NEW YORK, July 14- Rising U.S. interest rates may not boost bank profits by as much as many executives and investors hope, JPMorgan Chase& Co Chief Executive Jamie Dimon said on Tuesday. Investors expecting the Federal Reserve to lift rates this year have purchased U.S. bank shares, helping them perform much better than the overall U.S. stock market.
April 14- Wells Fargo& Co, the largest U.S. mortgage lender, reported a better-than-expected quarterly profit as revenue from mortgage banking rose after four quarters of decline. "Our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates," Wells Fargo Chief Executive John Stumpf said in a statement on Tuesday.
JPMorgan Chase’s board voted to give Jamie Dimon a new pay package worth about $20 million after his pay was cut in half last year, to $11.5 million.
More than five years after Wells Fargo purchased Wachovia, one of its key businesses—investment banking—is finally beginning to pay off.
CEOs from major banks met with President Obama on Wednesday and warned of the consequences if lawmakers fail to raise the US debt ceiling.
The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits. JPMorgan CEO Jamie Dimon declared that the housing market "has turned the corner." JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.
Wells Fargo said Friday that its third-quarter net income and revenue rose as the bank increased consumer lending and collected more fees. In a call with analysts, Wells Fargo Chairman, President and CEO John Stumpf explained why interest income might not be such a grave threat.
By Rick Rothacker and Jed Horowitz. Oct 12- Wells Fargo& Co's. The No. 4 U.S. bank by assets has expanded in mortgage lending while others such as Bank of America Corp.
Oct 12- Wells Fargo& Co:. *CEO john stumpf says bank's credit quality reflects improving U.S. housing. *CFO sloan says bank decided to retain $9.8 b in conforming mortgages because.
Wells Fargo posted record earnings in the third quarter as the bank increased mortgage lending and pocketed more fees. "Real estate is getting better," Wells Fargo chairman, CEO John Stumpf said on a call with analysts. " Wells' net income in the quarter ended Sept. 30 rose 23 percent, to $4.72 billion from $3.84 billion in the same period last year.
Oct 12- Low interest rates both hurt and helped third-quarter earnings at Wells Fargo& Co, boosting mortgage lending but squeezing core profitability more than analysts expected.
Three years after a deal that transformed Wells Fargo, CEO John Stumpf has come to Charlotte, NC to retire the Wachovia brand and rally employees whose future looked considerably less bright in 2008.