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...Red-state treasurers blacklisted big financial groups including BlackRock, Goldman Sachs, State Street and Wells Fargo....
...This is in sharp contrast to the mood in financial markets, where traders in federal funds futures believe the US central bank’s policy settings are restrictive enough to get inflation under control and...
...Police in Italy and several other European countries have arrested 22 people and seized assets worth €600mn in connection with alleged fraud involving the EU’s post-pandemic recovery fund....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...Wells Fargo last month said it was setting aside $1bn for severance costs in the fourth quarter....
...A decade ago ExxonMobil was still the world’s second-biggest US company, and General Electric, Wells Fargo and Walmart were in the top 10. Today, Walmart is 15th and the others . . . well....
...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....
...Big consumer banks such as JPMorgan Chase and Wells Fargo have been able to charge more for loans as the Fed has lifted benchmark interest rates to a 22-year high, without having to pass on commensurately...
...This compares with 45 per cent and 22 per cent for these metrics in 2019, and 44 per cent and 30 per cent in 2020....
...Police in Italy and several other European countries arrested 22 people and seized assets worth €600mn in connection with alleged fraud involving the EU’s post-pandemic recovery fund....
...(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...
...Of the Big Six banks, Citigroup, Goldman Sachs, Wells Fargo and Morgan Stanley are all expected to report a drop in their earnings per share this quarter. JPMorgan will be the exception....
...mergers in the 80s-90s when regulators relaxed rules about banking across state lines....
...“China’s rise took a number of decades, from [President Richard] Nixon’s visit in the 1970s, and with increased speed in the 1990s. That has got us where we are 25 years later,” he says....
...Wells Fargo is setting aside as much as $1bn for “unanticipated” severance costs in the fourth quarter of this year....
...JPMorgan Chase, Bank of America, Wells Fargo, and others, next year plan to launch Paze: a mobile wallet that will connect directly to the credit and debit card accounts of 150mn customers....
...It’s meant that for years Citi’s been lagging behind its peers like Wells Fargo and JPMorgan Chase in things like their stock price performance. Here’s the FT’s US banking editor, Joshua Franklin....
...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....
...His portfolio is over 90 per cent public equities, with stakes in Microsoft, Meta and Swiss bank UBS. Returns for Bonde peaked in 2017, when his portfolio gained 148 per cent....
...Gross domestic product was unchanged in the three months to September, down from an expansion of 0.2 per cent in the previous three months, slightly better than economists had expected and in line with Bank...
...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 of London’s oldest hedge fund groups, the firm has been engulfed in crisis since an FT investigation in June reported claims from 13 women against Crispin Odey. Read the full story....
...Unlike private credit funds with locked-up capital, policyholders of life insurance products can withdraw their assets, creating the conditions for a “run on the bank” if loss rates were to rise in private...
...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....
...Outperformers get more assets to manage and payouts in the region of 15 to 22 per cent of their gains, according to market participants....
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