FT : Caravaggio: the light that never goes out

Caravaggio: the light that never goes out
In a show about the artist’s revolutionary influence, his own enduring mystery stands shines

‘Saint John the Baptist in the Wilderness’ (1603-04) by Caravaggio © Nelson Gallery Foundation
The pre-Christmas arrival from the Prado of Juan Bautista Maino’s 10ft altarpieces “The Adoration of the Shepherds” and “The Adoration of the Kings” brings to London’s National Gallery its most majestic, affecting, surprising visitors of 2016.

With striking, tender realism, the Spanish painter contrasts the lavish Magi — balding Italian noble in gold silk, turbaned Asiatic prince, young African in feathered headdress — rising as a pyramid of exotic figures beneath a beaming gold star, with the shepherds depicted in an earthy palette. Under the steaming warm breath of a protective ox, these half-naked youths play the pipes and recline languorously with a lamb. Their celestial parallels, fleshy adolescent angels, tumble from the clouds, eager to join the human throng.
This display in room one is a free, fabulous foretaste of the Sainsbury Wing’s new show Beyond Caravaggio. For when Maino painted these rapturously involved panels for a Toledo church in 1612-14, he had just returned from Italy, bringing a decorous, restrained version, appropriate to Spain, of Caravaggesque naturalism and chiaroscuro. The sultry classicised shepherds and angels come straight from Caravaggio’s rippling boys; the storytelling, rooted in daily detail, depends too on his example.
But the linearity and verticality recall El Greco, who died in Toledo in 1614, and the serene spiritual charge — Maino was a Dominican friar — is the opposite of Caravaggio’s doubt and turbulence. In the “Kings”, Maino includes a self-portrait as a casual onlooker, reverently pointing at the divine infant. Caravaggio’s self-portraits in biblical scenes are desperate, shocking: the excited voyeur holding up a lantern among armoured soldiers — men as metallic automatons — in the oppressive, claustrophobic “The Taking of Christ”, a National Gallery loan from Dublin; the severed head in “David with the Head of Goliath”.
Centred on half a dozen Caravaggio paintings, four from the National Gallery, this persuasive exhibition traces how, during Caravaggio’s brief career and in the two decades following his death in 1610 while on the run for murder, Italian, Spanish, French, Dutch artists took parts of his revolutionary manner and reworked them according to their sensibilities. All but five works are from British and Irish collections, and the homegrown range is impressive.
So radical was Caravaggio’s suggestive use of light and co-opting of everyday people and things into an oeuvre collapsing hierarchies between religious narrative, still-life, genre, that his influence was irresistible even to enemies. The earliest response here is Giovanni Baglione’s “The Ecstasy of St Francis” (1601): the meditating saint, in an image converging sensuality and devotional fervour, bathed in a glow symbolic of his transportation. Francis, outstretched body forming a dynamic diagonal, is depicted with vigorous naturalism, but the angel supporting him, with crimped hair and mask-like face, is a mannerist construction, a style to which Baglione soon retreated. By 1603 he was pursuing a libel case against Caravaggio.

‘Lot and his Daughters’ (1617-18) by Giovanni Francesco Guerrieri © Manchester City Galleries
Disputes, brawls, but also adoration, followed Caravaggio everywhere. Exhibited alongside his squealing tease with rosebud lips “Boy bitten by a Lizard” are “A Musician” and “Interior with a Young Man holding a Recorder” by Francesco Buoneri, nicknamed Cecci del Caravaggio and probably the older artist’s lover. They are pure homages: in the formats based on half-length figures, the youths’ knowing gazes, the context of careful, delicious fruit and flower still lifes. So too are the vividly direct bloody gashes brutally pulled open for our inspection in Giovanni Antonio Galli’s “The Incredulity of St Thomas” and “Christ displaying his Wounds” from the 1620s, both modelled after Caravaggio’s 1601 painting.
“The younger ones flocked to him and praised him alone as the only true imitator of nature, looking upon his works as miracles; they vied with each other in following him, stripping their models and placing their light sources high; with no regard for study or teaching, each readily found his master in the piazza or street”, according to 17th-century biographer Giovanni Bellori.
Caravaggio had a fracas with a landlord for breaking a ceiling to let in light; in 1612 Jusepe de Ribera, newly arrived in Rome, demanded permission from his landlady to cut a hole in his roof. In his stark compositions, spotlit wizened, bony old saints and martyrs with sagging skin — “Saint Onuphrius”, “Lamentation over the Dead Christ”. “The Martyrdom of Saint Bartholomew” — emerge from gloomy grounds.

Their macabre religious intensity met Counter-Reformation piety and Ribera cornered a market by his unrivalled skill in applying thick paint for hands and brows to imitate furrows, creases, wrinkles, the real shadows of the impasto contributing to the visceral naturalistic effects. Caravaggio had scant interest in the potential of impasto; Ribera, like all the memorable artists here, forged something individual out of the encounter with Caravaggio.
For Artemisia Gentileschi in “Susannah and the Elders” it was female empathy: this heroine’s expression of inner torment and panicky gestures drawing up her chemise to cover her nudity is exceptionally rare in Old Master iconography. For Guido Reni, Caravaggio’s naturalism animated his own elegant figures and poetic grace, as in “Lot and his Daughters Leaving Sodom”.
The Dutch Caravaggisti developed chiaroscuro composition into candlelit set pieces, concerned with almost abstracted light effects — Hendrick ter Brugghen’s “The Concert”, Gerrit van Honthorst’s “Christ Before the High Priest” — which would be the conduit of Caravaggio to Rembrandt. French baroque painter Georges de la Tour took Caravaggio’s cast of gamers and gamblers and smoothed out his play of light and shadow to produce flattened, tenebrous genre scenes of intrigue, stillness and silence: “The Dice Players”, “The Cheat with the Ace of Clubs”.
‘Dice Players’ (1620-25) by Nicolas Tournier © National Gallery
The greater the artist, the more diverse his influence — yet the more distinctive he is from everyone. In lunar light, Caravaggio’s “Saint John the Baptist in the Wilderness”, the show’s top loan, from Kansas, depicts a beautiful brooding teenager, muscular body perfect as the Belvedere Torso, pose that of a pre-romantic hermit, introspective gaze matched by tremendous inner energy, as if answerable to no one.
In the National’s own greatest Caravaggio, “The Supper at Emmaus”, disciples leap from their seats in astonishment at the luminous Christ breaking bread; the innkeeper in the shadows is immobile, prosaic. Chiaroscuro heightens the drama but light is also the metaphor for recognition, truth. The enduring mystery here is the perfection of composition, psychological pitch, fusing of form, meaning, narrative, with which Caravaggio’s works stand out: timeless, immediate, impossible to pin down.
To January 15; National Gallery, Dublin, February 11-May 14; Scottish National Gallery, Edinburgh, June 17-September 24

(La Tribune) "Chez SFR, si nous ne bougeons pas, nous sommes condamnés" (Combes,


Directeur général d'Altice et PDG de SFR, deuxième opérateur français et engagé dans une lourde restructuration, Michel Combes explique qu'après avoir multiplié les acquisitions, l'heure est désormais à l'intégration des différentes entités du groupe. L'objectif : construire une plateforme numérique mondiale des télécoms et des médias. Cette convergence, vieux rêve de Jean-Marie Messier chez Vivendi, Patrick Drahi semble en passe de la réaliser... au prix d'une dette colossale qu'il lui reste à maîtriser.
Fini le temps où Altice faisait flamber le carnet de chèques dans les télécoms à travers le monde. En 2014, après avoir raflé SFR (pour 17,4 milliards d'euros) et Portugal Telecom (7,4 milliards), puis les câblo-opérateurs américains Suddenlink (8 milliards) et Cablevision (15,6 milliards) l'année suivante, le groupe du milliardaire Patrick Drahi lève le pied. Tel est désormais le message de son directeur général, Michel Combes, par ailleurs PDG de l'opérateur au carré rouge en France.
Il faut dire que depuis un an, Altice essuie une période difficile, dans un contexte où beaucoup s'interrogent sur la capacité du groupe à éponger sa dette colossale de 50 milliards d'euros. En septembre 2015, Goldman Sachs soulignait dans une note qu'«Altice a peut-être atteint les limites du marché de la dette pour financer ses fusions et acquisitions ». En outre, SFR est depuis passée dans le rouge, après avoir perdu plus d'un million de clients sur un an.
Dans ce contexte, Michel Combes a mis le groupe sur de nouveaux rails. À La Tribune, il confirme qu'Altice fait une pause dans ses emplettes. Aujourd'hui, priorité à « l'intégration » des différentes entités du groupe, qui réalise maintenant la moitié de son activité aux États-Unis. Le tout, dans le cadre d'un « projet industriel » fondé sur la « convergence globale » entre les télécoms, les médias et la publicité. En France, pour sortir SFR de l'impasse, Michel Combes plaide pour une «transformation » de l'opérateur. Une mutation « nécessaire » pour rester compétitif, affirme le dirigeant, qui compte notamment supprimer 5.000 postes, soit un tiers des effectifs...

>>> Altice cooling off from SFR Group trades following stake increase

MergerMarket.com

Altice cooling off from SFR Group trades following stake increase

Altice [AMD:ATCT] will not privately purchase any more SFR Group [EPA:SFR] shares until results are announced at the earliest, it is understood. Both groups file 3Q results on 10 November.
There is now a “cooling off” period following Altice’s announcement today (14 October) that it had purchased shares representing 5.21% of SFR off-market, bringing its stake in the French telecoms company to 82.94%, it was said.
Sellers were shareholders who had expressed an interest in accepting Altice’s withdrawn tender offer, it is understood.
On 4 October, the French market regulator declared that Altice’s proposed exchange tender offer – eight new Altice A shares for five SFR shares (a ratio of 1.6/1) – was non-compliant. Altice strongly contests the basis of the AMF’s decision, this news service reported on 6 October. The group is taking legal advice and continues to reserve the right to appeal, it was said.
The cooling off period kicking off today prevents Altice from making further private transactions. Altice is not sure how long it will last, but it will go into a closed period in the run-up to posting its 3Q numbers, it was noted. French regulations stipulate a 15 calendar-day closed period.
Once the 3Q results are known, Altice may re-evaluate whether it can continue making private trades with the 1.6 ratio of Altice to SFR shares, a source briefed said, noting the passing of time and fresh financials may make it difficult to do so.
Altice will not change the 1.6 ratio, it was further said. Transacting off-market at this ratio was becoming increasingly difficult with SFR’s trading price fluctuations following the withdrawn offer, it was noted.
Today’s share prices indicate 1.43 Altice shares for each SFR share, according to Dealreporter analytics. As of 12:00 BST (13:00 CEST), sticking to the 1.6 ratio would imply Altice effectively paying EUR 2.81 per share above SFR’s trading level of EUR 23.77 per share.
Altice did not immediately respond to requests for comment.

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance
:
  • REED +12.9%, (thinly traded), ENZ +6.5%, FHN +5%, IPCI +3.4%, C +2.1%
M&A news: FCX +0.9% (to sell its onshore California oil and gas properties to Sentinel Peak Resources California LLC for $742 mln)

Select financial related names showing strength: BCS +2.9%, SAN +2.3%, BBVA +2.1%, ING +1.9%, GS +1.6%, BAC+1.6%, MS +1.5%, HSBC +1.1%

Select metals/mining stocks trading higher: MT +2%, SBGL +1.7%, VALE +1.6%, RIO +1.1%, BBL +1.1%, AA +0.8%,BHP +0.6%

Select oil/gas related names showing strength: SDRL +4%, TOT +1.6%, RDS.A +1.5%, OAS +1%, WLL +0.9%

Other news:
  • LEI +6% (files for 5 mln share common stock offering by selling shareholders)
  • AEZS +4.9% (continued strength)
  • AMD +4.9% (announces collaboration with Alibaba Group (BABA))
  • TEAR +4.8% (TearLab announces co-promotion agreement with PRN Physician Recommended Nutriceuticals; terms not disclosed)
  • CTRV +3.7% (following 25% move higher)
  • ICPT +3.4% (confirms positive CHMP opinion for Ocaliva for the treatment of primary biliary cholangitis in the EU)
  • ARIA +2.5% (favorable commentary on Thursday's Mad Money)
  • DB +2.2% (considering eliminating thousands of additional jobs, according to Reuters)
  • HSY +2% (confirms CEO John P. Bilbrey to retire on July 1; reaffirms outlook for FY16)
  • UA +1.9% (upgraded to Overweight from Neutral at Piper Jaffray )
  • HON +1.9% (releases presentation slides in conjunction with CEO David M. Cote's appearance on Jim Cramer's Mad Money program tonight)
Analyst comments:
  • UA +1.9% (upgraded to Overweight from Neutral at Piper Jaffray)
  • DPZ +1.8% (upgraded to Buy from Underperform at BofA/Merrill)
  • JD +1.3% (initiated with a Buy at Stifel)
  • SYK +0.8% (initiated with Buy ratings at SunTrust)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:
  • SMSI -20.8%, (sees Q3 revs of $6.5 mln, prior guidance was for $7.9-8.4 mln, vs $8.20 mln two analyst estimate)
  • HIVE -20.6%, (guides Q3 revenues below expectations; Sees EPS at low end of prior guidance)
  • NHTC -14.3%, (Natural Health Trends sees Q3 revenue down 12% to $70.7 mln )
  • ONCS -4%, INFY -3.9%, SERV -2.8%, DFRG -2.3%
  • HPQ -1.7%, (guides FY17 adj. EPS in-line; raises dividend 7%; adds $3 bln to buyback; announces restructuring with 3-4K expected layoffs)
  • SKY -0.7%
M&A news:
  • SYT -1.3% (Bloomberg report that China may look to merge ChemChina with Sinochem Group; Syngenta agreed to be acquired by ChemChina in February for ~$43 bln)
Select metals/mining stocks trading lower: AU -1.4%, KGC -1.3%, ABX -1.3%, GDX -1.3%, NEM -1.3%

Other news:
  • BIOC -21.6% (prices a 9.1 mln share underwritten public offering of common stock & warrants)
  • OPTT -20.9% (filed a form EFFECT (Notice of Effectiveness for a Form S-1))
  • LMRK -7.3% (announces a 3 mln common unit underwritten public offering representing limited partner interests)
  • EGLT -5.6% (Egalet notified that FDA will not meet October 14 PDUFA goal data for ARYMO ER; No additional scientific information or data requested by FDA)
  • WMIH -2.8% ( Appaloosa LP lowers passive stake to 3.7%)
  • RSPP -2.5% (upsizes offering by 2 mln shares; prices 22 mln shares of its common stock at $39.75 per share)
  • DPRX -1.4% (after closing near lows)
Analyst comments:
  • BETR -2.9% (downgraded to Neutral from Buy at Goldman)
  • SEDG -2.7% (initiated with a Sell at Axiom Capital)
  • BLUE -2.1% (downgraded to Sell from Hold at Cantor Fitzgerald)
  • ROLL -1.4% (downgraded to Neutral at Seaport Global Securities)

FT : UniCredit: seize the moment

UniCredit: seize the moment
A capital raise could provide occasion for an overdue fundamental overhaul

The appointment of UniCredit’s French chief executive Jean Paul Mustier — the first non-Italian to hold the post — was meant to signal a break with tradition. So far he has tinkered, but reports that the bank is considering a €13bn capital raise could provide occasion for an overdue fundamental overhaul.

UniCredit’s problem is twofold. It has a large stock of non-performing loans (15 per cent of gross lending, two-thirds of which are in Italy), and an unwieldy network of operations across 17 countries perceived as too complex.
Any capital raised would go towards settling the first concern. An equity issue (UniCredit’s fourth since 2009) would be heavily dilutive: at market prices the share count would more than double. But allowing UniCredit to sell off or write down NPLs to their market value — while increasing the bank’s dismal core equity tier one capital ratio (10.3 per cent) — would remove a major drag on profitability.
On the second issue, Mr Mustier has tentatively sold down stakes in a foreign asset (Poland’s Bank Pekao) and one in Italy (online bank Fineco). He should be bolder. It is unclear what UniCredit gains from holding a non-controlling stake in Turkey’s Koc Finansal, nor its fully owned German lender HVB while the latter is prevented from transferring excess capital to the parent (its CET1 ratio is 23.5 per cent). A sale or initial public offering of both is preferable.
Yes, this would give UniCredit greater exposure towards its domestic market (over half of revenues comes from abroad). But contrary to popular perception, the words “Italian” and “banking” need not equal value destruction: UniCredit’s biggest division, Italian commercial banking, is the only one to have steadily grown operating profits since 2012 (6 per cent annually), despite Italy’s recession.
Trading at barely 0.3 times book value, UniCredit shares are priced for radical intervention. A large capital raise would provide Mr Mustier with his moment.

>>> DJ Deutsche Bank's Top Shareholders Tell Struggling Lender They Are Concerne

DJ Deutsche Bank's Top Shareholders Tell Struggling Lender They Are Concerned
By Jenny Strasburg
Deutsche Bank AG's biggest shareholders, investment vehicles controlled by the Qatari royal family, have recently expressed concern about the threat of legal fines against the lender and whether it is adequately focused on its long-term strategy, according to people familiar with the matter.
The people briefed on communications involving Sheik Hamad bin Jassim al-Thani and his staff said he remains supportive of Chief Executive John Cryan and Deutsche Bank's chairman, Paul Achleitner. At the same time, the sheik lately has sought assurances that the bank is doing everything possible to resolve looming settlements with the U.S. Justice Department while also managing the business, the people said.
Keeping the Qatari investors pleased is a vital mission for Mr. Cryan. The bank has repeatedly said it doesn't need to raise fresh capital. But if its fortunes turn further for the worse, it mightn't have a choice--and the Qataris could be an obvious place to turn for new funds. They have describe themselves as long-term shareholders, but haven't sat idly by during Deutsche Bank's turmoil this year.
One person close to the Qataris and their advisers said they view a potential recapitalization as a possible investment opportunity. They have discussed with other sovereign funds about joining in any investment, people familiar with the matter said.
The Qataris plowed EUR1.75 billion ($1.94 billion) into Deutsche Bank in mid-2014 as part of an EUR8 billion capital increase, paying EUR29.20 a share. More recently, the sheik spent hundreds of millions of dollars more to boost his family's vehicles' stake to near 10%, becoming its top shareholder, Deutsche Bank said earlier this year.
The ride has been downhill: Deutsche Bank shares have fallen 45% this year and are now trading near EUR12. Not accounting for hedges and other factors that people familiar with the Qataris' investment say have softened their losses, the share-price decline alone implies a hit of around EUR1 billion.
The sheik, a former prime minister, controls an investment vehicle through which the Qatari royal family holds some of its Deutsche Bank shares.
The Qataris haven't behaved like activist investors with Deutsche Bank, in that they haven't tried to get involved in operational or management matters, people familiar with their relationship to the bank say. They have reiterated their patience as long-term shareholders, with an interest in even eventually boosting their stake further, the people say.
But they don't plan to do so immediately, some of the people said. First, the Qataris have said they want more clarity.
They are concerned about an erosion of profits and loss of talent in key businesses like investment banking and asset management, the people say. The asset-management business has had three leaders in the past 18 months, and managers have been in the position of reassuring both clients and employees of the bank's commitment to it, people close to it say.
The Qataris have sought assurances that Deutsche Bank executives and its supervisory board are actively weighing all options, including a sale of the asset-management business, should legal fines or other factors press them to take more-dramatic steps than planned earlier.
Mr. Cryan has said asset management is an essential part of the bank.
The Qataris' concerns increased after The Wall Street Journal reported Sept. 15 that the Justice Department suggested Deutsche Bank pay $14 billion to settle longstanding mortgage-securities cases, the people said. That opening bid from the U.S. government, which Deutsche Bank confirmed, is widely seen by investors and lawyers--and the bank itself--as much higher than what Deutsche Bank ultimately will end up paying.
Settlement talks are continuing, people familiar with the matter said.
Still, the disclosure about the Justice Department's initial proposal has crystallized deeper concerns about the German bank. Investors and analysts have fretted over its ability to weather big legal fines considering its already-thin capital cushion, and bolster profits in its shrinking investment-bank and trading operations.
Bankers and others who have spoken with existing and potential investors, or been briefed on discussions with them, say one concern is that most of Deutsche Bank's management board lacks experience running the bank. Only one of its 11 members belonged to the board before January 2015. Five joined this year.
One banker who has talked with potential investors said the downside of selling asset management--including its reliability as a stable source of profits--would be offset by the improvement in the bank's capital position. The person said more resources could then be invested in global transaction banking, a workhorse part of the investment bank that some investors feel could be stronger, along with Deutsche Bank's broader global corporate-finance business.
Eyk Henning contributed to this article.

>>> JPMorgan Chase beats by $0.19, beats on revs

JPMorgan Chase beats by $0.19, beats on revs

  • Reports Q3 (Sep) earnings of $1.58 per share, $0.19 better than the Capital IQ Consensus of $1.39; revenues rose 8.3% year/year to $24.7 bln vs the $23.69 bln Capital IQ Consensus. Net income ($6.29 bln -8% Y/Y +1% Q/Q) reflects higher income tax expense in the current quarter. Net interest income was $11.9 bln, up 6%, primarily driven by loan growth and the net impact of higher rates, partially offset by lower investment securities balances. Noninterest revenue was $13.6 bln, up 10%, primarily driven by the Corporate & Investment Bank. Noninterest expense was $14.5 bln, down 6%, driven by lower legal expense, partially offset by higher compensation expense.
    • The provision for credit losses was $1.3 bln, up from $682 mln, due to reserve increases in the current quarter vs. reserve releases in the prior-year quarter, and higher net charge-offs. The Consumer provision reflected an increase in reserves of ~$225 mln, primarily driven by growth in the Card portfolio, including growth in newer vintages which, as expected, have higher loss rates compared to the overall portfolio. The Wholesale provision was a benefit, primarily driven by net reserve releases in the Oil & Gas portfolio of ~$50 mln.
  • ROE +13% (tangible common).
  • Average core loans up 15% YoY and 2% QoQ.
  • Tangible book value per share of $51.23, up 8%.
  • Consumer & Community Bank: Net income was $2.2 bln, a decrease of 16%. Average core loans up 19%. Net revenue was $11.3 bln, up 4% over the prior year. Consumer & Business Banking net revenue was $4.7 bln, up 4%, reflecting strong deposit growth, partially offset by spread compression. Mortgage Banking net revenue was $1.9 bln, up 21%, driven by higher MSR risk management results, higher production margins, and portfolio growth. Card, Commerce Solutions & Auto net revenue was $4.7 bln, down 1%, driven by new account origination costs, an increase in the reserve for uncollectible interest and fees, and the impact of renegotiated card co-brand partnership agreements, predominantly offset by higher auto lease and card sales volumes and higher loan balances.
  • Corp. & IB: Net income was $2.9 bln, up $1.4 bln, reflecting higher net revenue and lower legal expense. Banking revenue was $2.9 bln, up 6%, driven by higher Investment Banking revenue, up 14%, reflecting higher debt and equity underwriting fees as well as higher advisory fees. The business continued to rank #1 in Global Investment Banking fees. Treasury Services revenue was $917 mln, up 2%. Lending revenue was $283 mln, down 15%.
  • Commercial Bank: Net income was $778 mln, an increase of 50%. Net revenue was $1.9 bln, up 14%, driven by higher net interest income due to loan growth and higher deposit spreads, and higher investment banking revenue driven by large transactions. Average loan balances up 14%; C&I loans up 10%; CRE loans up 19%.
  • Asset Mgmt: Net income was $557 mln, an increase of 17%. Net revenue was $3.0 bln, an increase of 5%, driven by higher net interest income due to higher deposit and loan spreads, and loan growth.

>>> Wells Fargo beats by $0.02, beats on revs; mortgage originations in line wit

Wells Fargo beats by $0.02, beats on revs; mortgage originations in line with guidance

  • Reports Q3 (Sep) earnings of $1.03 per share, $0.02 better than the Capital IQ Consensus of $1.01.
  • Residential mortgage loan originations were $70 billion in the third quarter, up from $63 billion in the second quarter (in line with guidance of 'somewhat higher' originations QoQ).
  • Net interest income in third quarter 2016 increased $219 million from second quarter 2016 to $12.0 billion, primarily due to growth in investment securities, loans, trading assets and mortgages held-for-sale.
  • The provision for credit losses decreased $228 million from the prior quarter on lower oil and gas related net charge-offs.
  • Net interest margin was 2.82 percent, down 4 basis points from second quarter 2016 primarily due to growth in long-term debt and deposits, partially offset by the benefit of earning asset growth. Net interest income in third quarter 2016 increased $219 million from second quarter 2016 to $12.0 billion.
  • Total loans were $961.3 billion at September 30, 2016, up $4.2 billion from June 30, 2016.
  • The efficiency ratio was 59.4 percent in third quarter 2016, compared with 58.1 percent in the prior quarter. The Company expects the efficiency ratio to remain at an elevated level (prior efficiency ratio guidance range was 55-59%).
  • On September 8, 2016, WFC reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which the Company had fully accrued for as of June 30, 2016, totaled $185 million, plus $5 million in customer remediation.