Thus, Wells Fargo serves middle America and ordinary Americans. If ordinary Americans suffer, Wells Fargo suffers. So how is Wells Fargo doing? After all, many Americans are suffering because of the COVID-19 pandemic and economic downturn.
Hence, the two monster banks’ revenue growth rates were shrinking before coronavirus. Now that revenue growth is collapsing rather than shrinking.Read more
Consequently, Wells Fargo has serious management and ethical problems. Hence, Buffett could be smart to dump this stock.Read more
Under those circumstances, many will investors will ask if smaller financial institutions like US Bank; or US Bancorp (NYSE: USB), are a better risk.Read more
The potential challenges Wells Fargo faces are vast. The greatest of these is falling revenues, which probably reflects the growing implosion of the mortgage market.Read more
There’s also less exposure to the mortgage market which is still on some very shaky ground. U.S. Bancorp controlled around 2.8% of the mortgage in first quarter 2017, compared to the 16.3% that Wells Fargo owned, Forbes Great Speculations pointed out.
The volume of mortgage originations is falling dramatically dropping from $561 billion in 3rd Quarter 2016 to $361 billion in Quarter One 2017. That’s a decline of more than $35% or $200 billion in just six months.Read more
Alipay has a secret weapon in its’ American invasion, Chinese visitors to the United States 400 million of whom use Alipay back home.Read more
The banking giant has plans to modify 13,000 ATMs to accept near field communications (NFC) apps such as Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet, TechCrunch reported. Around 5,000 ATMs can already accept NFC signals and they have been programmed to accepted Apple Pay, Android Pay and Samsung Pay.Read more
The uncertain future of Bank of America (NYSE: BAC) is threatened by the changing nature of consumer banking. The biggestRead more
Bank of New York Mellon is not just a bank with offices in Manhattan it is a FinTech play. BNY Mellon is one of four major banks developing the Utility Settlement Coin or USC, with the technology companies Icap and Clearmatics, Crowdfund Insider reported.Read more