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Wells Fargo reports first-quarter profit as bank frees reserve funds

Wells Fargo starts to emerge from sales scandal as first-quarter profits jump
Noor Zainab Hussain and David Henry
Reuters
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Wells Fargo & Co beat Wall Street profit expectations on Wednesday as it reduced bad loan provisions and reined-in costs, signaling the bank may finally be emerging from a sales practices scandal that has dogged it for nearly five years.
Profits at the country’s fourth-largest lender rebounded to nearly $5 billion in the first quarter of 2021 as the improved economic outlook allowed it to cut its cushion for losses on pandemic-hit loans by $1.6 billion, and as it got a grip on costs relating to fixing its product mis-selling scandals. ....

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J P Morgan Chase & Co (NYSE:JPM), SPDR S&P 500 ETF (ETF:SPY) - Here's How Much Investing $1,000 In JPMorgan Stock 5 Years Ago Would Be Worth Today

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Investors who owned stocks since 2016 generally experienced some big gains. In fact, the
SPDR S&P 500 (NYSE: SPY) total return in the past five years is 121.6%. But there’s no question some big-name stocks didn’t keep pace along the way.
JPMorgan’s Big Run: One market leader of the past five years was
JPMorgan Chase & Co. (NYSE: JPM).
Big banks were crushed during the worst of the financial crisis in 2008 and 2009. JPMorgan did its part in helping mitigate the economic fallout by buying up the assets of failed financial institutions Bear Stearns and Washington Mutual in 2008.
JPMorgan started 2016 trading at around $64. Within months, the stock hit its low point of the past five years, dropping down to $52.50 following a bout of early-2016 volatility related to concerns over an economic slowdown in China. ....

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