Latest news with #WellsFargo&Co.
Bloomberg
6 days ago
- Business
- Bloomberg
Wells Fargo's Asset Cap Has Been a Good Punishment
The growth cap imposed on Wells Fargo & Co. since 2019 seemed a uniquely harsh punishment by US watchdogs, constricting the bank's growth through a period when some rivals bloomed. In truth, however, it instilled a discipline and focus that would benefit many lenders, and Wells Fargo has emerged from its limbo fitter than others. The Federal Reserve finally removed the limit on the San Francisco-based lender's total assets after the market closed on Tuesday, saying Wells Fargo had now met all the conditions for improving risk, compliance and governance demanded by its 2018 consent order. The bank will now be free to pursue faster growth, particularly in gathering deposits to boost net interest income and fund a further expansion of its trading business in the investment bank. Still, Chief Executive Officer Charlie Scharf must keep his own tight rein on bankers champing at the bit and ensure that the growth he pursues is as profitable and sustainable as the business he's overseen under the cap's constraints.
Bloomberg
28-04-2025
- Business
- Bloomberg
Wells Fargo Says CFPB Ends Consent Order Dating Back to 2018
Wells Fargo & Co. said the Consumer Financial Protection Bureau terminated a consent order dating back to 2018 related to the bank's compliance risk-management program, the sixth such order ended this year. The move is the latest in the San Francisco-based company's efforts to shake off regulatory restrictions after scandals that emerged starting in 2016. Wells Fargo said in a statement Monday that the action was the 12th consent order resolved with regulators since 2019.
Bloomberg
14-04-2025
- Business
- Bloomberg
Wells Fargo to Expand Newly Restructured Tech Commercial Banking
Wells Fargo & Co. is pushing deeper into technology banking for small to midsize firms through staffing additions, as it seeks to capture a larger slice of the industry's deals and financings. The San Francisco-based bank plans to hire about 10 more bankers for its tech team within its commercial-banking business this year, after adding about 20 in 2024, according to Tom Harper, who oversees the team. The additions mark the largest investment in talent that Wells Fargo has made in the unit since it entered tech banking more than two decades ago.
Bloomberg
11-04-2025
- Business
- Bloomberg
Wells Fargo Falls Short of NII Estimates Amid Tepid Loan Demand
Wells Fargo & Co. missed analysts' estimates for net interest income in the first quarter with soft loan demand hurting the bank's largest revenue stream as tariff uncertainty clouds the US economic outlook. The San Francisco-based firm generated $11.5 billion in NII, the difference between what it makes from lending and pays for deposits, falling short of analysts' forecasts of $11.8 billion. Still, non-interest expenses beat expectations with a 3.1% decline to $13.9 billion, as Chief Executive Officer Charlie Scharf works to cut costs.
Yahoo
31-03-2025
- Business
- Yahoo
Wells Fargo Sees Dollar Rallying as Trump Trade War Plays Out
(Bloomberg) — Wells Fargo & Co.'s currency strategists say the US dollar stands to be one of the market winners from President Donald Trump's trade war. What Frank Lloyd Wright Learned From the Desert Gold-Rush Fever Returns to Historic New Zealand Mining Town Bank Regulators Fight for Desks as OCC Returns to New York Tower Concerns about the fallout from his plan to keep raising tariffs has unsettled financial markets worldwide — dragging the dollar down along with stocks so far this year amid worries it could rekindle inflation and stall the US economy. But Wells Fargo strategists including Aroop Chatterjee said the currency's slide will likely be temporary: They said in a note to clients Monday that the dollar may rise anywhere from 1.5% to 11%, depending on various models of how high the US raises tariffs and how other countries respond. The main reason is that the US tariffs would weaken demand for overseas goods, dragging down foreign currencies. On top of that, the inflationary impacts will likely drive the Federal Reserve to keep interest rates elevated. The biggest gains, according to Wells Fargo, would come if other governments don't retaliate, with smaller gains depending on the degree of the response. 'The combination of competitiveness issues driving the stronger dollar plus monetary policy expectations driving the dollar — that's kind of how you end up with the strong dollar on tariffs,' Chatterjee said in an interview. The forecast comes after the US dollar slipped against most of its significant counterparts during the first three months of the year on concern Trump's policies could stall the economy. On Monday, world markets were whipsawed by fresh bouts of volatility as traders waiting for Trump's next tariff announcement on Wednesday. But the 'the global spillover effects from all this policy uncertainty and actual tariff increases are being significantly underpriced,' Chattterjee said. 'And that's kind of where we probably disagree with how the markets are currently positioned.' Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT LA Fire Victims Are Betting on a Radical Idea to Help Them Rebuild Israel Aims to Be the World's Arms Dealer How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P.
