Hints and tips:
...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....
...The combined PNC-BBVA USA will be the fifth-largest retail bank in the US behind JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, which each have assets of at least $2tn....
...“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?”...
...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...
...Saudi Aramco has hired Wells Fargo banker Robert Fernandez to manage its relationship with banks after the oil company completed the world’s biggest share sale....
...While Democrats tend to be united in opposing measures that might hand advantages to bigger banks such as Wells Fargo or Goldman Sachs, the new bill has opened up a rift within the party, as moderates tout...
...WPP will also reduce is planned capex from £400m to v£300m....
...(BBG) News round-up Wells Fargo/Eastdil: private property (FT) Renault investors rush to sign up for carmaker’s annual showdown (FT) Wells Fargo CEO search drags on as two top candidates take a pass...
...Fargo Securities on financials; Wachtell, Lipton, Rosen & Katz and Latham & Watkins on the legal; Joele Frank on PR)....
...The winning run extended to television, where Ewan McGregor won best actor in a mini-series for his work in Fargo, which is produced by Fox’s FX channel....
...Wells Fargo tops the list with 6,214 branches in the US as of June last year, followed by JPMorgan Chase with 5,425 then BofA, according to the FDIC....
...PwC had signed off on six years of financial statements from Alabama-based Colonial, which was brought down by its close relationship with Taylor, Bean & Whitaker, a defunct mortgage underwriter....
...Under draft legislation released by Richard Shelby, the Republican senator from Alabama, the threshold for banks to be designated “systemically important” would be raised from $50bn to $500bn....
...(Wall Street Journal) New York attorney general Eric Schneiderman plans to sue Bank of America and Wells Fargo over claims they violated terms of the National Mortgage Settlement, a sweeping $26bn pact...
...This was expected but it’s still a potentially damaging blow to Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC, and to a housing recovery that is yet to even begin....
...Regions and its advisers chose to exclude possible bank buyers, such as Wells Fargo, from bidding for the business after the unit’s management raised concerns about being sold to another institution, they...
...Bank regulators last month ordered 14 financial institutions to revamp their mortgage servicing practices....
...They, like many banks – including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup – have opposed the plan on the grounds that it would be too difficult to decide who was eligible....
...The defendants read like a who’s who of the Street: Wells Fargo, JP Morgan Chase and Morgan Stanley are among those that will face a pre-trial conference on April 30....
...Banks ranging from Toronto-Dominion and BBVA to Wells Fargo and New York Community Bank, as well as one private equity consortium, have considered making offers....
...But Kim Whelan, economic analyst at Wells Fargo Securities, said that while recovery was plausible, concerns about the consumer remained....
...Meanwhile, both Citigroup and Wells Fargo have portfolios that are expected to perform better than the average....
...But it is struggling with V-water, PepsiCo’s vitamin water brand, which Britvic makes and distributes. V-water is less suited to a recession as it is high-priced in a relatively new category....
...In the US, the carnage is well under way....
...The move is embarrassing for Barclays, which bought the business from Alabama-based Regions Financial in a belated effort to break into the US mortgage market....
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