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...“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...
...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....
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...Lloyds and Wells Fargo make an interesting comparison, and again Lloyds is tempting....
...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....
...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....
...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...
...Wells Fargo last month said it was setting aside $1bn for severance costs in the fourth quarter....
...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...
...Profits at Wells Fargo fell from $5bn to $4.6bn. Private equity pioneer KKR is predicting a revival in global IPOs and takeover activity after a two-year slowdown....
...“There is a sense that [the market] might continue to feel good, but it very well might not,” said Wells Fargo’s O’Connor....
...Real estate financing has traditionally been dominated by banks such as Barclays, Lloyds and NatWest in the UK, and investment banks including JPMorgan, Morgan Stanley and Wells Fargo in the US, according...
...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....
...She moved over to the consumer banking side of the company, where she ran card services and was finance chief for mortgage banking....
...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 National Association of Home Builders/Wells Fargo housing market index fell from 56 to 50 this month, signalling a slowdown in business for companies that build single-family homes....
...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...
...Wells Fargo is a case in point....
...SoftBank executives encouraged Better to go public through the Spac as the market for blank-cheque companies and mortgages was booming....
...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...
...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....
...Of the Big Six banks, Citigroup, Goldman Sachs, Wells Fargo and Morgan Stanley are all expected to report a drop in their earnings per share this quarter. JPMorgan will be the exception....
...The Consumer Financial Protection Bureau fined Wells Fargo $1.7bn — the largest civil penalty the watchdog has ever imposed — and ordered it to pay $2bn in redress to customers for mismanagement of mortgages...
...Deutsche Bank originated the loan for the Westfield mall in 2016, while Park Hotels’ mortgage is serviced by Wells Fargo and was originally underwritten by JPMorgan....
...It’s meant that for years Citi’s been lagging behind its peers like Wells Fargo and JPMorgan Chase in things like their stock price performance. Here’s the FT’s US banking editor, Joshua Franklin....
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