|Bid||66.14 x 1200|
|Ask||66.25 x 800|
|Day's Range||64.02 - 66.18|
|52 Week Range||48.42 - 75.24|
|Beta (3Y Monthly)||1.71|
|PE Ratio (TTM)||9.86|
|Earnings Date||Apr 15, 2019|
|Forward Dividend & Yield||1.80 (2.76%)|
|1y Target Est||77.15|
The "Halftime Report" traders answer viewer questions on Wynn Resorts, Citigroup, Shopify, Dollar General, & Pfizer.
Wells Fargo grilled by the House today in hearings regarding the company’s alleged ‘consumer abuse.’ Yahoo Finance’s Adam Shapiro, Julie Hyman, and Jessica Smith join the King's College Chair of the Program in Business & Finance Brian Brenberg and Cumberland Advisors Chairman & CIO David Kotok to discuss.
The Federal Reserve rate hike in 2018 created a positive environment for investors in the financial sector and it has boosted financial stocks. The higher the interest rate, the wider the rate spread and the bigger the profit margin for banks and credit card companies.U.S. financials, especially Bank of America (NYSE: BAC) and Citigroup (NYSE:C), for the most part, started their rally in 2016, when rates were close to the bottom. Since then, they climbed higher.With the easy money already made and rate hikes slowing in 2019, investors may want to look outside of the U.S. and in the European markets for financial stocks to buy. Uncertainties from the Brexit vote are artificially capping the valuations of various British banks. Even after Citi and Bank of America reinstated their dividends, various European banks pay a dividend yield that is twice their levels.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 of the Best Stocks to Buy Under $10 There are five U.S. banks and two European banks investors should consider buying. JPMorgan (JPM)Source: Shutterstock JPMorgan (NYSE:JPM) is trading in between its low and high for the year at around $105. The stock is valued at 11.7 times earnings and has a dividend yield of 3%. The beauty of JPMorgan's business model is that its operating model positions the firm to outperform in any environment. It attributes the resilient business model to its customer focus at the franchise level, strong balance sheet and general discipline and cost controls.In 2018, thanks to record revenue of $111.5 billion and net income of $32.5 billion, JPMorgan earned $9 a share as return on average tangible common shareholders' equity rose to 17%. The firm stands out against its peers on these metrics. Revenue and the 10-year CAGR earnings-per-share growth is higher than that of Goldman Sachs (NYSE:GS), Bank of America, Citi and Wells Fargo (NYSE:WFC).Net interest income growth is a key baseline growth factor for JPMorgan's bottom line. In 2019, it expects net interest income from CIB markets to top $58 billion. This is up from $45 billion in 2015.Current Quarter Highlights: In its Q4 conference call, management said that the current Q1 period will benefit from the normal seasonal strength. It will also include a $500 million accounting write-off when it reports results on April 16. For 2019, as boring as it is, net interest income will go up over last year. Investors will have nothing to complain about as the bank strives to acquire new accounts while offering value, simplicity and compelling products to its customers. Lloyds Banking Group (LYG)Source: Via WikimediaSince falling to a yearly low at $2.43 at the start of the year, Lloyds Banking Group (NYSE:LYG) recently traded at $3.40. Lloyds reported strong full-year results on Feb. 20. It also announced a dividend increase and a $2 billion share buyback. Markets appreciated those kinds of shareholder-friendly moves. With the stock's uptrend in place, investors could start a position in the U.K. bank despite Brexit worries and still do well.Full-Year Highlights: Lloyds reported revenue falling 35.5%, but will still increase its dividend by 5% of 2017 levels. Its share buyback of £1.75 billion will represent a total capital return of up to £4 billion. Net income rose a modest 2%, while its net interest margin rose to 2.93%. The bank cut its costs, with its cost-to-income ratio coming in at 49.3%.Lloyds said its credit quality remained strong and saw no deterioration in credit risk. Its gross asset quality ratio is stable and comparable to both the 2016 and 2017 levels. * The 10 Best Stocks to Buy for the Bull Market's Anniversary Improving Operational Efficiency: Lloyds forecast strong underlying profits and a return on tangible equity of 14% to 15% in 2019. The resilient net interest margin of 2.9% this year complements the falling operating costs in the next two years. The bank's £8 billion costs in 2019 are a year ahead of its original target. And the cost-to-income ratio will still fall to the low 40's at the end of 2020. Citigroup (C)Source: Shutterstock Citigroup is at around $10 below its $75 52-week high. In the fourth quarter report posted on Jan. 14, the company highlighted its expense discipline while continuing its investments across the franchise. Shareholders may expect RoTCE to improve. Last year's RoTCE came in at 10.9%, above its 10.5% target.Fourth-Quarter Highlights: Citi reported revenue dipping by 2% to $17.1 billion. This dip was assisted by a 4% drop in operating expenses; EPS grew 26% to $1.61. The bank also reduced its average diluted shares by 8%.The bank forecast some headwinds in the first quarter. Equities and Fixed Income Markets revenue will fall in the high single digits. Slower corporate banking activity in the period hampered results. And a government shutdown may have weakened the business, especially mergers and acquisitions.Still, with the bank seeing expenses falling over last year's levels and no temporary government shutdowns ahead, Citi's business should be stable this year.Outlook: Mexico gave Citi's results a good lift in 2018. That momentum will continue this year. Asia is another area of strength. In the second half of this year, its branded card business will perform well due to earlier investments and promotional programs that converted average interest earnings balances.Overall, its discipline in driving higher efficiency will bring productivity benefits and savings that will add $500 - $600 million in savings for Citi in 2019. Savings will continue into 2020. With that level of expense management, Citi stock should perform well over the next two years. Wells Fargo (WFC)Source: Shutterstock Wells Fargo has a reputation problem to contend with that is hurting its stock price. Investors haven't forgotten about the credit card scandal. Add CEO Sloan's compensation package for the year and investors will wonder if the stock may perform well this year.In January, the company launched a marketing campaign to clean up its image. This followed a fourth-quarter report where revenue slipped 4.9% to $20.98 billion but GAAP EPS of $1.21 beat consensus estimates.2018 Highlights: Wells beefed up its risk management division by hiring a new Chief Risk Officer, Chief Compliance Officer, Head of Regulatory Relations and Chief Operational Risk Officer. It spent $1.8 billion in technology and bought cyber, data and risk management solutions.Wells Fargo reported a few weak numbers in Q4. Auto loans balances fell by $1 billion sequentially. As it focuses on higher quality auto loans, this portfolio should start growing by the middle of this year. Average deposits fell $42.7 billion, hurt by lower wholesale banking deposits and customers moving cash to higher rate alternatives.Cost Cuts: The bank cut expenses by $424 million (down 3%) from the third quarter, thanks to lower compensation levels. On a year-over-year basis, costs fell $3.5 billion as the company limited spending on advertising and promotion, travel and entertainment and outside professional services. * 7 Financial ETFs to Buy For 2019, the Fed's rate hike pause will not hurt Wells Fargo's loan growth and deposit growth. Loans grew in Q4 and have the momentum to continue doing so. That alone should give WFC stock some support at these levels. Banco Santander (SAN)Source: Mike Mozart via Flickr (Modified)Banco Santander S.A. (NYSE:SAN) is range-bound because the markets are waiting on the Brexit to play out. The British government approved a Brexit delay but rejected a second referendum. With the Brexit temporary off the table, investors are cautiously accumulating SAN stock. The stock's forward price-to-earnings rato 9.5X and the dividend yield of around 5.4% are compelling for value investors seeking income. And after the stock broke down in August 2018, $5 appears to be the resistance level for the stock.Banco Santander's Fourth-Quarter Results: In its Q4 report, the bank reported gross income of €12.5 billion while profits grew 34% to €2.02 billion. For the full-year 2018, revenue grew to €48.4 billion, up 9% from the previous year. Profits increased 18% Y/Y to €8.06 billion. Banco Santander benefited from customer revenue growth in Brazil, Spain, Mexico and the U.S.Like its U.S. counterparts, Santander is growing out its digital services. Customers using these services increased by 6.6 million, adding to its 32 million users. Nearly half of its customers now actively use digital services on a regular basis.Its loan portfolio is healthy. The NPL (non-performing loan) ratio is 3.73%. Its Openbank grew its mortgage balance by 373% after its first full year of mortgage sales.Europe made up 52% of Santander's profits, with the U.K. accounting for just 13%. The Americas (includes Brazil, Mexico, and the U.S.) comprised 48% of the profit total.Strong Three-Year Performance: Santander's 2015-2018 performance does not reflect in its share price, which fell in that time. Its customer count grew from 13.8 million to 19.9 million. EPS grew 11.2%, while RoTE rose to 11.7%, up from 10% in 2015. At this juncture, SAN stock is poised to break out above the $5. It still needs clearer, ECB-friendly policies to draw investors. The Brexit's resolution would also help persuade buyers to accumulate the stock. Visa (V)Source: Kārlis Dambrāns via FlickrCredit card transactions continue to make plenty of fee income for Visa (NYSE:V). As consumer spending, both online and offline, grows, Visa becomes more attractive to investors. Visa has three big lines of revenue: service fees, international revenue and transaction fees. Whenever markets selloff and take V stock down with it, those selling the stock forget how big Visa's business has become. The size of its transactions processing business and domestic business is big and both keep getting bigger.Challenges for Visa: Europe is a long-term opportunity for Visa's international market growth. In the near-term, it needs to adjust to the regulatory changes going on there. Fortunately, Visa adjusted its business in the last 12 months as it took a better understanding of Europe's diverse market to adjust its business accordingly. For example, card penetration is around 90% in places like Sweden but is in the low 30% range in the Southern and Eastern areas of Europe.2019 First-Quarter Highlights: Visa's payments volumes grew 7% in the Q1/2019 period, to $2.2 billion. Total transactions grew 11% YoY to 49.96 billion with a credit/debit mix of 34% and 66%, respectively. Revenue grew a solid 13% to 6.96 billion. * 7 Single-Digit P/E Stocks With Massive Upside Visa stock trades at a P/E of 33.4X as its shares closed at 52-week highs. Investors may want the stock to pull back before starting a position. Mastercard (MA)Source: Hakan Dahlstrom via Flickr (Modified)Like Visa, Mastercard (NYSE:MA) is trading at 52-week highs, and for a good reason. It has a moat in the transaction and payments business and leverages its relationship with over 30,000 banks worldwide. Its growth potential comes from advancing its real-time payment system, which would significantly increase its growth.Mastercard provides real-time payment systems but needs to increase its presence in the current marketplace. PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) command high valuations because investors know the real-time, electronic payment processing market is growing.Mastercard can build on its relationship with its over 30,000 banks whose customers need ACH real-time payments and cross-border transactions. As markets upgrade those real-time payment systems in the next decade, Mastercard is positioned in the major markets to play a big role in the modernized payment ecosystem.Now that MA stock is at yearly highs, there is no perfect time to pick an entry point. Value investors may shy away from this stock, but MA stock is valued below that of Square or PayPal stock.As of this writing, Chris Lau did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post 7 Financial Stocks to Invest In Today appeared first on InvestorPlace.
Goldman Sachs and Citi are helping Germany's two biggest lenders work on their potential $28 billion-plus merger, people close to the matter said on Monday. Deutsche Bank and Commerzbank confirmed on Sunday they are in tie-up talks following months of pressure from Berlin, which has pushed for a deal amid concerns about the health of Deutsche Bank. Commerzbank is working with Goldman Sachs and Rothschild, as well as with law firm Hengeler Mueller, people close to the matter said on Monday.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Citigroup (C) have what it takes? Let's find out.
We now know how long investors’ memory is—10 years. That’s how long it took CEO compensation at six big U.S. banks to climb back above the level it reached in 2008.
The two banks have shuttered their odd-lot trading desks in recent months and started executing such trades electronically instead, according to people with knowledge of the matter. At Citigroup, the desk was previously manned by eight traders, while at JPMorgan less than five people had been executing such trades, said the people, who asked not to be identified because the information isn’t public. “We have significantly enhanced our infrastructure and trading capabilities to create a better experience for clients,” Danielle Romero-Apsilos, a spokeswoman for Citigroup, said in an emailed statement.
The U.S. economy is showing no signs of recession anytime soon. Also, business expansion efforts by banks cheer investors.
Whatever else 2018 brought to the U.S., it was a Costco Wholesale (NASDAQ:COST) Christmas.Source: Shutterstock The wholesale warehouse club's U.S. sales rose 7.4% for the quarter ending in January, with same store sales up a full 6%. * 15 Stocks That May Be Hurt by This Year's Big IPOs The result was net income of $889 million, $2.01 per share fully diluted, on revenue of $34.628 billion. Profits even exceeded membership fees of $768 million.Regular members noticed. The parking lot of my nearest Costco this past Christmas looked like a Trader Joe's, and I had to go to another one. Investors were even bigger winners. The shares had hit a mid-December low of $194.50, but opened for trade March 12 at over $229 and are approaching last year's record high of $241.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Most Valuable RetailerAt its current price, Costco has a market cap of $101 billion, a price-to-earnings multiple over 29, and is worth 72% of its sales.Compare Costco's valuation to that of Walmart (NYSE:WMT), analysts' previous favorite. That company has a market cap that is 55% of sales, and its dividend of $2.12 per year yields 2.18%, while Costco's $2.28 per share represents a yield of just 1.05%.The only thing overpriced at Costco is Costco. No one has named their dog after it, but they're getting close. Costco caters to upper-middle class, suburban tastes. Its stores feature the finest wines, prime meats, extra virgin olive oil and store brand liquor that's equal to the best name brands. Its arrangement with Citigroup (NYSE:C) to handle Visa (NYSE:V) cards has proven profitable for both the company and its members (we're taking a weekend vacation on our dividend). Its growth rate in e-commerce is 24%. Within its niche, Costco is even more popular than Amazon.Com (NASDAQ:AMZN).Small wonder that, even at its current price, 12 of 27 analysts following the stock say buy it and none says sell.Costco does this while paying what workers consider reasonable salaries, with cashiers making almost half the salary of store managers. The company recently hiked its minimum wage to $15 per hour.When you go there, people smile. How Long, How HighThe problem is that when you buy a stock you're paying for its yesterdays and buying its tomorrows. The price of Costco stock today is close to the price targets of Costco bulls.Costco is not growing as fast internationally as it is in the U.S., and it is starting to saturate the U.S. market, where it has 535 of its 770 warehouses. It can cost $100 million to build and outfit a new store, and the company is very careful to get the very best deals on them. Rumors of possible new store openings are big news, and when the company walks away there is often profound disappointment. Costco bears are left wishing and hoping that scan-and-go shopping, in which customers scan the items they want and get them delivered, mobile payments with installment financing, or warehouse fulfillment will deliver Costco's savings with greater convenience. Trouble is, Costco is already doing some of these things. The Bottom Line on Costco StockCostco is running on all cylinders. It's not doing a thing wrong. Customers and analysts know this.This means Costco is a pricey stock. It can't make you rich because everyone is already in it. Its growth may be limited because it has already scaled. * 7 Dividend Stocks to Buy Today But if anyone knows the future of upper-class consumption, it's Costco. I wouldn't bet against it. You may just want to wait for another market crash like last December's to buy it.A Costco shopper is always looking for bargains.Dana Blankenhorn is a financial and technology journalist. He is the author of a new mystery thriller, The Reluctant Detective Finds Her Family, available now at the Amazon Kindle store. Write him at firstname.lastname@example.org or follow him on Twitter at @danablankenhorn. As of this writing he owned shares in AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 15 Stocks Sitting on Huge Piles of Cash * The 10 Best Stocks to Buy for the Bull Market's Anniversary * 7 Dividend Stocks With Big Yields Compare Brokers The post It Was a Costco Christmas Last Year appeared first on InvestorPlace.
Citigroup will issue its first quarter results at approximately 8:00 AM on Monday, April 15, 2019. At 10:00 AM , results will be reviewed via live webcast and teleconference.
The company, founded in New York City in 2016, signed a lease for 44,000 square feet (4,000 square meters) on the tower’s 59th story and has the option to expand on two more floors, according to a statement from landlord Silverstein Properties Inc. The firm plans to move in by the end of the year. It recently closed a $75 million Series C round, with funding from Citigroup’s new financial technology investment arm, American Express Ventures and Goldman Sachs Group Inc. In the past year, the firm hired 480 new employees and moved from Manhattan’s Soho neighborhood to 7 World Trade Center.
The pound is 2019’s best-performing major currency and gained the most in almost two years Wednesday, yet UBS Global Wealth Management continues to advise investors “not to chase the rally.” Options gauges of swings in the pound have flipped to signal traders expect more imminent turmoil, with the risk of a no-deal Brexit not completely ruled out. The U.K. currency soared to a nine-month high after Britain’s Parliament voted late on Wednesday against crashing out of the European Union without a deal. Traders’ initial optimism dampened slightly overnight, ahead of another vote on whether to delay Brexit with just fifteen days to go until the scheduled exit date.
A Dallas private equity fund run by a pair of directors at Hilltop Holdings (NYSE: HTH) are raising up to $1.1 billion for a third fund to invest in community banks and other finance companies, according to a regulatory filing.
The news has gotten much better for Bank of America (NYSE:BAC) stock of late. Bank of America stock touched a 15-month low back in December, but the New Year has been good to BAC stock, which has gained 17%. Source: Mike Mozart via FlickrFrom a broader perspective, however, BAC still looks a bit disappointing. It's about 12% off 52-week and post-crisis highs reached back in March 2018. And there's a strong case that Bank of America stock should retake those highs.Indeed, BAC stock still is cheap. It only trades at 1.17x book value - a significant discount to pre-crisis valuations. More impressively, Bank of America stock trades at just 9x 2020 EPS estimates.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 15 Stocks Sitting on Huge Piles of Cash There are reasons why the valuations remain muted. But those risks seem overblown and worth taking, particularly at the current valuation. Bank of America stock might have rallied so far this year but it should have further to go. The Case Against BAC StockThere are three core worries when it comes to Bank of America stock. The most obvious concern is that, at some point, the U.S. economic expansion is going to stall out. The bull market has been going for a decade now, as has the economic recovery. History suggests that the tide will turn at some point.When it does, earnings for big banks like BofA and JPMorgan Chase (NYSE:JPM) should fall. Even ten years on, the memory of the financial crisis remains fresh in investors' minds.The second worry revolves around interest rates. Persistently low rates have limited the net interest margin of big banks, the spread between what they pay depositors and earn from borrowers. An inverted yield curve seen last year raised red flags, and was a big reason why BAC, JPM, Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) all plunged to 52-week lows.Finally, the political situation looks potentially more worrisome. Democrats have taken the House, and a field of 2020 presidential candidates seems to favor greater regulation for banks. Given that the banks themselves have argued post-crisis regulations already are too stringent, the fear is that earnings will face further pressure if Democrats take power.The broad theme among these key risks is that they suggest that earnings for Bank of America are at, or at least near, a peak. And so a growing business is trading for 10x 2019 earnings but for good reason. The Problem with the ProblemsBut I still think that growing business is one of many attractive at a cheap multiple, as I wrote just this week. One big reason is that the worries cited by BAC bears are somewhat contradictory.For instance, assume that regulations have pressured earnings by keeping bank lending activity down. That must in turn mean that banks aren't lending like they were in 2005 or 2007 and that the effect of a macro slowdown will be more muted. Indeed, that's the entire point of Dodd-Frank and other post-crisis efforts: to make banks more like regulated utilities (admittedly, given the recent experience of PG&E (NYSE:PCG) stock, that may not be the best analogy at the moment).So it's an awfully narrow argument to claim that BofA earnings aren't high enough at the moment and yet will plunge in a recession. For the most part, it should be one or the other, barring a massive macroeconomic downturn. If regulations are affecting the risk profile for big banks, that should mean the sector is less exposed to macro cycles.Similarly, interest rate pressures are a real concern but they should normalize at some point. Of course, investors last year sold stocks (including bank shares) when Treasury yields rose, anticipating that those higher rates could slow down the economy.Here, too, it's a bit of one or the other. If rates rise, so should BofA profits - even if there is macro cost. If rates don't rise, the economy should be able to muddle through enough to at least justify a double-digit earnings multiple. Bank of America Stock Should Be FineAdmittedly, there's still a bearish scenario that can play out here. If the economy does turn south on its own, Fed rate hikes stop and the central bank could indeed start cutting rates again. That would pressure lending spreads at the same time defaults presumably would rise. And BAC stock likely would take a hit in that scenario.But what stock wouldn't? That basic risk is part and parcel of most of the market at the moment. In that context, Bank of America stock looks attractive. It's cheap. The downside should be somewhat limited barring a significant macroeconomic reversal. And for all the external noise, earnings continue to grow nicely, while credit metrics look strong.There's no reason, even accounting for the risks here, that BAC can't merit a mid-teen earnings multiple, which could push the stock as high as $40 over the next 18 months. Even if that bullish scenario doesn't play out, a return to last year's highs still suggests almost 20% upside. That's more than enough reason to buy Bank of America stock.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Retail Stocks Winning in 2019 and Beyond * The 10 Best Stocks to Buy for the Bull Market's Anniversary Compare Brokers The post There Still Are so Many Great Reasons to Buy Bank of America Stock appeared first on InvestorPlace.
Citigroup (C) is likely to deliver additional productivity benefits and savings of $500-$600 million in 2019 and 2020. Also, significant improvements in operating efficiency are expected.
While most politicians heading into elections would want to cheer their efforts in taming the inflation dragon -- especially in emerging economies like India, where price surges can oust governments -- Modi has been restrained about this achievement. About 800 million of India’s 1.3 billion population depend on farming for their livelihood. “While Modi has managed to keep inflation under control, it has come at a cost,” said Priyanka Kishore, head India and South-east Asia economist at Oxford Economics in Singapore.
Brazilian power generator Eneva SA has hired the investment banking units of Citigroup , Itaú Unibanco Holding SA, Banco BTG Pactual SA and Banco Santander Brasil SA to manage a secondary share offering, ...
Citigroup Inc has accelerated some of its 2019 plans to cut expenses through "simplification" of its organization and improvements in its internal processes, Chief Financial Officer Mark Mason ...
Citigroup Inc NYSE:CView full report here! Summary * Perception of the company's creditworthiness is negative * Bearish sentiment is low * Economic output in this company's sector is expanding Bearish sentimentShort interest | PositiveShort interest is extremely low for C with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting C. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold C had net inflows of $2.16 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator. C credit default swap spreads are near their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Neil Barofsky, who oversaw the $700 billion bailout fund, says regulatory rollbacks will inevitably force the government to bail out more "too big to fail" firms in the next crisis.
One of Wells Fargo’s regulators has issued a stinging and highly unusual rebuke of the US bank, saying that its efforts to reform its governance and risk controls to date have been a failure. revealed numerous governance failings across the company and prompted intense extra scrutiny from regulators. “We continue to be disappointed with Wells Fargo Bank NA’s performance under our consent orders and its inability to execute effective corporate governance and a successful risk management programme,” said Bryan Hubbard, spokesman for the OCC, in a statement.
, Mark Mason, said at an industry conference on Tuesday afternoon the bank’s markets business would be down “in the high single digits” in the first quarter, noting that while equity and debt markets had stabilised, they were not yet fully recovered. Mr Mason said corporate banking was off to a slow start to the quarter, citing the US government shutdown earlier in the year, but that activity was picking up and that the bank’s deal pipeline was strong. Mr Mason, an 18 year Citigroup veteran, succeeded John Gerspach in late February.