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Wells Fargo launch specialized APIs for Commercial Banking clients, aiming to boost sales, cut costs and improve liquidity.

Wells Fargo Launches New APIs To Boost Efficiency And Productivity: Details

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Analysts weigh in on WFC&#39;s formal agreement with OCC to enhance AML and sanctions risk management practices. 

Wells Fargo&#39;s Anti-Money Laundering Compliance: Analysts See Minimal Impact on Growth Despite Regulatory Hurdles

Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) shares are trading higher on Tuesday. The company launched specialized Application Programming Interfaces (APIs) for its Commercial <a href="https://www.benzinga.com/pressreleases/24/09/b40899845/wells-fargo-expands-api-capabilities-for-its-commercial-banking-business" target="_blank" rel="noreferrer noopener">Banking clients, expanding its API portfolio</a>.
These APIs offer real-time data access aimed at boosting sales, improving liquidity, reducing credit risk, and cutting expenses for floorplan and channel finance clients across several industries.
Wells Fargo&#8217;s API platform allows manufacturers, distributors, and dealers to seamlessly connect through their preferred systems. Automatic updates flow between trading partners, eliminating the need for manual data entry or file transfers, providing clients with instant access to crucial business insights.
Daniel Pfeiffer, head of Wells Fargo Global Receivables, Trade, and Inventory Finance, said, &#8220;By expanding our API technology, we took a step forward in taking out the complexity of navigating various systems allowing clients to embed the functionality they need to manage their inventory and processes in their system of choice.&#8221;
Reetika Grewal, Wells Fargo&#8217;s head of Digital for Commercial Banking and Corporate &amp; Investment Banking stated, &#8220;This expansion of our portfolio will allow our clients to be even more connected to the platforms they are using and ensure they have an end-to-end view that can streamline their business operations and provide information at a faster speed.&#8221;
This month, the U.S. Office of the Comptroller of the Currency (OCC) entered into a formal agreement with the company as related to its anti-money laundering (AML) and&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/09/40842814/wells-fargo-reaches-agreement-with-us-bank-regulatory-agency-about-anti-money-laundering-financial-c" rel="noreferrer noopener">sanctions risk management practices</a>.&nbsp;
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: WFC shares are up 2.26% at $55.01 at the last check Tuesday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40859481/wells-fargos-anti-money-laundering-compliance-analysts-see-minimal-impact-on-growth" target="_blank" rel="noreferrer noopener">Wells Fargo&#8217;s Anti-Money Laundering Compliance: Analysts See Minimal Impact on Growth Despite Regulatory Hurdles</a></li>
</ul>

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are trading higher on Tuesday. The bank appointed two executives to spearhead a new initiative aimed at integrating its investment banking and <a href="https://www.benzinga.com/topic/wealth-management">wealth management divisions</a>.
The bank targets increased asset growth and deal opportunities, as <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-16/bofa-names-leaders-to-better-align-investment-bank-wealth-units?sref=TBDibEcD" rel="noreferrer noopener">reported </a>Bloomberg.
Jim Rourke and Michael Liu have been appointed to&nbsp;lead the newly named Private Client Partnership Development.
Read: <a href="https://www.benzinga.com/markets/equities/24/09/40729471/bank-of-america-makes-largest-ever-investments-in-carbon-capture-bets-205m-on-a-cleaner-planet-r" target="_blank" rel="noreferrer noopener">Bank Of America Makes Largest-Ever Investments In Carbon Capture, Bets $205M On A Cleaner Planet</a>
Brendan Hanley&nbsp;and&nbsp;Sam Kumar, co-heads of emerging growth and regional coverage, stated that Rourke and Liu will focus on sell-side M&amp;A opportunities to "increase the quality of actionable mandates and growth of managed assets,".
This month, the bank announced a bold wage hike, driving its minimum hourly rate&nbsp;to $24 and<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40792082/whats-going-on-with-bank-of-america-stock-on-tuesday" rel="noreferrer noopener"> edging closer to a $25 goal by 2025</a>.
This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are up 0.30% at $39.22 premarket at the last check Tuesday.
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Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) shares are trading higher on Friday. On Thursday, the U.S. Office of the Comptroller of the Currency (OCC) entered into a formal agreement with the company as related to its anti-money laundering (AML) <a target="_blank" href="https://benzinga.com/government/24/09/40842814/wells-fargo-reaches-agreement-with-us-bank-regulatory-agency-about-anti-money-laundering-financial-c" rel="noreferrer noopener">and&nbsp;sanctions risk management practices</a>.
Wells Fargo issued a statement Thursday announcing a new agreement, which will require enhancements to the bank&#8217;s AML and sanctions risk management practices, obtaining the OCC&#8217;s acceptance of Wells Fargo&#8217;s program for assessing the AML and sanctions risks of new offerings and providing notice to the OCC before expanding certain of those offerings.&nbsp;
Goldman Sachs analysts Richard Ramsden and James Yaro write that it appears that Wells Fargo has been aware of the issues related to this enforcement action for some time, so they don&#8217;t expect it to affect their <a target="_blank" href="https://www.benzinga.com/quote/WFC/analyst-ratings" rel="noreferrer noopener">2024 expense outlook significantly</a>.
Based on past cases, if Wells Fargo resolves the control deficiencies within the OCC&#8217;s timeline, it&#8217;s unlikely to escalate to a more serious consent order, which could involve civil penalties and stricter business limitations, per the analysts.
Analysts say that while the agreement restricts WFC from expanding into products or services with medium or high BSA/AML risk without approval, they don&#8217;t foresee a material impact on their near-term growth.
RBC Capital Markets analyst Gerard Cassidy writes that although this news is unexpected and AML issues are serious, often involving fines, lengthy resolutions, and high costs, they don&#8217;t believe this agreement will affect the chances of lifting the Federal Reserve&#8217;s 2018 Cease and Desist (C&amp;D) order and asset cap.
The C&amp;D order is focused on WFC&#8217;s consumer banking issues, while today&#8217;s agreement addresses separate AML concerns, adds the analyst.
Last month, Wells Fargo planned to sell its non-agency third-party commercial mortgage servicing segment to <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40468566/whats-going-on-with-wells-fargo-stock-tuesday" rel="noreferrer noopener">Trimont</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40468566/whats-going-on-with-wells-fargo-stock-tuesday" rel="noreferrer noopener">, closing in early 2025</a>.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: WFC shares are up 1.48% at $52.33 at the last check Friday.
Image via Shutterstock
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Wells Fargo's Anti-Money Laundering Compliance: Analysts See Minimal Impact on Growth Despite Regulatory Hurdles

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)&nbsp;CEO Brian Moynihan <a href="https://www.benzinga.com/markets/equities/24/09/40792082/whats-going-on-with-bank-of-america-stock-on-tuesday">praised Warren Buffett</a> on Tuesday as an investor in the company, but said he has not asked the legendary investor why he has lowered his position in Bank of America.
&#8220;He has been a great investor for our company, stabilized our company,&#8221; Moynihan said about Buffett during an investor conference in New York, Reuters reported. &#8220;I don&#8217;t know what exactly he is doing because frankly we can&#8217;t ask.&#8221;
Buffett&#8217;s Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) the biggest shareholder in BofA,&nbsp;has been reducing its stake in the U.S. bank, making total share sales since mid-July of nearly $7 billion.
Berkshire&#8217;s stake in Bank of America stands at about 11.1%, according to LSEG data.
Read Also: <a href="https://www.benzinga.com/general/education/24/09/40795866/warren-buffetts-sister-lost-every-game-of-monopoly-all-my-money-was-gone-but-she-says-she-train">Warren Buffett&#8217;s Sister Lost Every Game Of Monopoly — &#8216;All My Money Was Gone,&#8217; But She Says She &#8216;Trained Him To Be A Winner&#8217;</a>
Moynihan also discussed the proposed changes in capital rules after the Federal Reserve Chairman Jerome Powell laid out a plan on Tuesday to raise big bank capital by 9%, significantly reducing an earlier proposal after intense Wall Street pushback.
Moynihan said the proposed changes are manageable for Bank of America, and it will keep buying back stock, but warned that higher capital requirements for large banks could reduce lending.
&#8220;If our capital goes up by 10%, it stops us from making $160 billion (in) loans we would otherwise make. Those loans would go to small businesses and middle-market companies at competitive rates,&#8221; he said.
Speaking about performance in the third quarter, he said investment banking revenue could be around $1.2 billion, a slight uptick from $1.18 billion in revenue posted in the same quarter a year earlier.
BAC Price Action: Bank of America fell 0.48% to close at $39.28 on Tuesday.
Exchange-traded funds that hold the stock also trended downward.
<ul>
<li>First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) fell 1.71%</li>
<li>Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) slipped 1.83%</li>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) declined 1.11%</li>
</ul>
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</ul>
Photo: Brian Moynihan, Bank of America at World Economic Forum (WEF), Courtesy WEF via <a href="https://www.flickr.com/photos/worldeconomicforum/52095722888/in/photolist-2nnwcqL-RdLSNL-RdLSFm-2nnw5nq-SrPEcd-RgrMo6-7z8ezp-E4BHQD-RdLSMU-RdLSyN-2nnwcc4-SrPEbw-RdLSKE-SrPEd5-2nnV7BY-RgrMka-brGbFG-Svu93D-2nnwcb2-SrPEbb-SrPE9h-2nnNBgZ-SrPEau-RdLSPC-nAFmrs-aZcfDv-R8p38P-2nnV7AL-2bXeSgX-2nnwc1h-brHePm-2nnwbW9-2bXeW4g-2nnxi6n-2bXeZA6-2kwL7x3-2nxZQGK-brKH3j-2nsCzDU-JLFmTp-2jF3WQC-aUGnoR-22CQiXy-6JF8ms-2nsDn2n-E4vGw8-2nWZRuR-bDD5W1-bDD6uo-2nX1NAZ">Flickr</a> Creative Commons

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Bank Of America CEO On Buffett's Share Retreat: 'I Don't Know What Exactly He Is Doing ... We Can't Ask'

The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares are trading lower premarket Tuesday. On Monday, the company&#8217;s CEO, David Solomon, reportedly stated that trading revenue will likely fall by 10% in the third quarter due to sluggish conditions last month.
However, Solomon noted that investment banking is improving, although activity from financial sponsors hasn&#8217;t rebounded as expected. He remains optimistic that private equity-led deals will recover by the end of this year and into 2025, reported Reuters.
According to Solomon, Goldman Sachs is narrowing its focus on the consumer business. The CEO highlighted the bank&#8217;s sale of loans to small and medium-sized businesses and its plan to exit a credit card partnership with General Motors as examples of its retreat from retail sectors, a strategy that started in late 2022.
Solomon said, &#8220;The combination of those things this quarter will likely have an approximately $400 million pre-tax impact, largely showing up in revenues.&#8221;
In July, the bank reported sales increased&nbsp;17%&nbsp;Y/Y, reflecting higher net revenues in Global Banking and markets and Asset and wealth Management. Also, the U.S. financial services giant reported GAAP EPS of&nbsp;$8.62,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$8.35</a>.
Goldman Sachs plans to cut over 1,300 employees from its global workforce in an annual review to eliminate low performers, <a target="_blank" href="https://www.wsj.com/finance/banking/goldman-sachs-to-lay-off-over-1-300-workers-f1d92b88?mod=latest_headlines" rel="noreferrer noopener">WSJ</a> reported in August.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40484078/goldman-sachs-warns-against-misinterpreting-wednesdays-us-jobs-data-as-crypto-markets-hold" rel="noreferrer noopener">Goldman Sachs Warns Against Misinterpreting Wednesday&#8217;s US Jobs Data As Crypto Markets Hold Their Breath</a>
Price Action: GS shares are down 0.57% at $485.80 premarket at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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What's Going On Goldman Sachs Stock Premarket Tuesday?

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are climbing as the company announces a bold wage hike, driving its minimum hourly rate<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40760261/biden-administration-says-unemployment-is-low-but-do-americans-see-it-that-way" rel="noreferrer noopener"> to $24 and edging closer to a $25 goal by 2025.</a>
&#8220;Providing a competitive minimum wage is core to being a great place to work &#8212; and I am proud that Bank of America is leading by example,&#8221; said&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40787982/bofa-raises-u-s-minimum-hourly-wage-to-24-increasing-starting-salary-to-nearly-50k" rel="noreferrer noopener">Sheri Bronstein, chief human resources officer.</a>
This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.
This decision continues Bank of America&#8217;s tradition of leading the nation in setting minimum wage standards for U.S. hourly workers.
In the last seven years, Bank of America raised the minimum hourly wage from&nbsp;$15&nbsp;to&nbsp;$24&nbsp;in 2024. As a result, the starting salary for full-time U.S. employees will have increased by nearly $20,000 since 2017.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/09/40728795/private-employment-grows-by-99-000-in-august-sharply-misses-forecasts-of-140-000-" rel="noreferrer noopener">Private Employment Grows By 99,000 In August, Sharply Misses Forecasts Of 140,000: &#8216;The Labor Market Overall Is Softening&#8217;</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, BAC stock has gained over 38% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are trading higher by 1.60% to $40.10 premarket at last check Tuesday.
Photo via Shutterstock
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What's Going On With Bank Of America Stock On Tuesday?

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are trading higher premarket Thursday. The company is reportedly providing a major boost to climate technology, which has struggled to gain momentum through a landmark tax credit deal.
The bank will invest $205 million in exchange for tax credits from an ethanol producer, Harvestone Low Carbon Partners, that captures carbon at a plant in North Dakota, <a target="_blank" href="https://www.wsj.com/business/energy-oil/bank-of-america-carbon-capture-tax-credit-deal-c81a8c32?mod=business_lead_story" rel="noreferrer noopener">reported</a> WSJ.
Notably, last October, Harvestone Low Carbon Partners began capturing carbon at its Underwood plant. This plant produces corn ethanol blended with gasoline to meet emission regulations and captures over 200,000 metric tons of carbon annually—equivalent to the emissions of about 42,000 gas-powered cars.
The deal represents one of the largest-ever investments in carbon capture and the first deal of its kind since the 2022 climate law enhanced tax credits for carbon capture and underground storage.
The report quoted Noah Zerance, a director on Bank of America's sustainable finance team, saying in an interview, &#8220;There has to be an element of trying to address the emitters that are in the market today and helping them decarbonize.&#8221;
As per the report, the deal underscores how investors are betting that certain aspects of the Biden administration's climate spending will endure despite potential policy changes in Washington.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are up 0.15% at $40.56 premarket at the last check Thursday.
Photo Courtesy: Tero Vesalainen On Shutterstock
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40592315/warren-buffett-sells-another-982m-worth-of-bank-of-america-shares-what-you-should-know" target="_blank" rel="noreferrer noopener">Warren Buffett Sells Another $982M Worth Of Bank Of America Shares — What You Should Know</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bank Of America Makes Largest-Ever Investments In Carbon Capture, Bets $205M On A Cleaner Planet: Report

Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares are trading lower on Tuesday. The bank has reportedly hired veteran investment banker Matt Beitzel, who previously led Citigroup&#8217;s North American banks coverage, as a partner in its financial institutions group.
Beitzel will join Goldman Sachs in November after a period of gardening leave, as per Reuters.
In his new role, he will lead Goldman&#8217;s dealmaking efforts with banks and financial services firms across the Americas.
In July, Goldman Sachs made several senior leadership appointments within its investment banking team, including the appointment of former JPMorgan banker Carsten Woehrn as<a href="https://www.benzinga.com/markets/equities/24/07/39855547/goldman-sachs-bolsters-m-a-team-with-key-hires-report" target="_blank" rel="noreferrer noopener"> joint co-head of M&amp;A in EMEA</a>.
The bank confirmed Haidee Lee&#8216;s return to Goldman Sachs as global co-head of Sponsor M&amp;A. 
This month, Goldman Sachs has reportedly agreed to sell Blanchardstown Centre, Ireland&#8217;s largest shopping mall, to <a href="https://www.benzinga.com/markets/equities/24/08/40400422/goldman-sachs-offloads-irelands-largest-mall-to-strategic-value-partners-report" target="_blank" rel="noreferrer noopener">credit firm Strategic Value Partners</a>.
Investors can gain exposure to the stock via iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
GS Price Action: Goldman Sachs shares are down 0.88% at $500.25 at publication Tuesday.
Read Next:
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

What's Going On With Goldman Sachs Shares Tuesday?

Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)&nbsp;shares are trading slightly lower&nbsp;today. The company agreed to sell the non-agency third-party servicing segment of its Commercial Mortgage Servicing business to Trimont<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40462685/wells-fargo-enters-into-agreement-with-trimont-to-sell-the-non-agency-third-party-servicing-segmen" rel="noreferrer noopener"> for an undisclosed amount</a>.
Wells Fargo will retain servicing for Agency/GSE loans and loans on its balance sheet. The deal is expected to close in early 2025, pending customary closing conditions.
Kara McShane, Executive Vice President and head of Wells Fargo Commercial Real Estate, said, &#8220;This transaction is consistent with Wells Fargo&#8217;s strategy of focusing on businesses that are core to our consumer and corporate clients.&#8221;
&#8220;We remain committed to our market-leading Commercial Real Estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our Corporate and Investment Bank.&#8221;
The transaction, supported by Värde Partners, will make Trimont the largest loan servicer, overseeing $640 billion in loans in the U.S., about 11% of the U.S. <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40462726/trimont-signs-definitive-agreement-to-acquire-wells-fargo-non-agency-third-party-commercial-mortga" rel="noreferrer noopener">commercial real estate lending market</a>.
&#8220;Trimont and Wells Fargo&#8217;s Commercial Mortgage Servicing are recognized experts in their respective areas of concentration. The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market,&#8221; said&nbsp;Bill Sexton, CEO of Trimont.
In July, Wells Fargo&nbsp;reported&nbsp;a GAAP EPS of $1.33, beating the consensus of $1.29, and <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39747286/wells-fargo-q2-earnings-net-interest-margin-slides-average-loans-decline-stock-falls" rel="noreferrer noopener">revenue rose 1% to $20.69 billion</a>.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: WFC shares are down 0.25% at $56.31 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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</ul>

Asset Sales

What's Going On With Wells Fargo Stock Tuesday?

Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) has reportedly agreed to sell Blanchardstown Centre, Ireland&#8217;s largest shopping mall,<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40364199/heres-how-much-goldman-sachs-invested-in-bitcoin-etfs-despite-saying-theyre-not-believers-" rel="noreferrer noopener"> to credit firm&nbsp;Strategic Value Partners.</a>
The U.S. investment firm, which put the shopping mall for sale last year, aspiring about €650 million ($713.37 million), is selling for a price lower than that, reported Bloomberg, citing people familiar with the discussions.
Goldman Sachs purchased the mall from Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) in late 2020, when it was esteemed at €750 million.
The complex has 180 stores and eateries with 16 million visitors a year. Occupants include Zara and Hollister.
After a decade of disruption from online shopping, malls are attracting investors again, the report mentioned.
Check This Out:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40391777/walmart-q2-earnings-e-commerce-and-advertising-businesses-fuel-revenue-and-profit-beat-hikes-annual" rel="noreferrer noopener">Walmart Q2 Earnings: E-commerce and Advertising Businesses Fuel Revenue And Profit Beat, Hikes Annual Guidance</a>
Recent declines have made space more affordable for retailers, reducing the risk of missed payments. Additionally, tenants benefit from 14 consecutive quarters of rising consumer spending in Dublin, the report highlighted, citing data compiled for the city&#8217;s local governments.
&#8220;Capital values for prime shopping centers in Europe have fallen more than 40% since the peak and rental values in the best malls are now increasing, so if yields stabilize there is value recovery potential,&#8221;&nbsp;Sue Munden, a senior analyst at&nbsp;Bloomberg Intelligence, said about the region&#8217;s retail properties in general.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GS stock has gained over 50% in the past year.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: GS shares are trading higher by 0.73% to $502.35 at last check Thursday.
Image via Shutterstock
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</ul>

Goldman Sachs Offloads Ireland's Largest Mall To Strategic Value Partners: Report

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are trading higher today after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39942541/bank-of-america-increases-common-stock-dividend-8-to-0-26-per-share-authorizes-25-billion-stock-re" rel="noreferrer noopener">authorized share buybacks</a>.
The Board authorized a $25 billion stock repurchase program starting August 1, 2024, replacing the existing program set to expire on that date.
As of June 30, 2024, the current program had $6.7 billion in repurchases left.
<a target="_blank" href="https://www.benzinga.com//node/39559009" rel="noreferrer noopener">As announced earlier</a>, the bank had raised the quarterly cash dividend to $0.26 per share, up $0.02 from the previous quarter. The dividend will be paid on September 27 to shareholders of record as of September 6.
Related: <a target="_blank" href="https://www.benzinga.com/news/24/06/39563519/us-banks-bump-up-dividends-following-feds-successful-stress-test" rel="noreferrer noopener">US Banks Bump Up Dividends Following Fed&#8217;s Successful Stress Test</a>
The company&#8217;s Board also declared a regular quarterly cash dividend of&nbsp;$1.75&nbsp;per share on the&nbsp;7%&nbsp;Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on&nbsp;October 25 to shareholders of record as of&nbsp;October 11.
Based on the 2024 CCAR results, Bank of America&#8217;s stress capital buffer (SCB) will be 3.2% and the CET1 minimum requirement will be 10.7% when finalized.&nbsp;
This new SCB will be effective from&nbsp;October 1, 2024&nbsp;to&nbsp;September 30, 2025.&nbsp; At&nbsp;March 31, 2024&nbsp;Bank of America had&nbsp;$197 billion&nbsp;of regulatory CET1 capital and a CET1 ratio of 11.9% which exceeds our current regulatory minimum requirement of 10.0%.
Last week, the bank reported second-quarter EPS of $0.83, beating the&nbsp;analyst consensus estimate of $0.80, and revenue (net of interest expense) of $25.54 billion, beating the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39790011/bank-of-americas-q2-earnings-revenue-and-eps-beat-1-5b-credit-loss-provision-sees-q4-nii-growth" rel="noreferrer noopener">consensus estimate of&nbsp;$25.22 billion</a>.
In the quarter, the bank returned $5.4 billion to shareholders: $1.9 billion in dividends and $3.5 billion in share <a target="_blank" href="https://d1io3yog0oux5.cloudfront.net/_4d61c9eca45aec23fe32792ef159a22b/bankofamerica/db/806/10092/earnings_release/The+Press+Release_2Q24_ADA.pdf" rel="noreferrer noopener">repurchases</a>.
BAC stock has gained over 30% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39822190/these-analysts-boost-their-forecasts-on-bank-of-america-following-better-than-expected-earnings" rel="noreferrer noopener">These Analysts Boost Their Forecasts On Bank of America Following Better-Than-Expected Earnings</a>
Price Action: BAC shares are up 0.50% at $42.40 premarket at the last check Thursday.
Photo via Shutterstock
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</ul>

Dividends

Buybacks

What's Going On With Bank Of America Shares Premarket Thursday?

The Goldman Sachs Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) reportedly made several senior leadership appointments within its investment banking team.
The company appointed former JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) banker Carsten Woehrn as joint co-head of M&amp;A in EMEA to &#8220;grow and develop our European franchise,&#8221; reported Reuters.
Woehrn previously led JPMorgan&#8217;s Infrastructure M&amp;A franchise in Europe, specializing in healthcare, energy, and transportation transactions.
As per the report, Goldman Sachs has appointed Nimesh Khiroya as co-head of M&amp;A in EMEA.
He will continue his role as co-head of UK Investment Banking while previously leading activism and shareholder advisory in EMEA and Nordic M&amp;A.
The memo confirmed Haidee Lee&#8217;s return to Goldman Sachs as global co-head of Sponsor M&amp;A. She previously served as co-head of strategic investor group M&amp;A at JPMorgan.
M&amp;A volumes hit $1.6 trillion globally in the first half of the year, up 20% from a year earlier, Reuters reported earlier.
As per report, Equity capital market volumes increased by 10% over the same period. In their quarterly earnings, Wall Street banks noted a more robust deal pipeline and a surge in investment banking activity.
Yesterday, Goldman Sachs Asset Management and Betterment jointly introduced the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39845249/goldman-sachs-and-betterment-launch-tax-smart-bonds-portfolio-for-savvy-investors-details" rel="noreferrer noopener">Goldman Sachs&nbsp;Tax-Smart Bonds portfolio</a>.
This week, the bank reported second-quarter revenue of&nbsp;$12.730 billion, beating the consensus of&nbsp;$12.456 billion and EPS of&nbsp;$8.62,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend" rel="noreferrer noopener">beating the consensus of&nbsp;$8.35</a>.
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39801120/goldman-sachs-analysts-boost-their-forecasts-following-better-than-expected-earnings" rel="noreferrer noopener">Goldman Sachs Analysts Boost Their Forecasts Following Better-Than-Expected Earnings</a>
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: GS shares are down&nbsp;0.10%&nbsp;at&nbsp;$485.73 premarket&nbsp;at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Sergei Elagin On Shutterstock.com

Goldman Sachs Bolsters M&A Team With Key Hires: Report

The Goldman Sachs Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares are trading lower today. Goldman Sachs Asset Management and Betterment jointly introduced the Goldman Sachs <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39840523/betterment-and-goldman-sachs-launch-industry-first-tax-smart-bonds-portfolio" rel="noreferrer noopener">Tax-Smart Bonds portfolio</a>.
Goldman Sachs has developed a strategy by combining short-duration U.S. Treasury bonds, high-quality corporate bonds, and municipal bond ETFs.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39776059/goldman-sachs-targets-asias-fast-growing-economies-with-new-2b-private-equity-fund-report" rel="noreferrer noopener">Goldman Sachs Targets Asia&#8217;s Fast-Growing Economies With New $2B Private Equity Fund: Report</a>
This portfolio leverages Goldman Sachs&#8217; expertise in bond markets and Betterment&#8217;s automation.&nbsp;
The Goldman Sachs Tax-Smart Bonds portfolio is tailored for clients in higher tax brackets seeking a lower-risk bond strategy compared to equities.
This approach adapts to both longer-term trends and current market conditions, ensuring flexibility to respond to events such as the COVID-19 pandemic and U.S. debt ceiling debates, which can impact market stability.
Padideh Raphael, Global Head of Third Party Wealth at Goldman Sachs Asset Management, said, &#8220;It is important for investors seeking to create and safeguard long-term wealth to consider after-tax returns in their portfolios.&#8221;&nbsp;
&#8220;This latest collaboration, combining Goldman Sachs&#8217;s investment capabilities with Betterment&#8217;s innovative technology platform and customer-first approach, will allow us to work together on behalf of clients who seek attractive after-tax bond yields.&#8221;
This week, the bank reported second-quarter revenue of&nbsp;$12.730 billion, beating the consensus of&nbsp;$12.456 billion and EPS of&nbsp;$8.62,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend" rel="noreferrer noopener">beating the consensus of&nbsp;$8.35</a>.
Related: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39801120/goldman-sachs-analysts-boost-their-forecasts-following-better-than-expected-earnings" rel="noreferrer noopener">Goldman Sachs Analysts Boost Their Forecasts Following Better-Than-Expected Earnings</a>
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: GS shares are down 2.30% at $490.63 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Contracts

Goldman Sachs and Betterment Launch Tax-Smart Bonds Portfolio for Savvy Investors: Details

RBC Capital Markets analyst Gerard Cassidy raised the price target of Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) to $108 from $91, maintaining a Sector Perform rating following strong second-quarter FY24 results.
Yesterday, the bank reported EPS of $1.82, beating&nbsp;the consensus of $1.65, and sales of $15.02 billion, exceeding <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39793333/morgan-stanley-q2-earnings-higher-profits-as-investment-banking-activity-rebounds-on-track-to-reach" rel="noreferrer noopener">the consensus of $14.30 billion</a>.
The analyst writes that the bank&#8217;s diversified business model, including Institutional Securities, Wealth Management, and Investment Management, drove strong quarterly results with mid-teens ROTCE, led by its premier investment banking and trading operations.
If market conditions remain favorable through the latter half of 2024, Morgan Stanley is poised to sustain these advantages, buoyed by its strong presence in investment banking and trading sectors, says the analyst.
Given the company&#8217;s strong excess capital position, the analyst anticipates the bank will reward shareholders with common share repurchases and increased dividends, which should result in the company returning up to 100% of earnings.
Cassidy adjusted the 2024 and 2025 EPS projections to $6.95 and $7.80, up from $6.67 and $7.75, respectively. This revision reflects anticipated gains in net interest income and non-interest income, tempered by increased expenses.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39803035/morgan-stanley-capital-markets-segment-shines-wealth-metrics-lag-analysts-praise-st" rel="noreferrer noopener">Morgan Stanley Capital Markets Segment Shines, Wealth Metrics Lag: Analysts Praise &#8216;Strong Cost Discipline&#8217;</a>
Apart from this, Barclays raised the price target to $121 from $116 and maintained an Overweight rating, and, Evercore ISI Group upped the price target to $115 from $105 and reiterated the Outperform rating.
Price Action: MS shares are up 0.45% at $106.70 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock

Price Target

Reiteration

Morgan Stanley's Diversified Business Model Drives Q2 Success, Analyst Projects Increased Shareholder Returns

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) are <a href="https://www.benzinga.com/news/24/07/39696435/why-are-bank-of-america-shares-rising-tuesday">expected to report</a> their second-quarter earnings on Tuesday.
Analysts expect Bank of America to post earnings per share (EPS) of 80 cents alongside $22.52 billion in revenue for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. A year ago, the bank reported 88 cents EPS and $25.3 billion in revenue.
Schwab is expected to register 72 cents EPS and report $4.68 billion in revenue for the three-month period. The bank posted 75 cents EPS and $4.656 billion in revenue during the same period in 2023.
Morgan Stanley analysts forecast $1.65 EPS and $14.299 billion in revenue for the second quarter, up from $1.24 EPS and $13.4 billion in revenue a year ago, Benzinga Pro data shows.
On Monday,&nbsp;The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) reported revenue of&nbsp;$12.730 billion&nbsp;for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39777515/goldman-sachs-strong-q2-performance-boosts-confidence-in-future-returns-says-jp-mor">the second quarter</a>, beating the consensus of&nbsp;$12.456 billion.
Sales increased&nbsp;17%&nbsp;year over year, reflecting higher net revenues in Global Banking and markets and Asset and wealth Management. Global Banking &amp; Markets revenues were&nbsp;$8.18 billion, up&nbsp;14%&nbsp;year over year.
Read Also: <a href="https://www.benzinga.com/insights/options/24/07/39777756/charles-schwab-options-trading-a-deep-dive-into-market-sentiment">Charles Schwab Options Trading: A Deep Dive into Market Sentiment</a>
On Friday, J.P. Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and <a href="https://www.benzinga.com/quote/c" target="_blank" rel="noreferrer noopener"></a>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) all posted better-than-expected results for the second quarter.
JPMorgan, the largest U.S. bank by assets, reported EPS at $4.40, surpassing the consensus estimate of $4.19. Adjusted revenue reached $50.99 billion, above the forecast of $42.3 billion.
Citi's second-quarter EPS of $1.52 beat the estimated $1.39 as revenue of $20.14 billion, compared to the $20.0 billion forecast.
Wells Fargo's EPS came in at $1.33, slightly higher than the $1.29 expected by analysts, while revenue reached $20.69 billion, exceeding the $20.29 billion estimate.
Price Action: Bank of America gained 0.77% to $41.91 as of Monday&#8217;s mid-afternoon trading, while Schwab rose 0.13% to $75.48 and Citi picked up 1.41% to $65.43. 
The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) gained 1.43% by mid-afternoon, while Invesco KBW Bank ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) jumped 2.06%.
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Photo: Shutterstock
<a href="https://www.benzinga.com/quote/wfc" target="_blank" rel="noreferrer noopener"></a>

Earnings

Earnings Beats

SCHW

Bank of America, Schwab, Morgan Stanley: What To Expect From Tuesday's Earnings

JP Morgan analyst Kian Abouhossein presented their take on The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) second-quarter FY24 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend" rel="noreferrer noopener">earnings results reported today</a>.
The bank reported revenue of&nbsp;$12.730 billion, beating the consensus of&nbsp;$12.456 billion, and GAAP EPS of&nbsp;$8.62,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$8.35</a>.
The analyst stated that Goldman Sachs&#8217; reported EPS of $8.62 is 5% above their estimate of $8.24. The bank&#8217;s $3.5 billion share buyback during the quarter significantly exceeded JPMorgan&#8217;s $1 billion, the analyst noted.
Abouhossein added that despite the buyback occurring before the Fed Stress Test results, which raised the SCB by 90bps to 6.4% and set a 13.9% Standardized CET1 ratio requirement from October 2024, strong earnings generation offers confidence in future capital returns.
However, uncertainty remains regarding the finalization of Basel 3 regulations, noted the analyst.
Abouhossein anticipates low-single-digit EPS upgrades to consensus for 2024. The analyst has <a target="_blank" href="https://www.benzinga.com/quote/GS/analyst-ratings" rel="noreferrer noopener">rated the stock Overweight.</a>
Investors can gain exposure to the stock via IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39776059/goldman-sachs-targets-asias-fast-growing-economies-with-new-2b-private-equity-fund-report" rel="noreferrer noopener">Goldman Sachs Targets Asia&#8217;s Fast-Growing Economies With New $2B Private Equity Fund: Report</a>
Price Action: GS shares are up 1.22% at $485.73 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Goldman Sachs' Strong Q2 Performance Boosts Confidence in Future Returns, Says JP Morgan Analyst

The <a href="https://www.benzinga.com/earnings">second-quarter reporting </a>season kicks off in earnest with earnings reports from the biggest banks, and it remains to be seen if these companies set a positive tempo and reignite the buying interest in the market.
Earnings Growth To Trail Broader Market: With the bulk of the S&amp;P 500 companies reporting over the next two weeks belonging to the financial sector, their earnings could have a big impact on the market. Among the financial sectors, those operating in the insurance and capital markets industries are expected to contribute significantly to the year-over-year earnings growth of the sector, financial data analytics company FactSet <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_070324.pdf">said</a> in its weekly earnings insight report.
The financial sector per se is expected to report 4.3% year-over-year earnings growth, lower than the 8.8% growth predicted for the S&amp;P 500 companies as a group. Within the capital markets industry, the investment banking &amp; brokerage business may have seen a 53% jump in earnings growth. Financial exchanges &amp; data and asset management &amp; custody banks may have seen 10% growth each.
See Also: <a href="https://www.benzinga.com/money/best-financial-services-stocks">Best Financial Services Stocks Right Now</a>
Key Metrics To Watch For: The strength of the fundamental business of lending and borrowing depends on the prevailing interest rates. The Fed funds rate, which is the benchmark against which all interest rates are pegged, remained at a 22-year high of 5.25%-5.50%.
&#8220;The interest rate environment remained a marginal negative in the second quarter, albeit slightly less so than in the first,&#8221; said Sean Ryan, VP for the banking and specialty finance sector at FactSet. The analyst said other comprehensive income may have seen further losses due to the 10-year Treasury yield rising 17 basis points in the June quarter. 
Provisions may increase, denting the bottom line as the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">Fed&#8217;s stress results released in late June </a>showed that, the commercial and industrial loan loss rates may increase to 8.1% in 2024 from 6.7% last year.&nbsp;
Sluggish loan growth may have dented net interest income to some extent, he said, adding that &#8220;the bottoming process for net interest margins continues to play out, with another tranche of banks likely to post their first increases of this cycle, and more likely to guide to future increases.&#8221;
Non-interest revenue may have remained mixed, Factset said. WTW's Quarterly Deal Performance Monitor <a href="https://www.reinsurancene.ws/global-ma-activity-gains-momentum-in-2024-amid-regional-challenges-wtw/">showed</a> that the M&amp;A market in North America remained challenging, with acquirers underperforming their regional index by -7.7%, marking the sixth consecutive quarter that buyers have lagged behind industry peers.
FactSet said mortgage banking may have benefitted from higher origination activity, including refinancing notwithstanding the slightly higher interest rates. Wealth and asset management may have benefitted from the 3.9% gain posted by the S&amp;P 500 during the quarter, although was smaller than the first quarter&#8217;s 10.2% gain.
 The Earnings Schedule: 
Friday:
<ul>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</li>
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
<li>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)</li>
<li>Bank of New York Mellon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>)</li>
</ul>
Monday:
<ul>
<li>Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)</li>
</ul>
Tuesday:
<ul>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</li>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</li>
</ul>
Here&#8217;s a rundown on expectations for the big banks:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Q2 EPS Consensus</td>
<td>Y-o-Y Change</td>
<td>Q-o-Q Change</td>
<td>Q2 Revenue Consensus</td>
<td>Y-o-Y Change</td>
<td>Q-o-Q Change</td>
</tr>
<tr>
<td>JPMorgan</td>
<td>$4.19</td>
<td>(-11.8%)</td>
<td>(-5.6%)</td>
<td>$42.34B</td>
<td>(-0.10%)</td>
<td>(-0.5%)</td>
</tr>
<tr>
<td>Citi</td>
<td>$1.39</td>
<td>+4.5%</td>
<td>(-12.20%)</td>
<td>$20.07B</td>
<td>+3.3%</td>
<td>(-4.9%)</td>
</tr>
<tr>
<td>Well Fargo</td>
<td>$1.29</td>
<td>+3.2%</td>
<td>+7.5%</td>
<td>$20.29B</td>
<td>(-1.2%)</td>
<td>(-2.7%)</td>
</tr>
<tr>
<td>Goldman</td>
<td>$8.36</td>
<td>+171.4%</td>
<td>(-27.8%)</td>
<td>$12.47B</td>
<td>+14.4%</td>
<td>(-12.2%)</td>
</tr>
<tr>
<td>BofA</td>
<td>80 cents</td>
<td>(-9.1%)</td>
<td>(-3.6%)</td>
<td>$25.22B</td>
<td>nearly flat</td>
<td>(-2.9%)</td>
</tr>
<tr>
<td>Morgan Stanley</td>
<td>$1.65</td>
<td>+33.1%</td>
<td>(-18.3%)</td>
<td>$14.31B</td>
<td>+9.4%</td>
<td>(-5.5%)</td>
</tr>
</tbody>
</table>
</figure>
Financial Stock Moves: The Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>), an exchange-traded fund that tracks the performance of the KBW Bank Index, has gained a mere 0.5% in the second quarter, underperforming the broader market. The ETF is up about 15.3% for the year-to-date period.
In pre-market trading on Friday, the ETF rose 0.64% to $56.20, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data.</a>
Read Next:<a href="https://www.benzinga.com/markets/equities/24/05/38910405/jamie-dimons-lobbying-pays-off-report-says-regulators-contemplate-significant-reduction-in-propo"> </a>
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/05/38910405/jamie-dimons-lobbying-pays-off-report-says-regulators-contemplate-significant-reduction-in-propo">Jamie Dimon&#8217;s Lobbying Pays Off? Report Says Regulators Contemplate Significant Reduction In Proposed Capital Norms Increase For Big Banks</a></li>
</ul>
Image from Shutterstock

Economics

JPMorgan, Citi Kick Off Big Bank Reporting Season As Expectations Remain Muted Amid Economic Headwinds: Q2 Earnings Preview

The latest Federal Reserve stress test results have highlighted &#8220;the inherent opacity&#8221; of the <a href="https://www.benzinga.com/federal-reserve">Fed evaluation process</a>, according to Bank of America analyst Ebrahim H. Poonawala.
The tests, which assess the resilience of banks under severe economic scenarios, revealed a wide range of impacts on minimum capital requirements. Overall, they demonstrated that the institutions have sufficient buffers to weather the storm, albeit with <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">higher-than-expected losses.</a>
<h3 class="wp-block-heading">Bank Of America&#8217;s Key Insights From the Stress Test Results</h3>
&#8216;Goldman Sachs Worst Hit&#8217;: Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) experienced the largest year-over-year increase in its stress capital buffer (SCB), rising by 100 basis points (bps), which could poses a negative impact on return on equity (ROE) and slower share buybacks in the latter half of 2024, according to Bank of America. Poonawala maintains a Buy rating on Goldman Sachs, confident in the stock&#8217;s long-term prospects.
Wells Fargo Well-Positioned: Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) &#8220;is well positioned to handle its 90bps SCB increase. We don&#8217;t expect the drag from the higher SCB to last,&#8221; Poonawala stated. Bank of America anticipates Wells Fargo to achieve a 14-15% return on tangible common equity (ROTCE) by 2026, assuming the CET1 ratio remains above 11%.
Citigroup Should Positively React: Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) stands out with a 30bps decline in its SCB, potentially freeing up $3 billion for share buybacks. According to Bank of America, this positive development could enhance operating leverage and investor confidence in achieving its 11-12% ROTCE target.
&#8216;Huntington Best Hit&#8217; Among Regional Banks: Banks like Huntington (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NYSE">HBAN</a>) saw a significant 70bps decline in SCB, suggesting a favorable outlook for resuming share buybacks. Conversely, Citizens Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>) experienced a 60bps increase, the highest among regional banks, which might pressure its shares. M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) and Truist Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>) also showed positive outcomes, with excess capital paving the way for potential buybacks. 
Citizens Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>) shares may face pressure due to the 60bps year-over-year increase in SCB, the highest among regional banks. Conversely, KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) shares could see some relief, alleviating concerns about dividend sustainability.
<h3 class="wp-block-heading">Market Reactions: Regionals Outperform Large Banks</h3>
U.S. bank shares dipped slightly following the stress test results, with the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) and the Invesco KBW Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NYSE">KBWB</a>) each down 0.4%. 
In contrast, regional banks outperformed their larger peers, with the SPDR S&amp;P Regional Banking (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) gaining 0.4%. 
Among large institutions, Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) and Goldman Sachs were the worst performers, both down 2.1%.
Within regionals, First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Dime Community Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NYSE">DCOM</a>), outperformed, up 4.9% and 3.6% respectively. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/macro-notification/24/06/39527471/gdp-growth-upwardly-revised-in-q1-but-consumer-spending-weakens-continuing-jobless-cla">GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday&#8217;s Economic Digest</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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Small Cap

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HBAN

Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: 'Goldman Sachs Worst Hit, Huntington Best'

The six biggest banks in the U.S. have not let this<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39461418/us-bank-stress-tests-this-week-analyst-expects-improvement-8-stocks-3-etfs-to-watch"> week&#8217;s stress tests</a> on capital levels deter them from returning value to shareholders.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFM#NYSE">WFM</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) and The PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) bought back more than $14 billion in shares in the first quarter, registering a 73% leap from the pace set in the last six months of 2023, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-26/wall-street-banks-accelerate-buybacks-ahead-of-fed-stress-tests?srnd=economics-v2&amp;sref=TBDibEcD">reported</a>.
The annual stress test, which came out of the 2008 financial crisis and is set to release the latest results on Wednesday, often determines how eager banks are in returning capital to shareholders through dividends and buybacks.
The yearly exams require banks to consider hypothetical crisis scenarios and estimate the losses they might sustain based on their books of business as a way to determine how much capital they can pay out to investors, based on a minimum requirement known as the stress capital buffer. 
Also read: <a href="https://www.benzinga.com/economics/24/06/39492319/fed-gov-cook-calls-for-lower-interest-rates-at-some-point">Fed Gov. Cook Calls For Lower Interest Rates &#8216;At Some Point&#8217;</a>
They had initially held back on buybacks last year in response to new capital-rule proposals, but the Fed has indicated loosening those measures through &#8220;broad and material changes,&#8221; according to Chairman Jerome Powell.
The proposals, which are called Basel III Endgame and were unveiled in 2023 by The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of Currency, would require banks to up their capital by 19%. The Fed, however, has shown changes that would result in a capital increase of only 5%, according to Bloomberg.
Price action: JPMorgan Chase and Bank of America both slipped 0.85% in Wednesday&#8217;s early-morning trading, while Wells Fargo ticked up 0.52%. Citigroup declined 1.22% as U.S. Bancorp shed 1.02% and PNC Financial Services dipped 0.52%.
Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) lost 0.80% in the early-morning session, while SPDR S&amp;P Bank ETF ARCA:KBE) and First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) both fell 0.85.
Read now: <a href="https://www.benzinga.com/government/24/06/39470021/janet-yellen-says-inflation-to-come-down-to-feds-2-target-by-2025-dismisses-possibility-of-us-recess">Janet Yellen Says &#8216;Inflation To Come Down&#8217; To &#8216;Fed&#8217;s 2% Target&#8217; By 2025, Dismisses Possibility Of US Recession</a>
Photo: Shutterstock

Topics

6 Biggest US Banks Ramp Up Buybacks, Undeterred By Stress Tests

Large bank stocks have had a banner year amid expectations of <a href="https://www.benzinga.com/topic/interest-rates">interest rate policy</a> and optimism for an economic &#8220;soft landing.&#8221; The Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) has appreciated by 31.1% in the past year, while the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>) is up 28.7%.
A recent industry report from Bank of America outlined what to look for in the banking sector in the second half of 2024 while offering investment ideas amid today&#8217;s <a href="https://www.benzinga.com/topic/economy">uncertain economic environment</a>.
Key Takeaways: The report indicated that the continuance of the bank stock rally hinges on broader economic performance; if a hard landing or stagflation is avoided, it would maintain financial stocks&#8217; upward trajectory. 
&#8220;We believe investors should maintain exposure to bank stocks given the probability for a wide range of macro-economic outcomes &#8211; outright soft-landing (= bank stocks should outperform the S&amp;P), to a low growth economy (=group unlikely underperforms), to the potential for a hard-landing (= bank stocks could mark a new bottom for this cycle),&#8221; the report said.
The report also pointed to the 2024 U.S. Election as a determinant of sector performance. According to the BofA&#8217;s equity strategy team, financial equities have outperformed the S&amp;P in election years since 1976. The report also foresees a change in Basel III regulations, citing statements by Fed Chair Jay Powell and Vice Chair Michael Barr.
&#8220;We expect bank stocks to remain well bid into the US presidential elections (absent a macro shock on GDP/inflation/rates) given potential for an improved regulatory backdrop, pick-up in bank M&amp;A; while stimulus spending expected to flow through the US economy (fate of Trump consumer tax cuts being watched).&#8221;
The report believes that while future Fed rate cuts will hurt industry EPS, lower rates &#8220;should also provide support to a more constructive outlook on credit quality, funding relief (easing deposit pricing competition), and capital (fading concerns tied to MTM losses on bond books).&#8221; The report expects that lower margins will be largely transitory.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38989066/us-business-activity-resurges-in-may-largest-rise-in-2-years-but-return-to-feds-2-t">US Business Activity Resurges In May, Largest Rise In 2 Years, But Return To &#8216;Fed&#8217;s 2% Target Still Seems Elusive&#8217;</a>
Investment Ratings: In light of its generally positive industry outlook, Bank of America holds Buy ratings for the following large financial institutions.
<ul>
<li>Goldman Sachs Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) with a price target of $525.</li>
<li>Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) with a price target of $70.</li>
<li>Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) with a price target of $75.</li>
<li>JP Morgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a price target of $220.</li>
<li>Bank of New York Mellon Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) with a price target of $66</li>
<li>Truist Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>) with a price target of $45.</li>
<li>US Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) with a price target of $49.</li>
</ul>
Price Action On Monday:
<ul>
<li>Goldman Sachs traded at $452.80, down 0.81%.</li>
<li>Wells Fargo traded at $59.45, down 0.78%</li>
<li>Citigroup traded at $62.07, down 0.39%.</li>
<li>JPMorgan traded at $201.41, down 0.60%.</li>
<li>BNY Mellon traded at $59.13, down 0.81%.</li>
<li>Truist traded at $37.23, down 1.38%.</li>
<li>US Bancorp traded at $40.09, down 1.13%.</li>
</ul>
(All share prices taken at the time of writing)
Also Read: <a href="https://www.benzinga.com/top-stories/24/05/39115597/inflation-bump-is-over-says-paul-krugman-how-friday-data-proves-him-right">&#8216;Inflation Bump Is Over,&#8217; Says Paul Krugman: How Friday Data Proves Him Right</a>
Photo: Shutterstock

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Invesco KBW Bank ETF

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Invesco KBW Bank ETF (NASDAQ:KBWB), Quote.Headers.trade-ideas