Berkshire Hathaway cut its investment in Wells Fargo by more than 40% on Friday, selling more than 100 million shares in the bank in the latest of several major investment moves by Warren Buffett’s conglomerate.
With shares in financial institutions hammered by the COVID-19 pandemic, Warren Buffett’s Berkshire Hathaway slashed its stakes in some of the biggest U.S. banks in the second quarter, including Wells Fargo and JPMorgan, even as it moved to bet big on Bank of America.
The U.S. Federal Reserve rolled out new capital requirements for 34 of the country’s largest banks on Monday, imposing the highest requirements on Goldman Sachs and Morgan Stanley based on stress tests conducted earlier this year.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
HSBC said it is planning to double the number of Black employees in senior roles by the end of 2025, marking the latest financial firm to set hiring targets for the under-represented demographic group amid rising global concern over racial injustices.
Earnings for the top seven U.S. banks are likely to plunge almost 70% year-over-year in the second quarter, with near-zero interest rates cutting deep into income, analysts from Goldman Sachs projected.
Wells Fargo will no longer take on new student loan customers, instead issuing loans only to people who currently have an outstanding balance on a previously issued student loan with the bank or who submitted an application before July 1.
Small businesses will have another five weeks to apply for emergency government-backed loans to help them stay afloat during a COVID-19 resurgence under a bill passed by the House of Representatives late Wednesday that will now go to President Donald Trump for his signature.
Following a similar commitment from Bank of America, Pittsburgh-based PNC Financial Services Group on Thursday said it would direct more than $1 billion toward efforts to invest in African American and low- and moderate-income communities, as protests against police brutality continued and companies prepared to recognize the 155-year anniversary of slavery’s end in the United States.
A U.S. House committee is investigating whether several large American banks including JPMorgan, Bank of America, Citibank and Wells Fargo favored larger applicants over smaller ones when processing Paycheck Protection Program loans.
JPMorgan Chase customers will soon have a new option for digital receipt management thanks to a new partnership with technology company Sensibill, the companies said Thursday.
Sen. Macro Rubio, R-Fla., fired off letters Thursday to 12 major banks, including Wells Fargo, JPMorgan Chase & Co. and Bank of America, asking whether they had prioritized certain applicants for emergency small business loans in violation of the government-backed loan program’s requirement that loans be serviced on a first-come, first-served basis.