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...Several banks, including Bank of America and Wells Fargo, offer AI-powered chatbots to help retail customers manage their finances....
...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....
...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...
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...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....
...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....
...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....
...They contend that highly paid professionals are well-positioned to negotiate fair remuneration for giving up some of their freedom....
...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...
...brooke.masters@ft.com Follow Brooke Masters with myFT and on X...
...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....
...Cohen, 46, who joined Goldman as an analyst in 1999, rose rapidly through the ranks of the investment bank and became a partner in 2014....
...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...
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...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...
...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 mid-sized US companies, as banks race to find a toehold in the rapidly growing private credit...
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...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...
...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 bank analyst Mike Mayo said it made sense for banks with healthy levels of capital to return money to shareholders when profits were high....
...But more than £1tn of the nation’s savings is still sitting in accounts earning less than 2 per cent, while the base interest rate is 5.25 per cent, according to an analysis of Bank of England credit data...
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