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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....
...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....
...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....
...A source close to Wells Fargo said that some of the cuts would not happen until sometime in 2024....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...Wells Fargo shares closed 1.4 per cent lower in New York on Tuesday, as the S&P 500 dropped 0.1 per cent....
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...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...
...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....
...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....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...So far, so Fargo. And the cavort is performed at the screwball pace of the brothers at their most pointedly silly....
...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....
...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...
...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....
...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....
...Investors are concerned that ESPN will have difficulty generating enough revenue growth to keep up with the rising costs of sports rights as it makes the transition to streaming, according to Wells Fargo...
...Please tell us if think the Wells Fargo asset cap will be lifted in the comments section below....
...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....
...Among large banks, only Wells Fargo has grown assets as fast over the past two decades, and its growing pains are well known. Some regionals have grown faster, but off much smaller bases....
...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...
...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....
...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....
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
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