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WELLS FARGO SHARES RALLY MOST SINCE TRUMP WON THE ELECTION

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✍️ Wells Fargo & Co. shares surged 7.1% after the bank raised its mid-term profitability target and lifted its asset cap, marking its biggest daily gain since November 2016.

👉 Wells Fargo raises target for return on tangible common equity to 17% to 18% 👉 Wells Fargo lifts asset cap, exceeding $2 trillion in total assets 👉 Wells Fargo plans to buy back roughly the same amount of shares in the last three months of the year as it did in the third quarter

-- #ScottSiefers #MikeSantomassimo #DonaldTrump #SanFrancisco #business

WELLS FARGO CFO SAYS DELINQUENCIES ARE TRENDING DOWN

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✍️ Wells Fargo CFO Mike Santomassimo discusses the bank's earnings and cost-cutting plans on 'Bloomberg The Close'.

-- #MikeSantomassimo #business

WELLS FARGO'S EARNINGS AIDED BY CONSUMERS, CAPITAL MARKETS

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✍️ Wells Fargo's third quarter profit jumped 9%, exceeding analysts' expectations, driven by strong growth in consumer and investment banking business lines.

👉 Wells Fargo's third-quarter profit jumped 9% to $5.6 billion 👉 Revenue reached $21.4 billion, a 5% annual increase 👉 Strong growth in consumer and investment banking business lines 👉 CEO Charlie Scharf became the company's chairman 👉 Minimal credit issues, with declines in net chargeoffs and nonaccrual loans

-- #CharlieScharf #MikeSantomassimo #SanFrancisco #business

JPMORGAN'S JAMIE DIMON SAYS ECONOMY IS 'WEAKENING' AS EXECS SOUND OFF AHEAD OF FED MEETING

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✍️ JPMorgan CEO Jamie Dimon warns that the economy is slowing down, while Wells Fargo CEO says consumer spending remains strong, despite a big dichotomy between high- and low-income consumers.

👉 JPMorgan CEO Jamie Dimon warns that the economy is slowing down 👉 Wells Fargo CEO Charles Scharf notes that consumer spending remains strong, but with a big dichotomy between high- and low-income consumers 👉 Bureau of Labor Statistics reports a significant downward revision of jobs added in the 12 months through March 2025 👉 Inflation rose to its highest level since January

-- #JamieDimon #CharlesScharf #MikeSantomassimo #AlastairBorthwick #BrianWenzel #business

US CONSUMER FINANCES STAY ROBUST EVEN AS JOBS DATA CLOUD ECONOMIC OUTLOOK, BANKERS SAY

https://media.zenfs.com/en/reuters-finance.com/fb6c7f73cdb99f879b452ae4a24d0f84

✍️ US banking executives report strong consumer financial health, with little signs of credit quality deterioration, despite a cooling job market.

👉 US consumers are in good financial health 👉 Strong credit performance and continued spending 👉 No significant signs of credit quality deterioration 👉 Consumer spending is up, particularly in the credit card portfolio 👉 Delinquencies are under control

-- #MikeSantomassimo #MarkMason #BrantleyStandridge #AlastairBorthwick #ChristopherHodge #SaeedAzhar #NupurAnand #TatianaBautzer #NickZieminski #NewYork #world

WELLS FARGO SAYS US CONSUMER FINANCES ARE STRONG, WITH GOOD CREDIT

https://media.zenfs.com/en/reuters-finance.com/9b54357a286ef18c9e1009d7f6560e8e

✍️ US consumers are showing financial health, with increased spending and timely bill payments, according to Wells Fargo's CFO Mike Santomassimo.

👉 US consumers are showing financial health 👉 Strong activity levels and good credit performance 👉 Wells Fargo's asset cap has been lifted 👉 Bank focusing on growing commercial and corporate investment banking business and wealth management 👉 Potential acquisitions to add capabilities in payments or other products

-- #MikeSantomassimo #NewYork #business

WELLS FARGO CFO SAYS CONSUMERS, BUSINESSES IN GOOD SHAPE

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✍️ Wells Fargo CFO Mike Santomassimo discusses the bank's second-quarter earnings report and lowered full-year forecast for net interest income on 'Bloomberg The Close'.

👉 Wells Fargo's second-quarter earnings report showed a decline in net interest income 👉 CFO Mike Santomassimo attributed the decline to a decrease in interest rates and a shift in the bank's asset mix 👉 Santomassimo lowered the bank's full-year forecast for net interest income

-- #MikeSantomassimo #business

US BANKING GIANTS REAP GAINS FROM DEALMAKING REBOUND

https://media.zenfs.com/en/reuters.com/1d6bfbbdffbdbd5dfeb42ed7068207b5

✍️ Large US banks expressed optimism about the investment banking outlook for the rest of the year after dealmaking rebounded in the second quarter.

👉 US banks reported strong earnings, beating profit expectations 👉 Investment banking fees grew by 7% at JPMorgan, 15% at Citigroup, and 8% at Wells Fargo 👉 Bankers expressed caution, but optimism has picked up among investors in US stocks

-- #PeterTorrente #TroyRohrbaugh #MikeSantomassimo #MarkMason #JeremyBarnum #RobinVince #DonaldTrump #NewYork #business

US BANKING GIANTS REAP GAINS FROM DEALMAKING REBOUND

https://media.zenfs.com/en/reuters-finance.com/1d6bfbbdffbdbd5dfeb42ed7068207b5

✍️ Large US banks expressed optimism about the investment banking outlook for the rest of the year after dealmaking rebounded in the second quarter, despite remaining cautious about the uncertain economic environment and US tariff policies.

👉 Large US banks expressed optimism about the investment banking outlook for the rest of the year 👉 Dealmaking rebounded in the second quarter 👉 Banks remained cautious about the uncertain economic environment and US tariff policies 👉 JPMorgan's investment banking fees grew by 7% to $2.5 billion 👉 Citigroup reported a 15% jump in investment banking revenues to $981 million 👉 Wells Fargo reported an 8% uptick in investment banking revenue to $463 million

-- #PeterTorrente #TroyRohrbaugh #MikeSantomassimo #MarkMason #JeremyBarnum #RobinVince #DonaldTrump #NewYork #business

FED LOOSENS THE SHACKLES ON WELLS FARGO NEARLY A DECADE AFTER FAKE ACCOUNTS SCANDAL

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✍️ The Federal Reserve is lifting a major restriction on Wells Fargo, allowing the bank to operate without a $1.95 trillion asset cap.

👉 The Federal Reserve is lifting a major restriction on Wells Fargo 👉 The bank will no longer have to operate under a $1.95 trillion asset cap 👉 The move is a victory for CEO Charles Scharf, who has been working to clean up the bank's messes 👉 The lifting of the cap will help Scharf go on the offensive as he tries to make Wells Fargo a major investment banking player

-- #CharlesScharf #MikeSantomassimo #MichaelBarr #business

RISK IS RISING, SAYS WELLS FARGO CFO

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✍️ Wells Fargo CFO Mike Santomassimo warns of rising risk due to President Trump's tariffs and policy uncertainty, despite consumers still spending.

👉 Risk is rising due to President Trump's tariffs and policy uncertainty 👉 Consumers are still spending 👉 Wells Fargo's first-quarter net interest income missed analyst estimates

-- #MikeSantomassimo #DonaldTrump #business

JPMORGAN'S DIMON SAYS ECONOMY IS FACING 'CONSIDERABLE TURBULENCE'

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✍️ JPMorgan Chase CEO Jamie Dimon warns of 'considerable turbulence' in the economy, despite the bank's rise in first quarter profits.

👉 JPMorgan Chase CEO Jamie Dimon warns of 'considerable turbulence' in the economy 👉 Bank reports a rise in first quarter profits, but sets aside 75% more provisions to cover future loan losses 👉 Dimon cites potential negatives of tariffs and trade wars, sticky inflation, high fiscal deficits, and volatility 👉 Potential positives include tax reform and deregulation 👉 Dimon downplays fears of a loss of the US status as a safe haven during times of stress

-- #JamieDimon #LarryFink #MikeSantomassimo #TedPick #MariaBartiromo #DonaldTrump #business