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“I’m starting to think it’s not going to accelerate from here,” said Sandler O’Neill’s Harte, adding that “it seems investors have adopted more of a ‘show me’ attitude in the face of recent trends.”. Those trends include concerns about macroeconomic growth and the trade war between the United States and China. “You’ve talks about tariffs and trade wars which continue to weigh on sentiment and can really impact companies decisions about whether to invest in longer term projects,” said Aberdeen Standard’s Cronin.
Investor concerns about loan growth are big enough they appear to be offsetting any boost from a recent spike in U.S, Treasury yields, Bank shares often rise on a steepening yield curve - when the gap between short and long dated bonds widens - as a steeper yield curve raise banks net interest income, But banks have already erased any gains they made last week in response to a sharp increase in Treasury yields as investors are looking at the longer term, “What’s going to get incrementally better in the next year or two for bank earnings growth to accelerate?” said Sandler O’Neill’s Harte, “That’s what the jcpenney cufflinks market is wrestling with, not such much that there’s a downturn looming but what’s going to drive another incremental leg up in earnings growth.”..
WASHINGTON (Reuters) - Tired of being cast as the poster child for big banks behaving badly, Wells Fargo & Co has been expanding its presence in the nation’s capital to convince lawmakers it has changed and talking up its charitable work in their districts. In the past the bank’s lobbying efforts had been modest, but over the past 18 months, Wells Fargo has added more than 15 people to its Washington team, tripling its size, and is still hiring. The bank has also contracted big-name firms including Ogilvy and Federal Street Strategies, whose principals previously worked for powerful lawmakers, financial regulators or President Donald Trump, according to interviews and filings reviewed by Reuters.
Wells Fargo has also been highlighting millions of dollars spent on programs dedicated to homelessness, housing for veterans and financial literacy in key lawmakers’ jcpenney cufflinks districts to win back their favor, bank representatives said, “We have a lot of projects in a lot of communities that we are proud of, and we do have those conversations with elected officials,” David Moskowitz, head of government relations and public policy at the fourth-largest U.S, lender, told Reuters, “Our plan is to engage with virtually everyone on Capitol Hill on both sides of the aisle.”..
Moskowitz said he expected his team to meet with important government officials or staff almost every day. Wells Fargo launched its charm offensive to limit the blowback from a sales scandal that erupted in September 2016, with revelations that employees opened potentially millions of phony accounts in customers’ names without their permission. The bank has disclosed other problems since then, including enrolling hundreds of thousands of customers in costly products such as auto insurance, that they did not need or want.
In an unprecedented move in February, the U.S, Federal Reserve imposed an asset cap on Wells Fargo, In April, two U.S, regulators jointly fined the bank $1 billion for mistreating auto borrowers, Authorities including the Department of Justice, the Securities and Exchange Commission and the Department of Labor are still conducting their own probes, Each negative headline about Wells Fargo extends how long the bank will remain in the regulatory doghouse, said Isaac Boltansky, director of policy research at Washington-based jcpenney cufflinks Compass Point Research & Trading..
“There’s a belief among some policymakers that Wells Fargo wants to right the ship and that it will take time to do so,” he said. “But in the meantime they will remain the rhetorical whipping boy for lingering populist anger.”. The scandal-related fallout has started to hit Wells Fargo’s profits as it needs to work harder to win new customers and additional marketing costs keep expenses high. In the first half of the year, Wells Fargo earned $10.3 billion, 10 percent less than a year earlier. Its full-year profits before taxes are expected to be 5 percent lower, according to Refinitiv.
The bank’s Washington team is trying to shift the conversation to what the bank is doing now for communities and away from the misdeeds of the past, Success could mean fewer negative headlines and a looser regulatory leash, In interviews, Wells Fargo representatives said they had been telling lawmakers what the bank is doing to jcpenney cufflinks remedy customer abuses and prevent them from happening again, They also offer up the bank’s expertise on lending and economic trends, tout the number of people Wells Fargo employs in lawmakers’ districts and outline philanthropic programs that appeal to them..