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[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

☆ JPMorgan, US Virgin Islands trade accusations over Epstein
▼ + stars: | 2023-08-15 | by ( Us Appeals Judge Faults Probe Of Federal Circuit'S Pauline Newman | Andrew Goudsward | Law Firm Clifford Chance Posts Increased Revenue | ) www.reuters.com time to read: +4 min

REUTERS/Mike Acquire Licensing Rights Read moreCompanies JPMorgan Chase & Co FollowNEW YORK, Aug 15 (Reuters) - JPMorgan Chase (JPM.N) and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife. The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein. The filing containing the U.S. Virgin Islands accusations was more than 680 pages. The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

Persons: JP Morgan Chase, Mike, JPMorgan Chase, Jeffrey Epstein, Epstein, John de Jongh, Cecile, John Duffy, JE, Duffy, Mary Erdoes, “, Erdoes, Jonghs, USVI, JPMorgan, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, David Gregorio Our Organizations: JP, Co, JPMorgan Chase, REUTERS, JPMorgan, U.S . Virgin Islands, U.S . Virgin, Thomson Locations: New York, U.S, Manhattan

U.S. bank shares dropped on Tuesday after ratings agency Moody's downgraded credit ratings of several U.S. regional lenders and placed some banking giants on review for potential downgrade. It warned lenders will find it harder to make money as interest rates remain high, funding costs climb and a potential recession looms. The warning caught some investors off guard. On Tuesday, SPDR S&P Regional Banking ETF's (KRE.P) options-based 30-day implied volatility rose to 31.1%, up from 28.9% touched on Monday. "In the near term, there are reasons for caution about banks in general and we have made changes where appropriate," he said.

Persons: SPDR, Steve Sosnick, There's, David Wagner, David Smith, Brian Mulberry, Michelle Price, Diane Craft Organizations: Moody's Corporation, P Bank, Regional Banking, Silicon Valley Bank, Banking, Interactive, Alert, Aptus Capital, Autonomous Research, Analysts, Zacks Investment Management, Thomson Locations: Manhattan , New York, U.S, Silicon

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

☆ Dorsey-led Block raises 2023 earnings outlook after Q2 beats estimates
▼ + stars: | 2023-08-03 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago, beating Refinitiv estimates. The fintech, which offers merchant payment services and an app that lets people trade cryptocurrency, said gross profit in the quarter rose 27% to come in at $1.87 billion. It also revised its earnings before interest, taxes, depreciation and amortization outlook for 2023 to $1.5 billion up from an earlier forecast of $1.3 billion. Cash App, the company’s mainstay online payments service, increased gross profit by 37% to $968 million, while its Square business reported gross profit of $888 million, up 18% from last year. On an adjusted basis, Block earned 39 cents in the second-quarter, beating analysts' estimates of 36 cents, according to Refinitiv IBES data.

Persons: Dado Ruvic, Jack Dorsey, Dorsey, Block, Nupur Anand, Jonathan Oatis, Susan Heavey, Sonali Paul Organizations: REUTERS, Thomson Locations: New York

☆ Dorsey-led Block reports rise in second-quarter revenue
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

Block Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/IllustrationNEW YORK, Aug 3 (Reuters) - Block Inc (SQ.N) reported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop. The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago. Reporting by Nupur Anand in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jack Dorsey, Nupur Anand, Jonathan Oatis Organizations: REUTERS, Thomson Locations: New York

☆ JPMorgan says it expects to pay about $3 billion to help refill FDIC fund
▼ + stars: | 2023-08-03 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin OchsNEW YORK, Aug 3 (Reuters) - JPMorgan Chase (JPM.N) expects to set aside about $3 billion to replenish the Federal Deposit Insurance Corporation's (FDIC) fund once proposed rules are finalized by the bank regulator, the company said in a filing on Thursday. U.S. banking giants are expected to shoulder the bulk of costs to refill the fund, which was drained of $16 billion this year after three banks collapsed. Wells Fargo(WFC.N) estimated it will face a pretax "special assessment" of up to $1.8 billion, while Bank of America (BAC.N) said it could face a pretax expense of about $1.9 billion once the FDIC proposal is finalized, according to separate filings this week. Reporting by Nupur Anand in New York; Editing by Jonathan Oatis, Lananh Nguyen and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, JPMorgan Chase, Wells Fargo, Nupur Anand, Jonathan Oatis, Lananh Nguyen, Richard Chang Organizations: JPMorgan Chase Bank, REUTERS, YORK, JPMorgan, Deposit Insurance, Bank of America, FDIC, Thomson Locations: New York City, U.S, New York

☆ Wells Fargo pledges $60 million for worker re-entry program
▼ + stars: | 2023-08-02 | by ( Nupur Anand | ) 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/File PhotoNEW YORK, Aug 2 (Reuters) - Wells Fargo (WFC.N) on Wednesday said it may commit $60 million to Concordance, a nonprofit organization that helps workers with criminal records re-enter the workforce. "We are generally focused on providing support for housing, financial literacy, sustainability, and this is outside our wheelhouse but it is an important issue and deserves attention," Daley said. JPMorgan Chase (JPM.N) runs a similar initiative, Second Chance, to sign up new employees with criminal records. Certain estimates suggest that about a quarter of the U.S. population is left out of the talent pool due to criminal records.

Persons: Wells, William Daley, Daley, JPMorgan Chase, Nupur Anand, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, JPMorgan, Companies, Initiative, Thomson Locations: Wells Fargo Bank, New York City, U.S, New York

☆ Wells Fargo expects to pay $1.8 billion to help refill FDIC fund
▼ + stars: | 2023-08-01 | by ( ) 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/File PhotoNEW YORK, Aug 1 (Reuters) - Wells Fargo (WFC.N) said on Tuesday it expects to pay $1.8 billion to help replenish a government deposit insurance fund that was drained of $16 billion this year after three banks collapsed. Under a Federal Deposit Insurance Corporation (FDIC) proposal, Wells Fargo estimates it will face a pretax "special assessment" of $1.8 billion, which it will pay when the FDIC finalizes the rule, it said in a regulatory filing on Tuesday. Banking giants are likely to bear most of the costs of replenishing the fund, the FDIC said in May. Wells Fargo also said that separate proposals on U.S. capital rules could lead it to rejig its balance sheet.

Persons: Wells, Wells Fargo, Nupur Anand, Lananh Nguyen, Matthew Lewis, Cynthia Osterman Organizations: REUTERS, Federal Deposit Insurance Corporation, FDIC, . Banking, Thomson Locations: Wells Fargo Bank, New York City, U.S, New York

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ JPMorgan to buy almost $2 bln of mortgages in the PacWest deal - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California's (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters. The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said. Banc of California had entered into a "contingent forward asset sale agreement" for its residential mortgage portfolio, the lender said in a presentation on Tuesday, without naming the buyer. The source said the mortgage transaction will also close at the same time. The mortgage purchase was earlier reported by Bloomberg News.

Persons: Warburg Pincus, PacWest, Jaiveer Singh, Nupur Anand, Arun Koyyur Organizations: JPMorgan Chase &, PacWest Bancorp, Reuters, Centerbridge Partners, Bank, Bloomberg News, Thomson Locations: Banc, California, PacWest, Bengaluru, New York

☆ Indonesia looks 'extremely attractive' to us now: Portfolio manager
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia looks 'extremely attractive' to us right now as global trade expectations moderateNupur Gupta of Eastspring Investments discusses her investment view across major Asian economies.

Persons: Gupta Organizations: Indonesia, Eastspring Investments

☆ Angelo Mozilo, Countrywide Financial's former CEO, dies at 84
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Angelo Mozilo, who propelled Countrywide Financial Corp into the largest U.S. mortgage lender before its crash in the 2008 financial crisis, has died, his family foundation said. Mozilo, 84, died of natural causes, the foundation said in a statement on Sunday. In 2006, when Mozilo was the chief of the mortgage lender Countrywide Financial, the firm originated $461 billion worth of loans -- close to $41 billion of which were subprime. Subprime loans were responsible for the global financial crisis. Mozilo had defended himself several times against accusations that he was a key architect of the 2007-2009 financial crisis.

Persons: Angelo Mozilo, Mozilo, Conde Nast, Shubhendu Deshmukh, Nupur Anand, Franklin Paul, Deepa Babington Organizations: Countrywide Financial Corp, Countrywide Financial, Bank of America, Bloomberg, Thomson Locations: Bronx, United States, Bengaluru, New York

Potential buyers and sellers are also being deterred by the long wait for deal approvals by regulators, the experts said. The uncertainty over capital rules has created a "chilling effect" that could put a lid on mergers, while rising interest rates and a looming economic downturn could also damp activity, Adams said. That compares to $3.9 billion in bank deals for non-stressed institutions, the lowest seen over the first half of a year since 2010. "Instead of evaluating mergers based on competition and the needs of the community, political factors have become too important," she said. Regional banks will "have incentives to merge and reach larger scale since they will be subject to more regulatory scrutiny and capital,” Johnson said.

Persons: ”, Timothy Adams, Adams, Michael Barr, “, Meg Tahyar, Davis Polk, Janet Yellen, Tim Johnson, ” Johnson, Tatiana Bautzer, Saeed Azhar, Nupur Anand, Pete Schroeder, Lananh Nguyen, Deepa Babington Organizations: YORK, Institute of International Finance, Global, Federal, Treasury, Dominion Bank, First, KPMG, Thomson Locations: U.S, Canada's Toronto

July 14 (Reuters) - JPMorgan Chase (JPM.N) reported a bigger-than-expected jump in second-quarter profit as it earned more from borrowers' interest payments and benefited from the purchase of First Republic Bank. The bank bought a majority of failed First Republic Bank's assets in a government-backed deal in May after weeks of industry turbulence. That bolstered its net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits. The bank's NII, which has also been gaining from high interest rates, was $21.9 billion, up 44%, or up 38% excluding First Republic. JPMorgan plans to cut around 500 jobs across different divisions, a source familiar with the matter told Reuters in May.

Persons: JPMorgan Chase, Jamie Dimon, Octavio Marenzi, Dimon, Niket Nishant, Noor Zainab Hussain, Nupur Anand, Bansari Mayur, Lananh Nguyen, Saumyadeb Organizations: JPMorgan, First Republic Bank, First Republic, Wall, Investment, Reuters, Thomson Locations: Ukraine, Republic, Federal, Bengaluru, New York

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

It also wants JPMorgan to pay damages to compensate Epstein's victims, pay punitive damages, separate its business and compliance functions, and hire a compliance consultant. The bank also called the U.S. Virgin Islands' arguments for damages "misdirected" and "not well founded." Friday's filing marks the first time the U.S. Virgin Islands has put a dollar figure on its lawsuit. In the U.S. Virgin Islands case, JPMorgan has sought to shift blame. The case is U.S. Virgin Islands v. JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: JPMorgan Chase, Jeffrey Epstein's, Epstein, Ariel Smith, Prince Andrew, Ehud Barak, Ghislaine Maxwell, Cecile de Jongh, Jes Staley, Staley, Jonathan Stempel, Nupur Anand, Luc Cohen, Jonathan Oatis, Deepa Babington Organizations: YORK, U.S . Virgin, JPMorgan, Virgin Islands, U.S . Virgin Islands, Deutsche Bank, U.S ., Barclays, Virgin, JPMorgan Chase Bank NA, U.S, Court, Southern District of, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, British, Southern District, Southern District of New York, New York

☆ U.S. banks point to resilient but slowing economy, flag risks ahead
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt. "The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said. Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain. Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters. For now, the economy is performing better than many expected but will likely continue slowing.

Persons: JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski Organizations: JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson Locations: Wells, U.S, Bengaluru, New York

At JPMorgan, the nation's largest bank, average deposits fell 6% in the second quarter to $2.4 trillion from a year earlier. The central bank reported total bank deposits fell 1.2% to $17.26 trillion through the week ended June 28 versus $17.47 trillion at the end of March. For large banks, deposits fell 1.3% to $10.80 trillion from $10.95 trillion during same period, the Fed data showed. And for small banks, deposits fell 0.9% to $5.18 trillion from $5.23 trillion. The declines were notably smaller than the first-quarter drops of 2.4% for large banks and 3.3% for small banks.

Persons: Morgan Chase, Mike Segar, Wells, Mike Santomassimo, Jeremy Barnum, Jamie Dimon, Kenneth Leon, Saeed Azhar, Dan Burns, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, Mark Potter Organizations: Co, New York City, REUTERS, JPMorgan, First Republic Bank, Federal Reserve, Thomson Locations: New York, Wells Fargo

REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.

Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru

☆ Wells Fargo promotes head of Native American banking to managing director
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 10 (Reuters) - Wells Fargo (WFC.N) promoted Dawson Her Many Horses, head of Native American Banking, to managing director, one of the first enrolled tribal members to reach that rank at a major U.S. bank, the lender said on Monday. Her Many Horses was appointed head of Native American Banking in the commercial banking division in 2021. He joined Wells Fargo in 2018. Wells Fargo has banking relationships with one out of three federally recognized tribes in the U.S. with about $3.4 billion in credit commitments and $4.1 billion in deposits. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Wells, Dawson, Wells Fargo, Nupur Anand, Lananh Nguyen, Richard Chang Organizations: YORK, American Banking, Covington, Burling, New York Times, Thomson Locations: U.S, Wells Fargo, New York

JPMorgan, the biggest U.S. lender, plans to increase its quarterly stock dividend to $1.05 per share from a current $1.00. Wells Fargo will boost its dividend to 35 cents a share from 30 cents, the companies said. Goldman Sachs' dividend will rise to $2.75 a share from $2.50, while Morgan Stanley's will increase to 85 cents a share from the current 77.5 cents. Citigroup's stress capital buffer (SCB) requirement rose to 4.3%, from a current 4.0%, contrasting with large peers whose SCB dropped. "While we would have clearly preferred not to see an increase in our stress capital buffer, these results still demonstrate Citi’s financial resilience through all economic environments," Fraser said.

Persons: Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Wells, Morgan Stanley's, Jane Fraser, Fraser, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Richard Chang, Diane Craft, Cynthia Osterman Organizations: Co, New York City, REUTERS, JPMorgan Chase, Federal, JPMorgan, Bank of America, Moody's Investors Service, Citigroup repurchased, Thomson Locations: New York, Wells Fargo, U.S

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