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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....
...A source close to Wells Fargo said that some of the cuts would not happen until sometime in 2024....
...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...
...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 reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...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....
...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...
...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...
...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....
...Wells Fargo has agreed to buy Neiman Marcus’s vacant space at 20 Hudson Yards for $550mn in a deal that underscores the changing fortunes of one of New York City’s largest property developments....
...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....
...Tim O’Hara, who joined Wells from BlackRock last year and is based in New York, now leads its investment bank....
...Lloyds and Wells Fargo make an interesting comparison, and again Lloyds is tempting....
...Carmel Gates, general secretary of the Northern Ireland Public Service Alliance, said there was a “serious question” over whether the £600mn would be enough to cover this year’s pay awards as well as settle...
...The Wells Fargo Investment Institute has five hot ideas for your portfolio this year....
...US lenders — JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...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....
...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....
...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....
...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....
...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....
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