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. ...
FinancialsJanuary 13, 2023 Wells Fargo suffered 50% profit loss during the fourth quarter Wells Fargo suffered a 50% profit loss during the fourth quarter last year after a $3 billion penalty was assessed by a government agency for a six-year loan mismanagement scandal. ...
"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 ...
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...
A new probe into Wells Fargo's sales practices reports that thousands of small businesses were impacted in the account fraud.
Wells Fargo Scandal Exposes Need for Bank Loan Officer LicensingByline: Scott Olson The recent revelations about Wells Fargo opening unauthorized bank...Olson, Scott
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 ...
For years, there were signs that Wells Fargo (WFC) had a fraudulent account problem. But that didn't stop magazines and research outfits from dubbing them 'best' in the business
Unfortunately, as CNN’s Matt Eganhas detailed, the apparent motivations for the Wells Fargo scandal aren’t unique to Wells Fargo. “Banks are under enormous margin pressure,” chief of the Office of Comptroller of the Currency, Thomas Curry, told a Senate panel. ...