Wall Street banks see economic boom in Q2 2021
“Banks will be tested,” cautioned a McKinsey report from March 2020. The economic fallout of the Covid-19 pandemic has toppled the global balance. Times are changing now. Ame
Wells Fargo forgoes revolving credit facility
Wells Fargo has decided to end its revolving credit facility for customers and will shut down the existing ones too in the coming weeks. “Wells Fargo recently reviewed its produc
Major US banks report surge in profits for the quarter
Three major US banks —JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc.—reported earnings results for the first quarter of 2021.
Wells Fargo to forego asset management unit to private equity for $2.1 billion
Wells Fargo has been underperforming for the past few years and has undertaken cost-cutting and restructuring to improve its numbers. Wells Fargo plans to cut $8bn from its annual
Wells Fargo terminates 100 employees for siphoning relief aid from SBA
Evidence has regularly come out of how the stimulus package floated by the government under the CARES Act has been wildly misused by large corporate houses and even senators for pa
Wells Fargo names Charles Scharf new CEO
Wells Fargo & Co on Friday announced Charles Scharf, the CEO of Bank of New York Mellon, as its successor. The bank’s interim CEO Allen Parker will continue to serve the seat
Blackstone Bids $2.38 billion for Investa
For the last few weeks, Industry Leaders Magazine has found itself running a Blackstone acquisition deal almost every week. Earlier this month, the US multinational private equity
Google Launches Android Pay, Its Mobile Payments Service in the US
On Thursday, Google announced the official launch of Android Pay, a move to grab a chunk of the growing market for mobile payments. The search giant announced in a blog post tha
Fed Proposes Tougher “Capital Surcharge” for Lower Risk to Big Banks
The Federal Reserve plans to hit the biggest U.S. banks with a tougher version of capital surcharge than that agreed by international regulators, so they remain less of a “too bi
