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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....
...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....
...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....
...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....
...The National Association of Home Builders/Wells Fargo Housing Market Index rose to a reading of 37, up from 34 in October, marking the first increase in four months....
...The index, which tracks the proportion of lenders reporting an increase in demand for home loans versus those reporting a decrease, rose to 35.9 in the first quarter, according to the Bank of England’s quarterly...
...The average two-year mortgage with 60 per cent loan to value was 4.62 per cent in February, according to the central bank....
...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....
...Wells Fargo is setting aside as much as $1bn for “unanticipated severance” in the last three months of the year, the bank has said....
...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...
...Already, there has been an uptick in new mortgage applications and pending home sales....
...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...
...Mortgage brokers have welcomed an “innovative” home loan aimed at first-time buyers, which requires a deposit of just £5,000 for homes worth up to £500,000....
...The jump in interest rates to the highest levels in decades has led to a big increase in mortgage scams, according to banks and regulators....
...It follows a sharp rise in mortgage costs over the past three years as the bank has battled rising inflation....
...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 banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...A number of UK lenders have announced mortgage rate increases in a sign that the race towards more competitive offers is slowing, as the prospect fades of imminent Bank of England interest rate cuts....
...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...
...of a minority) start to feel that sweet, sweet interest-rate relief: We wrote about mortgages a bit last summer, looking at how the shifting composition of UK home borrowing to (mainly 5-year) fixed terms...
...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....
...The bank also looks well positioned for tougher capital requirements under new Basel III standards....
...The sharp rise in mortgage costs as the Bank of England raised interest rates to tame inflation put the brakes on the property market, and imposed a particular strain on affordability for first-time buyers...
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