Wells Fargo & Co. reported fourth-quarter earnings that were mixed, as the company continues to be hampered by the coronavirus pandemic, as well as ongoing issues at the bank.
Wells Fargo has paid refunds of premiums and bank fees to eligible customers with applicable renters and simplified term life insurance policies, among other potential compensation. We have provided remediation to eligible customers with policies opened between December 3, 2008 and November 30, 2016. ...
As a reminder, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses during the remainder of the year. In summary, we had solid results in the third quarter, which demonstrated the progress we are making to transform Wells Fargo and improve...
In its third-quarter earnings, filed with the SEC in October, the bank reported $2 billion in operating losses due to “litigation, customer remediation, and regulatory matters primarily related to a variety of historical matters” in the quarter, Wells Fargo CEO Charles Scharf said on the comp...
Wells Fargo’s third-quarter results also included a $718 million restructuring charge, predominantly related to severance costs, and $1.2 billion of operating losses, largely due to customer remediation accruals, it said. The San Francisco-based banking group is continuing, it said, to tighten re...
Wells Fargo Bank has agreed to a $1 billion penalty issued by the federal government for how it charged certain borrowers for mortgage interest rate-lock extensions and the way it administered a mandatory insurance program related to its auto loans. T he
The agency also said Wells Fargo unlawfully froze more than 1 million customer bank accounts because its automated system flagged some deposits as possibly fraudulent. Wells Fargo could have taken a different action to examine deposits, but instead customers were unable to access their funds for roug...
Wells Fargo entities in China covered by this Notice Entity Name Address Wells Fargo Bank, National Association Units F722-F723, 7/F, 7 Jinrong Street, Winland International Finance Beijing Branch Center, Xicheng District, Beijing, People's Republic of China Wells Fargo Bank, National Association...
The bank said fourth-quarter expenses would include a $3.5 billion operating loss, or $2.8 billion after taxes, from the incremental costs of the CFPB civil penalty and customer remediation efforts, as well as other legal matters. Wells Fargoagreed to a $3.7 ...
primarily due to customer remediation accruals • Personnel, occupancy, and technology expense of $382 million related to the COVID-19 pandemic Average loans of $971.3 billion, up $23.8 billion, or 3%, from second quarter 2019; period-end loans of $935.2 billion, down $74.7 billion,...