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...At Wells Fargo, first quarter NII came in 8 per cent lower compared with a year earlier. At Citi, the metric eked out a 1 per cent year-on-year gain but fell quarter on quarter....
...Wells Fargo bank analyst Mike Mayo said it made sense for banks with healthy levels of capital to return money to shareholders when profits were high....
...Citi reported a 13 per cent increase and BofA 8.5 per cent. JPMorgan also beat its own target for about $88.5bn....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...The common equity tier one ratio of 10.7 per cent is well above the regulatory minimum of 8.9 per cent. Some of these improvements are reflected in Wells Fargo’s valuation....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...Wells Fargo has had an asset cap since 2018 as punishment for opening millions of false accounts, which has curtailed profitability....
...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....
...British bank HSBC and US lender Wells Fargo are bucking that trend, having partnered in 2021 to use blockchain to settle foreign exchange transactions between them....
...Wells Fargo’s bank analyst Mike Mayo has a well-deserved (if not entirely unblemished) reputation for being an unusually acerbic member of the “great quarter guys!” industry....
...Banks: Three large US banks — JPMorgan Chase, Wells Fargo, and Citigroup — will report their latest quarterly earnings, with slow lending growth expected to cut into profits....
...Credit card transactions rose 8 per cent in the quarter at Citi. Both JPMorgan and Wells Fargo lowered, from the previous quarter, the amount of money they put away for potential loan losses....
...Wells Fargo and JPMorgan last week reported a 68 per cent and 38 per cent jump in profits respectively....
...Analysts are forecasting that JPMorgan and Wells Fargo will be the only banks whose profits rose in the third quarter compared to a year earlier, according to consensus data compiled by Bloomberg....
...And it’s a similar story at other US banks. Wells Fargo says its net interest spread is 3.1 per cent, but it would be 2.39 per cent without the non-interest liabilities, of which $383bn are deposits....
...Non-performing loans are expected to have hit a combined $24.4bn in the last three months of 2023 at the four largest lenders — JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — an increase of...
...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....
...year on a sustainable basis, while still maintaining a well-capitalised central bank”, the authors wrote....
...Delinquencies on credit card loans are also running at their highest level in almost 13 years, according to data from Moody’s Analytics, even as banks have reported record profits from credit card lending...
...Sotheby’s fine art index pegs the compound annual growth in nominal art prices between 1950 and 2021 at 8.5 per cent, well ahead of inflation....
...Net interest income in the quarter rose 16 per cent from a year ago to nearly $14bn, compared with 44 per cent and 29 per cent at JPMorgan and Wells Fargo, respectively....
...First Republic Bank is down 17 per cent, Charles Schwab has slid 13 per cent, and Wells Fargo is off 6.2 per cent. First Republic and Wells Fargo are, notably, based in San Francisco....
...In the eurozone, inflation fell to 2.8 per cent in January after a brief uptick to 2.9 per cent in December....
...Credit Quisse (39 points) 13 (tied). Quizzee Kwarteng and the Magic Money Trees (38 points) 13 (tied). Significant Tail Risk (38 points) 15 (tied). Peak Bad (37 points) 15 (tied)....
...Two concerned General Studies students launched a university food bank in 2016....
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