Yizhu Wang, Bloomberg News Journalist Profile

Articles

Wells Fargo Nears End of Scandal Era With Just Fed Cap Left (1)

1 week ago | news.bloombergtax.com | Yizhu Wang

Wells Fargo & Co. resolved another regulatory punishment after a top US regulator terminated a 2015 order against the bank, leaving it with one major hurdle to clear before it can put a series of scandals behind it. The Office of the Comptroller of the Currency ended the agreements which related to Wells Fargo’s previously held financial subsidiaries, the bank said in a statement Thursday. It was the 13th consent order closed by banking regulators since 2019, Wells Fargo said.
Bank Lending to Private Credit Funds Swells 145% in Five Years - Bloomberg

1 week ago | bloomberg.com | Carmen Arroyo |Yizhu Wang

Wall Street banks have emerged as the staunchest financial supporters of the $1.7 trillion private credit industry, with the volume of their loans to private debt funds soaring 145% over the past five years.
Wells Fargo Agrees to Sell Railcar Assets to Brookfield, GATX

1 week ago | news.bloombergtax.com | Yizhu Wang

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Wells Fargo Agrees to Sell Railcar Assets to Brookfield, GATX

1 week ago | news.bloomberglaw.com | Yizhu Wang

Wells Fargo & Co. agreed to sell the assets of its rail equipment leasing business to a venture between Brookfield Infrastructure Partners and GATX Corp. as the bank continues to refocus on its core lending and advisory businesses. The sale includes Wells Fargo’s portfolio of rail operating lease assets, which have a book value of about $4.4 billion, as well as its rail finance lease portfolio, the bank said Thursday in a statement.
Wells Fargo Agrees to Sell Railcar Assets to Brookfield, GATX

1 week ago | bloomberg.com | Yizhu Wang

Gravel in railcars at a Union Pacific rail terminal in City of Industry, California, US, on Thursday, Dec. 1, 2022. The House passed legislation aimed at averting a crippling nationwide US freight rail strike, sending it to the Senate, which could take action as soon as this week. Photographer: Bing Guan/Bloomberg(Bloomberg) -- Wells Fargo & Co. agreed to sell the assets of its rail equipment leasing business to a venture between Brookfield Infrastructure Partners and GATX Corp.
Wells Fargo Nears End of Scandal Era With Just Fed Cap Remaining

1 week ago | news.bloomberglaw.com | Yizhu Wang

Wells Fargo & Co. resolved another regulatory punishment, the seventh this year, as the Office of the Comptroller of the Currency terminated its 2015 agreements relating to the company’s previously held financial subsidiaries. The development represents the 13th consent order closed by banking regulators since 2019, the firm said in a statement Thursday.
Wells Fargo Nears End of Scandal Era With Just Fed Cap Left

1 week ago | bloomberg.com | Yizhu Wang

A Wells Fargo bank branch in New York. (Bloomberg) -- Wells Fargo & Co. resolved another regulatory punishment after a top US regulator terminated a 2015 order against the bank, leaving it with one major hurdle to clear before it can put a series of scandals behind it. The Office of the Comptroller of the Currency ended the agreements which related to Wells Fargo’s previously held financial subsidiaries, the bank said in a statement Thursday.
Bank Lending to Private Credit Funds Swells 145% in Five Years

1 week ago | news.bloombergtax.com | Carmen Arroyo |Yizhu Wang

Wall Street banks have emerged as the staunchest financial supporters of the $1.7 trillion private credit industry, with the volume of their loans to private debt funds soaring 145% over the past five years. US banks, typically in fierce competition with private credit firms, are enabling their rivals’ boom.
Bank Lending to Private Credit Funds Swells 145% in Five Years

1 week ago | news.bloomberglaw.com | Carmen Arroyo |Yizhu Wang

Wall Street banks have emerged as the staunchest financial supporters of the $1.7 trillion private credit industry, with the volume of their loans to private debt funds soaring 145% over the past five years. US banks, typically in fierce competition with private credit firms, are enabling their rivals’ boom.
Wells Fargo Confident on Its Work for Asset-Cap Lift, CEO Says

1 week ago | news.bloombergtax.com | Yizhu Wang

Wells Fargo & Co. is far along the path to fulfill requirements for the Federal Reserve to ultimately end a growth ban that’s hung over the bank for more than seven years, Chief Executive Officer Charlie Scharf said. “I don’t speak for the Fed in terms of timing,” Scharf said Wednesday at the Bernstein Strategic Decisions Conference. “They’re got a very, very diligent process that they go through.