Tag: Wells Fargo

Top Wall Street Banks to Take Paper Losses of $17 Billion in Mortgage-Backed Securities

Rising mortgage rates are forcing big banks to write down losses on their mortgage-backed securities (MBS) amid the Federal Reserve’s tightening interest rate policy and regulations. An MBS is an investment product that bundles home loans and other real estate debts, which then are bought from the banks that issued them. Wall Street’s big four…


Wells Fargo to Pay Over $13 Million Penalty to Resolve 401(K) Review

Wells Fargo & Co. said on Monday it would pay a penalty of $13.2 million as part of a settlement with the U.S Department of Labor to resolve the federal agency’s review of certain transactions related to the bank’s 401(k) retirement plans. About $131.8 million would also be paid out to eligible current and former…


Over 40K Homebuyers in China Refuse to Pay Mortgage; Big Banks Report Earnings | NTD Business

Tens of thousands of Chinese homebuyers have stopped paying their mortgages. Why? How does it impact China’s property sector? More big banks reporting earnings today. What do they tell us about the economy, and about the future? Travel chaos at airports leading to another problem: a lot of lost bags. We have tips on how to keep…


Wells Fargo CEO: Americans Won’t Be Ready for What Fed Has in Store for Them

Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…


Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’

Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…


Labor Market Showing Signs of Cooling, Hourly Earning Increases Slowed: Wells Fargo

The labor market in the United States has cooled down in recent months and dropped to February 2021 levels, according to the Wells Fargo Investment Institute. In a note on Thursday, the bank said that while wage figures are varied, increases to average hourly earnings have slowed down in May after peaking in March. They added that…


Wells Fargo CEO Predicts Economic Downturn For US Economy

The CEO of Wells Fargo, Charlie Scharf said on May 17 that there was “no question” that the United States is heading for an economic downturn, in an interview at The Wall Street Journal’s Future of Everything Festival. “It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in…


Wells Fargo CEO Warns ‘No Question’ Worst Is yet to Come for Americans

The CEO of Wells Fargo warned Tuesday that there is “no question” that the U.S. economy is going to get worse before it gets better. “It’s going to be hard to avoid some kind of recession,” CEO Charles Scharf said during a Wall Street Journal event. The Federal Reserve has already raised interest rates twice…


Big Banks See Higher Net Interest Income as Rates Rise

NEW YORK—Wells Fargo & Co. and JPMorgan Chase & Co. reported a rise in net interest income in the first quarter, as the Federal Reserve’s rate hikes help their bread-and-butter business—taking deposits and lending. The Fed raised rates by a quarter point in March to a 0.25 percent-0.5 percent range, and has flagged another half-point…


Here’s How Wells Fargo Views Fintech Stocks Shopify, PayPal, Block

Wells Fargo analyst Jeff Cantwell launched global coverage of the payments and fintech sector with a bullish stance. He saw a $1.5 trillion annual revenue opportunity for fintech companies globally and expects 6 percent yearly growth over the ensuing decade. Cantwell initiated Shopify Inc. with an Overweight rating and an $834 price target (18.2 percent upside). After the recent…