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Posts published in “Banking”

Citigroup results show restructuring has its costs

Citigroup Inc (C.N) displayed some of the financial bruises required for its current restructuring as it reported a 26% drop in fourth-quarter profit on Friday.

Wells Fargo beats profit estimates on uptick in loan demand, cost cuts

Wells Fargo & Co on Friday beat analysts’ estimates for fourth-quarter profit as a rebound in U.S. economic growth encouraged more customers to take loans and the bank kept a tight lid on costs.

Investors wary on bank growth despite executives’ optimism

While big United States bank bosses were optimistic on the economic outlook on Friday, pointing to an uptick in some lending businesses and a jump in consumer spending, investors were skeptical on the growth outlook for the sector.

Bank of America, Wells Fargo scrap some overdraft fees as regulatory scrutiny grows

Wells Fargo & Co and Bank of America (BAC.N) will no longer charge customers for bouncing checks and are adopting new policies to limit overdraft-related fees, the latest lenders to overhaul such charges amid growing regulatory scrutiny.

Big U.S. banks expected to post uptick in core Q4 revenues on economic rebound

Analysts expect big United States banks to show an uptick in fourth quarter core revenues thanks to new lending and firming Treasury yields even while headline earnings will be mixed on differences in how each institution accounted for pandemic loan losses.

Maryland Man Pleads Guilty to Stealing Over $120,000 from Bank Customer Accounts

WASHINGTON – Michael Drummond, 35, of Hyattsville, Maryland, pleaded guilty today to a federal charge of conspiracy to commit bank fraud for his role in a scheme in which Wells Fargo Bank customers lost $124,000 from their accounts. According to the government’s evidence, the participants in the scheme attempted to steal another $80,000 from the bank’s customers, but the bank detected that fraud and stopped the loss.

Bank of America, N.A. Announces Redemption of 3.335% Fixed/Floating Rate Senior Bank Notes, due January 2023

Bank of America, N.A. announced today that it will redeem all $500,000,000 principal amount outstanding of its 3.335% Fixed/Floating Rate Senior Bank Notes, due January 2023 (CUSIP No. 06050TMJ8) (the “Notes”), on January 25, 2022, at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to but excluding the redemption date of January 25, 2022.

Credit Agricole offers to buy Italy’s bank Carige

France’s Credit Agricole (CAGR.PA) has offered to buy troubled lender Banca Carige (CRGI.MI) for a euro, Italian daily Il Messaggero said on Thursday, sending shares in the Italian lender up more than 3%.

Citigroup sees S&P 500 breaching 5,000-mark by year-end on robust earnings

Citigroup analysts on Wednesday raised their S&P 500 (.SPX) price target for the end of 2022, estimating it to breach the 5,000 level for the first time, as the brokerage expects strong corporate earnings to continue this year.