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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....
...Scharf, who took over the top job at the bank in 2019, has been focused on getting that cap, which has been a significant drag on Wells Fargo’s operations, removed....
...Former Wells Fargo chief executive Tim Sloan, who led the bank’s early efforts to address a burgeoning fake accounts scandal, has sued the lender for more than $34mn over its decision to cancel stock grants...
...Wells Fargo is setting aside as much as $1bn for “unanticipated severance” in the last three months of the year, the bank has said....
...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....
...Workers at a Wells Fargo bank branch in Albuquerque on Wednesday voted to form a union, making them the first employees of a major US bank to unionise in the latest sign of the resurgence of the labour movement...
...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...
...The bank also looks well positioned for tougher capital requirements under new Basel III standards....
...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...
...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....
...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....
...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....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...Tim O’Hara, who joined Wells from BlackRock last year and is based in New York, now leads its investment bank....
...of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...Wells Fargo also raised its outlook for net interest income for the remainder of 2023....
...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....
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...Shares in Wells Fargo, Goldman Sachs and Bank of America were up more than 5 per cent in afternoon trading, while Morgan Stanley jumped more than 6 per cent....
...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....
...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....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
...But only a handful including Barclays and Wells Fargo include lending and capital markets activities in their target for cutting their carbon footprints from the oil and gas sector on an absolute basis as...
...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...
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