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Tag: Wells Fargo


Activity, Investment Banking

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

April 14, 2021

Via: Banking Dive

The San Francisco-based lender expressed optimism that a bounce back of the American economy is starting to show results. “Our results for the quarter … reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for […]


Channels

Electronic payments surged for banks in 2020

April 13, 2021

Via: Payments Dive

Digital payments have clearly been catching on with the annual volume climbing by more than a billion annually in each of the past six years and the annual value growing by more than $1 trillion in each of the last […]


Regulations

Wells Fargo, Bank of America roll out office-return benchmarks

March 31, 2021

Via: Banking Dive

Wells Fargo is setting its sights on a September office return, CEO Charlie Scharf and Chief Operating Officer Scott Powell told employees in a memo Tuesday. “We are encouraged by the significant increase in vaccination availability and have started to […]


Activity, Corporate Banking

Wells Fargo sells its asset-management unit for $2.1B

February 23, 2021

Via: Banking Dive

Wells Fargo plans to sell its asset-management business to two private-equity firms — GTCR LLC and Reverence Capital Partners — for $2.1 billion, according to a statement Tuesday. The unit has $603 billion of assets under management and employs more […]


Activity, Corporate Banking

Wells Fargo pledges investments in 6 Black-owned banks

February 9, 2021

Via: Banking Dive

The six banks that received equity from Wells Fargo are Broadway Federal Bank in Los Angeles; Carver Federal Savings Bank in New York City; Citizens Savings Bank & Trust in Nashville, Tennessee; Commonwealth National Bank in Mobile, Alabama; M&F Bank […]


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 […]