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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...
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...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....
...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....
...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...
...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....
...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...
...In 2021, JPMorgan leapfrogged Wells Fargo as the bank with more branches than any other in the US....
...You’ve got the very, very biggest banks, JPMorgan, Bank of America’s Wells Fargo that have been making a lot of money....
...As the Financial Times reported, that is more than double the increase of the next bank, Wells Fargo, which reported a 16.5 per cent rise....
...“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....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...JPMorgan Chase, Wells Fargo and Citigroup all reported first-quarter earnings on Friday and warned that the future looks a little rocky. I’m joined now by the FT’s Josh Franklin to talk about it....
...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....
...JPMorgan Chase, Citigroup and Wells Fargo were all able to charge more on loans while increasing payouts on deposits more slowly....
...Citi and Wells Fargo also recorded drops in lending. The pullback in lending hit JPMorgan Chase particularly hard....
...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...
...Chase Q1, State Street Q1, Wells Fargo Q1 World events Finally, here is a rundown of other events and milestones this week Monday UK: Northern Ireland Assembly returns from Easter recess Solar eclipse...
...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....
...US lenders — JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, according to a Bloomberg analysts’ consensus....
...Major US banks Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America all recorded losses ahead of their Friday morning earning results, which mark the unofficial start of earnings season....
...All of the nation’s largest lenders, including Bank of America, JPMorgan and Wells Fargo, submitted letters, none of which discussed share buybacks or dividends....
...JPMorgan Chase captured almost a fifth of all US bank profits in the first nine months of 2023, capitalising on a year of turmoil for the country’s financial sector....
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