NEW YORK – A deluge of banks earnings on Tuesday took the pulse of the industry at a time growing mortgage and credit woes were forcing banks to charge off more loans or raise reserves against future defaults. Rising core deposits and loans boosted first-quarter income at Wells Fargo & Co. 11 percent, despite growing problems in its subprime mortgage portfolio. Washington Mutual Inc. reported a 20 percent drop in earnings and the second consecutive quarterly loss in its housing division on subprime mortgage write-downs. The earnings still beat analysts’ estimates, however. Wells Fargo, the nation’s fifth largest bank, said that deterioration in subprime mortgages forced it to slash revenues by some $90 million as it wrote down those loans and set aside money for defaults. Subprime mortgages are loans to borrowers with blemished credit or low credit scores. Wells Fargo posted first-quarter profit of $2.24 billion, or 66 cents per share, up from $2.02 billion, or 60 cents per share, a year earlier. Revenue at the San Francisco-headquartered bank was $9.44 billion in the quarter, up more than 10 percent from $8.56 billion a year earlier. Borrowers’ problems showed up in the bank’s report that credit losses totaled $715 million in the first quarter, up from $533 million a year earlier. Washington Mutual Inc., the nation’s largest thrift, said its net income was $784 million, or 86 cents a share, in the first quarter, down from $985 million, or 98 cents per share, a year earlier. Revenue in the January-March period, including net interest income and noninterest income, was $3.62 billion. Kerry Killinger, Washington Mutual’s chairman and chief executive, the home loan market – particularly the subprime segment for consumers with high-risk credit histories – remained a serious challenge. The Seattle-based institution said its home loan group lost $113 million in the first quarter, slightly less than the $122 million loss registered in the fourth quarter, mainly on write-downs of subprime mortgage loans. It also said that subprime mortgage production was 51 percent lower in the first quarter than a year ago. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
Premier League Premier League Team of the Week: De Bruyne & Fabregas pull the strings Goal Last updated 2 years ago 06:50 11/6/17 FacebookTwitterRedditcopy Comments(1) Getty Images Premier League Chelsea Swansea City AFC Bournemouth Arsenal Liverpool Huddersfield Town West Ham United Crystal Palace West Bromwich Albion Manchester City Stoke City Watford Stoke City v Leicester City Newcastle United v AFC Bournemouth Southampton v Burnley Huddersfield Town v West Bromwich Albion Swansea City v Brighton & Hove Albion West Ham United v Liverpool Tottenham Hotspur v Crystal Palace Manchester City v Arsenal Everton v Watford Chelsea v Manchester United Everton Leicester City Manchester United Newcastle United Southampton Burnley Brighton & Hove Albion Tottenham Hotspur Man City and Chelsea’s engine rooms were working at full tilt, while Alvaro Morata left Romelu Lukaku looking a tad useless ASMIR BEGOVIC | BOURNEMOUTHFormer Stoke and Chelsea man Begovic made four saves to maintain Bournemouth’s clean sheet in a tricky encounter at Newcastle’s St. James’ Park. KYLE NAUGHTON | SWANSEA CITY Article continues below Editors’ Picks Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Megan Rapinoe: Born & brilliant in the U.S.A. A Liverpool legend in the making: Behind Virgil van Dijk’s remarkable rise to world’s best player Of the 67 passes he attempted, Naughton completed 94% of them, proving to be a bright spark in an otherwise sub-par Swansea side that lost 1-0 at home to Brighton.CESAR AZPILICUETA | CHELSEAThe Spanish defender made five important tackles in Chelsea’s hugely important 1-0 win over Manchester United, as well as providing the assist for Alvaro Morata’s winning goal.SHANE DUFFY | BRIGHTONRepublic of Ireland international Duffy made 10 clearances in Brighton’s 1-0 win over Swansea at the Liberty Stadium; the most of any player on either side. FABIAN DELPH | MANCHESTER CITYOperating at left-back against Arsenal, Delph topped the charts (alongside midfield maestro David Silva) for most touches of the ball with 98.XHERDAN SHAQIRI | STOKE CITYShaqiri was directly involved in both of Stoke’s goals against Leicester, scoring the first and assisting Crouch for the second half equaliser.KEVIN DE BRUYNE | MANCHESTER CITYNo Manchester City player had more shots on target (2) or created more chances (2) against Arsenal than De Bruyne. Future Ballon d’Or winner in the making? CESC FABREGAS | CHELSEAFabregas, who turned down an offer of a night of passion with a fan after the clash , created six chances against Manchester United, while none of his team-mates created more than one. RAJIV VAN LA PARRA | HUDDERSFIELD TOWNVan La Parra scored the only goal of the game against West Brom with his only shot on target, sealing an important three points for his newly promoted side.MOHAMED SALAH | LIVERPOOLSalah scored twice from three shots against West Ham, and also created three chances for his team-mates as Liverpool ran out 4-1 winners at the London Stadium.ALVARO MORATA | CHELSEAAs well as scoring the only goal of the game with yet another superb header, Morata had 10 touches in the opposition box against Manchester United; the most of any player in Sunday’s games. Check out Goal’s Premier League 2019-20 fantasy football podcast for game tips, debate and rivalries.