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...Profits at US bank Wells Fargo fell in the first quarter, in a sign that the benefits of high interest rates are waning for the big lenders....
...Earnings at Wells Fargo jumped 9 per cent in the fourth quarter, despite an increase in loan loss provisions, as the US bank cut costs....
...The Catholic Diocese of Hong Kong said on Friday that the legislation would not “alter the confidential nature of Confession (Sacrament of Reconciliation) of the Church”....
...A source close to Wells Fargo said that some of the cuts would not happen until sometime in 2024....
...Wells Fargo paid nearly $594mn more in fees to depositors in the first quarter of this year than it did in the previous three months....
...Many of those hires have been part of Wells Fargo’s efforts to comply with the Federal Reserve, which in 2018 imposed a cap on the size of the bank’s balance sheet following the lender’s fake accounts scandal...
...The lawsuit filed in state court in San Francisco contended that Sloan “bore the brunt of public criticism, much of it directed at Wells Fargo policies and practices that predated his tenure as COO or CEO...
...Organisers say that workers at several of Wells Fargo’s corporate offices are also interested in forming unions. The votes cover a very small fraction of Wells Fargo’s overall workforce....
...Following an unexpected departure to Kansas City in season four, Noah Hawley’s offbeat crime anthology series, Fargo, returns to its spiritual home on the border between Minnesota and North Dakota....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...Joel Coen’s leaden The Tragedy of Macbeth confused things. Drive-Away Dolls, though, feels more like what you might expect from a Coen. Criminal goons bicker in the subplot. So far, so Fargo....
...The new fund is targeting $2.5bn of equity commitments, with roughly $2bn already contributed by Abu Dhabi’s sovereign wealth fund and the British Columbia pension fund....
...Wells Fargo has agreed to buy Neiman Marcus’s vacant space at 20 Hudson Yards for $550mn in a deal that underscores the changing fortunes of one of New York City’s largest property developments....
...Department of Justice, she pleaded guilty to obstructing in the investigations of regulators, who were looking into allegations of misconduct at the bank....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...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....
...Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to midsized US companies, as banks race to find a toehold in the rapidly growing private credit...
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...Wells Fargo has agreed to buy Neiman Marcus’s vacant space at 20 Hudson Yards for $550mn in a deal that confirms the changing fortunes of one of New York City’s largest property developments....
...JPMorgan, Bank of America, Citigroup and Wells Fargo all reported quarterly earnings on Friday. JPMorgan was alone among the group in posting record net profits for the year of $49.6bn....
...just Wells Fargo as wrongly stated in an article on January 23....
...Wells Fargo also raised its outlook for net interest income for the remainder of 2023....
...Share moves to note on the New York Stock Exchange on Friday include Delta Air Lines, Wells Fargo and Citigroup: Shares of Delta Air Lines fell 8.3 per cent after the company cut its 2024 earnings forecast...
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