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...“From what we can tell, every large bank is going through some form of ‘RWA optimisation’ or ‘RWA diet’, which in simple terms, reflects balance sheet deleveraging,” Wells Fargo banking analyst Mike Mayo...
...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....
...It has slimmed down its home lending business and sold its asset management division. It has also paid billions of dollars in penalties and settlements....
...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....
...Already, there has been an uptick in new mortgage applications and pending home sales....
...It also highlights the scale of the opportunity banks such as JPMorgan and Citi, as well as Goldman Sachs and Morgan Stanley, see in wealth management....
...You’ve got the very, very biggest banks, JPMorgan, Bank of America’s Wells Fargo that have been making a lot of money....
...So that’s basically for big banks that take in lots of deposits like JPMorgan or Wells Fargo. That’s really where they make a lot of their profits from....
...America’s biggest banks are doing just fine. Businesses and consumers are still spending and borrowing, even as interest rates remain at a 22-year high....
...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...
...Next we’re going to tackle questions about choosing different types of mortgages, a decision that’s proving tricky for home buyers as well as those who are refinancing....
...Need to know: business US banks’ reporting season is under way....
...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....
...Home improvement store Home Depot also reports earnings as well as energy groups Diamondback Energy and Chesapeake Energy and homebuilder Toll Brothers....
...Both of the banks you mentioned and all of the regional banks have a lot of fixed-rate mortgage loans on their books. And those loans are not worth anywhere near what they listed as....
...“If Jamie Dimon left tomorrow, I do think the stock would decline 5 per cent,” said Mike Mayo, a longtime banking analyst at Wells Fargo who is known for sparring with bank executives in earnings calls....
...Several pointed out that it has avoided the whopping big mistakes of rivals such as Wells Fargo and Citigroup (they all noted that the London Whale was not a good look)....
...The 1,066-foot tower stretches 93 storeys high and sports a basketball court and dog run on its 66th floor, as well as a rooftop pool and “sky lounge”....
...The National Association of Home Builders/Wells Fargo housing market index fell from 56 to 50 this month, signalling a slowdown in business for companies that build single-family homes....
...He will join the panel on a two-year secondment from the bank beginning in May. Wells Fargo has named Doug Braunstein as a vice-chair....
...America’s fourth-biggest bank by assets is pulling away from the home loans industry it once dominated by exiting the so-called “correspondent mortgage banking business”....
...As well as being a crime against grammar, this whole “proceedable” business is a crime against my favourite hobby, as I’ve been given my weekends back....
...(FT) Allen & Overy rolls out AI contract negotiation tool in challenge to legal industry (FT) Wells Fargo branch workers vote to form union in a first for major US bank (FT) Barclays agrees deal to stay...
...The move is the latest attempt by JPMorgan to beef up its legal wealth management business after two decades of trying to break the grip of Citi in New York, as well as that of Wells Fargo, which dominates...
...And it’s happening at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup. Analysts estimate that this pileup of bad debt will drag down the fourth-quarter earnings for these banks....
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