JPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Add New Haven and Bethel to the communities in line to lose a Wells Fargo branch this year.
Three of the nation’s biggest banks said Friday that their profits fell last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
Only one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Wells Fargo is parting ways with two more branch locations in Fairfield County, bringing its total branch closures planned this year to three.
Several of America’s biggest banks say they’re setting aside hundreds of millions of dollars each to cover potential loan losses in the event of a recession this year.
Wells Fargo plans to reduce the size of its mortgage business, making changes that the bank said would see its home lending business focus on bank customers and minority communities.
Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
The outlook for the U.S. economy from Wall Street’s biggest banks is getting gloomier, with many top executives saying they’re preparing for a potential downturn or a recession.
Wells Fargo & Co. plans to commission an external, third-party racial equity audit that the bank said would focus on the the communities it serves and its workforce.
Hartford’s well-known “Stilts Building” is facing foreclosure from lender Wells Fargo.
Four big banks reported noticeable declines in their first-quarter profits Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought to get a new mortgage or refinance.
Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won’t likely recoup.
The Office of the Comptroller of the Currency has assessed a $250 million civil money penalty against Wells Fargo Bank and issued a new enforcement action with the bank for deficiencies in its home lending program.
The pandemic and recession aren’t over by a long shot, but megabanks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile.
A longtime Wells Fargo commercial banker has moved to KeyBank’s Connecticut and Massachusetts operations.
Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry.
Connecticut now has a statewide presence in the national Bank On movement, an initiative that promotes safe and affordable banking products. The Connecticut Association for Human Services (CAHS) has launched Bank On Connecticut in partnership with the national nonprofit organization Cities for Financial Empowerment Fund (CFE Fund).
A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve said Thursday.
