WASHINGTON, Feb. 21 (Xinhua) -- Wells Fargo, one of the leading U.S. banks, has agreed to pay 3 billion U.S. dollars to settle criminal and civil investigations with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) over its fake accounts scandal,...
WASHINGTON, July 17 (Xinhua) -- Wells Fargo is preparing to shed a number of its businesses as the U.S. bank tries to restore investor confidence in the wake of the fake account scandal, Financial Times reported on Sunday. "We get a little bit smaller, a little bit less complex and w...
For additional information about the Wells Fargo scandal, see CRS Legal Sidebar WSLG1671, Wells Fargo's Selling Campaign鈥擡nforcement Actions, Civil Penalties, and Possible Criminal Charges, by M. Maureen Murphy.Murphy, Edward VincentHoskins, Sean M...
Wells Fargo’s independent directors are punishing two top executives after the bank’s scandal over sales practices. Chairman and CEO John Stumpf is forfeiting $41 million dollars in stock awards and will forgo his salary during the investigation. Former executive Carrie Tolstedt, who oversa...
About 10,000 small businesses were affected by the account fraud, according to sources cited by Reuters. Wells Fargo is also facing lawsuits from former employees, shareholders, and customers. The bank has said it is changing its sales practices, and recently removed the sales goal incentives ...
Wells Fargo's recent report regarding its fake account scandal did little to assuage investors nervous over what the long-term ramifications might be. Shares of the third-largest U.S. bank by assets are down more than 2 percent this week as part of a broader sell-off in financials. Howev...
Wells Fargo(NYSE: WFC) has been a major underperformer over the past couple of years in an otherwise very strong banking industry. With its infamous fake-account scandal and other lingering issues, many investors are wondering when, if ever, Wells Fargo will return to being one of the most...
An administrative law judge has affirmed that three former audit and risk management executives at Wells Fargo should face millions in penalties for their sloppy oversight during the bank’s fake-account scandal in the 2010s. The judge, assigned to the Office of Financial Institution Adjudication, ...
Billionaire investorWarren Buffetttold CNBC on Monday that Wells Fargo's reputation has been hurt by the fake account sales scandal. "[But] the fundamental earnings power of the bank over a period of years has not been hurt in any material way," Buffett said on"Squawk Box,"two days after...
While scandal in the banking sector is no surprise, particularly since the global financial crisis of 2008, many were surprised to find Wells Fargo at the center of one. After all, the bank is considered one of the more conservative of the major banks, and with its headquarters in...