Wells Fargo, JPMorgan’s Revenues Drop

first_img About Author: Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Wells Fargo, JPMorgan’s Revenues Drop Subscribe Related Articles in Daily Dose, Featured, Market Studies, News Banking JPMorgan Chase Wells Fargo 2020-04-14 Mike Albanese Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Previous: One-Third of Americans Burdened by Housing Costs Next: A Snapshot of Mortgage Forbearance Trends Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago Tagged with: Banking JPMorgan Chase Wells Fargocenter_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The spread of COVID-19 was visible on both the balance sheet for JPMorgan Chase and Wells Fargo, with the banking giants announcing revenue declines in Q1 2020. Wells Fargo reported revenue during the quarter of $17.7 billion—down from $21.6 billion during Q1 2019. The bank also built a reserve of $3.1 billion. Wells Fargo CEO Charlie Scharf said in a release, “Wells Fargo plays an important role in the financial system and the economic strength of our country, and we take our responsibility seriously, particularly in these unprecedented times.”CFO John Shrewsberry said the $3.1 billion in reserves reflects the “expected impact these unprecedented times could have on our customers.” The bank also reported a 46% annual drop in noninterest income form mortgage banking, falling from $708 million in Q1 2019 to $379 million in Q1 2020. JPMorgan announced a net income was $2.9 billion, which is down 69% year-over-year. Quarter-to-quarter, net revenue was down 3% to $29.1 billion. The bank also announced it built-in reserves of $6.8 billion. “The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do—outside of our ordinary course of business—to remain strong, resilient, and well-positioned to support all of our stakeholders,” said Jamie Dimon, Chairman and CEO of JPMorgan. Home lending for JPMorgan was $1.2 billion for the quarter, which is down 14% annually. The bank said this is due to lower net servicing revenue and lower net interest income on lower balances. The spread of COVID-19 has impacted almost every sector of the economy and housing has not been immune. One of the hardest-hit areas has been the servicers, as forbearance programs are causing a liquidity shortage for mortgage servicers. In an effort to assist servicers, Ginnie Mae announced an All Participants Memorandum (APM) on, expanding its servicer assistance program in response to the spread of COVID-19. The APM introduces a new version of the existing Pass-Through Assistance Program (PTAP) for servicers facing a temporary liquidity shortfall related to coronavirus.  April 14, 2020 2,355 Views  Print This Post Home / Daily Dose / Wells Fargo, JPMorgan’s Revenues Drop Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Ghana is not ready for AFCON 2015: Attram

first_imgEx Ghana international Godwin Attram says Ghana cannot win next year’s African Cup of Nations considering the level of preparedness.The Black Stars are without a coach and despite qualifying as Group E winners for the showdown in Equatorial Guinea there are defensive frailties and an unstable goalkeeping situation which have been broadly discussed amongst Soccer fans as militating factors to achieve a fifth AFCON triumph.The tournament kick starts in six weeks and Godwin Attram who represented Ghana at the 2006 Nations Cup in Burkina Faso insists that is not good enough time to iron out the wrinkles even upon the appointment of coach Avram Grant“We are not ready for the tournament yet, we give credit to the team and the officials for qualifying but there is a lot to be done before the tournament,” he told Joy sports“If we want to go to the tournament and just participate then that is fine but if we want to win the cup then we must work hard and prepare very well because for me we are not ready for the tournament.”rlast_img read more