JP Morgan set a downbeat note on Wednesday.
The results soared past analyst estimates of about $24 billion combined.
Leaders of the six largest US banks will testify in back-to-back hearings next month before the Senate Banking and House Financial Services Committees.
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Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management.
| Website: | www.wellsfargo.com |
| Email: | investorrelations@wellsfargo.com |
| Main Phone: | +1 866 249-3302 |
| Address: | 420 Montgomery Street |
| State: | CA |
| City / Town: | San Francisco |
| Country: | US |
| Postal Code: | 94104 |
| Exchange: | NYE |
| CEO: | Charles W. Scharf |
| Employees: | 268531 |
| NAICS: | Commercial Banking(522110) |
JP Morgan set a downbeat note on Wednesday.
The results soared past analyst estimates of about $24 billion combined.
Leaders of the six largest US banks will testify in back-to-back hearings next month before the Senate Banking and House Financial Services Committees.
The bank has been operating under a regulatory asset cap, imposed by the Fed in 2018, and several other remediation programs for widespread sales misconduct that first came to light in 2016.
Berkshire disclosed an $8.6 billion stake in Verizon Communications and a $4.1 billion position in Chevron Corp.
The bank continues to be impacted by further losses as a result of customer refunds for its past scandals.
Investors will be focused on digging out clues to the earnings rebound expected in 2021.
JPMorgan had been alone in having to hold extra capital equivalent to 2.5% of assets, but it has now joined Citigroup and HSBC in the next tier down that requires 2.0% in extra capital.
The cities say that JPMorgan Chase, Goldman Sachs, Morgan Stanley and others conspired to force the cities to pay inflated interest rates on a popular type of bond.
Examining which companies and ETFs could perform the best in a Biden or Trump portfolio.
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