Banking Stocks

Wells Fargo & Co. (NYSE: WFC) and authorities struck a $3.7 billion settlement in order for the company to address claims that its conduct affected nearly 16 million customers, What Happened: A $1.7 billion fine and more than $2 billion in consumer compensation are part of the agreement...

Bank of America Corp (NYSE: BAC) and Goldman Sachs Group, Inc (NYSE: GS) gapped up to open Tuesday’s trading session after Goldman printed better-than-expected third-quarter financials. For the quarter, Goldman reported earnings per share of $8.25 on revenues of $11.98 billion, which...

Bank of America Corporation (NYSE: BAC) closed the trading session on Friday down 3.22%, as the stock continued its decline after breaking bearishly from a bear flag pattern on April 12. On Monday morning, before the market opens, Bank of America is set to print its second-quarter earnings results...

A banking app with 10 million customers announced a SPAC deal Monday. The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III (NYSE: VPCC), valuing the former at a pro forma equity value of $4 billion. A PIPE of $210 million was led by Tiger Global Management, Wellington...

Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) shed nearly all of its investment in banking company Wells Fargo & Co (NYSE: WFC) and added stake worth over $900 million in insurance broker Aon Plc (NYSE: AON) besides halving stakes in Chevron Corp (NYSE: CVX) in the first quarter,...

As the second quarter kicks off, CNBC host Jim Cramer has cautioned against investing in tech and healthcare stocks. What Happened: Cramer said he is bullish on industrial and bank stocks and advised investors to focus on the boom-and-bust cyclical stocks amid a booming economy. “As the...

Huntington Bancshares Inc (NASDAQ: HBAN) and TCF Financial Corporation (NASDAQ: TCF) announced late Sunday the two banks have agreed to merge in an all-stock deal. What Happened: The combined company will have a market valuation of $22 billion and continue to operate under the Huntington ...

HSBC Holdings plc (NYSE: HSBC) is considering a complete exit from retail banking operations in the U.S., the Financial Times reports. Senior management is expected to present a plan to the board in the coming weeks. What Happened: London-based HSBC has been a full-service...

Goldman Sachs Group Inc (NYSE: GS) is planning another round of layoffs, people familiar with the matter told Bloomberg. The bank has been letting employees go as are part of its plan for $1.3 billion cost control measures within a three-year period, as announced in January this...

PNC Financial Services Group Inc (NYSE: PNC) announced late Sunday it has agreed to absorb Spanish bank Banco Bilbao Vizcaya Argentaria SA’s (NYSE: BBVA) U.S. business in an $11 billion all-cash deal. What Happened: BBVA USA's operations amount to $104 billion in assets and the...

JPMorgan Chase & Co (NYSE: JPM) now controls 71% of its Chinese securities joint venture after it bought a 20% stake from a local partner, Reuters reported Sunday. What Happened: The stake in the securities JV was put on sale by state-owned Shanghai Waigaoqiao FTZ, according to a filing made...

HSBC Holdings Plc (NYSE: HSBC) shares surged in the pre-market session Tuesday as the bank beat analyst estimates for the third-quarter earnings. Q3 revenue dropped to $11.9 billion marking an 11% decrease year-over-year. Cumulative revenues for the first three quarters were 9.5% lower...

Wells Fargo & Co (NYSE: WFC) has been reportedly planning to offload some of its units which are not part of its core U.S. banking franchise. The latest ones to be put up for sale may include its corporate trust unit for proceeds of $1 billion or more as well as its portfolio of...

Wells Fargo & Co (NYSE: WFC) is in plans to delink its asset management business and is currently holding talks with private equity firms and peers in the asset management space, according to Reuters. Based on initial estimates, the deal could be valued at over $3 billion. In the third-quarter...

HSBC Holdings Plc (NYSE: HSBC) shares recovered from the historic low hit last week in Hong Kong on Monday, surging as much as 10% in intraday trading. What Happened: The surge came following China's largest insurer Ping An Insurance Company of China Ltd (OTC: PNGAY) increasing its...