INSIDER
Stock market today: Wall Street rises to close its latest record-setting week as banks jump
Read full article: Stock market today: Wall Street rises to close its latest record-setting week as banks jumpU.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports.
Taylor Pendrith gets 1st PGA Tour win at Byron Nelson after final-hole collapse from Ben Kohles
Read full article: Taylor Pendrith gets 1st PGA Tour win at Byron Nelson after final-hole collapse from Ben KohlesTaylor Pendrith took advantage of Ben Kohles’ final-hole meltdown to win the CJ Cup Byron Nelson on Sunday for his first PGA Tour title.
Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Read full article: Big banks warn of uncertain year ahead after mixed financial performances in the first quarterBig banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
Group of children dubbed ‘little rascals’ arrested for robbing Wells Fargo bank, FBI says
Read full article: Group of children dubbed ‘little rascals’ arrested for robbing Wells Fargo bank, FBI saysA trio of suspected bank robbers dubbed ‘the little rascals’ are in custody, according to FBI Houston. The three boys are accused of robbing a Wells Fargo in the 10200 block of North Freeway.
US eases restrictions on Wells Fargo after years of strict oversight following scandal
Read full article: US eases restrictions on Wells Fargo after years of strict oversight following scandalThe Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bank
Read full article: Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bankEmployees at a Wells Fargo bank in New Mexico have voted to unionize, the first time that workers at a major U.S. bank have attempted to organize in the modern era.
Stock market today: Wall Street struggles as war worries collide with hope for stronger profits
Read full article: Stock market today: Wall Street struggles as war worries collide with hope for stronger profitsU.S. stocks mostly fell after getting pulled in opposite directions by competing waves of optimism and fear.
‘Consistent history of wrongdoing’: SA City Council spurns Wells Fargo over scandals, penalties
Read full article: ‘Consistent history of wrongdoing’: SA City Council spurns Wells Fargo over scandals, penaltiesThe San Antonio City Council declined Wells Fargo’s card Thursday as it voted 7-4 to drop the multinational banking giant from a proposed pool of underwriters.
San Antonio City Council split over whether to work with Wells Fargo
Read full article: San Antonio City Council split over whether to work with Wells FargoThe San Antonio City Council delayed a routine vote on Thursday after its members split on whether to do business with Wells Fargo because of its recent scandal and penalty-plagued record.
Wells Fargo 4Q profit falls by half but tops expectations
Read full article: Wells Fargo 4Q profit falls by half but tops expectationsWells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.
Wells Fargo to pay $3.7B over consumer law violations
Read full article: Wells Fargo to pay $3.7B over consumer law violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Big bank profits decline as deal-making, mortgages slow
Read full article: Big bank profits decline as deal-making, mortgages slowFour big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.
Wells Fargo's $5.8 billion profit easily tops expectations
Read full article: Wells Fargo's $5.8 billion profit easily tops expectationsWells Fargo easily beat Wall Street expectations for the fourth quarter with interest rates beginning to take off, likely another boost for the nation’s largest mortgage lender going forward.
Suspect in Wells Fargo robbery arrested outside pawn shop, San Antonio police say
Read full article: Suspect in Wells Fargo robbery arrested outside pawn shop, San Antonio police sayA suspect in a robbery at a Wells Fargo on Monday was arrested hours later outside an EZ Pawn Shop, according to the San Antonio Police Department.
SAPD, Crime Stoppers searching for man who allegedly threatened bank teller with bomb during robbery
Read full article: SAPD, Crime Stoppers searching for man who allegedly threatened bank teller with bomb during robberyCrime Stoppers is offering a reward for more information on a bank robbery that took place on the West Side last week.
Pipeline foes gear up for large northern Minnesota protests
Read full article: Pipeline foes gear up for large northern Minnesota protestsEnvironmental and tribal groups opposed to Enbridge Energy’s ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.
Amazon.com is the number one seller of clothes in the United States, Wells Fargo data shows
Read full article: Amazon.com is the number one seller of clothes in the United States, Wells Fargo data showsDuring the pandemic, Amazon sold billions of dollars worth of clothes. Wells Fargo estimates that U.S. sales of clothing and shoes on Amazon, including third-party sellers, grew 15% in 2020, reaching $41 billion. many vendors are wanting to establish a comprehensive brand presentation on the site, with assortments that minimally compete with existing channels. Wells Fargo estimates sales of clothing and shoes on Amazon will surpass $45 billion in 2021, a 10% gain. Only six other companies in the U.S. sell $10 billion worth of clothes or more TJMAXX, Macy’s, Target, GAP, Banana Republic, Old Navy, Athleta and Ross stores.
Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss
Read full article: Wells Fargo posts $2 billion profit in 3Q, reversing 2Q lossWells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.
Asian stocks follow Wall St lower as stimulus hopes fade
Read full article: Asian stocks follow Wall St lower as stimulus hopes fadeStocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
Wells Fargo CEO apologizes for comments about diversity
Read full article: Wells Fargo CEO apologizes for comments about diversityFILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.
Federal Reserve to boost small business lending efforts
Read full article: Federal Reserve to boost small business lending effortsWASHINGTON – The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday. By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Otherwise, when banks make a loan, they are typically required to hold some cash in reserve in the case of default. Because of the bank’s prior scandals, Wells Fargo is under restraints from the Federal Reserve on how many loans it can hold on its books. Many smaller banks have complained that they have had trouble accessing the lending program, according to the ICBA.