Fourth-quarter reports show some big banks are saving for a recession

Jan 13, 2023
In the face of high inflation, rising interest rates and a slowing global economy, banks are setting aside reserves — just in case.
Bank of America told investors Friday that it generated a 2% profit bump last quarter. Many big banks have been squirreling away cash to prepare for an economic downturn.
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Like other banks before it, Wells Fargo pulls back from mortgage biz

Jan 11, 2023
It used to be the top mortgage lender in the country.
Wells Fargo used to be the top mortgage lender in the country. Now it's retreating from the business as nonbank lenders gain market share.
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Why big banks are "canaries in the economic coal mine"

Jan 9, 2023
On Friday, Bank of America, Citigroup, Wells Fargo and JPMorgan Chase will post earning reports. Parts of their business struggled in the fourth quarter.
Michael M. Santiago/Getty Images

Bank accounts could soon help determine creditworthiness

May 13, 2021
Some big banks will give credit cards to people who lack credit scores, looking instead at savings and checking account history.
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Big banks' profits are doing better than the economy

Jan 15, 2021
They've been raking in money thanks to the strong stock market, companies' appetite for debt and initial public offerings.
Spencer Platt/Getty Images

Finding a new CEO for a troubled company isn't easy

Jun 11, 2019
Wells Fargo, in trouble with regulators and lawmakers, is having trouble finding a new boss.
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More bad news for Wells Fargo

Aug 31, 2018
After two years of scandals, now the bank is dealing with employees who forged meal receipts.
A cable car passes by a Wells Fargo branch. The banking company has a team of historians to research and document the family histories of its top clients. 
Justin Sullivan/Getty Images

For public good, not for profit.

With Fed giving Wells Fargo good marks on its financials, the bank tries to look beyond recent scandals

Jul 2, 2018
Wells Fargo has seen its share of bad headlines recently … from news it opened fake accounts, to a payout of $1 billion to settle claims of improper mortgage and auto lending practices. But there was a bright spot for the bank last week when it passed the Federal Reserve’s annual stress test, that measures […]

Big tech and banks are using mea culpa ads to appeal to their users

May 18, 2018
When it comes to crisis management, one expert says apologies and promises are not enough

Mulvaney on the CFPB: "We need to be a regulator, not somebody's child"

Apr 20, 2018
The acting director of the Consumer Financial Protection Bureau talks about the agency's decision to fine Wells Fargo.
Then Rep. Mick Mulvaney (R-SC) testifies before the Senate Homeland Security and Governmental Affairs Committee during his confirmation hearing to be the next director of the Office of Management and Budget on Jan. 24, 2017 in Washington, DC.
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