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Wells Fargo

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  • Tuesday, 23 February, 2021
    Lex
    Wells Fargo/funds: land of giants Premium

    Selling asset management unit will allow lender to refocus on core lending

  • Tuesday, 23 February, 2021
    Wells Fargo agrees sale of asset management arm to private equity for $2.1bn

    GTCR and Reverence Capital to buy division with $603bn of client assets as consolidation sweeps across industry

  • Friday, 15 January, 2021
    LexUS banks
    JPMorgan/Citi/Wells: a merciful release Premium

    Three banks collectively released more than $5bn of pandemic-related loan loss reserves

  • Friday, 15 January, 2021
    US banks
    US banks release billions from reserves foreseeing lower Covid losses

    JPMorgan, Citi and Wells Fargo cite vaccine rollout and better economic outlook

  • Friday, 15 January, 2021
    Wells Fargo pledges $8bn in cost cuts

    US bank is slashing branches, eliminating layers of management and reducing its real estate footprint

  • Sunday, 10 January, 2021
    Banks
    Top US banks set for $10bn round of buybacks

    Wall St expected to near limits on repurchases as loan losses recede and capital markets soar

  • Monday, 30 November, 2020
    Inside BusinessRobert Armstrong
    Wells Fargo’s struggle to escape the dog house isn’t over yet

    Bank stock sees whipsaw-like rebound but investors wait for news on cost cuts and regulatory cap

  • Thursday, 19 November, 2020
    Due Diligence
    A former JPMorgan banker marches toward Jamie Dimon’s throne Premium

    PNC Financial’s Bill Demchak has made a big impact in the two very distinct parts of his career

  • Friday, 13 November, 2020
    Former Wells Fargo chief pays $2.5m in SEC settlement

    Ex-bank boss accused of misleading investors about retail operations at the centre of fake accounts scandal

  • Promoted Content
  • Wednesday, 14 October, 2020
    Lex
    Wells Fargo: stuck Chuck Premium

    Despite a year in post, chief has yet to produce a detailed plan for bank’s turnround

  • Wednesday, 14 October, 2020
    Bank of America Corp
    Falling interest rates drag on Bank of America and Wells Fargo profits

    News overshadows declining credit costs and improved results from banks’ fee-based businesses

  • Wednesday, 14 October, 2020
    Wells Fargo returns to profit after painful second quarter

    Income in lender’s mortgage unit surges as Americans rush to refinance at lower rates

  • Sunday, 27 September, 2020
    Property sector
    Destruction of value in US real estate revealed

    Commercial properties in difficulty are being valued at less than 75% previous level, appraisal data show

  • Friday, 4 September, 2020
    Berkshire Hathaway Inc
    Buffett sells another big chunk of Wells Fargo

    His investment company Berkshire Hathaway now owns just 3.3% of a once-favoured US bank

  • Friday, 14 August, 2020
    Berkshire Hathaway Inc
    Berkshire Hathaway slashes stakes in US banks

    Warren Buffett’s group pares back holdings in Wells Fargo, JPMorgan, PNC and Goldman Sachs

  • Friday, 14 August, 2020
    FT News Briefing podcast9 min listen
    Israel and UAE, Trump vs USPS, China’s treads cautiously

    Israel and the United Arab Emirates have reached a historic peace deal

  • Thursday, 13 August, 2020
    Wells Fargo’s chief compliance officer quits in risk overhaul

    Mike Roemer leaves after two years trying to fix the bank’s oversight functions

  • Wednesday, 5 August, 2020
    Wells Fargo to cut consultancy spend after internal backlash

    Chief’s plans target $1bn work done by consultants and will include cuts to thousands of jobs

  • Tuesday, 21 July, 2020
    Wells Fargo appoints Mike Santomassimo as new CFO

    Mr Santomassimo held the same role at BNY Mellon under current Wells Fargo chief Charlie Scharf

  • Tuesday, 14 July, 2020
    US banks
    Three US banks set aside record $28bn for loan losses

    Boom in fixed income trading in second quarter overshadowed as lenders count cost of pandemic

  • Saturday, 11 July, 2020
    ByteDance
    Wells bans TikTok from some staff devices over security concerns

    Move comes after Amazon says email telling staff to do the same with video app was ‘sent in error’

  • Thursday, 9 July, 2020
    Wells Fargo considers cutting thousands of jobs

    Preparations for lay-offs before year-end come as loan losses jump and profits fall

  • Tuesday, 14 April, 2020
    Wells Fargo net income falls almost 90%

    Epidemic drives increase in loan loss reserves and securities writedowns even with strong commercial activity 

  • Thursday, 9 April, 2020
    US equities
    US executives rush in record numbers to ‘buy the dip’

    As the stock market plummeted last month, managers of big companies saw value 

  • Wednesday, 8 April, 2020
    Federal Reserve lifts Wells Fargo’s asset cap

    Regulator allows scandal-hit bank to temporarily expand lending to aid virus effort

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