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,...
Wells Fargo Bank, N.A., is a large federally chartered depository bank. Reportedly, thousands of Wells Fargo employees harmed bank customers in a variety of ways, including opening unauthorized deposit and credit card accounts in customers' names, enrolling customers in online banking services th...
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...
Wells Fargo fired more than 5,000 bank employees for opening the sham accounts, and there’s now a class action lawsuit in California on behalf of workers who claim the bank fired or demoted them, for not bending the rules to hit those aggressive sales targets. But this is a catch...
Wells Fargo & Co. (WFC) CEO John Stumpf apologized for the scandal involving the creation of as many as 1.5 million fake bank accounts on behalf of unknowing customers, calling the illegal behavior “unethical.” “We never directed nor wanted our team members to provide products and services...
Wells Fargo, Part III: Mundane Securities Stuff By Matt Kelly | February 28, 2020 | 0 Today we get more pedestrian with Wells Fargo and its unauthorized accounts scandal. Sure, the misconduct was egregious and leadership was a disgrace — but how, precisely, did Wells Fargo violate securit...
For example, many individuals have found that they can be approved for personal loans faster and at a lower cost by non-bank upstart online lenders than the banks where they’ve held their deposit accounts for years. For large banks like Wells Fargo, this is a major impediment to...
Wells Fargo'sfake accounts scandalis an example of a problem that is bound to plague companies over time, billionaire investor Warren Buffett said Saturday — but how management responds to the issue is what really matters. Buffett's Berkshire Hathaway isWells Fargo's biggest shareholder, w...
“Fraudulent activity of your employees was not limited to Wells Fargo’s consumer banking operations,” he wrote in the letter, which was reviewed by Reuters on Tuesday, explaining that the revelations came during congressional staffer discussions with the bank. Several business owners who discovered...
who ran the community bank division, set off another round of questions. The clawback revelations came in a report the bank board commissioned into what happened in a scandal that saw Wells Fargo workers set up some 2 million accounts for customers without their knowledge in an effort to mee...