Major U.S. Banks Showed Largest Q2 Deposit Declines
U.S. bank deposits declined in the second quarter, with major banks unexpectedly suffering the largest dropoffs. The four largest U.S. banks by assets: Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, lost $262 billion in deposits compared to the previous year. In contrast,...
Stocks End Week Lower As Banks Disappoint
U.S. stocks ended slightly lower on Friday as banks and financial institutions disappointed following a recent round of quarterly earnings reports. Still, each major U.S. index posted weekly gains despite Friday's fall.
The S&P 500 declined 0.1% on Friday as its banks' index fell 0.9%....
Bank Results Serve As Warning Sign For Wall Street
A tough week ahead is expected for Wall Street as banks reported mixed earnings results over the past week.
Citigroup CEO Jane Fraser commented that "the long-awaited rebound in investment banking has yet to materialize," following the release of her bank's disappointing second-quarter results....
Barclays Announces Appointment of Wells Fargo & Co Executive
A spokesperson from Barclays Plc confirmed to Reuters that the British bank had hired Jim Birchenough from Wells Fargo & Co as its new chairman of global healthcare investment banking.
Before taking the position at Barclays, Birchenough last acted as the vice chairman of biopharma...
Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing
Bank of America, Citigroup and Wells Fargo & Co. are encouraging their investors to wind down fossil fuel investments. While there is no binding policy in place, the three major U.S. banks have urged investors to consider their call for policies to phase out...
Wells Fargo Plans to Scale Down its Mortgage Business
For a long time, Wells Fargo was the most significant player in the mortgage business in the United States. But that is set to change in the future as the bank plans to scale down its mortgage business in the future.
According to Bloomberg, Wells...