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Mixed US bank earnings as Wells Fargo hit by legal costs

US banking giants JPMorgan Chase and Wells Fargo kicked off earnings season Friday with mixed results that included hefty new legal costs at Wells following its fake accounts scandal. Results from both banks were significantly affected by the just-enacted US tax overhaul, boosting Wells and hitting JPMorgan.

St. John's braces for No. 1 Villanova

Following a pair of difficult Big East victories at the Wells Fargo Center, top-ranked Villanova now must venture out on the road to continue its strong play against St. John's on Saturday night at Madison Square Garden. Villanova most recently defeated Marquette and No. Show More Summary

Business Highlights

___ Bank execs sing praises of new tax law as windfall looms NEW YORK (AP) — Two of the nation's biggest banks — JPMorgan Chase and Wells Fargo — are … Click to Continue »

Bank execs sing praises of new tax law as windfall looms

Two of the nation's biggest banks — JPMorgan Chase and Wells Fargo — indicated Friday that they expect to see significant future benefits from the recently enacted GOP tax bill, … Click to Continue »

Wells Fargo earnings: Scandal impact lingers amid boost from federal tax law overhaul

Results included $3.25 billion litigation reserve for the bank's sale practices, mortgage-related investigations, and other matters        

Bank stocks are mostly flat despite earnings beats (JPM, BAC, C, KEY, WFC, COF, BBT, GS, PNC, STI, MS)

JPMorgan, Wells Fargo, and PNC reported earnings before the bell on Friday. Despite beating earnings expectations, bank stocks barely moved on the news. To see when all the banks report, view our earnings calendar here. The initial wave...Show More Summary

JPMorgan’s 4th-Quarter Profit Weathers $2.4 Billion Charge Tied to Tax Bill

The banking giant earned $4.2 billion after taking a $2.4 billion charge linked to the tax overhaul. Wells Fargo reported $6.2 billion in quarterly earnings after a $173 million charge.

Wells Fargo profit boosted by one-time tax benefit

(Reuters) - Wells Fargo & Co posted an 18 percent rise in fourth-quarter profit on Friday, driven by a one-time tax benefit related to President Donald Trump's new tax laws. Read more...

Wells Just Reported The Worst Mortgage Number Since The Financial Crisis

When we reported Wells Fargo's Q3 earnings back in October, we drew readers' attention to one specific line of business, the one we dubbed the bank's "bread and butter", namely mortgage lending, and which as we then reported was "the...Show More Summary

Wells Fargo earnings: Bank turns in mixed performance in fourth quarter

3 days agoNews : USAToday: News

Results included $3.25 billion litigation reserve for the bank's sale practices, mortgage-related investigations, and other matters        

Wells Fargo reports big tax savings — and big costs for investigations, lawsuits

The new federal tax bill saved Wells Fargo & Co. more than $3 billion in the fourth quarter of last year, but the San Francisco-based financial giant also set aside more than $3 billion in the quarter to pay for lawsuits and litigation related to a series of problems and bad practices, the company...

A chart about corporate bonuses that the White House doesn’t want you to see

Huge corporations and banks like AT&T, Wells Fargo, and Comcast have announced their plans to deliver bonuses to non-executive employees in light of a massive tax cut courtesy of the GOP tax bill. Under the new tax law, corporations will be taxed at a rate of 21 percent instead of 35 percent. In a report […]

Wells Fargo's CEO told Congress that he wouldn't enforce binding arbitration, so Wells is getting sued in Utah

last weekHumor / odd : Boing Boing

A class action suit by some of the 3,500,000+ Wells Fargo customers defrauded in the company's fake account scam was foundering in Utah, thanks to the company's insistence that its binding arbitration clauses also applied to the accounts...Show More Summary

Micron, Broadcom, et al. Gain Amidst Upbeat November Data

Stats for chip sales globally were a bit better in November than is customary for the month, according to reports from Bernstein and Wells Fargo. Wells chip analyst David Wong recommends shares of Intel and AMD, among others, though Micron Technology and Broadcom had some of the biggest gains in Tuesday afternoon trading.

Smart Thinking: Man Attacks ATM For Dispensing Too Much Money

2 weeks agoHumor / odd : Geekologie

23-year old Michael Joseph Oleksik of Cocoa, Florida (where else?) was recently arrested for criminal mischief after repeatedly punching an ATM's touch screen after the machine erroneously dispensed too much money. Wells Fargo Bank claims...Show More Summary

Man beats up an ATM for giving him too much cash

2 weeks agoNews : USAToday: News

A Florida man was arrested for causing $5,000 in damage to a Wells Fargo ATM because it gave him "too much money."        

Man Arrested For Punching Wells Fargo ATM: "It Gave Him Too Much Money"

Call it the holiday's token bizarro incident: according to Florida Today, a 23-year-old man who told police he punched a Wells Fargo ATM because it gave him too much cash, was arrested after bank officials said the attack caused at least...Show More Summary

Wells Fargo Stagecoach Horse Returns from Splint Bone Fracture for Rose Parade Appearance

The off leader of this four-horse hitch recovered from a fractured splint bone following treatment at the University of Georgia College of Veterinary Medicine and will be leading the first six-horse hitch to pull the Wells Fargo Stagecoach in the 2018 Rose Bowl Parade in Pasadena, California next weekend. Show More Summary

Wells Fargo Admits Tax Bill Unrelated to Wage Hike

Sucking up to Donald Trump is tricky business. On Wednesday Wells Fargo announced that it was raising its minimum wage thanks to the passage of the Republican tax bill: "Wells Fargo to Raise Minimum Hourly Pay Rate to $15, Target $400...Show More Summary

Corporate America's sudden tax-cut generosity: Is it real?

After Congress passed the sweeping tax cuts Wednesday, AT&T and Comcast said they would award one-time $1,000 bonuses to a total of more than 300,000 non-management employees. Wells Fargo and Fifth Third Bancorp said they'll raise their base pay to $15 an hour. Show More Summary

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