WFC - Banco Santander raises prime lending rate to match Fed's 75 bps hike

Add Banco Santander (NYSE:SAN) to the list of US banks increasing its prime lending rate effective June 15, 2022. Major U.S. banks including JPMorgan Chase & Co, Citigroup (C) and Wells Fargo & Co (WFC) said on Wednesday they had raised their prime lending rates by 75 basis points to 4.75%, effective Thursday, matching the Federal Reserve's rate hike earlier in the day. The move comes after Fed raised its target interest rate 75 basis points in a move that equates to the most aggressive hike since 1994.

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Banco Santander raises prime lending rate to match Fed's 75 bps hike