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...Profits at Wells Fargo however fell by half after being hit by multibillion dollar fines for mismanagement of mortgages, car loans and bank accounts....
...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....
...Once again, Wells Fargo is in trouble....
...Picaud will be replaced at Essilor by Hilary Halper, who joined the company only a year ago as head of M&A after previous stints at GlaxoSmithKline, Wells Fargo and Deutsche Bank....
...(FT) Shareholders rebel at Wells Fargo Directors at Wells Fargo were in the line of fire for their alleged lack of action over illegal practices at the bank during a turbulent board meeting on Tuesday night...
...Separately, GE was in advanced talks late on Friday to sell a speciality finance portfolio worth more than $30bn to Wells Fargo, said people familiar with the situation....
...(Financial Times) “Citigroup and Wells Fargo were accused of discriminatory mortgage lending by the city of Los Angeles, which seeks damages for reduced property tax revenue and the costs of maintaining...
...(WSJ) “Citigroup and Wells Fargo were accused of discriminatory mortgage lending by the city of Los Angeles, which seeks damages for reduced property tax revenue and the costs of maintaining foreclosed...
...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....
...A judge in Regina v....
...In the US, the carnage is well under way....
...Wells Fargo, for example, announced its best quarterly earnings ever....
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