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...Wells Fargo took a hit after another City office sale was agreed in October, according to React News, and two Canary Wharf buildings entered receivership earlier this year....
...“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....
...The National Association of Home Builders/Wells Fargo Housing Market Index rose to a reading of 37, up from 34 in October, marking the first increase in four months....
...When regulators hit Wells Fargo with an unprecedented asset cap in 2018, executives told analysts and investors that it would be lifted in a year or so....
...Tolstedt, the only banker at any level at Wells Fargo who was charged criminally in connection with massive fraud, faced as much as 16 months in prison. In March, in a deal with the U.S....
...Already, there has been an uptick in new mortgage applications and pending home sales....
...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....
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
...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...
...US lenders — JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...You’ve got the very, very biggest banks, JPMorgan, Bank of America’s Wells Fargo that have been making a lot of money....
...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...
...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....
...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....
...The Wells Fargo Investment Institute has five hot ideas for your portfolio this year....
...Wells Fargo: Carrie Tolstedt, the only former Wells Fargo executive criminally charged over the bank’s fake accounts scandal, will be sentenced in federal court in California....
...“If Jamie Dimon left tomorrow, I do think the stock would decline 5 per cent,” said Mike Mayo, a longtime banking analyst at Wells Fargo who is known for sparring with bank executives in earnings calls....
...“There is a sense that [the market] might continue to feel good, but it very well might not,” said Wells Fargo’s O’Connor....
...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 originated just $21.5bn in mortgages in the third quarter, a 59 per cent drop from the previous year....
...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....
...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)....
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