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Posts Tagged ‘bank stocks’

Wells Fargo resumes job cuts–will other banks follow?

On Friday August 21, Reuters reported that Wells Fargo (WFC) had in early August resumed the job and cost cutting program that it had paused in March as the coronavirus pandemic raged toward its heights in the United States. In July the bank said it would resume layoffs, branch closures and cuts to third-party spending. "We […]

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Initial claims for unemployment climb this week: economists had forecast a continued drop in new filings

New claims for unemployment at regular state-run programs rose by 135,000 in the week ended August 15 to 1.1 million. Initial claims for unemployment were 970,000 in the prior week. Economists had expected that initial claims would drop to 920,000 this week. Wall Street seems determined to pooh-pool the number today, wth Wall Street economists […]

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It’s a classic sign of a credit crunch: Interest rates are low–but try getting a loan

In a classic credit crunch, banks and other lenders worried that they might have eased loan standards too much during economic good times, start to tighten lending standards because they are worried that we're in or are heading into rougher times for the economy. Those worries and the tighter loan standards that go with them […]

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Market is amazingly calm today–all things considered

Let's see. The Senate went home for the weekend without passing an extension to the $600 a week in enhanced unemployment benefits--so that program will pay out its last checks tomorrow. China retaliated for U.S. action to close China's Houston consulate on accusations of espionage by ordering the closing of the U.S consulate in Chengdu. […]

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Banks start off earnings season by pouring cold water on V-shaped recovery

“I don’t think anybody should leave any bank earnings call this quarter simply feeling like the worst is absolutely behind us and it’s a rosy path ahead,” Citigroup (C) CEO Michael Corbat said this morning as he announced the bank's second quarter earnings. “We don’t want people leaving the call simply thinking the world is […]

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Wells Fargo to cut thousand more jobs this year; bank reports earnings on July 14

Wells Fargo (WFC) will cut thousands of jobs later this year, Bloomberg reported today. The bank, the largest employers among U.S. banks, is facing intense pressure to cut costs. So far in the coronavirus economic downturn,U.S. banks have resisted large-scale layoffs. Could the move by Wells Fargo be a turning point for the sector? Ahead […]

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Fed’s stress test for 34 big U.S. banks says no share buybacks, no increases in dividends

After the close for the New York markets, the Federal Reserve announced the results of its newest round of stress tests on 34 big U.S. banks. For the first time, the Fed added scenarios for a V-shaped recession and recovery; a slower, U-shaped recession and recovery; and a W-shaped, double-dip recession. In the three downside […]

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Saturday Night Quarterback (Part 2) says, For the week ahead expect…

... what's a week without a good chance that the Federal Reserve will roil the stock market? On Thursday June 25, the Federal Reserve will release results of its annual bank stress tests on June 25. At stake will be bank plans for dividend payouts. Banks that don't pass the tests or where bank capital […]

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Mortgage delinquencies soar in April

The number of borrowers who stopped paying their home loans jumped by 1.6 million last month, according to data from Black Knight, a real estate analytics company. The national mortgage delinquency rate rose to 6.45% in April, up from 3.06% in March. That's three times the previous single-month record increase set in 2008 during the […]

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Wells Fargo and JPMorgan Chase stop accepting applications for home equity loans

As economic indicators go, this isn't one that I follow in normal times. In normal times banks are happy to accept an application for a home equity loan from anyone who owns a house. Real estate is a good credit risk. In normal times. But if you're still looking for signs that these aren't normal […]

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