Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Kovacevich Says Only About 20 Institutions Caused Credit Crisis

May 17 (Bloomberg) -- Richard Kovacevich, the former chairman and chief executive officer at Wells Fargo & Co., said less than two dozen institutions caused the financial crisis and new regulations are hurting innocent commercial banks.

“Twenty financial institutions were the primary ones involved in the financial crisis,” Kovacevich, 69, said today in a Bloomberg Television interview with Erik Schatzker and Sara Eisen. “About half of those were S&Ls. The other 10 were basically investment banks, not commercial banks,” he said, referring to savings and loan institutions. There are more than 7,000 other U.S. banks “that are being punished that did nothing wrong,” he said.

Wells Fargo is the biggest U.S. home lender. The company is based in San Francisco.

To contact the reporter on this story: Dakin Campbell in San Francisco at

To contact the editor responsible for this story: David Scheer at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.