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...Buch, who was previously vice-president of Germany’s Bundesbank, is not well known to many bank executives and analysts. But her tough message is already starting to sink in....
...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....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...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....
...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....
...Job well done....
...Scharf, who took over the top job at the bank in 2019, has been focused on getting that cap, which has been a significant drag on Wells Fargo’s operations, removed....
...Meanwhile, several other central banks, notably the European Central Bank, still have their eyes set on a cut....
...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....
...katie.martin@ft.com...
...Wells Fargo is setting aside as much as $1bn for “unanticipated severance” in the last three months of the year, the bank has said....
...Former Wells Fargo chief executive Tim Sloan, who led the bank’s early efforts to address a burgeoning fake accounts scandal, has sued the lender for more than $34mn over its decision to cancel stock grants...
...But it jumped 34 per cent at JPMorgan to $89.7bn, more than double the increase of the next bank, Wells Fargo, which reported a 16.5 per cent rise....
...Workers at a Wells Fargo bank branch in Albuquerque on Wednesday voted to form a union, making them the first employees of a major US bank to unionise in the latest sign of the resurgence of the labour movement...
...martin.wolf@ft.com Follow Martin Wolf with myFT and on X Letters in response to this article: Graceful exits are rarely available to the autocrat / From Peter Slessenger, Reading, Berkshire, UK Singapore...
...For Montreal-born, New York-based interior designer Martin Brûlé, the lines between work and home are necessarily blurred....
...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...
...Well, the manufacturers need a whole lot of energy to make stuff, right? And so that’s kind of helped oil demand along....
...Martin WolfAlmost right. I think when I started my professional life, I was 25 and I ended up in the World Bank. I didn’t really know where I would go and what I wanted to do....
...This, as well as the turn to QE as an alternative, buttressed the notion that there is, if not a zero lower bound on central bank rates, then a lower bound just below zero....
...Joined from London by Katie Martin, who also is a little bit sick and has a little bit of a cold, don’t you, Katie? Katie MartinYeah....
...And so earlier this week, Wells Fargo downgraded Tesla’s stock. (Both make mock shocked noises) Its target for the stock is $120. It’s now about 170. And the bank’s previous forecast was 200....
...whose instruments work primarily through the banking system, such as the European Central Bank, are particularly well placed to make this happen....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
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