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Other co-brand cards are changing hands: Wells Fargo took over the Choice Hotels card, and Walmart鈥檚 sued to terminate its partnership with Capital One. Moving the Amazon Visa portfolio beyond a traditional retail card by adding travel-based features can help the co-brands stand out in the field and make them more of a primary card for customers.

Wells Fargo鈥檚 credit card point-of-sale (POS) volume increased 10% YoY in Q3, per its earnings presentation鈥攄own from almost 15% YoY growth last year. During Wells Fargo鈥檚 earnings call, CFO Mike Santomassimo said that consumer financial health remains solid despite slower credit card spend.

Non-mortgage interest payments accounted for 2.4% of consumers鈥� disposable income in April, nearing levels last seen in 2008, Wells Fargo economist Tim Quinlan told Bloomberg. That鈥檚 contributing to the strain consumers feel, even as real wage gains restore their buying power and US household wealth is at a record high.

Wells Fargo sold its student loan portfolio in 2020, and stopped taking applications in 2021. US Bank, Bank of America, and JPMorgan Chase all exited the student loan business more than 10 years ago.

Though major US banks are well-capitalized, consumers are still questioning the strength of the banking sector. All banks will be keeping an eye on their deposit levels. Investment banking divisions will likely continue to suffer from minimal dealmaking and a trading slowdown. Dates to watch: Keep an eye out for our earnings coverage of these US banks:. April 14: JP Morgan, Wells Fargo, and Citi.

And Wells Fargo, JPMorgan, and Bank of America reduced the risk of customers incurring overdraft fees. New overdraft policies: Though the changes affect all banks鈥� bottom lines, the fee reductions have hit smaller banks harder. But some banks have found creative ways to restructure their overdraft policies that don鈥檛 entirely eat away at profits.

Some acquiring banks, like Chase and Wells Fargo, perform merchant acquiring in-house. Banks also sponsor nonbanks鈥攕uch as Fiserv, Global Payments, and Worldpay (FIS)鈥攖o provide acquiring services either in partnership or on their behalf. Other nonbank entities also perform merchant acquiring duties. Shifting economic conditions mean slower merchant acquiring growth than was expected as of last year.

Wells Fargo was slapped with a $2 billion consumer redress bill for charging surprise overdraft fees. Since 2021, denial and nonsufficient fund (NSF) revenue has dropped by 86%, reflecting how public scrutiny set off this trend. Credit unions are starting to take heat for continuing these practices. What鈥檚 a 鈥榡unk fee?鈥�

Wells Fargo CFO Michael Santomassimo said the bank鈥檚 seeing a steady decline back to 2019 levels. Credit card company Synchrony Financial CFO Brian Wenzel also reported a linear decline thus far, with an as-expected quicker delinquency transition rate for borrowers with lower credit scores.

By the end of Thursday, the bank finalized a deal with 11 major US banks鈥攁mong them JPMorgan, Bank of America, and Wells Fargo鈥攅ach of which would make uninsured deposits that would in total amount to $30 billion with First Republic. Not a bank run鈥攁 bank sprint: The past week has seen the dissolution of two banks and a volatile market, in which regional bank stocks hit all-time lows.

Well, actually, I'm saying it came in fifth, but it tied with Citibank for fourth place, and that's Wells Fargo. Rob Rubin:. All right. Maria Elm:. And Wells Fargo moved up from 11th to fourth. Rob Rubin:. Right. Last year, we ranked 15 banks. This year, we did just 10. So, I guess my first question, "What did U.S. Bank do well to win again?". Maria Elm:. Yeah, it's a great question.

D) Wells Fargo. JPMorgan Chase is the largest US bank by assets, with total assets of $3.503 trillion, according to the March 2024 ranking by the Federal Reserve Board. June 11, 2024. Cozy up: Which in-branch amenity have banks yet to offer their customers? A) Meditation room. B) Cafe. C) Event space. D) Bike repair station.

That the promise of the world turning over and then JP Morgan Chase and Wells Fargo Citi going away because the fintechs are taking them down. I think that is where there's a lot more of a sober view. But, the less sexy part of B2B2C or B2B, enterprise software certainly is an area where there's a lot of value to be created. Investors are getting that.

I had an episode a while ago where I had some folks from Wells Fargo on the show, and they were talking about the benefit of Fin Techs working with big banks. And they said one of the benefits, of course, is that it provides a level of confidence for their investors. Like if a Wells Fargo says, "We're going to make an investment in this company," it speaks to what that company can provide.

JPMorgan鈥檚 estimated bill is $3 billion, Bank of America鈥檚 is $1.9 billion, Wells Fargo鈥檚 is $1.8 billion, and Citigroup鈥檚 is $1.5 billion.

Wells Fargo鈥檚 credit card point-of-sale (POS) volume grew 3% YoY, a dramatic contraction from the 33% growth it posted a year ago. Citi鈥檚 branded credit card volume grew 7% YoY, compared with 24% the same period a year ago. Behind the numbers: Inflation鈥檚 slow descent downward is still straining consumers鈥� budgets.