Latest news with #GerardCassidy
CNBC
11 hours ago
- Business
- CNBC
Loosening capital requirements will lead to increased bank M&A, says RBC's Gerard Cassidy
CNBC's "Fast Money" is joined by Gerard Cassidy, head of U.S. bank equity strategy and large cap bank analyst at RBC Capital Markets, to discuss the outlook for the banking industry, the upcoming results of the stress test and more.
Business Recorder
28-04-2025
- Business
- Business Recorder
Wells Fargo nears full regulatory relief as CFPB lifts consent order
Wells Fargo cleared its twelfth consent order since 2019 and moved closer to fixing longstanding regulatory issues that have kept the bank under an asset cap of $1.95 trillion. The Consumer Financial Protection Bureau, the top U.S. consumer watchdog, has lifted a 2018 consent order related to the lender's compliance risk management, Wells Fargo said on Monday. A similar consent order that the bank had entered into with the Office of the Comptroller of the Currency, another top regulator, was lifted in February. 'Today's termination, along with the recent closure of other consent orders, demonstrates that we have completed much of our common risk and control infrastructure work,' Wells CEO Charlie Scharf said. The bank's shares rose nearly 1% to $70.29. Consent orders are enforcement actions involving a fine or specific directive to address an issue. Wells Fargo says tech banking team grew by 20% over past year Wells Fargo's regulatory issues came under the spotlight after a fake accounts scandal that erupted in 2016, leading to intense scrutiny and billions 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. The asset cap could be lifted as soon as the second quarter, given the pace of progress this year and the U.S. administration's push for looser banking regulation, RBC Capital Markets analyst Gerard Cassidy said. Efforts to regain compliance have sparked recent optimism among investors. The bank has resolved six consent orders this year, and two are pending. 'With both the OCC and the CFPB now apparently comfortable with Wells Fargo's compliance risk management, we view the forward progress as a good sign,' Piper Sandler analysts said.
Business Insider
22-04-2025
- Business
- Business Insider
State Street (STT) Receives a Hold from RBC Capital
In a report released on April 18, Gerard Cassidy from RBC Capital maintained a Hold rating on State Street (STT – Research Report), with a price target of $105.00. The company's shares closed yesterday at $80.63. Stay Ahead of the Market: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. According to TipRanks, Cassidy is a 5-star analyst with an average return of 15.3% and a 55.80% success rate. Cassidy covers the Financial sector, focusing on stocks such as Bank of America, Fifth Third Bancorp, and JPMorgan Chase. In addition to RBC Capital, State Street also received a Hold from Truist Financial's David Smith -CFA in a report issued yesterday. However, on the same day, Barclays maintained a Buy rating on State Street (NYSE: STT). Based on State Street's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.41 billion and a net profit of $783 million. In comparison, last year the company earned a revenue of $3.04 billion and had a net profit of $210 million Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of STT in relation to earlier this year. Most recently, in February 2025, JOERG AMBROSIUS, the EVP of STT sold 2,880.00 shares for a total of $288,201.60.
