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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....
...“The support for a union at Wells Fargo both within the bank and from the outside community is unprecedented,” Weiner said in a statement after the vote....
...The sector has cut its cost base to well below the European average. Non-performing loans have fallen to 5 per cent, down from a peak of perhaps 40 per cent....
...Citi and Wells Fargo also recorded drops in lending. The pullback in lending hit JPMorgan Chase particularly hard....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...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....
...companies whose assets Russia has unlawfully seized....
...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....
...Lloyds and Wells Fargo make an interesting comparison, and again Lloyds is tempting....
...As the Financial Times reported, that is more than double the increase of the next bank, Wells Fargo, which reported a 16.5 per cent rise....
...In its battle to combat inflation, the Fed has lifted the federal funds rate to a range of between 5.25 per cent and 5.5 per cent....
...Here’s what else I’m keeping tabs on today: Earnings: The major US banks begin reporting earnings today, with JPMorgan, Citi and Wells Fargo all updating investors....
...Investors in US-domiciled mutual funds and ETFs lost even more in China-focused funds over the same period: some $14.8bn, Morningstar found....
...“The time to pivot will come in due course,” says Wells Fargo. Thanks. Amundi has a nice picture of La Jument lighthouse in Brittany....
...Earnings at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup were up 23 per cent according to BankRegData, which collates quarterly reports from lenders to the Federal Deposit Insurance Corporation...
...Data on Thursday from the Investment Company Institute showed money market funds, which can now yield upwards of 5 per cent for investors, took in $64.1bn for the week ending October 4, bringing the industry...
...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....
...Read the full FT analysis, including the biggest cutters, from Wells Fargo to JPMorgan Chase. Five more top stories 1....
...The capital gains tax (CGT) allowance falls from £12,300 in 2020-23 to £3,000 from April 6 and the dividend allowance has been cut to £500 in the coming financial year, down from £5,000 in 2016-18....
...Higher yields bode well for the 60/40 portfolio, because they allow more room for prices to rise and for the bond component of the fund to perform well....
...The funds have long received financing from Wall Street banks and used it to turbocharge their investing capacity....
...I did a little “whoop” when I won £200 this month, but I’m sad about the prize fund rate dropping from 4.65 per cent to 4.40 per cent in March....
...nearly two-thirds funded by corporate saving, derived from operating cash flow running well in excess of capital investment....
...fund that invests in uranium miners) could go much, much higher....
...Last year, companies raised just $5.7bn from IPOs in the city, the smallest annual haul in more than two decades, according to Dealogic data....
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