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...Profits at US bank Wells Fargo fell in the first quarter, in a sign that the benefits of high interest rates are waning for the big lenders....
...Organisers say that workers at several of Wells Fargo’s corporate offices are also interested in forming unions. The votes cover a very small fraction of Wells Fargo’s overall workforce....
...“You’ve treated me very well, with respect and I think it’s been mutual,” he said in Acapulco on Friday....
...Wells Fargo shares closed 1.4 per cent lower in New York on Tuesday, as the S&P 500 dropped 0.1 per cent....
...Mexico has become the latest major Latin American country to cut interest rates, easing its restrictive policy with inflation well below its peak and putting the region at the forefront of the global easing...
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...Mexico’s peso is at its strongest level against the dollar since 2015, as tight monetary policy and investment opportunities help to boost the currency....
...Wells Fargo spent $186mn on severance in the third quarter, eliminating 7,000 positions, suggesting that a $1bn severance expense could mean tens of thousands of new lay-offs....
...Mexico, Latin America’s second-largest economy, is all but certain to elect its first female president on June 2, as well as choosing a new congress....
...Good morning and welcome to Energy Source, which comes to you today from Mexico City and New York....
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...Los Cabos international airport is about a 25km drive, with direct flights to cities including Los Angeles, San Francisco and New York....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...After Correa left office, the new Ecuadorean government accused Assange of violating his asylum conditions, revoked his status and allowed UK police to enter the embassy and arrest him....
...But within Mexico, his star has not fallen. Companies he controls represent more than one-fifth of Mexico’s benchmark stock index, according to Financial Times calculations....
...The start of the year is typically a strong period for banks’ trading businesses with clients returning in January and taking new financial bets, but markets have lacked much of the frenzy of the past few...
...A senior Ecuadorean official told the Financial Times that Glas was about to flee the country on a flight with Mexico’s ambassador when police forced their way into the embassy, manhandling the acting chief...
...This is an audio transcript of the FT News Briefing podcast episode: ‘The story behind the money going to Mexico’ [MUSIC PLAYING] Marc Filippino Good morning from the Financial Times....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...JPMorgan’s share fell 0.7 per cent in New York....
...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...
...— Brazil, Mexico and Colombia — it is also looking at entering new territories in Latin America and beyond, according to Vélez....
...Mexico is aware of the issue and last year announced tariffs ranging from 5 per cent to 25 per cent on goods from countries such as China — although it is unclear how well the new regime will be enforced...
...The bank also looks well positioned for tougher capital requirements under new Basel III standards....
...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...
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