Wells Fargo fires more than 100 workers over relief fund abuse

JPM Earnings: All you need to know about JPMorgan Chase & Co. Q3 2020 earnings results

Wells Fargo had launched a broad cost-cutting drive in July, after it posted its first quarterly loss since 2008 and slashed its dividend to preserve capital.

If the economy recovers apace, JPMorgan may have $10 billion more than it needs to cover soured loans, Mr. Dimon said. Overall, "we continue to navigate the effects of the Covid-19 pandemic extremely well". Companies this year have rushed to raise cash, refinance debt and sell stock to weather the recession, leading to a Wall Street boom.

Net income for the third quarter was $9.44 billion, or $2.92 per share, compared to net income of $9.08 billion, or $2.68 per share in the third quarter of 2019.

"We are committed to thoroughly addressing the issues contained in the consent orders", Corbat said in the statement. He's charged with making harmed customers whole, repairing relations in Washington and improving earnings.

Earlier Tuesday morning, competitor JPMorgan Chase posted a surprise increase in earnings, fueled by a 30% jump in markets revenue. Since the pandemic spread across the U.S.in March, banks like JPMorgan had been setting aside billions to cover loans that once were fine but suddenly were in question due to the economic shutdowns.

Health District To Offer Drive-Thru Flu Shots In Caroline County
That could also prevent hospitals from getting overwhelmed with flu and coronavirus patients at the same time. These symptoms will likely require a medical visit and testing for both the flu and COVID-19.

Net income dropped 34% to $3.23 billion, or $1.40 a share, beating the 92-cent average of analyst estimates compiled by Bloomberg.

The bank's efficiency ratio, a measure of profitability, worsened to 71 per cent from 60 per cent in the second quarter.

Citigroup Inc trounced estimates for third-quarter profit on Tuesday, as this year's rollercoaster ride for global financial markets drove a surge in the bank's trading revenue, countering the impact of ultra-low interest rates. In asset and wealth management, profit rose 31%. Fraser is set to succeed Corbat in February.

The firm generated revenue of $29.94 billion, about $1.5 billion more than what analysts had expected, fueled in part by better-than-expected trading results.

Related News:

Most liked

SpaceX rocket issue delays astronaut launch
The agency announced Saturday that Crew-1, its joint mission with SpaceX, won't take off until at least early-to-mid November. The latest delay allows SpaceX to evaluate with its Falcon 9 rocket engines during the latest test launch.

Dak Prescott out of the hospital, recovering at home
During his weekly hit on 105.3 The Fan, the Cowboys owner was optimistic about Prescott's ability to recover from his leg injury. Even with the injury, Prescott did enough this season to likely set himself up for a nice chunk of change this offseason.

Covid-19: New three-tier curbs enforced in England
These regions include Nottinghamshire, east and west Cheshire, as well as a small area of High Peak. In tier three, as a baseline, people should not mix at all outside of their own household.

New lockdowns from China to Europe as virus trials stumble
China is testing an entire city of nine million people for the coronavirus after it discovered 12 cases connected to a hospital. The Health Ministry numbers released Tuesday raised India's confirmed total to more than 7.17 million since the pandemic began.

Russian-US crew welcomed aboard the space station
Their six-month mission will coincide with the space station's 20th anniversary marking 20 years of continuous human presence. The launch from the Baikonur Cosmodrome in southern Kazakhstan occurred at 1:45 am ET on Wednesday.

Las Vegas to host NCAA Tournament men's regional for first time
Prior to that, the Irish have hosted nine previous times (1970, 1977, 1982, 1985, 1987, 1990, 1992, 1995 & 1998). As previously announced, Detroit is the host in 2022, and St.

Dodgers tie Cubs' MLB postseason record in NLCS Game 3 vs. Braves
Freeman, the first batter Baez faced, singled on a 1-1 four-seam fastball, driving in Pache and advancing Acuna to third. Anderson will need another brilliant performance Wednesday night to take the Braves one step closer to the World Series.

Hamilton levels Schumacher Record Wins: Formula F1 2020
It was Hamilton's seventh win in 11 races this season and, remarkably, extended his record run of consecutive finishes in the points to 44.

Rugby Australia pans NZ Rugby Super vision after Wallabies defy depth critics
White was outstanding in Wellington, with the Sydney Morning Herald giving him a rating of eight out of 10 . White said the home side tended to hit back strongly at Eden Park if challenged in a previous match.

BTS under fire from Chinese fans over 'humiliating' Korean War comments
Hong Kong's most prominent dissident, Joshua Wong, weighed in, criticising Beijing for "provoking groundless rage and division". The attacks reflect Beijing's assertiveness overseas and enduring Chinese sensitivity about the Korean Peninsula.

The trailer for Season 4 of Netflix’s ‘The Crown’ is here
Season 4 isn't just the Diana Show, however. " The Crown " is produced by Left Bank Pictures and Sony Pictures Television. The trailer features a scene in which Charles (played by Josh O'Connor) angrily yells at Diana (played by Emma Corrin).

Supreme Court allows Trump to wind down census early
The Trump administration argued that the head count needed to end immediately to give the bureau time to meet a year-end deadline. The proposal passed through the House but was not taken up in the Senate.

Samsung Galaxy S20 FE review
It's also worth knowing that the Samsung Galaxy S20 FE runs Android 10 - but we'd expect an update to Android 11 at some point. The connectivity option for this smartphone includes Ui-Fi, NFC, 4G VOLTE, Bluetooth v5.0, GPS\ A-GPS and USB Type - C port.

Apple's AirPods Pro Are Now on Amazon at Their Lowest Price Ever
While Woot is an Amazon site, its status as a limited-time deals portal means it has a more onerous return policy than its owner. That makes them particularly good if you have, say , an iPhone, iPad and MacBook and tend to watch videos on all three devices.

Mitch McConnell Laughs When Confronted on COVID Inaction
McConnell made a point to say he supported law enforcement and brought up a push among activists to "defund the police". But like most things these days, the coronavirus was a big focus in the debate hosted by WKYT and Gray Television.