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...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...Already, there has been an uptick in new mortgage applications and pending home sales....
...Return on average tangible common equity came in at a robust 13.7 per cent. The bank also looks well positioned for tougher capital requirements under new Basel III standards....
...Wells Fargo and Truist have strong businesses serving lawyers outside Manhattan, but Citi’s private bank dominates the market among New York’s attorneys, having launched a dedicated team to serve them more...
...Profits at Wells Fargo fell from $5bn to $4.6bn. Private equity pioneer KKR is predicting a revival in global IPOs and takeover activity after a two-year slowdown....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...In the past year delinquent commercial property debt for the six big banks — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley — nearly tripled to $9.3bn....
...“If Jamie Dimon left tomorrow, I do think the stock would decline 5 per cent,” said Mike Mayo, a longtime banking analyst at Wells Fargo who is known for sparring with bank executives in earnings calls....
...Several pointed out that it has avoided the whopping big mistakes of rivals such as Wells Fargo and Citigroup (they all noted that the London Whale was not a good look)....
...Wells Fargo originated just $21.5bn in mortgages in the third quarter, a 59 per cent drop from the previous year....
...He will join the panel on a two-year secondment from the bank beginning in May. Wells Fargo has named Doug Braunstein as a vice-chair....
...Wells Fargo’s common equity tier one ratio, which reflects its financial resilience, fell to 10.6 per cent from 11.4 per cent....
...Wells Fargo has been ordered by US regulators to pay $3.7bn over illegal activity in car loans, mortgages and bank accounts, the latest in a series of regulatory penalties incurred by the lender....
...(FT) Allen & Overy rolls out AI contract negotiation tool in challenge to legal industry (FT) Wells Fargo branch workers vote to form union in a first for major US bank (FT) Barclays agrees deal to stay...
...This month, US homebuilder confidence slipped for the first time this year according to an index compiled by the National Association of Home Builders and Wells Fargo....
...Wells denied mortgage modifications that should have been allowed, leading some borrowers to lose their homes....
...But they were unimpressed by the bank’s 10 per cent increase in profits, eclipsed by Wells Fargo (68 per cent) and JPMorgan (38 per cent) last week....
...Investors will have a clearer view of Schwab’s prospects when it pays off $31.8bn owed to the Federal Home Loan Bank. Clearing the debt will hold back earnings for a while....
...As Wells Fargo’s Mike Mayo told New York Magazine: “I’ve called for CEOs to be fired before,” says Mike Mayo, a bank analyst well known for his often antagonistic views....
...Deutsche Bank originated the loan for the Westfield mall in 2016, while Park Hotels’ mortgage is serviced by Wells Fargo and was originally underwritten by JPMorgan....
...That’s CEO school 101,” said Mike Mayo, a longtime banking analyst at Wells Fargo....
...By contrast, JPMorgan Chase and Wells Fargo — the nation’s first and third-largest banks, respectively — each had about $40bn in unrealised bond market losses, while fourth-largest Citigroup’s paper losses...
...The analysts estimate that the capital “buffers” required would increase 20bp at Bank of America and State Street, and 10bp at JPMorgan and Wells Fargo....
...Wells Fargo has hired Citigroup’s Clayton Hale as co-head of equity capital markets alongside Jill Ford, who joined the bank earlier this month from Credit Suisse. Hale will join in New York....
...Large US banks such as Bank of America and Morgan Stanley gained 2.9 per cent and 3 per cent, respectively, while Wells Fargo finished 4.2 per cent higher....
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