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Tag: Wells Fargo


Capital and Risk, Macroeconomic

How Wall Street Reflects the Economy Biden Inherits

January 21, 2021

Via: The New York Times

What big banks reveal about the economy America’s biggest banks have all now released their financial results for the past year, data that reflect the strange economic situation facing President Biden and his new administration. Parts of the economy are […]


Activity, Investment Banking, Trading

Bank Stock Roundup: USB, JPM, WFC & TFC in Focus on Restructuring Initiatives

January 8, 2021

Via: Yahoo

Over the past four trading sessions, performance of major bank stocks depicted a bullish picture. This optimism primarily seems to be driven by the hopes of more economic stimulus as the U.S. Congress confirmed Joe Biden’s victory in the Presidential […]


Regulations

2020 review: 10 largest regulatory fines this year

December 28, 2020

Via: FinTech Futures

Some hefty penalties have hit headlines this year, punishing a range of indiscretions including market manipulation and money laundering. Here are the largest regulatory penalties announced this year. 10. Commerzbank fined £37.8 million by FCA for AML failings The UK’s […]


Activity, Investment Banking, Trading

Bank Stock Roundup: Upbeat Trading Outlook, Treasury Yields Decline, Citi in Focus

December 11, 2020

Via: Yahoo

Performances of major bank stocks over the last five trading days paint a mixed picture. Positive trading revenue outlook provided by some of the major banks indicates that the earnings picture will be impressive in the fourth quarter. This is […]


Regulations

Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020

Via: Banking Technology

Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report. Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be […]


Activity, Corporate Banking

Wells Fargo earnings fall short of estimates as low rates hit interest income

October 14, 2020

Via: CNBC

Wells Fargo on Wednesday reported disappointing earnings for the third quarter as low rates put pressure on the bank’s net interest income. Here’s how the banking giant’s numbers stacked up against Wall Street expectations: Earnings: 42 cents per share vs. […]


Activity, Corporate Banking

Citigroup restarts job cuts after coronavirus pause

September 17, 2020

Via: Banking Technology

The bank, which became the first Wall Street institution to appoint a woman as its CEO last week, employs around 204,000 people. The bank expects its cuts to affect 26,000 people in 2020. Citi wasn’t alone in putting a pause […]


Business Banking, Products

Wells Fargo extends 25-year processing partnership with TSYS

September 3, 2020

Via: Banking Technology

As part of the multi-year agreement, TSYS will continue to provide a range of processing and support services for the bank’s commercial card portfolio. TSYS has provided its payments processing services to the US lender since 1995. Mary Mazzochi, manager […]


Business Banking, Products

Global Payments signs multi-year deal with Wells Fargo

September 1, 2020

Via: Finextra

As part of the multi-year agreement, TSYS will continue to provide a range of processing and support services for the bank’s commercial card portfolio. Wells Fargo has utilized TSYS’ payments processing platform since 1995. “We continue to benefit from the […]


Activity, Corporate Banking

Wells Fargo resumes job cuts after pandemic break

August 25, 2020

Via: Banking Technology

The lender said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic. It is also continuing to work through expensive regulatory and operational problems tied to […]