Banking regulators are ordering Wells Fargo to repay billions of dollars to consumers for charging illegal fees and interest. Congressional leaders unveil a new spending bill. A lot of it is military funding, as well as record-high support for Ukraine. A new study finds that jobless benefits in many states pay more than regular jobs,…
NTD Business (Dec. 20): Study: Americans Paid Not to Work; Wells Fargo Ordered to Pay $3.7 Billion
NTD Business (Dec. 20): Study: Americans Paid Not to Work; Wells Fargo Ordered to Pay $3.7B
Banking regulators ordering Wells Fargo to repay billions of dollars to consumers for charging illegal fees and interest. Congressional leaders unveil a new spending bill. A lot of it is military funding, as well as record high support for Ukraine. A new study finds that jobless benefits in many states pay more than regular jobs, sometimes…
Top Wall Street Banks to Take Paper Losses of $17 Billion in Mortgage-Backed Securities
November 18, 2022
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Business & MarketsCompanieseconomyinflationjp morgan chasemortgage ratesmortgage-backed securitiesreal estateunrealized lossesUSUS NewsUS Real EstateWall StreetWells Fargo
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Rising mortgage rates are forcing big banks to write down losses on their mortgage-backed securities (MBS) amid the Federal Reserve’s tightening interest rate policy and regulations. An MBS is an investment product that bundles home loans and other real estate debts, which then are bought from the banks that issued them. Wall Street’s big four…
Wells Fargo to Pay Over $13 Million Penalty to Resolve 401(K) Review
Wells Fargo & Co. said on Monday it would pay a penalty of $13.2 million as part of a settlement with the U.S Department of Labor to resolve the federal agency’s review of certain transactions related to the bank’s 401(k) retirement plans. About $131.8 million would also be paid out to eligible current and former…
Over 40K Homebuyers in China Refuse to Pay Mortgage; Big Banks Report Earnings | NTD Business
Tens of thousands of Chinese homebuyers have stopped paying their mortgages. Why? How does it impact China’s property sector? More big banks reporting earnings today. What do they tell us about the economy, and about the future? Travel chaos at airports leading to another problem: a lot of lost bags. We have tips on how to keep…
Wells Fargo CEO: Americans Won’t Be Ready for What Fed Has in Store for Them
June 30, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationinterest ratesInvestmentrecessionUSWells Fargo
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’
June 30, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationinterest ratesInvestmentrecessionUSWells Fargo
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Labor Market Showing Signs of Cooling, Hourly Earning Increases Slowed: Wells Fargo
The labor market in the United States has cooled down in recent months and dropped to February 2021 levels, according to the Wells Fargo Investment Institute. In a note on Thursday, the bank said that while wage figures are varied, increases to average hourly earnings have slowed down in May after peaking in March. They added that…
Wells Fargo CEO Predicts Economic Downturn For US Economy
May 18, 2022
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Business & EconomyCompanieseconomic policieseconomyinflationInvestmentMarketspersonal financerecessionstocksUncategorizedUSus inflation issueWells Fargo
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The CEO of Wells Fargo, Charlie Scharf said on May 17 that there was “no question” that the United States is heading for an economic downturn, in an interview at The Wall Street Journal’s Future of Everything Festival. “It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in…
Wells Fargo CEO Warns ‘No Question’ Worst Is yet to Come for Americans
The CEO of Wells Fargo warned Tuesday that there is “no question” that the U.S. economy is going to get worse before it gets better. “It’s going to be hard to avoid some kind of recession,” CEO Charles Scharf said during a Wall Street Journal event. The Federal Reserve has already raised interest rates twice…
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