News
WFC-PRR
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UPDATE 1-BGC Group's FMX Futures gets funding from banking consortium
BGC Group's FMX Futures gets funding from banking consortium. The exchange platform will rival CME Group in the interest rates derivatives market. FMX is expected to launch in September 2024. The consortium includes Bank of America, Citigroup and Goldman Sachs. BGC Group says its exchange platform valued at $667 million.
Reuters · 7h ago
UPDATE 2-BGC Group's FMX Futures takes aim at 'heavyweight champ' CME
BGC Group's FMX Futures platform joins forces with Wall Street's biggest banks to take on CME Group. FMX currently offers trading in cash U.S. Treasuries and spot currencies. Group of financial firms including Bank of America make minority equity investments in FMX. FMx aims to compete with CME in the interest rates derivatives market.
Reuters · 7h ago
UPDATE 3-BGC Group takes aim at 'heavyweight champ' CME exchange
BGC Group's BGC.O FMX business to take on leading exchange operator CME Group. Financial firms including Bank of America and Goldman Sachs make minority equity investments in FMX. FMX aims to compete with CME in the interest rates derivatives market. CME has 99% of the futures market in America.
Reuters · 7h ago
NORWEST ANNOUNCES $3 BILLION GLOBAL FUND TO PARTNER WITH THE NEXT GENERATION OF ENDURING COMPANIES
Reuters · 10h ago
NORWEST: NVP 17 TO SUPPORT MULTI-STAGE INVESTMENTS ACROSS ENTERPRISE, CONSUMER AND HEALTHCARE SECTORS
Reuters · 10h ago
MEDIA-Citi and Wells Fargo are preparing $2 bln Debt Package for Berry, Glatfelter Deal - Bloomberg News
Reuters · 1d ago
WELLS FARGO & CO - ISSUED MEDIUM-TERM NOTES, SERIES W $1 BLN SENIOR REDEEMABLE FLOATING RATE NOTES DUE APRIL 22, 2028
Reuters · 3d ago
MEDIA-Wells Fargo weighs debut risk transfer as banks shore up capital - Bloomberg News
Reuters · 3d ago
ANALYSIS-US consumers on lower incomes face loan stress while banks pull back
US consumers on lower incomes face loan stress while banks pull back. Bank of America's charge-offs rose to $1.5 billion in first quarter from $807 million a year earlier. Household finances for those earning less than $45,000 are deteriorating. Banks are becoming more cautious about lending to consumers on higher incomes.
Reuters · 3d ago
Wells Fargo bond saleswoman sues over 'unapologetically sexist' workplace
Wells Fargo bond saleswoman sues over 'unapologetically sexist' workplace. Michal Leavitt says bank steered larger accounts toward men and denied pay and promotions to men. The complaint is the latest in a long line of lawsuits accusing big U.S. Banks of bias against women.
Reuters · 6d ago
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 · 04/18 16:01
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 · 04/18 14:59
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 · 04/18 12:00
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 · 04/18 11:55
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 · 04/17 19:49
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 · 04/17 11:24
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 · 04/17 10:34
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 · 04/17 10:00
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About WFC-PRR
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.