Hints and tips:
...Wells Fargo has had an asset cap since 2018 as punishment for opening millions of false accounts, which has curtailed profitability....
...Joshua FranklinSo we really saw again how the big banks — JPMorgan, Wells Fargo, Citigroup — have really benefited from the Federal Reserve lifting interest rates over the last 15 months or so....
...Increasing borrowing costs are not putting off homeowners over the age of 55 from taking out large loans that will be paid back after their deaths, according to the latest official data....
...Bank of America and Wells Fargo, by far the US energy sector’s two largest bank lenders, according to the S&P data, have set targets for their financing portfolios to reach net zero by 2050....
...The largest is a $100m loan on Trump Tower, at 725 Fifth Avenue, which accounts for just over 10 per cent of a 2012 deal packaged by Wells Fargo....
...The bank was dragged down by higher expenses and more fallout from its 2016 fake accounts scandal....
...Goldman Sachs will have to raise additional capital and Wells Fargo is going to cut its dividend following the latest Federal Reserve stress tests on US banks....
...Kristi Mitchem was poached by Bank of Montreal in January after serving less than three years as chief executive of Wells Fargo Asset Management....
...Regional US banks — including Fifth Third of Cincinnati and Atlanta’s SunTrust — now account for 17 per cent of all new commercial mortgages, up from 11 per cent in 2013, according to data from Bank of America...
...But ARK Invest aren't the only one attaching a valuation to a revenue stream which doesn't seem to exist: Adam Jonas of Morgan Stanley has $55 of his more reasonable $283 per share target price attributed...
...Hold fire An advocacy group called Guns Down America has handed bad report cards to some of the world’s biggest banks, including JPMorgan Chase and Wells Fargo, for their ties to firearms makers and advocate...
...Only two banks in the US offer more than that on savings accounts, according to Bankrate.com. The equivalent rates at Bank of America, Citibank and Wells Fargo are 0.01 per cent a year....
...Executives at Wells Fargo, the scandal-hit US bank, on Thursday unveiled deeper cost cuts, prompting criticism that workers are paying the price for C-suite mismanagement but also disappointing some investors...
...Wells Fargo has disclosed the sharpest drop in credit card applications since the scandal over sham accounts erupted six months ago, a sign the bank is still struggling to move on from the crisis....
...Wells Fargo has disclosed the sharpest drop in credit card applications since its scandal over sham accounts erupted six months ago, dashing hopes the US bank is drawing a line under the crisis....
...Among the big four US retail banks, only Wells Fargo managed to eke out an increase in the closely watched metric....
...However, the downgrade is another blow for the bank as it tries to move on from the sham accounts scandal....
...Wells Fargo has laid down plans to close at least 400 branches over the next two years as part of a push to cut costs as the US bank tries to recover from the scandal over sham accounts....
...The OCC oversees most of the biggest federally chartered US banks, including BofA, Citigroup and Wells Fargo....
...The Wells effect Wells Fargo’s sham-account scandal broke in the second week of September — too late to have much of an effect on the books of the US’s biggest bank by loans, which has ground out at least...
...Wells Fargo has lost its status as the world’s most valuable bank after it set out plans to scrap sales targets for branch staff, highlighting the scale of the fallout from its “phantom account” scandal....
...Even Wells Fargo got the thumbs up for a 17 per cent increase to $19.1bn, despite the bank’s fake accounts scandal last year....
...The S&P 500 financials index trimmed an early rise but still finished 0.5 per cent higher as shares in Bank of America, JPMorgan and Wells Fargo gained ground after they reported robust quarterly earnings...
...JPMorgan plays its traditional role of opening the earnings season today, followed on Thursday by Wells Fargo, Bank of America and on Friday by Citigroup ....
...JPMorgan and Wells Fargo lifted their respective lending rates on the increase. Meanwhile, Oracle saw profits drop, but its important cloud business grow....
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