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...Several banks, including Bank of America and Wells Fargo, offer AI-powered chatbots to help retail customers manage their finances....
...Mainly sold to refineries in China, ESPO has consistently traded well above the $60-a-barrel price cap imposed by the G7 in December 2022....
...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....
...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....
...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...
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...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....
...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....
...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....
...Wells Fargo last month said it was setting aside $1bn for severance costs in the fourth quarter....
...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....
...Fargo and JPMorgan....
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...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....
...Wells Fargo and Truist have strong businesses serving lawyers outside Manhattan, but Citi’s private bank dominates the market among New York’s attorneys, having launched a dedicated team to serve them more...
...JPMorgan Chase, Citigroup and Wells Fargo were all able to charge more on loans while increasing payouts on deposits more slowly....
...Spot bitcoin ETFs will be available on Schwab, Fidelity, SoFi and Wells Fargo’s platforms....
...Meanwhile, car insurance and auto repair shot up 2 per cent and 3 per cent, respectively, in March....
...The gains were fuelled by strong results from Berkshire’s insurance unit, including at Geico, as well as higher interest rates....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...JPMorgan Chase, Citigroup and Wells Fargo collectively earned $49bn in net interest income in the second quarter, the difference between what the banks pay for deposits and earn from loans and other assets...
...The average reserves at JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley have fallen from $1.60 to 90 cents for every dollar of commercial real estate debt on which...
...Big consumer banks such as JPMorgan Chase and Wells Fargo have been able to charge more for loans as the Fed has lifted benchmark interest rates to a 22-year high, without having to pass on commensurately...
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