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...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....
...“We’re focused on just our processes and how we can eliminate duplication and simplify the company.”...
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...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....
...“At the same time, we continue to believe our employees are best served by working directly with the company and its leadership.”...
...JPMorgan, Bank of America, Citigroup and Wells Fargo all reported quarterly earnings on Friday. JPMorgan was alone among the group in posting record net profits for the year of $49.6bn....
...A packed house and sustained cheers greeted São Paulo Dance Company’s UK debut at Sadler’s Wells in London last weekend....
...By comparison, loan loss provisions dropped at Citi, JPMorgan and Wells Fargo, by 33 per cent, 32 per cent and 29 per cent, respectively, from their previous quarters....
...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 reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...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...
...When regulators hit Wells Fargo with an unprecedented asset cap in 2018, executives told analysts and investors that it would be lifted in a year or so....
...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....
...The Wells and Centerbridge fund will be set up as a business development company and branded Overland Advisors. It will rely on Wells to help source companies to lend to....
...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....
...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 12 large cap banks followed by Morgan Stanley analysts, including PNC, JPMorgan Chase, Bank of America and Wells Fargo, now have more than $180bn of excess common equity tier one capital — a record high...
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...So far, so Fargo. And the cavort is performed at the screwball pace of the brothers at their most pointedly silly....
...Wells Fargo bank analyst Mike Mayo said it made sense for banks with healthy levels of capital to return money to shareholders when profits were high....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
...Share moves to note on the New York Stock Exchange on Friday include Delta Air Lines, Wells Fargo and Citigroup: Shares of Delta Air Lines fell 8.3 per cent after the company cut its 2024 earnings forecast...
...Banks that have issued bonds since the start of 2024 include JPMorgan, Wells Fargo and Morgan Stanley, raising $8.5bn, $8bn and $6.75bn respectively....
...JPMorgan Chase, Citigroup and Wells Fargo were all able to charge more on loans while increasing payouts on deposits more slowly....
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