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...rules, say BoE advisers (FT) Adler’s restructuring plan fails to get bondholder approval (Bloomberg) Wells Fargo to pay $3.7bn over loan violations (FT) Credit Suisse leads $34bn dealmaking fee slump...
...Bank of America, Citigroup and Wells Fargo together provided another $1.2tn of lines, while Morgan Stanley and Goldman Sachs had a combined $260bn, regulatory filings show....
...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....
...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....
...the job that’s had him rising at 4.45 every morning for the past few years, which rules out the vacant Wells Fargo chief executive’s chair....
...Last year the Sage of Omaha rescued Canada’s Home Capital, a stricken mortgage lender....
...Banks are about to quantify the subsequent slump in business. Among the largest, Wells Fargo is expected to be particularly hard hit....
...He describes not ditching business generated by mortgage brokers — who set the terms on home loans and then came to the bank to underwrite them — as “the worst thing we missed”....
...at Wells Fargo....
...(FT) Asia home to 40% of unicorns Asia now has about 75 “unicorn” start-ups worth more than $1bn, accounting for 40 per cent of the global total by value, a feat made possible by the region’s booming on-demand...
...But, after the decision from the US Federal Reserve to keep its target overnight rate on hold this month, more lenders are taking their cue from Wells Fargo, the biggest bank in the world by market capitalisation...
...“Everything is coming home to roost,” says David Maris of Wells Fargo, one of the few analysts who advised investors to sell Valeant shares....
...Mergers are not really an option to lift returns, as regulators continue to look askance at deals likely to make banks bigger and more complicated....
...“We’ve been providing relief prior to NMS and continue to provide opportunities to customers experiencing hardship,” says Alan Jones, senior vice-president in Wells Fargo Home Mortgage’s servicing group....
...A lawyer by training, he threw himself into the bank’s mortgage problems, cleaning up the mess of subprime home loans that helped spark the global financial crisis....
...The mortgage servicing business is dominated by the large banks, such as Wells Fargo and Bank of America, but new regulations have made the business less attractive to the sector and there is a trend of...
...Wells Fargo, which has amassed a record 33.9 per cent share of new mortgage loans, according to Inside Mortgage Finance, said on Tuesday it was raising its estimate of probable losses on repurchases to $1.4bn...
...Wells Fargo , which reported record income during the first half-year thanks to strong performance of home mortgages, rose 0.9 per cent to $35.75....
...concerning their $90bn merger by one month, but the companies insisted Friday that they would complete the transaction on schedule by the third quarter - Mortgages boost record profits for Wells Fargo...
...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....
...The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial seized the homes of delinquent borrowers and broke state laws by employing...
...These include not only BofA but Citigroup, Wells Fargo and Washington Mutual, now a unit of JPMorgan Chase....
...Wachovia initially reached a deal to be acquired by Citigroup, but then Wells Fargo came in with a higher offer....
...However, he was prepared to invest in banks at the right price, obtaining 10 per cent of Wells Fargo for less than $300m in 1989 and 1990, helped by what he called “a chaotic market in bank stocks”....
...Maybe the bank should count its blessings for having a smaller mortgage business than Bank of America, whose home-loan arm remains its biggest millstone....
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