Hints and tips:
...Wells Fargo’s bank analyst Mike Mayo has a well-deserved (if not entirely unblemished) reputation for being an unusually acerbic member of the “great quarter guys!” industry....
...Fargo....
...It may well be true that “this is just plain old embezzlement”, as John Ray, FTX’s new, court-appointed chief executive, said yesterday....
...Keen for years to get a foothold in the US and its powerful economy, international banks have struggled to compete with the critical mass of lenders like JPMorgan Chase, Bank of America and Wells Fargo....
...The US president announced last month he intends to appoint Saule Omarova as comptroller of the currency, which supervises national banks including Bank of America and Wells Fargo....
...He is wearing a pale pink V-neck jumper under a suit, with a Burberry scarf and a large watch....
...Wells Fargo to pay $37m over foreign exchange fraud allegations US government attorneys alleged in a civil complaint filed yesterday that Wells Fargo from 2010 to 2017 overcharged almost 800 commercial clients...
...Capital One, Citigroup, Wells Fargo, Synchrony Financial and Santander You’ve built out a system to manage fraud risk, do you want to do credit risk as well?...
...Lex is sceptical about Facebook’s glasses launched with Ray-Ban on Thursday....
...(FT) News round-up Al Gore fund to take stake in UK energy supplier Octopus (FT) Blackstone hits jackpot with $5.7bn Cosmopolitan casino sale (FT) Wells Fargo to pay $37m over foreign exchange fraud...
...Other former JPMorgan colleagues appointed by Mr Scharf to new roles at Wells Fargo include Scott Powell, chief operating officer; Ray Fischer, who leads Wells Fargo’s card business; and Bill Daley, the...
...Wells Fargo’s new chief executive, Charlie Scharf, has hired a fourth former JPMorgan Chase banker to a senior executive role at the San Francisco-based bank, as part of a larger reshuffle of leadership...
...Provisions were higher in the US than in Europe, with more than $57bn across JPMorgan, Wells Fargo, Citigroup and Bank of America alone....
...Or look at the action of banks. This week JPMorgan Chase, Wells Fargo and Citi set aside a record $28bn for bad loans, more than expected....
...He said he expected dividend payments to largely be flat overall this year, and a dividend cut is already factored into Wells Fargo’s share price....
...The 55-year-old will need all of those skills and then some as he turns his attention to Wells Fargo, the world’s fourth-largest bank by market capitalisation, where he was named chief executive in September...
...But a lengthy cycle of loan losses and business failures remains a legitimate risk scenario (just look at the initial reaction to the results from Wells Fargo)....
...Wells Fargo pays more, and JPMorgan and Bank of America not much less. That may not be a great reassurance when the duration of the shutdown is uncertain. But there is another reason for hope....
...Across their overall books senior executives at Bank of America, Wells Fargo and US Bank have publicly said that between 25 per cent and 40 per cent of those who were granted forbearance continued making...
...In the US, $9.5bn of credit charges — including loan loss provisions — pushed Wells Fargo to a $2.4bn loss, while profit fell more than 50 per cent at Citi, Bank of America and JPMorgan....
...Uh, Virgil Louis V on my back, baby. Living fast, dying slow that's the catch, baby. Suicide doors fuck around and crash baby. I do the dash baby, uh....
...“We’re here to help,” said Brian Moynihan of Bank of America. “We are here to help,” said Michael Corbat of Citigroup. “We are all here to help,” said Charlie Scharf of Wells Fargo....
...One thing to start: Three of America’s biggest banks set aside a record $28bn for current and future loan losses in the second quarter, pushing Wells Fargo to a quarterly loss and leaving JPMorgan Chase...
...Ms Murray, who was linked to the top job at Wells Fargo before the bank hired Charles Scharf this autumn, said that “with the firm’s management transition on solid footing, I feel now is a good time for...
...Ray Barrell: An embarrassing year for those who believe policy in Britain is well run. The Covid-19 response has been among the worst in Europe....
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