Hints and tips:
...Since the global financial crisis, this corner of the hedge fund industry has been among the main beneficiaries of the Volcker rule, which restricts banks from trading risky assets on their own account....
...You need to keep accounts with 2 to 3 separate banks at a time, including one of the big four banks like Bank of America, Citi, JPMorgan and Wells Fargo, that, you know, the government is gonna stand behind...
...The pullback from Wall Street banks shouldn’t come as much of a surprise....
...The jobs most at risk are those in branches and call centres as banks prune their sprawling networks to match the new realities of post-pandemic banking, says Mike Mayo of Wells Fargo....
...Fargo....
...By contrast, Wells Fargo and Bank of Montreal, banks with subscale asset management arms, are looking to shed them. Meanwhile, several standalone players have become the targets of activists....
...Hedge funds were pulling their balances from Morgan Stanley at an alarming rate, funding markets seized up and the value of the bank’s trading assets plummeted....
...Post Office did, however, disclose two computer “defects” that had led to discrepancies at 76 branches in 2011 and 2012....
...They were also relying on companies (some owned by Bitfinex/Tether executives) as well as simple “friends” of Bitfinex -- meaning friends of Bitfinex employees who were willing to use their bank accounts...
...Analysts at Wells Fargo estimate that US ecigarette sales have grown from $2.5bn in 2012 to $4.4bn in 2017, and will reach $5.5bn this year....
...Still, the process was a long way from the “bare knuckle brawl” that characterised past succession battles, said Mike Mayo, banking analyst at Wells Fargo. “This is a far cry from those days....
...And Wells Fargo, the San Francisco-based bank, continues to struggle to emerge from the fake accounts scandal that erupted about 18 months ago....
...However, the downgrade is another blow for the bank as it tries to move on from the sham accounts scandal....
...Citing the “fake account” scandal at Wells Fargo, in which the US bank set up 2m accounts without customer permission, Mr Dudley said: “The most dangerous culture in financial services is when people see...
...Wells Fargo has been rattled over the past year by its own mis-selling scandal....
...The head of a $4bn bank says he is reviewing pay for rank and file workers in the wake of the sham accounts scandal at Wells Fargo, and called on the rest of the industry to do the same....
...The shareholder activist campaigning for Wells Fargo to split the roles of chairman and chief executive has seized on the bank’s fake accounts scandal to demand an even bigger boardroom shake-up....
...That supports a tight spread environment,” says Niklas Nordenfelt, a portfolio manager with Wells Fargo Asset Management. Others are less sure....
...Wells Fargo Wells Fargo has for years following the 2008 financial crisis been able to dodge some of the criticism that has been lobbed at many of its big bank peers....
...Goldman Sachs, Barclays, Credit Suisse, Citigroup, JPMorgan and Wells Fargo were set to lead the IPO....
...(Bloomberg) Wells Fargo’s insincere regrets Lucy Kellaway takes issue with the bank’s attempt at an apology after it was fined $185m for setting up 2m fake customer accounts....
...“Our research tells us that 60 per cent of teenagers have their main bank account chosen for them, or choose to bank with their parents’ provider of choice,” says Eoghan Hughes of the London Institute of...
...Gox funds from Karpeles’ Wells Fargo account in alleged retaliation for his refusal to cooperate with them on the Silk Road affair, says The Daily Beast....
...JPMorgan and Wells Fargo lifted their respective lending rates on the increase. Meanwhile, Oracle saw profits drop, but its important cloud business grow....
...French banks, which tend to pay no interest on current accounts, should also do well when the European Central Bank pushes its rates up — though such a move is not imminent....
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