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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....
...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...
...Workers at a Wells Fargo bank branch in Albuquerque on Wednesday voted to form a union, making them the first employees of a major US bank to unionise in the latest sign of the resurgence of the labour movement...
...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....
...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 stock is trading at near book value even as rival main street lenders like Citigroup, Bank of America and Truist Financial are trading below....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...Last year, Wells Fargo signed a deal to lend billions to a new credit fund run by Centerbridge, a $40bn private equity firm that led the buyouts of restaurant chain P.F....
...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....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...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...
...of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...Tim O’Hara, who joined Wells from BlackRock last year and is based in New York, now leads its investment bank....
...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....
...Among large banks, only Wells Fargo has grown assets as fast over the past two decades, and its growing pains are well known. Some regionals have grown faster, but off much smaller bases....
...Lloyds and Wells Fargo make an interesting comparison, and again Lloyds is tempting....
...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....
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...All of the nation’s largest lenders, including Bank of America, JPMorgan and Wells Fargo, submitted letters, none of which discussed share buybacks or dividends....
...Fargo and JPMorgan....
...British bank HSBC and US lender Wells Fargo are bucking that trend, having partnered in 2021 to use blockchain to settle foreign exchange transactions between them....
...a member of the bank’s executive committee, told the Financial Times....
...Some of the world’s biggest banks — Morgan Stanley, Wells Fargo and Bank of America — are all reportedly lining up to get involved in bitcoin, too....
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