according to Reuters.19The order limiting Wells Fargo to a maximum of $1.9 trillion in assets was imposed by the Federal Reserve in 2016. It will stay in place until regulators deem that the bank has corrected the problems that led to the fake accounts scandal. ...
Wells Fargo provides banking, mortgage, investing and credit card services, as well as personal, small business and commercial financial services. The multinational company is headquartered in San Francisco, California
"Higher costs related to cash-out conforming refinances compared with rate-term refinances are tied primarily to pricing driven by the Government Sponsored Enterprises, which we don’t control. We look forward to presenting the facts of this situation, which reflect Wells Fargo's ...
“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...
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 is distracted. That's the take of investment banking rivals hoping to take advantage and grab market share this year as the bank focuses on other problems away from its wholesale banking business. "When banks are distracted they necessarily take their foot off the gas," said one ...
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...
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...
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 ...
"CEO after CEO, year after year, scandal after scandal, nothing at Wells Fargo seems to improve," Brown said. Better policies, better pay Pro-union workers at the bank previously told CBS MoneyWatch they wanted more consistent policies, reasonable hours and better pay. ...