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...Check back next week for more US political analysis from the Financial Times. [MUSIC PLAYING]...
...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....
...Wells Fargo shares closed 1.4 per cent lower in New York on Tuesday, as the S&P 500 dropped 0.1 per cent....
...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...
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...Organisers say that workers at several of Wells Fargo’s corporate offices are also interested in forming unions. The votes cover a very small fraction of Wells Fargo’s overall workforce....
...Erika James, dean of the Wharton School at the University of Pennsylvania, told the Financial Times that contributions from new funders had dropped in recent months, while being offset by extra revenues...
...Fargo and JPMorgan....
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
...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....
...Last week, Wells announced that it had hired Thomas Nides, a former top executive at Morgan Stanley, to be its new head of public affairs. Related and Wells Fargo declined to comment....
...“The financial health of our consumers remains strong,” Wells chief executive Charlie Scharf told analysts....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
...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...
...The Pennsylvania-based group, best known for its low-cost index funds and retirement plan offerings, also said it had elevated chief investment officer Greg Davis to an expanded role as president, effective...
...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....
...Please tell us if think the Wells Fargo asset cap will be lifted in the comments section below....
...The well-funded campaign threatens to keep an issue that has precipitated the exits of two university presidents in the headlines....
...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...
...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....
...Wells Fargo’s bank analyst Mike Mayo has a well-deserved (if not entirely unblemished) reputation for being an unusually acerbic member of the “great quarter guys!” industry....
...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....
...Spot bitcoin ETFs will be available on Schwab, Fidelity, SoFi and Wells Fargo’s platforms....
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
..., the quality of academic research and school environmental policies, as well as salary and increases in pay....
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