45.83 +0.03 (0.07%)
Pre-Market: 5:54AM EDT
|Bid||45.30 x 4000|
|Ask||45.99 x 800|
|Day's Range||45.78 - 46.28|
|52 Week Range||43.02 - 59.53|
|Beta (3Y Monthly)||1.23|
|PE Ratio (TTM)||10.13|
|Earnings Date||Jul 16, 2019|
|Forward Dividend & Yield||1.80 (3.90%)|
|1y Target Est||51.58|
Signature Bank is rapidly gaining a national foothold in two of the hottest sectors in Bay Area finance: venture capital and private equity.
Regions Bank in Charlotte has a new local leader, and the first order of business is completing a transition that's as smooth as possible.
Prospects of online brokers - Schwab (SCHW), TD Ameritrade (AMTD) and E*TRADE (ETFC) - look dismal due to a number of factors that are weighing on investors' sentiments.
Bridge Bank, a division of Western Alliance Bank, has opened a new office in Denver. Founded in 2001, the San Jose, California-based Bridge Bank division offers financial services to small- to mid-market businesses, technology companies and private equity firms, and has eight existing offices throughout the country. The exact location of the new Denver office was not immediately disclosed. Western Alliance Bank, which is the main subsidiary of bank holding company Western Alliance Bancorporation (NYSE: WAL), had more than $23.8 billion in assets as of March 31 and 39 bank branches in California, Arizona and Nevada as of March 31, according to FDIC data.
The Wells Fargo/Gallup Investor and Retirement Optimism Index measures U.S. investor confidence in the investing climate, based on a representative sample of U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds. This includes 72% of retirees and 64% of nonretirees. “It is good to see that two-thirds of investors feel they are prepared to handle their investments during a recession,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute.
70+ oil & gas industry management teams will discuss 2019-2020 operations at EnerCom's 24th Denver energy investment conference DENVER , June 25, 2019 /PRNewswire/ -- The oil and gas companies presenting ...
Walnut Creek-based Mechanics Bank and Rabobank said Monday that it will create a co-CEO leadership structure and a new office of the chairman when the two banks complete a $2.1 billion combination that’s tripling the size of Mechanics Bank. Mechanics Bank (OTCBB: MCHB) President and CEO John DeCero and Roseville-based Rabobank N.A. CEO Mark Borrecco will become co-CEOs of the combined bank, which is expected to have about $18 billion in assets when the deal closes in August or September. Mechanics is buying Rabobank’s retail, business banking, commercial real estate, mortgage and wealth management businesses in California.
They proved they had enough capital to withstand a severe and prolonged economic downturn.
The Federal Reserve set up a "severely adverse" scenario to test 18 of the largest U.S. banks. That scenario included a global recession with the U.S. unemployment rate jumping to 10%.
Wells Fargo announced today that renewable-energy-finance pioneer Barry Neal will retire July 1, and Philip Hopkins will assume sole leadership of the company’s Renewable Energy & Environmental Finance business, which is part of Wells Fargo Commercial Capital. Under Neal’s and Hopkins’ direction, Renewable Energy & Environmental Finance has grown to more than 30 experienced professionals who are responsible for evaluating, negotiating, and managing equity investments in wind, solar, and other renewable energy projects.
The Federal Reserve releases the Dodd-Frank Act supervisory stress test 2019 (DFAST 2019) results which reflect the stability of the banking system.
Investing.com - Market watchers will be looking ahead to a meeting between U.S. President Donald Trump and China's President Xi Jinping this week amid hopes for a thaw in trade relations, even if it alters expectations for Federal Reserve rate cuts.
(Bloomberg Opinion) -- There were 755,436 people working in financial activities in the New York metropolitan area last year, more than twice as many as in the next-biggest area for such jobs, metro Los Angeles. But this amounted to just 8% of New York-area jobs. There are other metropolitan areas where finance makes up a much larger share of employment than that.What the location quotient numbers in the above chart mean, basically, is that in Bloomington, you’re almost four times as likely to encounter people who work in finance as in the country as a whole, and more than 2 1/2 times as likely to encounter them as in the nation’s financial capital. Which makes sense, given that the small Illinois city (2018 metro area population: 188,597) is the home base of insurance giant State Farm; Country Financial, another large insurance and financial group, is also headquartered there. A whopping 22% of the area’s jobs are in financial activities (nationwide, the percentage is 5.6%).Related: Where Microbrewery Jobs Are OverflowingBig insurers explain a lot about these rankings: There’s Principal Financial Group Inc. in Des Moines (along with 80 other insurance and financial services companies); the Hartford Financial Services Group Inc., Cigna Corp. and Aetna (since late last year a subsidiary of CVS Health Corp.) in and around Hartford; Mutual of Omaha in Omaha; USAA in San Antonio. In Sioux Falls, the specialty is credit cards — Citibank famously moved its card operations to the city in 1981 to take advantage of new South Dakota laws that allowed it to charge higher interest rates, and both Citibank and Wells Fargo are now officially based there (their parent companies, Citigroup Inc. and Wells Fargo & Co., are not). The Phoenix, Jacksonville, Omaha, Tampa, San Antonio, Salt Lake City and Dallas areas also all house big financial-services back-office operations. Bridgeport-Stamford-Norwalk — aka Fairfield County, Connecticut — has insurance and investment banking but also a lot of hedge funds, which helps explain why it has the nation’s highest financial-sector average annual wage, at $244,083.Just to round things out, Dubuque has the headquarters of Heartland Financial USA Inc., which owns community banks in 12 states; a Prudential Retirement call center; and a couple of local financial institutions. Birmingham is home to two sizable regional banks, Regions Financial Corp. and Banco Bilbao Vizcaya Argentaria SA subsidiary BBVA Compass. Oh, and New York has some financial institutions, too.Financial activities as defined by the Bureau of Labor Statistics include real estate and rental and leasing, which doesn’t entirely square with what most of us think of as finance. But when I narrowed things down to finance and insurance, Des Moines and Sioux Falls disappeared from the statistics, as the BLS often suppresses local data “to protect the identity, or identifiable information, of cooperating employers.” And I hated the idea of leaving out Des Moines and Sioux Falls, as anyone would.Still, it’s worth redoing the above exercise with a couple of narrower categories that accord better with the notion of high finance. Here are the 10 metropolitan areas with the highest employment location quotients for investment banking and securities dealing:OK, Durham-Chapel Hill was a bit of a surprise at the top of this list; the main explanation seems to be that Credit Suisse Group NA’s Raleigh campus, the firm’s second-largest office in the Americas, is not in Raleigh but in nearby Durham County. Still, the location quotients for metro New York and neighboring Fairfield County stand out, too, and in absolute terms there are seven times as many investment banking jobs in the New York area as in No. 2 metro Chicago. In other words, the commanding heights of investment banking in the U.S. are mostly where everybody thinks they are — although the pay is highest in the San Francisco area, where the investment bankers who take tech companies public tend to work.Finally, here’s the top 10 for portfolio management:It’s obviously no shock to see Bridgeport-Stamford-Norwalk in the top spot, although that location quotient really is something. Santa Fe, the U.S. metropolitan area with the most-altitudinous central city, at 7,199 feet (2,194 meters), is a little less obvious. The most famous hedge fund in town (Prediction Company, started in 1991 by a couple of physicists affiliated with the Santa Fe Institute) shut down last year, but a number of other money managers and private equity funds are located there, presumably because their founders like mountain air and art. The Virginia college town of Charlottesville exerts a similar if damper appeal; my Bloomberg Opinion colleague Joe Nocera wrote about the doings of a hedge fund kingpin there in March.There’s a clear wage divide on this list between places where money managers cluster, driving average pay above $300,000 a year, and those where the great majority of jobs are in administration, customer service and the like, such as metro Philadelphia, home to the largest mutual fund complex, Vanguard Group Inc. The Terre Haute metropolitan area clearly fits in the latter category, although it’s not clear where those 147 portfolio management employees work. Terre Haute-based First Financial Corp. is the area’s biggest financial services employer by far, but it’s chiefly a banking company.The point here, other than just taking advantage of the fun data that the BLS releases every three months from the Quarterly Census of Employment and Wages, is that while the standard picture of a U.S. financial sector concentrated in and around New York isn’t all wrong, there are other places around the U.S. that depend even more on financial services jobs to pay the bills.Coming Sunday: A booming local health-care industry isn’t always a good thing.To contact the author of this story: Justin Fox at email@example.comTo contact the editor responsible for this story: Brooke Sample at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Wells Fargo & Company (WFC) today released the results of its company-run stress test conducted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA). The Federal Reserve Board has published the results of its supervisory-run DFA stress tests for the nation’s largest banks, including Wells Fargo, using the Dodd-Frank Capital Actions1 distribution requirements. Wells Fargo’s estimates may differ from the Federal Reserve Board’s estimates.
The Fed released the first round of stress tests for this year, showing that banks have cleaned up their balance sheets. But regulatory changes meant fewer banks were tested this year.
The program is set to help West Sacramento residents who earn the area median income, or less, afford a down payment for a home.
Reflecting its commitment to local communities and residents, Wells Fargo & Company (WFC) today announced a donation of $330,000 to aid in the relief efforts. The Wells Fargo Foundation will donate $307,500 to the American Red Cross* for immediate needs including shelter, meals, emotional support and assistance with rebuilding and recovery plans. “Our thoughts are with those struggling with the impact of recent storms,” said Jon Campbell, president of the Wells Fargo Foundation.
The city of West Sacramento is considering a new program to spur homeownership in parts of the city. West Sacramento's City Council is set to weigh in on a proposal Wednesday to launch a program that would provide financial assistance to help prospective homebuyers afford a down payment. The funds would be used to supplement an ongoing a grant program in the region called NeighborhoodLIFT, according to the city.
70+ oil & gas industry management teams will discuss 2019-2020 operations at EnerCom's 24th Denver energy investment conference DENVER , June 19, 2019 /PRNewswire/ -- EnerCom has released the presentation ...
Bank of America is putting billions more toward helping homebuyers afford closing costs nationally, including in this region.
Wells Fargo & Co was dismissed as a defendant in a lawsuit brought by the cities of Philadelphia and Baltimore, which accused large banks of conspiring to inflate interest rates for variable-rate demand obligations (VRDO), a type of tax-exempt bond. Other Wells Fargo entities remain defendants. Goldman Sachs Group Inc and JPMorgan Chase & Co were previously dismissed from the case, though affiliates of those banks remain defendants, according to court records.
U.S. banks clear first hurdle of Federal Reserve’s annual stress test. Brian Cheung joins the Final Round to discuss the implications and what’s next for the big banks.