Bloomberg Wells Fargo & Co is already feeling the sting of falling rates. Net interest income (NII), the difference between what the bank charges borrowers and what it pays depositors, fell to the lowest since 2016. That brought the net interest margin to a lower-than-expected 2.82 percent. Declining interest rates and a potential Federal Reserve cut have fuelled concern across ...

Bloomberg Charles Schwab Corp appears to be making a play to grab more advisory clients as fees fall for asset management and trading. The San Francisco-based brokerage firm is in talks to buy USAA’s brokerage and wealth-management operations for roughly $2 billion, the Wall Street Journal reported. The deal may be reached this month, the newspaper said, citing people familiar ...

Bloomberg The European Union is unlikely to withdraw the UK stock market’s equivalence status as a Brexit “negotiating tool” after withdrawing market recognition from Switzerland earlier this month, according to Lombard Odier. The UK’s equity market is almost twice the size of Switzerland’s and London’s clearing houses, which guarantee contracts even if one side proves insolvent, are a “core part” ...