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...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....
...Wells Fargo shares closed 1.4 per cent lower in New York on Tuesday, as the S&P 500 dropped 0.1 per cent....
...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...
...He had previously said the Model 2 would require a new “revolutionary manufacturing system” at factories in Austin, Texas, as well as in Mexico....
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...In Texas, local businesses have raised concerns about the state’s “Fair Access” laws, which call for the state and local governments to divest from financial firms that are considered hostile to fossil fuels...
...Those without strong opinions can refer to comprehensive coverage from the FT’s Richard Waters, Stuart Kirk, Sujeet Indap (twice) and Lex, as well as a multi-bylined Q&A....
...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....
...Fargo and JPMorgan....
...Her detailed legal analysis — as well as an in-depth look at the financial plumbing of Musk’s unprecedented pay deal — is the backbone of the specialised Delaware Court of Chancery....
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
...It also came despite the company hitting 12 out of 16 ambitious financial targets approved by the carmaker’s board when the package was initially approved in 2018....
...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....
...Last week, Wells announced that it had hired Thomas Nides, a former top executive at Morgan Stanley, to be its new head of public affairs. Related and Wells Fargo declined to comment....
...“The financial health of our consumers remains strong,” Wells chief executive Charlie Scharf told analysts....
...“Whether it is a good twist depends vitally and decisively on what the shift to autonomous brings,” he told the Financial Times....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
...as well as supporters in business of diversity, equity and inclusion initiatives....
...Milei is a prolific user of X, telling the Financial Times in February that he spends “two or three hours a day” on Musk’s platform and other social media....
...“Rising physical climate risks will cause mounting economic and financial losses for governments,” Atsi Sheth, chief credit officer for Moody’s Ratings, told me....
...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...
...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....
...Please tell us if think the Wells Fargo asset cap will be lifted in the comments section below....
...McCormick ruled the Tesla board was insufficiently independent of Musk, and that the governance process leading to the grant as well as the value of the shares had been “unfair” to other shareholders....
...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....
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