Hints and tips:
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...Take a break from the news V-necks have been verboten for as long as most of us can remember, writes Teo van den Broeke....
...She is openly jealous of London’s V&A museum, to which the Bowie archive was donated in February. “I knew very young, as a teenager, that I was going to work in art, but I was quite a movie buff . . ....
...This follows Louis Vuitton’s unveiling of Le Café V in its flagship store, where the menu of desserts and classic savoury options has been devised by Yosuke Suga of Tokyo’s celebrated restaurant Sugalabo...
...The US president announced last month he intends to appoint Saule Omarova as comptroller of the currency, which supervises national banks including Bank of America and Wells Fargo....
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com....
...The Academy organised for Havini to spend several weeks sailing in the Pacific last year on the Schmidt Ocean Institute’s research vessel R/V Falkor....
...This week JPMorgan Chase, Wells Fargo and Citi set aside a record $28bn for bad loans, more than expected. This shows they fear a wave of corporate and consumer bankruptcies....
...He said he expected dividend payments to largely be flat overall this year, and a dividend cut is already factored into Wells Fargo’s share price....
...But a lengthy cycle of loan losses and business failures remains a legitimate risk scenario (just look at the initial reaction to the results from Wells Fargo)....
...Provisions were higher in the US than in Europe, with more than $57bn across JPMorgan, Wells Fargo, Citigroup and Bank of America alone....
...“I would say that, as a team, we've pretty well discounted a uniform V-shaped recovery. The question is, is it U-shaped, is it W-shaped or parts of it L-shaped?”...
...“Still, many of these initiatives were designed for a V-shaped recovery....
...Since 2016, when US regulators revealed that Wells Fargo had opened millions of unauthorised accounts, nine of 14 members of the bank’s board of directors have stepped down, and the chief executive has changed...
...The upward swing of a “V” dip in growth after a hurricane comes from the rebuilding that puts contractors back to work....
...In the US, $9.5bn of credit charges — including loan loss provisions — pushed Wells Fargo to a $2.4bn loss, while profit fell more than 50 per cent at Citi, Bank of America and JPMorgan....
...(FT) Economists are still too upbeat Economists initially, and over-optimistically, embraced a relatively quick V-shaped recovery....
...Thanks Letter in response to this newsletter: We need to adapt past experience to the present situation / From Dr Aleksandr V Gevorkyan, St John’s University, New York, NY, US...
...Xerox wants to give HP’s board its walking papers We’re all guilty of overusing the David v Goliath trope but in the case of Xerox and HP, it really does apply....
...Some, including René Portocarrero and Raúl Martínez González, were artists with well-established careers. At its peak, the organisation employed around 20 illustrators, mostly men....
...DD’s Indap v NYU’s Damodaran: Is stock compensation good or bad?...
...“Rebuilding trust with our team members, customers, communities, shareholders, and regulators remains our top priority,” says Ancel Martinez, a spokesperson....
...Once again, Wells Fargo is in trouble....
...“It’s important for investors to start to see better top-line growth — and for banks to show that the earnings growth is not simply driven by tax reforms,” said Saul Martinez, banking analyst at UBS....
...Among the largest, Wells Fargo is expected to be particularly hard hit....
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