Latest news with #FederalReserve-imposed
Yahoo
29-05-2025
- Business
- Yahoo
Wells Fargo says US OCC terminated 2015 consent order
(Reuters) -Wells Fargo said on Thursday that the U.S. Office of the Comptroller of the Currency had terminated a 2015 consent order against the lender. This marks the thirteenth consent order closed by Wells Fargo's regulators since 2019 and the seventh since the beginning of the year, the Wall Street giant said. Consent orders are enforcement actions involving a fine or specific directive to address an issue. Wells Fargo's regulatory issues came under the spotlight after a fake accounts scandal erupted in 2016, leading to intense scrutiny and billions of dollars in fines. Since 2018, the bank has also operated under a U.S. Federal Reserve-imposed asset cap, one of the most severe penalties available to regulators, which bars it from growing its balance sheet beyond $1.95 trillion until its problems are fixed. Sign in to access your portfolio
CNBC
14-05-2025
- Business
- CNBC
We're booking 130% profits in an outperforming financial stock
We are selling 100 shares of Wells Fargo at roughly $76. Following the trade, Jim Cramer's Charitable Trust will 2,000 shares of WFC, decreasing its weighting to about 4.45% from 4.67%. We're trimming our stake in Wells Fargo, our largest financial holding and the second-largest position in the portfolio. We're making this sale partly out of respect to the S & P Short Range Oscillator, which has shown the market has been overbought since April 25. Wells Fargo, like many other stocks, has staged a strong rebound over the past month, fueled by easing trade tensions. The bank's shares have climbed 8% since April 29, following the announcement of a substantial $40 billion share repurchase program . At the time, this buyback represented approximately 17% of the company's market capitalization. Wells Fargo's recent rally has lifted its year-to-date return to around 8%, outpacing the broader market's now roughly flat performance. Further upside may lie ahead as the bank moves closer to the removal of its Federal Reserve-imposed asset cap. The closure of six consent orders this year signals meaningful progress in strengthening its compliance and operational risk controls. Reflecting our belief that the asset cap could be lifted this year, we're raising our price target to $80 from $75. That said, we're downgrading our rating to a 2, indicating we would look to add on a pullback. From this sale, we will realize a gain of about 130% on stock purchased in January 2021. (Jim Cramer's Charitable Trust is long WFC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the 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. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., April 8, 2025.
CNBC
05-05-2025
- Business
- CNBC
The S&P 500 paces to break its nine-day win streak. But this portfolio stock is still doing well
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. 1. The market opened lower on Monday following the S & P 500 's run of nine straight sessions higher. Stocks came off morning lows after the ISM services index came in stronger than expected. The prices paid component, however, was much higher than anticipated, causing bond yields to rise. The May two-day Fed meeting begins Tuesday and ends Wednesday afternoon. No change in interest rates is expected despite President Donald Trump calling for cuts. Trump on Sunday posted plans to put 100% tariffs on films produced abroad, causing Disney to drop 3% at the open. The Club stock reversed slightly positive before noon ET. We will look for answers on what these levies mean for Disney when it reports earnings before Wednesday's opening bell. 2 . Club stock CrowdStrike rose more than 2% after Citizens JMP raised its price target to $500 per share from $400. The analysts said, "In a quarter where our company checks trended slightly more toward the negative, CrowdStrike appears to be continuing its momentum in both core and new markets." The Club recently trimmed shares of the cybersecurity company last week on Monday, a move led purely by discipline as the S & P Short Range Oscillator moved well into overbought territory. CrowdStrike reports earnings in the first week of June. 3. Consumer health is still strong, Wells Fargo CEO Charles Scharf told CNBC's "Squawk on the Street." Scharf also touched on regulatory and risk controls, saying a lot of the work Wells Fargo has done to clear other consent orders overlaps with the Federal Reserve-imposed asset cap. The bank is confident that it can get the asset cap removed, but still offered no time frame. "It'd certainly be a big win for the bank," said Jeff Marks, director of portfolio analysis for the Club. (Jim Cramer's Charitable Trust is long DIS, CRWD, WFC . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the 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. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
