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...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....
...The election was overseen by the National Labor Relations Board. “We respect our employees’ rights to vote for union representation,” Wells Fargo said in a statement....
...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....
...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...
...Wells Fargo is setting aside as much as $1bn for “unanticipated severance” in the last three months of the year, the bank has said....
...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....
...The International Development Association (IDA) is in need of the “largest replenishment ever” of financial resources to provide cheap loans and grants to 75 developing countries, Dirk Reinermann, the bank...
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...Leland Goss Managing Director and General Counsel International Capital Market Association, London EC4, UK...
...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....
...Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to mid-sized US companies, as banks race to find a toehold in the rapidly growing private credit...
...The bank also looks well positioned for tougher capital requirements under new Basel III standards....
...Stocks tied to real estate listings tumbled after the National Association of Realtors settled a lawsuit related to sales commissions, which are expected to drop....
...Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to midsized US companies, as banks race to find a toehold in the rapidly growing private credit...
...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....
...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....
...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....
...They are customers of dealers,” said Bryan Corbett, chief executive of the Managed Funds Association, one of the three plaintiffs along with the National Association of Private Fund Managers and the Alternative...
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...Tim O’Hara, who joined Wells from BlackRock last year and is based in New York, now leads its investment bank....
...of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...As well as, to be fair, many central banks, think-tanks, financial regulators and even the IMF....
...Wells Fargo also raised its outlook for net interest income for the remainder of 2023....
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...Shares in Wells Fargo, Goldman Sachs and Bank of America were up more than 5 per cent in afternoon trading, while Morgan Stanley jumped more than 6 per cent....
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