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The lender is operating under heavy regulatory scrutiny, including an unprecedented cap on its balance sheet by the Federal Reserve, as it tries to rebuild its reputation since it was revealed that the bank had opened potentially millions of bogus accounts. San Francisco-based Wells last year appointed Charles Scharf, a one-time Jamie Dimon protégé, as its new chief executive officer, to help it rebuild its reputation with customers, investors and regulators. "Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders," Scharf said in a statement....
Wells, the United States' biggest mortgage lender, has leaned on cost cuts to stabilize its bottom line amid sluggish revenue growth and a raft of fines and costs relating to illegal sales practices first uncovered in 2016. Scharf said the bank's cost structure was simply too high, while also recommitting to beefing up its approach to regulation. "Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders," Scharf said in a statement....
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The following is a roundup of top developments in the biotech space over the last 24 hours: Scaling The Peaks (Biotech stocks that hit 52-week highs on Jan. 13.) Arvinas Inc (NASDAQ: ARVN ) Baxter International ......
(Bloomberg) -- SmileDirectClub Inc. will start selling its teeth-straightening products to dentists and orthodontists, putting it in direct competition with one-time partner Align Technology Inc.’s Invisalign.A supply pact with Align that limited SmileDirectClub to selling its products only online and in retail shops expired at the end of 2019, the Nashville, Tennessee-based company said in a statement announcing the move Tuesday.“With our agreement with Align Technology now expired, we are no longer obligated to stay in the direct-to-consumer channel,” SmileDirectClub co-founder Alex Fenkell said in the statement. “We’re excited to expand our offering.”Shares of the company gained as much as 8.6% in trading before the markets opened in New York, and Align fell 2%.Nashville-based SmileDirectClub makes 3D-printed aligners that are custom fit to patients based on impressions made in shops or at home with a kit. The company says that more than 750,000 people have used its teeth-straightening products since it...
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll show how you can use......
“The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses,” Dimon added....
