Edition:
United Kingdom

Imani Moise

Wall Street banks see trading-revenue renaissance ending soon

6:13pm BST

NEW YORK Big swings in stock and bond markets since March have helped big Wall Street banks weather the coronavirus downturn better than they otherwise might have, but their trading-revenue gains are unlikely to last.

Big U.S. banks predict more economic pain from coronavirus

5:23pm BST

NEW YORK Three of the largest U.S. banks said on Tuesday they had set aside a whopping $28 billion (22.3 billion pounds) for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come. | Video

In New York's Harlem, small businesses reel from coronavirus toll on Black communities

4:44pm BST

NEW YORK Sylvia's, a soul food restaurant on Malcolm X Boulevard in Harlem, New York, saw a welcome bump in donations and revenue from new customers in early June following calls to "buy Black" after the death of George Floyd. | Video

Trading gains shield Citi as bad loan provisions surge

4:36pm BST

Citigroup Inc on Tuesday posted a 73% plunge in quarterly profit, as the bank set aside nearly $8 billion to brace itself for a potential surge in loan defaults stemming from the COVID-19 pandemic.

UPDATE 2-Trading gains shield Citi as bad loan provisions surge

3:55pm BST

July 14 Citigroup Inc on Tuesday posted a 73% plunge in quarterly profit, as the bank set aside nearly $8 billion to brace itself for a potential surge in loan defaults stemming from the COVID-19 pandemic.

Wells Fargo reports first quarterly loss since 2008 on pandemic provisions

2:30pm BST

Wells Fargo & Co posted its first quarterly loss since the 2008 financial crash on Tuesday as the coronavirus crisis forced it to set aside $9.57 billion (7.6 billion pounds) to cover potential loan losses and slash its dividend, derailing efforts to recover from a sales scandal.

Wells Fargo names new head of mortgage

09 Jul 2020

Wells Fargo & Co said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company.

MOVES-Wells Fargo names new head of mortgage

09 Jul 2020

July 9 Wells Fargo & Co said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company.

Wells Fargo pledges $400 million in support of small business after PPP payout

09 Jul 2020

Wells Fargo & Co will donate over $400 million toward helping small businesses recover from the coronavirus pandemic, giving away all proceeds from its participation in the Payroll Protection Program.

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