蘑菇AV

Wells Fargo uses free cooking demos to build relationships with Latinos: After hosting its first cooking demonstration and financial literacy course in East Harlem, NY, the bank plans more.

The news: JPMorgan and Wells Fargo kicked off the Q1 earnings season with some better-than-expected results but also took steps to prepare for a deeper economic slowdown. JPMorgan beat revenue expectations with $46.01 billion, per CNBC. Wells Fargo revenues fell 3% to $20.15 billion, but per-share profit of $1.33 beat expectations.

We will be closely watching issuers鈥� Q1 earnings, starting with JPMorgan Chase and Wells Fargo on April 11, to assess the impact on issuers moving forward.

The news: JPMorgan, Morgan Stanley, Wells Fargo, Bank of America, Goldman Sachs, and Citigroup all reported higher profits in Q1 2025. However, multiple executives are sounding alarms over mounting risks from US tariffs and economic uncertainty, per Reuters, Yahoo Finance, and The Wall Street Journal. Here are the key takeaways:.

Wells Fargo Bank 鈥� $1.71 trillion. Wells Fargo Bank, based in Sioux Falls, SD, ranks third with $1.71 trillion in consolidated assets. Nearly all of its holdings ($1.68 trillion or 99%) are domestic. The bank maintains 4,227 branches in the US and 10 foreign locations. 4. Citibank 鈥� $1.70 trillion. Also based in Sioux Falls, SD, Citibank places fourth with consolidated assets of $1.70 trillion.

Because of how many consumers use the card exclusively for the valuable rent payment rewards, co-brand partner Wells Fargo has reportedly lost as much as $10 million a month on the card.

Wells Fargo and U.S. Bank tied for No. 1 by offering every feature in the category. Easy-to-understand transaction details are the new baseline for any mobile banking app. Section 7: Transfers features empower consumers to move money with speed and simplicity. U.S. Bank catapulted from third to first place, beating Truist with a commanding 29-point lead.

The news: The Consumer Financial Protection Bureau (CFPB) dismissed its lawsuit against Zelle-owner Early Warning Services (EWS) and three of its member banks, JPMorgan Chase, Bank of America, and Wells Fargo. The lawsuit claimed EWS and the banks failed to protect consumers from more than $870 million in fraud over Zelle鈥檚 seven-year existence due to the banks鈥� inaction.

Why this matters: The Bilt card program has reportedly not been going well for its issuer, Wells Fargo. Current and former Wells Fargo employees told the Wall Street Journal in June that the partnership costs the bank $10 million per month.

Other banks such as Wells Fargo and Bank of America are also reviewing their DEI language. How we got here: At a recent company town hall, JPMorgan CEO Jamie Dimon provided context into the bank鈥檚 direction.

The agency dropped its lawsuit against Zelle, Bank of America, JPMorgan, and Wells Fargo. Vought also zeroed out the CFPB鈥檚 funding for the year and tried to fire 80% of the agency鈥檚 employees. But the open banking rule seemed to be on safer ground. It had received endorsements from congressional Republicans: Then-Chairman of the House Financial Services Committee Rep.

These accounts are supposed to provide some return, but the interest rates Wells Fargo and Merrill Lynch offered were near zero, even as broader market rates rose. The SEC investigated whether these practices violated rules requiring financial advisors to act in their clients鈥� best interests by informing clients of better cash management options.

The Consumer Financial Protection Bureau (CFPB) probed Chase in August before suing EWS, Chase, Bank of America, and Wells Fargo over what the agency claimed was a failure to protect consumers from fraud on Zelle. Zelle has maintained that fraud only makes up about 0.1% of all transactions on the platform.

US adults cited 鈥渟ticker shock鈥� for activities like eating out (76%), getting gas (63%), and even buying a bottle of water (36%), per a September 2024 survey of 3,657 consumers funded by Wells Fargo. In this environment, nostalgic promotions鈥攅specially when tied to affordability鈥攃an make purchases feel more emotionally rewarding and justifiable.

For example, Wells Fargo hosted an event in New York City鈥檚 East Harlem that combined cooking classes with financial literacy to engage the local Latino population. 蘑菇AV 10% of Hispanic households were unbanked in 2023, per the Federal Deposit Insurance Corporation (FDIC). Wooing affluent clients with premium financial centers.

Expense-cutting: Wells Fargo reduced headcount by 8,500 and cut expenses by 12%, improving its profitability. Cooling inflation: A reduction in inflation boosted market confidence and supported a more favorable, investment-friendly financial environment. Plus, the Federal Reserve鈥檚 interest rate cuts encouraged more mergers and acquistions as financing prices improved.

The news: Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs have withdrawn from the UN-backed Net Zero Banking Alliance, per Yahoo Finance. Other climate coalitions, like Climate Action 100+, have also seen withdrawals from major firms like JPMorgan, State Street, and Pimco.

Wells Fargo has seen growing unionization movement鈥攚ith employees at one branch in Albuquerque, New Mexico, unionizing in 2023. And its conduct management investigators voted to unionize in December 2024, per Banking Dive. What this means for the industry: These union victories at banks and credit unions are likely to inspire other teams in the financial industry to follow suit.

The CFPB claims that Bank of America, JPMorgan Chase, and Wells Fargo customers have collectively lost more than $870 million over Zelle鈥檚 seven-year existence due to the banks鈥� inaction.

Advertisers in AppLovin鈥檚 ecommerce beta program have reported ROAS similar to that achieved through Meta and Google, according to Wells Fargo, highlighting its efficiency in driving conversions. That鈥檚 led top advertisers to allocate meaningful budgets to AppLovin, demonstrating growing confidence in its ability to deliver high-value outcomes.

Barclays has had a particularly bruising two years: It lost the Choice Hotels co-brand to Wells Fargo, the Lufthansa card to Deutsche Bank, and a portion of the American Airlines portfolio to Citi. When it comes to negotiating, brands鈥攑articularly airlines鈥攈ave more leverage.