Higher interest rates lifted Wells Fargo’s quarterly income, but a mortgage slowdown, private-equity losses and the cost of past bad behavior erased the benefits. Under it all is a bank worth more than the current $147 billion, says johnsfoley.
. Wells Fargo’s net interest revenue of $10.2 billion was $1.4 billion higher than in the same quarter last year.
in the past. In May its filings noted 13 legal actions – only slightly better than the 16 it listed a year earlier.Wells Fargo’s business model is another drag. Its mortgage business took a $1 billion hit from rising home-lending rates. But unlike rivals, it benefited less from frantic securities trading prompted by choppy markets. Though Scharf’s traders turned in an 11% annual increase in trading revenue, the total was a quarter ofBeneath all that is a potentially valuable bank.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
USD could peak by the first quarter of 2023 – Wells FargoThe US Dollar hit a fresh 20-year high on Thursday versus the euro and the yen. Analysts at Wells Fargo, continue to forecast dollar strength over the
Weiterlesen »
USD/CLP: Chilean peso may be oversold at current levels – Wells FargoThe USD/CLP jumped from 850 to record highs above 1050. According to analysts at Wells Fargo, the move could be identified as overshooting and the cur
Weiterlesen »
Wells Fargo Profit Falls as the Bank Sets Aside Funds for Bad Loans, Company's Shares Drop 3%Wells Fargo is the most mortgage-dependent of the six biggest U.S. banks. Sharply higher interest rates are expected to curtail purchase and refinance activity.
Weiterlesen »
Stock futures rise slightly as Wall Street awaits more major bank earningsInvestors are expecting bank reports Friday from Wells Fargo and Citigroup.
Weiterlesen »
USD could peak by the first quarter of 2023 – Wells FargoThe US Dollar hit a fresh 20-year high on Thursday versus the euro and the yen. Analysts at Wells Fargo, continue to forecast dollar strength over the
Weiterlesen »
Friday's trading: 5 things to knowTraders will be concentrating on even more bank earnings on Friday including results from Citigroup and Wells Fargo.
Weiterlesen »