to wells fargo bank, and i think it is morally repugnant, and it is time to get our money out of these banks. thank you. [bell rings] [applause] supervisor avalos: thank you. next. craigslist isn't yet a today i am here to speak about the impact of wells fargo's practices and investments in san francisco and the grants. as you know, attacks against immigrants has gone through the passage of arizona's ab 1070 and the copycats that followed. these laws have legalized racial profiling in turn local police into ice agents. it is made is that they're less protections for immigrant communities.

i will talk about the connection to wells fargo as well. they seek to increase profit by capitalizing on this immigrant hatred and violence that is spreading, resulting in increased frustrations for workers, families, and it is that the taxpayer expense. it is impacting state and local government budgets. this brings me back to wells fargo and its relationship to the g.o. group. the profit as a major investor and underwriter, a broker-dealer of shares, a trustee, documentation they do, dealer manager, and financial adviser. wells fargo paid lobbyists for policy-setting crestmoor immigrants and for-profit facilities. wells fargo made contributions to the arizona copycat in georgia. several politicians in the senate have voted in favor of this law and many others. [bell rings] wells fargo receive $43 billion in taxpayer bailout as to the government to aid people in mortgages, and they continue to foreclose on the homes of our working families. we want to encourage the city of san francisco to continue the legacy of supported working families

maggie for wells fargo. she can say a couple words on behalf of wells fargo, and we will like to thank her. thank you, maggie. [applause] >> thank you. good evening. i am so proud of presenting wells fargo and the 25,000 team members who live and work in the san francisco bay area here tonight with you. first of all, let me say salute to the council with generals, supervisors, district attorney, and treasurer. they're all here in the room tonight for this special event. i also want to extend my congratulations to all the awardees here tonight. your story is inspiring. your work in the community is excellent. it is really important for the community, so thank you so much for your great work. tonight, on behalf of wells fargo, we want to celebrate hispanic heritage month. this is not the only event we sponsor throughout the year. just for this month, with wells fargo, you probably get a lot of invitations going to hispanic heritage month or the mariachi festival in san jose. coming up, another event. when macy

technically the wells fargo is still open. but business is obviously slow. [ chanting ] >> reporter: they call themselves the 99%. protestors in san francisco's financial district blaming banks and politicians for the current economic mess. >> meanwhile, banks such as wells fargo took billions of taxpayer money through bailouts. >> reporter: several workers unions participated, as well. >> it's time for wall street to pay and banks to pay for the crisis that they have created. ♪ [ music ] >> reporter: at times, it seemed more pep rally than demonstration. but they say the message is clear. they want new taxes and rules for big business in the u.s. >> we just won't stand for it anymore. we are out here to let them know they need to be accountable to the people of this city and of this nation. >> reporter: he is here because several family members have had their homes foreclosed. do your family members take any responsibility for their own foreclosures? >> uhm, they most definitely understand that they maybe should have been mor

a coalition group marched on wells fargo. >> wells fargo, bank of america, they are not hurting at all while everyday cities are being forced out of their home and city at an alarming rate. >> reporter: this time, protesters blocked the doors at the wells fargo headquarters. >> i'm not security. >> reporter: an employee did not want to give his name but did give his opinion. >> most people did -- if you look at it, wells fargo did a good job. >> reporter: one woman said she missed work so she could be here. getting into the building still was not obstacle-free. >> i'm julie ann. >> reporter: some protesters had a drum circle. this group had a baby circle. they brought their kids and complaints. one parent seemed to touch on why mainstream americans are protesting, too. >> we're all living the train wreck. we can't afford to be with our children and to be with our families and to afford a normal, middle-class life. >> reporter: all right. right now, people are banging on the front glass window here on montgomery street. they just got an order to move somewhere else. we're gonna stay wit

they've blocked the entrance to the wells fargo branch.for us coming up in less than ten minutes. >>> 7:52. animals are going on sale in the south bay. want to show you some video from the san jose animal care center which is the largest shelter on the west coast. >> vy a 7-month-old cat. do -- i have a 7 mold cat. do i feed it -- 7-month-old cat. do i feed it or throw it out? i feed it. >> adoption rates are $-- $10. that special deal is good until sunday and then there will be another one in december. >>> we are now hearing from the santa rosa man facing merchandise charges after throwing a hot dog at tiger woods. according to the "santa rosa press democrat" brandon kelly got the idea after watching the movie "drive." he wanted to do something "epic" but after he threw the hot dog, he was arrested. he faces charges of disturbing the peace. we've been following the protest in the financial district. i know you've been watching it, sal, trying to get to work in the financial district. >> that's rim, mike. you know in the financial district

it was partly on the wells fargo property.e see people on the montgomery street literally blocking. why are they not getting arrested? >> if they are happy that they're people that can get into the one entrance for the arrests were made. there are willing to allow these protesters to stay here. if >>reporter: traffic? >> it is probably busier than normal but is wednesday morning in the financial district sellers always traffic of here. >>reporter: how long do you plan on being out here? >> right now, we will keep revisiting every 50 minutes. if it stays like this my boss will tell me that continue to monitor every 15 minutes. as i mentioned there is always traffic in the financial district on a wednesday morning >>reporter: think you. as long as the not latebl and the entrance they will move in and make arrests. you can hear bullhorns. people from all over the bay iraq, young, old, this is live and what is your name? >> young, old. >> what is your name? >> and a. >> i am here representing the people from el college that have h

wells fargo has not asked them to move the protesters in front of the branch doors. the movement went on the move today with a march straight through the financial district. the hundreds managed to temporarily take over drum street and then sacramento so they could be seen and heard. marching wasn't their main objective today. they were headed to a deck destination, the wells fargo bank on montgomery this is where protesters landed before 8:00 a.m. and cemented -- and settled in for the long haul. >> i would like to get in the building and do my job. >> reporter: instead, well dressed bank employees stood on the sidewalk and batched as protesters expressed their anger towards banks -- >> if you look at banks receiving a 30 billion dollar tax handout from taxpayers, people are upset. >> reporter: some went so far as to classify banks in the same category as criminals. >> if any working-class person had done what the banks and wall street had gone done, they would be in jail. >> reporter: wells fargo issue sued -- issued a statement saying the bank has paid the governm

wells fargo has not asked them to move the protesters in front of the branch doors. the movement went on the move today with a march straight through the financial district. the hundreds managed to temporarily take over drum street and then sacramento so they could be seen and heard. marching wasn't their main objective today. they were headed to a deck destination, the wells fargo bank on montgomery this is where protesters landed before 8:00 a.m. and cemented -- and settled in for the long haul. >> i would like to get in the building and do my job. >> reporter: instead, well dressed bank employees stood on the sidewalk and batched as protesters expressed their anger towards banks -- >> if you look at banks receiving a 30 billion dollar tax handout from taxpayers, people are upset. >> reporter: some went so far as to classify banks in the same category as criminals. >> if any working-class person had done what the banks and wall street had gone done, they would be in jail. >> reporter: wells fargo issue sued -- issued a statement saying the bank has paid the governm

at wells fargo, we share the mayor's commitment to san francisco. we are one of the oldest companies doing business here. we're the largest private employer and one of the top corporate philanthropists in san francisco. wells fargo, the san francisco chamber of commerce are honored to have him here today. please welcome mirkarimi -- mayor ed lee. [applause] mayor lee: good morning. all right. it is great to be in the city of san francisco because we are doing everything right. i know they only gave me 10 minutes this morning. i could probably talk for hours about what we're doing in our city to make sure it is economically strong, but finally have 10 minutes, it is going to be about jobs, jobs, and more jobs. [applause] that is what we have to do in this city. i want to speak on the state of our city's economic climate. in order to have a city that is, as you have heard me say time and time again, that is safe, solvent, and successful, we need to invest in our residents, in our businesses here, and in our city. that is why jobs and our business clim

next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

they say they chose wells fargo because wells fargo took tarp money. when any repaid it, basically, repaid the federal government, they -- normal people didn't get any of the benefits. wells fargo took 25 billion in tarp funds. they were among one of the last banks to pay that back. this morning people from here are going to march to wells fargo to show their displeasure. they say they are part of the 99% you have heard so much about. 99% of the people in the country make 1% of the income. later at 7:00 they will do that march. people here marching with this coalition are blaming the big banks. >> a lot of organizations that are participating today are working directly it many families that have been hit very hard by in economic crisis, whether it be through foreclosure of their homes, whether it be through a loss of job, unemployment. >> reporter: these protests around the country are being put on by people from all different walks of life. one change out here in market street from last week is, is there is no tent cities out here. people are not bein

this morning it was twice this crowd that marched from here to wells fargo. watching on montgomery street, investment advisor paul evans didn't get it. >> i don't know what they're objection s i don't think it's clear. i don't know why they want to sack wall street. >> the protester who's blocked entrances say that banks like wells fargo are profiting while the rest of the country struggles. >> we've blockaded entrances then, police came and arrested ugs. >> max bell was one of 11 people arrested and cited this morning and released and came back to rejoin the protest. >> the top 1% is hurting all of us. >> kara and her husband say the movement is what they've been waiting for. >> there are many splinter issues, environmental, civil rights but they come down the inequal discontribution of wealth. >> the and the 99% of americans compared to the top 1%. abc 7 reported earlier the top 1% earns $1.1 million per year. and compare that to bottom 90%, 100 million households earning $31,000 and wealthyest saw their incomes rise half a percent and everyone elses droppe

they'll be next. >> reporter: there was a march around the wells fargo building. others joined this ongoing san francisco protest. ktvu. >> we've just posted an unedited video of the protest. you can visit it at ktvu.com. president obama says he'll keep fighting for his jobs bill after it was blocked last night by the senate. it stalled when democrats failed to get the 60 votes needed to proceed. president says he'll keep pushing for votes in congress. >> i need your help. you are our opinion leaders across the country. i need you to e-mail, tweet, fax, write letters, get on the phone. meet face to face. remind members of congress who they work for. >> the president and his democratic supporters may break up the bill. it will have job assistance, tax cuts for individuals and businesses. >>> on wall street stocks today resumed their banner run. step s are being taken to ease the crisis. the dow climbed 102 points. nasdaq rose. it's the largest 7-day rally in more than two years since march of 2009. the dow briefly crossed into positive territory for the calendar ye

in san francisco today the protesters shut down the head quarters for wells fargo banks. police praised the protesters for their organizational skills. more on today's protests. >> reporter: watching the protesters on montgomery street investment advisor paul evans didn't get it. >> i don't know what their objection be is. i don't know why they want to tax wall street. >> the protesters who blocked the entrances on both montgomery and california say that banks like wells fargo are profiting while the rest of the country struggles. >> we block kadeed the entrances and then the place came and arrested us. >> reporter: max bell was one of 11 people arrested this morning and cited for trespassing. when was release he came back to rejoin the protest. >> corporate greed by the top 1% hurting all of us. hurting the 99%. >> kara and her husband say the movement is what they have been waiting for. >> some splinter issues, environmental, civil rights but they all come down to the inequal distribution of wealth. >> reporter: 99% of americans compared to the top 1%. as abc news repor

in u that in 1999 she invested in two certificates of deposits from wells fargo in utah. >> i figured it was a long-term investment. >> reporter: she filed them away and when she moved to california eight years later -- >> i came across the cds and had forgotten that i purchased them. >> reporter: when she went to her local wells fargo bran too much cash them out she said the bank couldn't find them at the branch. >> they had no record that they exited or that i had ever purchased them. >> reporter: she says wells told her the company it since upgraded its computer systemwide. but how long do banks have to hold onto your records? the law says between five and seven years depending on the state. utah is six. that's why the bbb says you have to keep good records. >> they should review these things every year, know where they are, keep them in a file where they can find them. >> reporter: in an email response, wells fargo says after much research we found that miss stratton does not have certificates of deposit with wells fargo. our records indicate she closed her certificates of deposit

here is video of occupiers protesting wells fargo last week.sters are certainly free to do what they wish, in truth, wells fargo was one of the banks least involved with subprime loans, one of the targets of this occupy movement. in fact, wells fargo's exposure to texasic assets largely inherited when it bought failed bank wachovia during the crisis. back to you. >> thank you, scott. >>> it is that time of year again. open enrollment. millions of americans are reviewing and selecting their health benefits for next year. with more pieces of health care reform kicking in, you might be pleasantly surprised what you're now sbieentitled to for free. >> it's paid 100% by insurance, no matter what kind of plan you have. >> some of the preventative procedures are immunizations for children, colonoscopies for 50 somethings, mammograms for women. healthcare.gov or the one from consumer reports offer advice on how best to navigate health insurance plans. experts say, above all, know your policy. >>> i guess you can call this, he gets, she gets. he gets th

in utah in 1999 she invested in two certificates of deposit in wells fargo for $1,000 each. >> i figured i had some extra funds. >> reporter: she filed them away and when she moved to california eight years later. >> i came across the cds and completely forgot i purchased them. >> reporter: when she went to her local wells fargo branch to cash them out. >> they had no record that they existed. they had no record that i had ever purchased them. >> reporter: she says wells told her the company had since upgraded its computer systemwide. but how long do banks have to hold onto your records? the law says between five and seven years depending on your state and utah is actually six. that's why the bbb's gary allman says you have to keep good records. >> they should review these things every year. know where they are, keep them in a file where they can find them. >> reporter: in an email response, wells fargo says, after much research we found that miss stratton does not have certificates of deposit with wells fargo. unfortunately, our records indicate miss stratton closed her certificates of

these activists gathered at the wells fargo bank right here along california and montgomery.ch a video of the scene. you can see the protesters are all out front of wells fargo and their allies, their allies with the occupied protesters before the most part it is not the same group they are allies the not the same group, about 200 people and you can see them all. there were in front of the engines and some people try to into the bank. those people were cited for trespassing. 11 people total they were released after being cited. the demonstrators their protest the economic inequality in america, many of them said that they're hoping to foreclose the banks and maureen kelly talk with people there who were representing all kinds of causes. >> i think enough is enough the banks need to understand the thick at the stocktaking our homes. all these banks got bailed out and we got kicked out. >> i am furious that the banks get bail out and the schools do not and i am told that as a teacher i have to fund raising grant right to teach my kids how to read. >> my messages we want power b

first example, wells fargo. since 2003, wells fargo has provided over $5 million to companies that develop the oil sands, the tar sands. for those who do not know it, tarzan's is a high carbon type of fuel that is stripped mind from underneath canada's royal forests, which is one of our last untouched ecosystems in the planet. for tarzans to be extracted, they destroy the land. it takes so much energy to extract tar sands that it has a carbon footprint of about three times that of conventional oil. tar sand extraction's use about four hundred million gallons of water per day from a river, and most of it ends up as toxic waste. it is contaminated with carcinogens such as cyanide. so the indigenous populations in other communities living downstream from these talks the ponds have high rates of rare cancers, lupus, renal failure, and hyperthyroidism. and wells fargo has refused to pull out of the tar sands. the next example is union bank, which is owned by bank of tokyo mitsubishi. a few years ago, they and other b

they will be hitting other banks, wells fargo and the bank of america and goldman sachs. they are going to perform a prayer or ritual at each location and march to the next one. video shot, they created a bowl to illustrate the bible verse about not worshipping false idols looking like the bull on wall street. it will be carried by men in suits to look like businessmen. the clergy represent a range of religious -- religions and communities from protestant, muslim, vacaville to santa rosa. 170 clergy members were confirmed today. it looks like they had a great turnout. the sf protesters say they were happy to see them. >> i think it is wonderful! i think we need more stuff like this. we need to connect with all aspects of the community, especially parts of the people like this. and i know occupy doesn't try and stand for any political or religious persuasion, that's fine this is a multi-congregational, multi-faith delegation. >> we are creating our own version of a lobbyist for the core and -- for the poor and middle class. we don't have a lobbyists, our representatives ha

they are past the chase bank and on their way to wells fargo then goldman sachs. is a big loop in the financial district to bring their message of economic inequality. right now it looks as though most people are staying on the sidewalk. as you can see it is such a big crowd they are moving out into the streets. so far it has been peaceful. we'll bring you updates later in this broadcast on abc7news.com. >>> let's check in on the weather if you are feeling a little brr, compared to this past weekend. >> it was gorgeous out there >> nice sunshine, warm beaches, cold water still. our air is more reflective of our water. check out high clouds across the skies. east from south beach this morning, want to show you this other shot too. this is 2600 feet up. have you ever seen the clouds roll over like that? it doesn't happen often of the gives you an idea how deep the marine layer has become how strong of a push this cool weather is and how high in the atmosphere it goes hard to get rid of today and into tomorrow. let's focus on another perspective. high clouds and low

they said the reason for wells fargo is wells fargo took tarp money but then none of the money came backther words, he says, the banks are hoarding the cash and not benefitting the people who need it. >> i think that's precisely what's making everybody so angry and what's actually motivating them to take action such as camping in front of the federal reserve, because they are protesting that type of treatment, that type of favoritism that is being shown to corporations and banks in general, and none of it is trickling down to us. >> reporter: wells fargo did take tarp money. but as of 2009-2010 they paid back the $25 billion that they took from the federal government. again, this is all part of the protests you have been hearing about taking place across the country. one of the phrases you hear we are 99%. 99% of the people who have 1% of the income in the country. this march goes from here to wells fargo. it's supposed to start at 7:00 a.m. this morning and we will bring it to you. craig debro, ktvu channel 2 news. >>> sixth -- it's san jose's latest anti-wall street event following a c

the crowd's shouts and jeers unnerved some wells-fargo employees escorted inside by police. police arrested nearly a dozen protesters. some had little sympathy for the protesters. >> this is absurd. i think there's probably a few people that have been wronged at some point, but i would wonder about personal responsibility. >> reporter: in a statement, a wells-fargo spokesman today said we're committed to serving the needs of individuals, keeping credit flowing, and working to help those facing financial hardships find solutions. protesters announced the end of today's action, just before 1:00. >> this is great. we closed all the doors. see if the other banks are watching, they'll be next. >> reporter: the protests ended with a march around the wells- fargo building with some of the protesters joining others here. in san francisco, david stevenson, ktvu channel 2 news. >>> tonight on ktvu's facebook page we asked if it was effectivek or a nuisance. peter comments, democracy at its best, and mark says the movement is misguided. i don't need help from the 1%. those who think th

the crowd's shouts and jeers unnerved some wells-fargo employees escorted inside by police. police arrested nearly a dozen protesters. some had little sympathy for the protesters. >> this is absurd. i think there's probably a few people that have been wronged at some point, but i would wonder about personal responsibility. >> reporter: in a statement, a wells-fargo spokesman today said we're committed to serving the needs of individuals, keeping credit flowing, and working to help those facing financial hardships find solutions. protesters announced the end of today's action, just before 1:00. >> this is great. we closed all the doors. see if the other banks are watching, they'll be next. >> reporter: the protests ended with a march around the wells- fargo building with some of the protesters joining others here. in san francisco, david stevenson, ktvu channel 2 news. >>> tonight on ktvu's facebook page we asked if it was effectivek or a nuisance. peter comments, democracy at its best, and mark says the movement is misguided. i don't need help from the 1%. those who think th

---adems, seÑal que "wells fargo" pag 25 mil millones de dolares, al gobierno en diciembre de 2009.o y quizas la economia sea la razn. take vo ---un nuevo informe, seÑala que muchas parejas han decidido no tener hijos porque no se sienten, seguridad financiera. ---el reporte, agrega que los estados que se han visto mas afectados por la mala situacin economica, tambien registraron el mayor descenso de nacimientos. ---los investigadore s, tomaron en cuenta varios factores, incluyendo ingresos personales, ingresos del estado y tambien las tasas de desempleo. cu ---era uno de los ultimos recordatorios sobre la poderosa explosin que cobr 8 vidas y destruy decenas de hogares en san bruno. take vo ---pero hoy finalmente se retiraron las barreras que habian sido instaladas alrededor del preciso lugar, donde se suscit el estallido ocurrido el aÑo pasado. ---para remover las barreras, se realiz una ceremonia en la que participaron el alcalde y otros funcionarios del ayuntamiento. cu ---los padres siempre protegen a sus hijos de la gripe, pero, que hacen para protegerse a si mismos? take vo --

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if you have wells fargo you may want to take a closer look at your bank statement. what they have to say after a glitch reveals customer's personal information. we will fill you in when good morning maryland continues on this friday morning, i want to thank you for making us a part of your day. i'm losing energy... i need a home performance with energy star audit to find out why! this sensor will show why my living room gets too hot and too cold! hm... need some heating and cooling system work. and insulation will help stop the drafts. get up to $2,450 dollars in rebates and keep saving with home performance with energy star. get started at bgesmartenergy.com. ahhh, now i'm comfortable- and energy efficient! >>> now good morning maryland. >> 6:38, parents in kentucky have a new way to keep track of their kids and how they are doing in the classroom. the new app takes information, puts it on line and brings it straight to the parents cell phone. >> -- find out -- [ inaudible ] >> -- go out. >> the kentucky department of education launched the free app for use in scho

in fact, wells fargo has a delinquency in foreclosure rates that are well below the national average.n capitol heights, scott broom, 9news now. >>> and wells fargo will continue the event for another day for customers in distress at the convention center at national harbor. the senate took a final vote today to correct some type of graphic cal error in the legislation. and ten states from maryland to massachusetts, performing the electric vehicle. they will be trapping vehicles in the clean energy infrastructure. >>> for now taking a look at the other top stories in virginia and richmond, the deputy sheriff has been fired because of an inmate that was mistakingly let go. the sheriff says that the deputy did not follow procedure. another employee was us pended as well. >>> and down here, a middle school security officer used pepper spray to break up a food fight and now, well now the school is investigating as to whether or not that was excessive force. 37 students claimed they were injured in some way by that pepper spray. >>> they put out the call for help last night and 9news now an

>>justine: wells fargo is saying that its third quarter profits jumped 21%. the san francisco-based bank said this morning that its net income is just about $4 billion. this does match wall street's expectations. >>darya: we are back with more in a couple of minutes. >>mark: we're waiting for the opening bell. its better than expected earnings from seagram's, dow teachers are down 40 points. wells fargo stock is down 4.5% because of their revenue was less than expected. only 19.6 billion. >>darya: we are back with more in a couple of minutes. we are talking about the weather. we're looking for a warm day today. we have a surprise in store for later in the week. >>mark: 6:15 a.m., let's talk weather and break down what we are expecting. >>james: today is not bad. watch what happens over the next 48 hours. temperatures will drop dramatically. the winds will take up and the the clouds will move in. by wednesday we have a chance of drizzle along the coast. a pretty decent holddown in store. enjoy today because everything changes for tuesday and wednesday. the fog

i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is for them. on getting a loan through my side of the bank, i do not require an account to do that. we would like to have it, but i do not require it. >> last question for the opportunity fund and a critic representative. are you a cdfi? is san francisco and s.p.a. in support of cdfi's being established in san francisco? >> yes, we are. we were founded in 1999 with a small business loan. that is how we started our tenderloin office. >> opportunity fund is a certi

changes wells fargo has a $3 in some markets, suntrust $5 on some this summer. regional expected to roll out a $4 fee next month. with regulation along with legislation last year shutting down the bank's fee machine of overdraft charges, financial institutions are finding new ways to generate income. but all these new fees are leaving customers jaded. >> it's a matter of a very little time before they send you a notice saying they are tacking on a fee in another way. >> reporter: cnn, new york. >>> michael jackson's personal bodyguard testified as did 49ers responders. our legal responders are ready to dissect the first week of testimony in the conrad murray trial. they are next. life insurance companies

we currently bank with three banks, bank of america, wells fargo, and union bank. given the occupy sf and wall street protests happening around the world, there is a lot of focus on the lack of accountability on those three banks at least. how did we come to the decision to go with those three banks? what flexibility is there to make changes in that arrangement? >> a lot of where our accounts set is due to history. technically, these 133 accounts are spread across three banks, but the overwhelming majority are with bank of america, simply because that is the relationship the city has had the longest. your question about what we can do about reing gauging and thinking about changing or completely replacing any of our current relationships, that is what this rfp is about. it is not that easy to move 133 bank accounts. if you think about how often we think about moving our accounts from one bank to another, it is not something that we do every week or even every year. similarly, it is a lot of work to set up these accounts, make sure that the millions of transactions

the quarterly numbers from wells fargo disappointed. it earned 72 cents. analysts were looking for 73 cents. wells revenue also came in lower than expected, down 6% to $19.6 billion. >> susie: joining us now to talk more about outlook for banks? fred cannon, director of research and chief equity strategist at k.b.w. fred, great to you have you back. >> great to be here, susie. >> susie: so you know, earnings of the ones that have been coming out so far, citish and wells fargo as i just reported, jpmorgan reported better-than-expected numbers last week. what's your take away on these earning coming is out so far? >> well, pretty much it's to the about the numbers that are reported. what investors are looking for is can these big banks make money over a long period of time and there's a lot of doubt. that's why you saw wells fargo down 7% today i believe. >> and we're seeing tomorrow the numbers from bank of america and goldman sachs, will the story be any different or more of the same? >> more of the same. we're expecting good man sacks actually to post-- go