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☆ Wells Fargo goes on quiet hiring spree to expand from lending. What it means for the stock
▼ + stars: | 2024-05-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City

☆ Big banks are quietly cutting thousands of employees, and more layoffs are coming
▼ + stars: | 2023-10-19 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.

Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic

☆ Why Jim Cramer thinks the stock market is now 'bifurcated'
▼ + stars: | 2023-10-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Jim Cramer said that the market is now bifurcated, with bank stocks going higher on the back of strong earnings and Big Tech coming under pressure. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jim, Exxon Mobil's, Wells, Charlie Scharf's, Sartorius, preannounced, TD Cowen, Jim Cramer's Organizations: CNBC, Nasdaq, Big Tech, Treasury, West Texas, Natural Resources, Exxon, Club, WFC Locations: Wells Fargo

☆ The way I'm thinking about stocks makes them winners no matter what the Fed or bonds do
▼ + stars: | 2023-09-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

After the September meeting pause last week, the target range for the fed funds rate remained at 5.25% to 5.50%. First, I don't know a soul besides me who agrees with that 20-year versus fed funds rate yield prognosis. They think the fed funds rate will come down or the 20-year yield is already extended. Second, I don't know anyone else who believes the economy is so strong that the Fed is correct to keep on an anti-inflation course. I don't think so.

Persons: We've, Jerome Powell, Powell, It's, —, that's, — let's, it's, Bob Iger, Charlie Scharf, there's, Einstein, Salesforce, Elliott, Bill Newlands, Constellation, William Giles, Giles, Bud, Tom Jorden, Coterra, Jim Cramer's, Jim Cramer, Jim, Angela Weiss Organizations: Federal Reserve, Fed, Treasury, Apple, Club, Disney, Hulu, CNBC, Comcast, DIS, ABC, ESPN, Nexstar Media, YouTube, Apple's, Wells, Constellation Brands, Constellation, Elliott Management, Autozone, San, Coterra Energy, & Gas, Ford, Traders, New York Stock Exchange, AFP, Getty Locations: U.S, New Jersey, Gary's, Madison —, Wells Fargo, Wells, What's, slowdowns, Texas, San Miguel, Brooklyn , New York, AMZN, CTRA

☆ Here’s our Monthly Meeting rapid-fire update on all 35 stocks in the Club’s portfolio
▼ + stars: | 2023-06-14 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +14 min

Here's a rapid-fire update on all 35 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. In fact, he named Disney as the best Club stock to gift to a young grandchild. CEO Jim Farley's focus on only making profitable cars and trucks will be put to the test in the current quarter. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, Jim, Apple's, there's, Bausch, Estee Lauder, Fabrizio Freda, Berenberg, he's, Jim Farley's, Ford, Locker, Foot Locker's, Mary Dillon's, Patience, we're, Vimal Kapur, Johnson, J, Eli Lilly, Eli Lilly's, Mark Zuckerberg, Morgan Stanley, We're, James Gorman, enabler, aren't, Scott Sheffield, Coterra, PXD, Jim said, Stanley Black, Decker, TJ Maxx, Wells Fargo, Charlie Scharf's, Scharf, Wells, Wynn, Jim Cramer, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Devices, AMD, Nvidia, Amazon Web Services, Bausch Health, Caterpillar, Costco Wholesale, Costco, Humana, Coterra Energy, Disney, Emerson, Emerson Electric, National Instruments, Ford, Management, GE Healthcare, Halliburton, HAL, Honeywell, Johnson, Linde, LIN, Meta, underwriters, Cava, Microsoft, Palo Alto Networks, Natural Resources, Procter & Gamble, Constellation Brands, Modelo Especial, U.S, TJX, Marshalls, Home Goods, Wynn Resorts, WYNN, Starbucks, Las, Jim Cramer's Charitable Locations: Asia, China, California, Mounjaro, Palo, Wells, Las Vegas, Macao

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ Leaked memo: Amazon Studios parts ways with a longtime MGM film exec and expands others' roles in shakeup
▼ + stars: | 2023-05-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Amazon Studios is shaking up its business ranks in the wake of its acquisition of MGM. Feldman has been at Amazon Studios since 2015 and was a VP at MTV for about four years before that. Feldman has been at Amazon Studios since 2015 and was a VP at MTV for about four years before that. Also getting new responsibilities is Sam Semon , who will have international business affairs consolidated under him, adding oversight for Ingrid Auyón Tanji, who leads business affairs in Latin America. , who will have international business affairs consolidated under him, adding oversight for Ingrid Auyón Tanji, who leads business affairs in Latin America.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Wells Fargo CEO Scharf's 2022 pay unchanged at $24.5 mln
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Wells Fargo & Co (WFC.N) Chief Executive Officer Charles Scharf's total compensation for 2022 was unchanged at $24.5 million, the Wall Street bank said in a regulatory filing on Thursday. Scharf's compensation consisted of $2.5 million in base salary, $5.4 million in cash incentive, $10.8 million long-term performance share award and $5.8 million in restricted share rights, the filing showed. Wall Street's biggest banks saw profits dwindle in 2022 as they stockpiled more rainy-day funds and struggled to contain costs after aggressive interest rate hikes softened demand for mortgages and car loans while raising deposit costs. Walls Fargo peer JPMorgan Chase & Co (JPM.N) last week said it paid its chief executive, Jamie Dimon, $34.5 million for 2022. Reporting by Jaiveer Shekhawat in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street succession plans: The case for why all 6 big banks could consider a leadership change this year
▼ + stars: | 2023-01-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Morgan Stanley CEO James Gorman confirmed what everyone already presumed: There are three executives in the running for his job. It turns out you could make the case for every top US bank making a change in leadership, either with or without the consent of their CEO. At 64 years old, he's the second-oldest CEO among the big six US banks. When discussing succession plans with Bloomberg on Thursday, Gorman acknowledged he doesn't want this job forever. And at 63 years old, he's not exactly a spring chicken.

☆ Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing market
▼ + stars: | 2023-01-10 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

watch nowWells Fargo is stepping back from the multi-trillion dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates. It's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. Following those once-huge mortgage players in slimming down their operations has implications for the U.S. mortgage market. Today, Wells Fargo is the third biggest mortgage lender after Rocket and United Wholesale Mortgage. Wells Fargo employees have speculated for months about changes coming after Scharf telegraphed his intentions several times in the past year.

☆ Wells Fargo faces another setback with $1.7 billion penalty
▼ + stars: | 2022-12-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, Wells Fargo heads to the penalty box, again. Wells Fargo faces the music. The regulators have once again come knocking at Wells Fargo, and it ain't pretty. Wells Fargo was ordered to pay $2 billion back to customers and pay a $1.7 billion civil penalty by the Consumer Financial Protection Bureau (CFPB) for illegal activity involving auto loans, mortgages, and deposit accounts that impacted over 16 million accounts. "Wells Fargo is a corporate recidivist," CFPB Director Rohit Chopra told reporters on a call Tuesday, according to The Wall Street Journal, adding that the settlement "should not be read as a sign that Wells Fargo has moved past its longstanding problems."

☆ 3 of our stocks are in the news — here's our take on what's happening
▼ + stars: | 2022-09-21 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

Scharf, who took over the troubled lender in October 2019, said in his congressional testimony Wednesday that Wells Fargo has "approximately $1.9 trillion in assets." The Club take: Our investment thesis in Wells Fargo largely rests on a two-pronged approach to boost earnings. As rates rise, Wells Fargo can make more money on the spread between what it pays customers for deposits and what it charges for loans. Still, intensifying recession fears have ultimately been a drag on Wells Fargo shares this year. Investors must be realists, though, and our stake in Wells Fargo never assumed it would be a quick fix.

☆ Wells Fargo is undergoing a major transformation under CEO Charlie Scharf. These are the units most affected.
▼ + stars: | 2022-06-28 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

Wells has been revamping its wealth business and shrinking its mortgage unit under Charlie Scharf. Change is hard — just ask Charlie Scharf, CEO of Wells Fargo. And for every scandal Wells Fargo has put behind it, a new one seems to crop up. Wells Fargo has fired dozens of loan officers accused of misusing appraisal waivers. Wells Fargo CEO Charlie Scharf has called the change in leadership at the bank a 'dramatic change.'

Persons: Wells, Charlie Scharf, Scharf, He's, Wells Fargo, Abbot Downing, Goldman Sachs, pare, Fannie Mae, Freddie Mac, Read, — Organizations: Federal, Wells Fargo Advisors, JPMorgan, Federal Reserve, Bloomberg, New York Times, Wells Locations: Wells Fargo, San Francisco, Wells

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