Wells Fargo Ranks No. 1 in Hard-to-Value Assets, S&P Says

Wells Fargo & Co., the largest U.S. home lender, ranked first among the six biggest U.S. commercial banks with the highest percentage of hard-to-value assets in its securities portfolio, Standard & Poor’s said.

So-called Level 3 assets comprised 14.5 percent of holdings the San Francisco-based firm had tagged for sale as of March 31, S&P said yesterday in a report. PNC Financial Services Group Inc. ranked second, with 13.6 percent, followed by JPMorgan Chase & Co.’s 6.8 percent, the ratings company said.