Warren Buffett’s best-performing stock last year? One he’s been dumping. Wells Fargo & Co. shares delivered a total return of 61% last year, outpacing every other company listed in the most recent public snapshot of Berkshire Hathaway Inc.’s portfolio, as of Sept. 30, according to data compiled by Bloomberg.
Not since the late 2000s, when lavish bonuses rained down before and after federal bailouts, have pay packages at U.S. investment banks swelled as much as they have right now.
The trading desk was just embarking on a second banner year when senior executives started defecting to the likes of Bank of America Corp., Citigroup Inc. and Millennium Management. By this fall, many of the team’s heaviest hitters had gone.
JPMorgan Chase & Co. bought college financial-planning platform Frank, the latest in a string of acquisitions the largest U.S. bank has made this year to compete with both big technology firms and fintech upstarts.
The Federal Reserve is deciding whether to give financial-technology companies more direct access to its payment system after many of the upstarts swelled in popularity during the pandemic.
The bank posted a surprise increase in third-quarter expenses.
Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.
Wells Fargo & Co. is launching a $400 million fund to donate the fees it got from the Paycheck Protection Program back to small businesses, particularly ones that are minority-owned.
The bank will focus on helping nonprofits and businesses with fewer than 50 employees.