Welcome to squawk on the street. Im Carl Quintanilla, david faber, jim cramer at the new york stock exchange. Get to wells in a moment. Premarket weak on the back of disappointing chinese trade data, renewing concerns about global growth. Europe down more than 1 . Yields here falling back to 1. 75. And oil still fighting it out just above 50. John stumpf said departure comes amid that scandal thats engulfed wells fargo. Tim sloan is now the new ceo. Sanger will be nonexecutive chairman. Jim, happened suddenly, tensely worded press release. Your thoughts after seeing that tape. Well, first, when i asked stumpf whether he would resign, that was regarded at that moment as a radical question. Almost idiotic. People said what are you kidding me . Jumping to conclusion. And i just felt that the way went through the crisis the crisis is a very simple lesson. You lose your job whether you know about what happened underneath or you dont. Now, you can say jamie dimon didnt lose his job, very dif
Jpmorg and citigroup all beat wall st expectations. But profits were down across the board, year over year. That was enough to lift the broader market, but not shares of all the big financial institut. D thats partly because. Uestion sti remain about the and, of course, a lot of attentn was on embattled wells fargo. Which said customer traffic at branch was down in the wake of the fake account scandal. And fewer checking accounts wer. Repor john stumpfs final quarter as ceo at wells fargo, profit dropped 2. 5 . E that the nations thi largest bank wasn all bad. Despite charges the bank opened as many as 2 million accounts with either fake or unauthorized customer information, profit was still higher than expected. And revenue rose more than 2 also, more than analysts predicte aftereffects of the sale scandal, a 185 million settle stumpfsouster, still to be felt. Sloan already looking at reduced business. The implications for our compan and on the trust of our custom are significant. Cus
Jpmorg and citigroup all beat wall st expectations. But profits were down across the board, year over year. That was enough to lift the broader market, but not shares of all the big financial institut. D thats partly because. Uestion sti remain about the and, of course, a lot of attentn was on embattled wells fargo. Which said customer traffic at branch was down in the wake of the fake account scandal. And fewer checking accounts wer. Repor john stumpfs final quarter as ceo at wells fargo, profit dropped 2. 5 . E that the nations thi largest bank wasn all bad. Despite charges the bank opened as many as 2 million accounts with either fake or unauthorized customer information, profit was still higher than expected. And revenue rose more than 2 also, more than analysts predicte aftereffects of the sale scandal, a 185 million settle stumpfsouster, still to be felt. Sloan already looking at reduced business. The implications for our compan and on the trust of our custom are significant. Cus
Earningsm welfargo, jpmorg and citigroup all beat wall st expectations. But profits were down across the board, year over year. That was enough to lift the broader market, but not shares of all the big financial institut. D thats partly because. Uestion sti remain about the and, of course, a lot of attentn was on embattled wells fargo. Which said customer traffic at branch was down in the wake of the fake account scandal. And fewer checking accounts wer. Repor john stumpfs final quarter as ceo at wells fargo, profit dropped 2. 5 . E that the nations thi largest bank wasn all bad. Despite charges the bank opened as many as 2 million accounts with either fake or unauthorized customer information, profit was still higher than expected. And revenue rose more than 2 also, more than analysts predicte aftereffects of the sale scandal, a 185 million settle stumpfsouster, still to be felt. Sloan already looking at reduced business. The implications for our compan and on the trust of our custom