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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....
...“From what we can tell, every large bank is going through some form of ‘RWA optimisation’ or ‘RWA diet’, which in simple terms, reflects balance sheet deleveraging,” Wells Fargo banking analyst Mike Mayo...
...As well as allowing the bank to continue mortgage lending under its current capital regime, the fundraisings would also help edge Metro out of its regulatory buffers....
...Other banks that have hired from Credit Suisse since its collapse in March include Barclays, BNP Paribas, Citi, Macquarie and Wells Fargo....
...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....
...Lloyds and Wells Fargo make an interesting comparison, and again Lloyds is tempting....
...Wells Fargo and Truist have strong businesses serving lawyers outside Manhattan, but Citi’s private bank dominates the market among New York’s attorneys, having launched a dedicated team to serve them more...
...In recent years, banks have sought to re-establish their presence in the market, with lenders including Barclays and Wells Fargo setting up partnerships with asset managers to do so....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...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....
...“If Jamie Dimon left tomorrow, I do think the stock would decline 5 per cent,” said Mike Mayo, a longtime banking analyst at Wells Fargo who is known for sparring with bank executives in earnings calls....
...capability centres, including a 30,000-person unit for American bank Wells Fargo....
...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....
...The move is the latest attempt by JPMorgan to beef up its legal wealth management business after two decades of trying to break the grip of Citi in New York, as well as that of Wells Fargo, which dominates...
...Wells Fargo recently cited WeWork’s troubles among its reasons for adding a $20.5mn mortgage on 599 Broadway, a midsized office building in lower Manhattan, to its watchlist of loans at risk of missed payments...
...Several pointed out that it has avoided the whopping big mistakes of rivals such as Wells Fargo and Citigroup (they all noted that the London Whale was not a good look)....
...“The 4.1mn families who have variable mortgages are freaking out,” said Ricard Garriga, chief executive of Trioteca, a Barcelona-based mortgage broker....
...The stark reversal of fortunes for the 134-year-old wealth manager fits a well-rehearsed narrative of a bank wading into a new profitable business line without fully understanding the risks involved....
...(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...
...Some bank executives have put delays down to staff shortages in the specialist PRA teams involved in the talks, as well as the PRA’s heavy workload in the aftermath of Brexit, as officials deal with the...
...A majority of its executives said they viewed that function as a, quote, blocker to the UK lender’s new strategic direction....
...This month, US homebuilder confidence slipped for the first time this year according to an index compiled by the National Association of Home Builders and Wells Fargo....
...More than 4,000 lenders provided home loans in the US last year, 60 per cent of which were made by independent mortgage companies, not banks....
...A bank loan officer denies a customer a third mortgage extension, in order to get a promotion. She gets the promotion....
...In short, specialist banks — in Paragon’s case with a focus on professional buy-to-let landlords — seem to be far outperforming the large high street players....
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