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News updates from April 12: ECB keeps interest rates on hold; OJ Simpson dies aged 76
Wells Fargo profits slip as benefits of high interest rates wane
...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....
April 12, 2024
News updates from January 12: China pledges to ‘smash’ Taiwan independence, US wholesale inflation declines
Wells Fargo profits rise despite higher credit loss provisions
...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....
January 12, 2024
FT Live
Bank of the Year Awards 2024
Recognising the best in banking globally
Wednesday, 4 DecemberLondon, UK
LexUS banks
Net interest income may have peaked for Wall Street banks Premium content
...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....
April 12, 2024
News updates from December 5: Moody’s cuts China’s credit outlook, Germany’s Dax closes at record high
Wells Fargo to spend up to $1bn on ‘unanticipated’ severance
...A source close to Wells Fargo said that some of the cuts would not happen until sometime in 2024....
December 5, 2023
Wells Fargo
Wells Fargo earmarks up to $1bn for ‘unanticipated’ severance costs
...Wells Fargo shares closed 1.4 per cent lower in New York on Tuesday, as the S&P 500 dropped 0.1 per cent....
December 5, 2023
US banks
US banks set for profits boost as expectations grow of fewer Fed rate cuts
...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...
April 9, 2024
FT Live
Global Banking Summit
The world's top gathering of leaders in finance
Tuesday, 3 DecemberLondon, UK
Wells Fargo
Former Wells Fargo chief seeks $34mn in lawsuit over cancelled stock grants
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
December 1, 2023
Wells Fargo
Wells Fargo branch workers vote to form union in a first for major US bank
...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....
December 20, 2023
JPMorgan Chase & Co
JPMorgan widens lead on rivals after record profits in 2023
...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....
January 12, 2024
Futures contracts
Goldman and Citadel Securities back Lutnick’s renewed tilt on futures market
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
April 25, 2024
News updates from October 13: Microsoft closes $75bn Activision deal, JPMorgan profits jump 35%
Wells Fargo profits rise 60% despite signs of slowing economy
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
October 13, 2023
US banks
Banks pay savers more as ‘higher-for-longer’ rates hit interest income
...Wells Fargo paid nearly $594mn more in fees to depositors in the first quarter of this year than it did in the previous three months....
April 28, 2024
Commercial property
Wells Fargo to pay $550mn for Neiman Marcus’s empty space at Hudson Yards
...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....
September 27, 2023
US banks
US banking profits plunged 45% in final months of 2023
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
February 10, 2024
News updates from September 26: US launches Amazon lawsuit, JPMorgan to settle Epstein lawsuits
Wells Fargo and Centerbridge team up on $5bn private credit fund
...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...
September 26, 2023
FT Live
Financial Adviser Service Awards 2024
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Thursday, 21 NovemberNatural History Museum, Cromwell Road, London, UK
News updates from September 27: Soldier Travis King ‘in US custody’, Argentina’s poverty rate hits 40%
Wells Fargo to buy Neiman Marcus space in Hudson Yards for $550mn
...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....
September 27, 2023
News updates from September 15: Union launches strike against Detroit carmakers, Zelenskyy to meet Biden in Washington
Former Wells Fargo executive avoids jail time in fake accounts case
...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....
September 15, 2023
LexWells Fargo
Wells Fargo: asset cap lift will give valuation boost Premium content
...Please tell us if think the Wells Fargo asset cap will be lifted in the comments section below....
September 12, 2023
US banks
Banks say US consumers in good shape but poll shows Biden gets no credit
...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....
January 14, 2024
Private credit
Wells Fargo and Centerbridge team up on $5bn private credit fund
...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...
September 26, 2023
LexUS banks
Why rocketing US mortgage lenders have gone too far, too fast Premium content
...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....
February 5, 2024
US banks
Loan growth stalls at largest US banks
...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....
April 16, 2024
Special ReportFTfm: Exchange Traded Funds
Financial advisers seek guidance on recommending bitcoin ETFs
...Fargo and JPMorgan....
March 25, 2024
FT GuidesDigital financial services: an explainer
How can blockchain platforms make currency trading cheaper?
...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....
November 2, 2023
Baring Asset Management Ltd
Barings sues Nomura-backed private credit firm over ‘one of largest corporate raids’ in years
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
March 18, 2024

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