News
WFC-PRQ
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LIVE MARKETS-Sticky inflation may have the Fed caught in a web
Main U.S. Indexes gain after stronger-than-expected CPI. Stocks and bonds are sensitive to anticipated levels of inflation and how the Fed may react. Wells Fargo's Scott Wren says the decline in inflation is likely to stall. He says inflation remains well above the Fed's target of 2%.
Reuters · 22h ago
FACTBOX-What to expect in 2024: Forecasts for GDP, inflation and other assets
Major banks release forecasts for global growth, inflation and other assets in 2024. HSBC, BofA Global Research, Wells Fargo Investment Institute provide forecasts for 2024. Forecasts come as major central banks across the globe have indicated interest rate cuts this year. U.S. Consumer prices are expected to rise more than expected in March.
Reuters · 23h ago
CORRECTED-BREAKINGVIEWS-Wells Fargo has worn its dunce cap long enough
Wells Fargo was prohibited from getting bigger for a series of flagrant customer abuses. John Foley says the bank has worn its dunce cap long enough. He says the $2 trillion cap on assets is costly to Wells Fargo. The bank missed out on $540 billion of deposit growth, he says.
Reuters · 1d ago
Comerica quarterly profit slumps on weaker interest income
Comerica quarterly profit slumps on weaker interest income from customers. High deposit costs have made it costly for banks to retain deposits. Comerica's interest income fell 23% to $548 million in the first quarter. High interest rate environment has hurt other U.S. Banks.
Reuters · 1d ago
UPDATE 1-Citizens' profit slips on weak interest income, expects loans to pick up H2
Citizens Financial's interest income falls 12% to $1.44 billion in the first quarter. Bank expects loan growth to pick up in the second half of the year, CEO says. Banks in the U.S. Have been bracing for a turnaround in interest income.
Reuters · 1d ago
Citizens Financial profit slips on weaker interest income
Citizens Financial's interest income tumbled 12% to $1.44 billion in the first quarter. Banks in the U.S. Have been bracing for a turnaround in gains from interest income. The bank set aside $171 million in provisions for credit losses.
Reuters · 2d ago
RPT-ANALYSIS-US regional banks seen booking more commercial property losses, loan sales
US regional banks seen booking more commercial property losses, loan sales. Banks under pressure after collapse of Silicon Valley Bank and Signature Bank. Most multifamily loans are made by regional banks. CRE holdings are significant across the U.S. Banking industry. Office loans remain the "biggest pain points" for banks.
Reuters · 2d ago
ANALYSIS-US regional banks seen booking more commercial property losses, loan sales
US regional banks seen booking more commercial property losses, loan sales. Banks expected to sell more property loans and sell more CRE loans. Office loans remain the "biggest pain points" for banks. Most multifamily loans are made by regional banks. Scrutiny of banks has increased after collapse of Silicon Valley Bank and Signature Bank.
Reuters · 2d ago
UPDATE 1-Big banks led by Citi continue to trim staff to cut costs
Big banks led by Citi continue to trim staff to cut costs in the first quarter. Headcount at Bank of America, Wells Fargo and PNC Financial declined by about 2,000 jobs combined. Banks are under pressure to control costs due to uncertain economic outlook. JPMorgan Chase added 2, thousand employees in first quarter to 311,921.
Reuters · 2d ago
Big banks led by Citi continue layoffs amid pressure to cut costs
Big banks led by Citi continue layoffs amid pressure to cut costs. Bank of America, Wells Fargo and PNC Financial together cut more than 2,000 jobs in the first quarter. Citigroup saw the biggest drop in its headcount, down by 2,500 employees. JPMorgan Chase added 2,200 employees in first quarter to 311,921.
Reuters · 2d ago
Wall Street bosses cheer investment banking gains but stay cautious
Wall Street bosses cheer investment banking gains but stay cautious. Investment banking revenues jumped 16% to $7 billion in the first quarter for largest U.S. Banks. Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citigroup reported strong results. Capital markets led the comeback in investment banking, executives say.
Reuters · 2d ago
TRADESUN ANNOUNCES AN AGREEMENT WITH WELLS FARGO
Reuters · 3d ago
BUZZ-PREVIEW: Bank of America rises with Q1 earnings on deck
Shares of Bank of America BAC.N up ~1.1% at $36.19. The second-largest U.S. Lender is scheduled to report its Q1 results before the bell on Tuesday. Wall Street expects Q1 profit to fall to 77 cents/share.
Reuters · 3d ago
LIVE MARKETS-RBC valuation modeling points to S&P 500 downside risk
RBC valuation modeling points to S&P 500 downside risk. Main U.S. Index modestly green; Dow up 0.4%. RBC's valuation modeling suggests some modest downside risk to the stock market if there are Fed cuts. European markets also modestly higher.
Reuters · 3d ago
US STOCKS-Dow outshines peers on earnings boost; higher bond yields cap gains
U.S. Retail sales increase more than expected in March. Goldman Sachs rises after Q1 profit beat estimates. Salesforce falls on report of likely Informatica deal. Dow outshines peers on earnings boost; higher bond yields cap gains. Dow up 0.18%, S&P up 0., Nasdaq down 0.13%.
Reuters · 3d ago
Evercore strategists back dour S&P 500 view, expect weaker earnings outlook
Evercore strategists back dour S&P 500 view, expect weaker earnings outlook. Evercore ISI says companies will issue cautious outlooks, revise lower earnings estimates. The strategists reiterated their year-end target for the S&p 500 of 4,750, about 7% below current levels.
Reuters · 3d ago
RPT-BREAKINGVIEWS-JPMorgan wrestles with the tyranny of expectations
JPMorgan and rivals Citigroup and Wells Fargo reported first-quarter earnings on Friday. All three left their full-year estimates of interest income substantially unchanged. John Foley says JPMorgan's Jamie Dimon is right to avoid being pinned down on expectations. He says it's smart to plan for all eventualities, but it adds volatility.
Reuters · 4d ago
BUZZ-Street View: Wells Fargo's fee revenue to offset weaker interest income in 2024
Wells Fargo's profit fell 7% in the first quarter but beat analysts' forecasts. Shares in fourth-largest U.S. Bank last up marginally in premarket trading on Monday. Wells Fargo's fee revenue to offset weaker interest income in 2024. Goldman Sachs says bank is continuing to invest in fee-based businesses.
Reuters · 4d ago
RPT-BUZZ-PREVIEW: Goldman Sachs shares off in session ahead of quarterly report
Shares in Goldman Sachs down 2.4% on Friday in the session ahead of quarterly report. S&P 500 bank index down 3.3% as investors are less than impressed with JPMorgan's results. Wall Street expects Goldman Sachs to report revenue of $12.92 billion.
Reuters · 4d ago
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About WFC-PRQ
Wells Fargo & Company is a financial services company. The Company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the Internet (www.wellsfargo.com) and other distribution channels to individuals, businesses and institutions in states, the District of Columbia and in countries outside the United States. The Company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending. In addition, the Company offers financial planning, private banking, investment management, and fiduciary services. The Company also provides financial solutions to businesses through products and services including traditional commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.