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☆ Wall Street banks see investment banking improvement, with some caution
▼ + stars: | 2024-07-12 | by ( ) www.reuters.com time to read: +3 min

The results by three major U.S. banks kicked off the second-quarter earnings season. Maximize Item 1 of 2 Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photo [1/2] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. Wells Fargo CFO Mike Santomassimo said on a call that the bank has seen good activity across the investment grade desk, capital markets and the leverage finance business. Goldman's earnings are expected to more than double versus the second quarter of 2023, when they dropped to a three-year low.

Persons: Wells, Goldman Sachs, Morgan Stanley, Mark Mason, Mason, JP Morgan, Jeremy Barnum, Mike Santomassimo, Moody's, Goldman, Noor Zainab Hussain, Manya Saini, Niket, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Citigroup, JPMorgan, Citi, Equity, JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Chevron Chevron, Morgan, Thomson Locations: Chevron Chevron The U.S, U.S, Bengaluru, New York

☆ Wells Fargo CEO expects severance expenses to exceed $750 million
▼ + stars: | 2023-12-05 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

Charlie Scharf, CEO, Wells Fargo, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Dec 5 (Reuters) - Wells Fargo (WFC.N) CEO Charlie Scharf told investors on Tuesday he expects to book higher-than-anticipated severance expenses between $750 million to a little less than $1 billion in the fourth quarter. The bank has reduced its workforce since the third quarter of 2020 and it stood at 227,363 at the end of third quarter of this year. Wells Fargo set aside $359 million for potential credit losses on office real estate in the third quarter, bringing total allowances to $2.6 billion for the first nine months of 2023. Wells Fargo has reduced its origination in auto loans and has also been reducing the size of its mortgage servicing portfolio.

Persons: Charlie Scharf, Wells, Mike Blake, Scharf, Goldman Sachs, " Scharf, Wells Fargo, Nupur Anand, Lananh Nguyen, Chizu Organizations: Milken, Global Conference, REUTERS, San, . Financial Services Conference, U.S, Thomson Locations: Wells Fargo, Beverly Hills , California, U.S, San Francisco, Wells

☆ More US home buyers willing to purchase despite high rates -BofA study
▼ + stars: | 2023-12-04 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday. That compares with average 30-year fixed mortgage rates that surged to 8% in October, the highest in more than two decades, which deterred buyers. They also sold their homes for career or family reasons or to seek a lower cost of living. New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Silbiger, Matt Vernon, “, ”, Vernon, Nupur Anand, Lananh Nguyen, Leslie Adler Organizations: REUTERS, Bank of America, Reuters, Federal Reserve, Homeowners, U.S, Wall, Thomson Locations: Washington , U.S, U.S, Vernon, New York

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ JPMorgan says its UK bank Chase may break even around 2025
▼ + stars: | 2023-11-28 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Daniel Pinto, President and chief operating officer of JPMorgan Chase & Co, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - JPMorgan Chase (JPM.N) President and Chief Operating Officer Daniel Pinto said he expects its Chase UK consumer bank to break even in the next 12 to 18 months. The largest U.S. lender opened the digital bank in the UK in 2021, its first foray into international retail business. Chase UK is doing better than expected, Pinto said, and the company plans to grow in other global consumer markets over time. Brazilian digital bank C6, in which JPMorgan has 46% stake, is expected to break even "very soon," Pinto said.

Persons: Daniel Pinto, Tyrone Siu, JPMorgan Chase, Pinto, Jamie Dimon, Nupur Anand, Lananh Nguyen, Sharon Singleton Organizations: JPMorgan Chase &, Global Financial, Investment, REUTERS, Tyrone, JPMorgan, Chase, Financial, Thomson Locations: Hong Kong, China, United Kingdom, U.S, Basel, New York

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York

☆ Five facts about Morgan Stanley's new CEO Ted Pick
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley (MS.N) chose Ted Pick to succeed its longtime leader James Gorman as CEO, effective Jan. 1. Here are five key facts about Pick, who was seen as the front runner before the announcement on Wednesday:1) Pick has been co-president of Morgan Stanley for the past two years. As head of the institutional securities group, he oversaw investment banking, equities, fixed income, capital markets and research. 4) After joining Morgan Stanley in 1990, Pick was promoted to managing director in 2002 and joined the management committee in 2008.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, James Gorman, Pick, Nupur Anand, Lananh Nguyen, Sonali Paul Organizations: New York City , New York U.S, REUTERS, Phi Beta Kappa, Middlebury College, Harvard Business School, Metropolitan Museum of Art, Thomson Locations: New York City , New York, New York

☆ Comments on Morgan Stanley naming Ted Pick as CEO
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsOct 25 (Reuters) - Below are some quotes from banking observers and CEOs about Morgan Stanley's (MS.N) naming of insider Ted Pick on Wednesday as its chief executive officer effective Jan. 1, replacing long-time leader James Gorman. DAVID SOLOMON, CEO, GOLDMAN SACHS"First, I want to congratulate James Gorman for his very successful run as CEO at Morgan Stanley. James has been a remarkable CEO, a builder, a competitor, but also a great friend. I also congratulate Ted Pick on his appointment as the incoming CEO.

Persons: Morgan Stanley, Shannon Stapleton, Morgan Stanley's, Ted Pick, James Gorman, BRIAN MULBERRY, MOODY'S, STEPHEN BIGGAR, Eaton Vance, DAVID SOLOMON, GOLDMAN SACHS, James, We're, BRIAN MOYNIHAN, KENNETH LEON, MARK NARRON, FITCH, Saeed Azhar, Nupur Anand, Lananh Nguyen, Rod Nickel, Sonali Paul Organizations: REUTERS, ANA, Gorman, Wealth, OF, Thomson Locations: New York, U.S

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

☆ JPMorgan profit surges on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase's (JPM.N) profit rose in the third quarter as surging rates and the acquisition of failed First Republic Bank drove its interest income to a record high, the largest U.S. lender reported on Friday. Shares of the bank rose 0.6% in premarket trading. It also hiked its 2023 NII forecast to $89 billion, excluding markets, compared with a prior forecast of $87 billion. The lender reported a profit of $13.15 billion, or $4.33 per share, for the three months ended Sept. 30.

Persons: Caitlin Ochs, JPMorgan Chase's, Jamie Dimon, Dimon, SoftBank Group's, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, Wall Street, Arm Holdings, Investment, Thomson Locations: New York City, U.S, Ukraine, Israel, Bengaluru, New York

☆ JPMorgan profit beats estimates on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase (JPM.N) beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high. Shares of the bank rose 1.1% to $147.40 in premarket trading. Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of First Republic. The lender's profit rose 35% to $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. Excluding one-time costs, the bank reported a profit of $4.50 per share, above analysts' average estimate of $3.96 per share, according to LSEG IBES data.

Persons: Caitlin Ochs, JPMorgan Chase, Jamie Dimon, Dimon, NII, SoftBank Group's, Jeremy Barnum, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Wells Fargo, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, First, Federal, Arm Holdings, Investment, Reuters, Thomson Locations: New York City, U.S, Ukraine, Israel, First Republic, North America, Bengaluru, New York

☆ Wells Fargo rolls out financial planning tool to almost 70 mln customers
▼ + stars: | 2023-10-12 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Wells Fargo (WFC.N) will expand access to a financial planning tool to its nearly 70 million customers after initially offering it to wealth clients earlier this year, the bank said on Thursday. The Life Sync tool allows mobile users to set and track financial goals, check their credit scores and connect with financial advisers. "We already have around 100,000 goals" set on the tool, which account for $24 billion in financial plans, said Michael Liersch, head of advice and planning at Wells Fargo. Wells Fargo, the fourth largest U.S. bank, will report its third-quarter earnings on Friday.

Persons: Wells, Michael Liersch, Michelle Moore, Nupur Anand, Lananh Nguyen, Cynthia Osterman Organizations: REUTERS, Rival Bank of America's, U.S, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

JPMorgan said its $75 million settlement with the USVI includes $30 million to support charitable organizations, $25 million to strengthen law enforcement to combat human trafficking, and $20 million for attorney's fees. Epstein died in August 2019 in a Manhattan jail cell while awaiting trial for sex trafficking. INTERNAL WARNINGSIn July, USVI said it wanted JPMorgan to pay at least $190 million, including a $150 million civil fine, and possibly much more to resolve the lawsuit. Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, in May reached a $75 million settlement with women who said Epstein sexually abused them. Staley has expressed regret for his friendship with Epstein and denied knowing about his sex trafficking.

Persons: Caitlin Ochs, JPMorgan Chase, Jes Staley, Jeffrey Epstein, Epstein, Staley, Ariel Smith, USVI, JPMorgan, Jamie Dimon, Dimon, Nupur Anand, Lananh Nguyen, Jonathan Stempel, Muralikumar Anantharaman, Daniel Wallis 私 Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, U.S . Virgin, Deutsche Bank, Barclays Locations: New York City, U.S, Manhattan, York, New York

☆ Exclusive: JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo
▼ + stars: | 2023-09-26 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - JPMorgan Chase (JPM.N) reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters. He will be replaced by Jay Horine, who is currently the global industry co-head for energy, power and renewables, metals and mining (EPRM), according to the memo. Horine will also continue to be the global industry co-head of EPRM. The bank also appointed several global heads for industry groups reporting to Jim Casey and Vis Raghavan, who jointly lead global investment banking, effective immediately. Chandarana was previously chief data and analytics officer for the corporate and investment bank.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Horine, Jim Casey, Vis Raghavan, Samik Chandarana, Chandarana, Nupur Anand, Lananh Nguyen, David Gregorio, Mark Porter Organizations: JP, Co, REUTERS, JPMorgan, Reuters, Bank, Thomson Locations: New York, North America

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Wells Fargo had 233,834 employees at the end of the June quarter compared to 243,674 in the second quarter last year. Even though there is systematic stress in office real estate, the other portfolios are performing well, Santomassimo said. In the June quarter, Wells Fargo increased its allowances for credit losses by $949 million to account for potential losses in office loans. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal.

Persons: Wells, Mike Santomassimo, Santomassimo, Wells Fargo, Nupur Anand, Andrea Ricci Organizations: REUTERS, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

☆ JPMorgan CEO Jamie Dimon blasts draft capital rules
▼ + stars: | 2023-09-11 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. “I wouldn’t be a big buyer of a bank,” Dimon said at a conference in New York, drawing laughter from the audience. “All I want is fairness, transparency, openness,” Dimon said. Dimon said he believes that the Chinese market is no longer as lucrative as it was. Dimon has earlier warned about uncertainty in the Chinese economy hurting investor confidence and also suggested that the U.S. and China need “real engagement” on security and trade issues.

Persons: Jamie Dimon, ” Dimon, “ I’d, Dimon, ” Organizations: JPMorgan Chase, JPMorgan, First Locations: U.S, New York, China

☆ JPMorgan CEO Jamie Dimon blasts draft US bank capital rules
▼ + stars: | 2023-09-11 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +3 min

[1/2] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowNEW YORK, Sept 11 (Reuters) - JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. "I wouldn't be a big buyer of a bank," the chief of the largest bank in the U.S. added, drawing laughter from the audience. Dimon questioned what the regulators were trying to accomplish with the rules. Reporting by Nupur Anand; editing by Lananh Nguyen, Megan Davies, Jonathan Oatis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Dimon, Marco Bello, JPMorgan Chase, Dimon, Nupur Anand, Lananh Nguyen, Megan Davies, Jonathan Oatis, Jamie Freed Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase, JPMorgan, First, Federal Reserve, Federal Deposit Insurance Corp, Thomson Locations: Miami , Florida, U.S, New York, China, Ukraine

NEW YORK, Sept 8 (Reuters) - Barclays (BARC.L) hired Christian Oberle from JPMorgan Chase (JPM.N) to oversee its relationships with private equity (PE)firms in the Americas region, Barclays confirmed on Friday. Oberle will join the British bank as the head of its financial sponsors group in the Americas, and report to Jean-Francois Astier, who leads the group globally. Barclays has long wanted to grow its relationships in PE. Wall Street banks have cut thousands of employees in recent months in response to a slowdown in deals. Reporting by Svea Herbst-Bayliss and Nupur Anand in New York; Editing by Lananh Nguyen and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Oberle, Oberle, Jean, Francois Astier, C.S, Venkatakrishnan, Marco Caggiano, Morgan Stanley, Goldman Sachs, Svea Herbst, Bayliss, Nupur Anand, Lananh Nguyen, Diane Craft Organizations: Barclays, JPMorgan Chase, JPMorgan, Wall, Bank of America, Svea, Thomson Locations: Americas, U.S, New York

[1/2] Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Wells Fargo (WFC.N) has agreed to pay a $35 million civil penalty to settle U.S. charges that the company overcharged advisory fees, the Securities and Exchange Commission (SEC) said on Friday. The SEC said it charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees. Wells Fargo settled without admitting or denying the charges, the SEC said in a statement. Wells Fargo paid affected account holders about $40 million, including interest, to reimburse them for the overcharging, according to the statement.

Persons: Wells, Wells Fargo, Ismail Shakil, Nupur Anand, Susan Heavey, Mark Potter Organizations: Wells, REUTERS, Securities and Exchange Commission, SEC, Services, Financial, Advisors, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Ottawa, New York

☆ Bond investors show confidence in Schwab after cost-cutting
▼ + stars: | 2023-08-23 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. The announcement led to a 5% fall in Schwab shares on Tuesday but did not hurt investor appetite for its new bonds. "The strong response shows bond investors, at least in the near term, have gotten over their worries about the credit fundamentals of top-tier regional banks after the banking crisis in March," said Richard Wolff, head of U.S. syndicate at Societe Generale (SOGN.PA). Schwab's bond trade also drew attention as new investment grade bond supply this month has so far been lower than expected. Counting Schwab's $2.35 billion in bonds, investment-grade bond volume sits at just $3.45 billion for the week and $67.1 billion so far in August, according to Informa Global Markets data.

Persons: Charles Schwab, Brendan McDermid, Schwab, Richard Wolff, Dan Krieter, Brian Mulberry, David Del Vecchio, Natalie Trevithick, Matt Tracy, Nupur Anand, Shankar Ramakrishnan, Sonali Paul Organizations: REUTERS, Societe Generale, BMO Capital, Zacks Investment Management, Federal Home Loan Bank, Payden, Informa, Thomson Locations: New York, U.S, Los Angeles

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