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...The second-biggest cutter of 2023 was Wells Fargo, which this month revealed it had lowered its global headcount by 12,000 to 230,000....
...JPMorgan Chase, Bank of America, Citi and Wells Fargo together generated interest income for the final quarter of 2022 of almost $60bn, up 30 per cent from a year earlier....
...When asked by House Democrat Sean Casten whether they were still funding the group, JPMorgan Chase’s Jamie Dimon and Wells Fargo’s Charles Scharf both said they did not know....
...Last year, Wells Fargo signed a deal to lend billions to a new credit fund run by Centerbridge, a $40bn private equity firm that led the buyouts of restaurant chain P.F....
...And here’s what I’m keeping tabs on today and over the weekend: Results: Several large US banks report annual results today, including Citigroup, JPMorgan Chase, Wells Fargo and Bank of America....
...Wells Fargo last month said it was setting aside $1bn for severance costs in the fourth quarter....
...The vast majority are local minnows with fewer than $10bn in assets. In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...Jens Eisenschmidt, chief European economist, predicted the losses would fall to €12.3bn next year after the ECB cuts rates and forecast it was “unlikely” any central banks would need to raise money from...
...The bank stress tests are an annual exercise introduced in the aftermath of the financial crisis to ensure lenders were well prepared for potential crises....
...Red-state treasurers blacklisted big financial groups including BlackRock, Goldman Sachs, State Street and Wells Fargo....
...UBS also forecasts 4,700 for the S&P 500 at the end of 2024, Wells Fargo has a target range of 4,600-4,800, which is a not-very fancy way of saying “4,700, probs, maybe, dunno”....
...at Wells Fargo jumped 9 per cent, despite an increase in loan loss provisions....
...Numbers news The World Bank warns of the worst five years for global growth in decades. New research shows the steep economist cost of populist leaders from 1900 until today....
...Analysts are forecasting that depositors seeking higher returns from alternatives such as money market funds pulled almost $100bn in aggregate from JPMorgan, Bank of America, Citi and Wells Fargo in the...
...Barclays was comfortably first placed — with a total of $17.7bn in loans and underwriting of bond and equity issuance — followed by JPMorgan, Bank of America, Citi, Wells Fargo and MUFG....
...Three other mega caps — Bank of America, Wells Fargo and Morgan Stanley — are among the largest 10 banks in the world by market value....
...Profits at rival Citibank were up 2 per cent to $3.5bn while at Wells Fargo they rose 60 per cent to $5.8bn. BlackRock, the world’s biggest asset manager, reported profits up 13 per cent to $1.6bn....
...One consequence in the UK is the ringfencing of retail banks. This insulates them from risky investment banking at the price of capital inefficiencies....
...Depositors then withdrew $42bn from SVB and on March 10 it was seized by the US government. With confidence dented across the sector, New York’s Signature Bank also fell....
...The Big Four accounting firm was auditor to both banks, as well as to Signature, which was seized by regulators in March....
...JPMorgan Chase and Wells Fargo also reported first-quarter results on Friday that beat expectations. Citi bucked the expected trend in another closely watched area of banking these days: deposits....
...Here’s what else I’m keeping tabs on today and over the weekend: Results: US banks begin their reporting season today with JPMorgan Chase, Citigroup and Wells Fargo set to publish second-quarter results...
...The bank had more than doubled its deposits by 2022 by being one of the few lenders to accept funds from clients involved in cryptocurrencies....
...Banks led by Goldman Sachs and JPMorgan Chase and including Citigroup, Wells Fargo, UBS and Deutsche Bank are arranging $8.4bn in loans to finance the deal, sources told the FT....
...€5mn in embezzled funds from Forry....
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