Wells Fargo’s first-quarter profit and revenue top the Street
Despite building up loan loss reserves, Wells Fargo reported a profit rise on Friday due to higher interest rates. Shares of the bank spiked 1% initially but closed Friday’s session 0.1% lower. Wells Fargo’s net income increased by more than 30% to …
Short sellers made their largest profits since the financial crisis
By the end of March, short sellers had accumulated more than $7 billion in profits from the sell-off of bank shares. This was their largest windfall since the global financial crisis in 2008. A chaotic month for global banking was dominated by …
Andy Sieg, a Merrill Lynch veteran, is parting ways with Bank of America to join Citigroup.
Andy Sieg will be the new head of Citi Global Wealth and will report to Jane Fraser, the bank’s CEO. Fraser announced Sieg would begin in the new position in September after taking a required six-month leave before starting. “Growing Wealth is …
Nearly $100 billion in deposits pulled from banks as officials call the system ‘resilient and sound
A new report shows that nearly $100 billion in deposits were recently withdrawn by customers, leading regulators to again assure the public that the banking system is secure. More than a dozen officials, including Treasury Secretary Janet Yellen and Federal Reserve Chairman …
First Republic shares slid almost 33% after deposit infusion
First Republic’s shares were severely pressured Friday despite the bank receiving aid from other financial institutions the previous day. At the close of the market, the stock was down 32.8%, the worst performer in the SPDR S&P Regional Banking ETF (KRE), which …
Two bond ETF strategies that may help investors profit from rate hikes
Joanna Gallegos, the co-founder of BondBloxx, a fixed-income ETF issuer, claims interest rate jitters are driving investors toward the shorter end of the yield curve. Former JPMorgan head of global ETF strategy at JPMorgan, Gallegos believes this approach is sound. She told …
Stock Funds Fell 2.3% in February
The market did not have a Valentine’s Day in February. Despite a roaring start to the year in January, stocks did not show nearly as much love in February. Despite this, fund investors have enjoyed strong gains throughout the year. The average …
Berkshire Hathaway’s fourth-quarter operating earnings fall 8%
Berkshire Hathaway’s operating profit fell during the fourth quarter as inflationary pressures weighed on the business operations of the conglomerate. Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the …
SEC commissioner Peirce publicly rebukes her agency, Gensler on crypto regulation
The Securities and Exchange Commission’s Hester Peirce rebuked her agency’s crypto enforcement, calling it “paternalistic and lazy” and questioning whether a “hostile” regulatory environment is the best approach. Peirce was appointed to her position as commissioner by President Donald Trump in 2018, …
Some of Wall Street’s biggest names are exposed to the Adani Enterprises plunge
The shares of India’s Adani Enterprises have plummeted over the past week following the publication of a critical report by U.S. short-seller Hindenburg Research. Some big international players have exposure. Companies across the Adani Group have seen a huge sell-off that took …
