NEW YORK For the first time in nearly five years, Bank of America Corp did not rely on cost cuts to amplify profits – the latest sign of big U.S. banks prioritizing investments in their businesses over short-term gains.
Bank of America Corp beat Wall Street estimates for quarterly profit on Wednesday as it earned more in advisory fees and its loan book expanded, easing concerns that lower interest rates would crimp growth at the second-largest U.S. bank.
Wells Fargo & Co reported lower profits on Tuesday as the bank braced for additional legal expenses tied to a scandal that erupted more than three years ago.
NEW YORK Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. | Video
Citigroup Inc reported higher-than-expected earnings on Tuesday off the back of its global consumer business, showing consumer spending and sentiment remain high.
Wells Fargo & Co is boosting its teams that process mortgage loans to prepare for higher mortgage volumes, changing course after it laid off about 1,000 employees https://www.reuters.com/article/us-wells-fargo-layoffs/wells-fargo-plans-1000-u-s-job-cuts-idUSKCN1NK2P7 in the division in 2018, according to a memo viewed by Reuters.
NEW YORK Morgan Stanley and Bank of America Corp are expanding the employee-benefits services they offer, hoping to gain market share in the dull-but-reliable business of managing wealth for companies and employees.
After a difficult, months-long search for a new chief executive, scandal-plagued Wells Fargo & Co named as its next leader Charles Scharf, a one-time Jamie Dimon protégé known on Wall Street as a detail-oriented number cruncher who excels in streamlining operations.