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...Shareholders and top bosses at General Motors, Ford and Stellantis have fared far better than workers in the past five years, as the US auto industry enjoyed a stunning recovery following the 2008 financial...
...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....
...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....
...Some opportunistic buying seems to be happening in the auto sector....
...Four banks dominate vehicle lending in the US — Ally Financial, Capital One, Wells Fargo and JPMorgan Chase....
...The data underpinning today’s surprisingly hot US inflation report raises one interesting question — well, interesting to Alphaville, at least. What is a “transportation service”?...
...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...
...By comparison, loan loss provisions dropped at Citi, JPMorgan and Wells Fargo, by 33 per cent, 32 per cent and 29 per cent, respectively, from their previous quarters....
...The reset is sharp enough to flip first-quarter profits into a loss and overall SoC shipments are expected to settle in the low 30 millions....
...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....
...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....
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
...The average reserves at JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley have fallen from $1.60 to 90 cents for every dollar of commercial real estate debt on which...
...GLP-1s accounted for more than half of auto-injector pens produced by one unnamed contract manufacturer cited by Evercore analysts....
...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....
...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....
...It reported a loss of £139mn, albeit an improvement on its £206mn loss in 2022. Revenues hit a record £3.1bn last year, up by £265mn from 2022....
...And I think in the end, there are market pressures and dynamics forming there that in the end, a lot of customers will look at things and think, well, why am I keeping my money at JPMorgan or Wells Fargo...
...Citi and Wells Fargo also recorded drops in lending. The pullback in lending hit JPMorgan Chase particularly hard....
...Instead, Hohenshell sees a different motive: Toyota wants to halt the march of the United Auto Workers. “It’s a bribe,” he said....
...Wells Fargo last month said it was setting aside $1bn for severance costs in the fourth quarter....
...“If we don’t control our key component procurement properly, we might have to log loss of inventory valuation. So we have to be extremely careful,” Chen said....
...You’ve got the very, very biggest banks, JPMorgan, Bank of America’s Wells Fargo that have been making a lot of money....
...Claire Bushey Well, there’s a lot at stake. I mean, auto wages, real auto wages, have been declining for a long time....
...De Beers said the recovery in the rough diamond market would be “gradual” after swinging to a $252mn loss before interest and tax in 2023 from a profit of $994mn a year earlier....
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