updated Wed. September 25, 2024
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PhillyVoice.com
April 27, 2018
In the wake of last week's $1 billion fine levied against Wells Fargo by the Consumer Financial Protection Bureau, a Philadelphia city councilwoman is calling on Comcast Spectacor to rename the Wells Fargo Center in response to the bank's unethical practices. Cindy Bass, who represents Philadelphia'sÃâà...
Auto Finance News (blog)
April 27, 2018
Wells Fargo continues to consolidate its servicing and collections centers with the announcement of three office closures in Rancho Cucamonga and Irvine ... Laura Schupbach, executive vice president of Wells Fargo Auto, wrote the consolidation would “help the bank deliver a better and more consistentÃâà...
CNBC
April 27, 2018
Gold and silver have been trapped in a "bear super-cycle" since peaking in 2011, and they could stay there for another five years, according to Wells Fargo Investment Institute strategist John LaForge. LaForge is bullish on neither but says investors who want to be in the precious metals should considerÃâà...
The Coloradoan
April 27, 2018
Wells Fargo agreed Friday to pay $1 billion in penalties after the bank was fined by two federal regulators — the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. If you have had an auto or home loan at the bank, you could get money back for any wrongfully chargedÃâà...
Here And Now
April 27, 2018
The Wall Street Journal reports the Labor Department is looking into whether Wells Fargo pushed customers who had low-cost 401(k) plans into higher cost individual retirement accounts, or IRAs. Here & Now's Robin Young speaks with Emily Glazer (@EmilyGlazerWSJ) of The Wall Street Journal, whoÃâà...
Mortgage Professional America
April 27, 2018
Just days after admitting that it faces a $1 billion fine over mortgage and insurance abuses, Wells Fargo is under investigation yet again. The Labor Department is investigating whether the banking giant has been pressuring customers enrolled in low-cost corporate 401(k) plans to roll their retirementÃâà...
Knowledge@Wharton
April 26, 2018
Wells Fargo will pay $1 billion in fines imposed last week by regulators over accusations of overcharging hundreds of thousands of customers, making it the largest such penalty handed down by government agencies. Eye-popping as the amount seems, experts say it is not necessarily a sufficient deterrentÃâà...
Lifehacker Australia
April 26, 2018
Wells Fargo just can't get it together. Last week, the bank was fined $1 billion by the Consumer Financial Protection Bureau for “unfair” insurance practices. Now, the Wall Street Journal reports that the Labor Department is investigating whether the banking giant has been pushing 401(k) enrollees fromÃâà...
CNNMoney
April 24, 2018
September 27: Wells Fargo CEO John Stumpf forfeits pay. Stumpf says he will give up much of his 2016 salary, including a bonus and $41 million in stock awards. The first major executive leaves the company over the scandal. Carrie Tolstedt, who headed the division that created the fake accounts, stepsÃâà...
Law360
April 23, 2018
Law360 (April 23, 2018, 6:29 PM EDT) -- A New Jersey federal judge on Friday tossed a lawsuit against Wells Fargo by a former employee alleging she was wrongfully discharged for refusing to take part in opening phony accounts without customers' consent, saying she could not pursue a contract action without theÃâà...
Philly.com
April 23, 2018
In a recent column, I wrote that it's way past time to remove the name of Wells Fargo — the bank that's been dinged again and again by regulators for scams that targeted its own customers — from the arena in South Philly and instead honor someone who's a) from Philadelphia and b) actually deserving.
CNNMoney
April 23, 2018
Wells Fargo is still under fire from shareholders, angry activists and assertive regulators, a year and a half after the fake-accounts scandal erupted. The embattled bank is bracing for another hostile crowd on Tuesday, when it holds its annual shareholder meeting in Des Moines, Iowa, for the first time. At lastÃâà...
Fortune
April 23, 2018
Wells Fargo settled with U.S. regulators last week, agreeing to pay a $1 billion fine for harming customers by creating fake accounts, selling unlawful insurance products, and charging unnecessary fees. The bank didn't have to suffer through a trial. The worst public shaming came, perhaps, when PresidentÃâà...
SFGate
April 22, 2018
Wells Fargo agreed Friday to pay $1 billion in penalties after the bank was fined by two federal regulators — the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. If you have had an auto or home loan at the bank, you could get money back for any wrongfully chargedÃâà...
Willamette Week
March 26, 2018
Portland-Area Man Wins Reported Seven-Figure Whistleblower Settlement from Wells Fargo. Formerly enslaved by the Khmer Rouge, Duke Tran lived the American dream until a big bank fired him. By Nigel Jaquiss |. Published 12:35 PM. Updated 12:35 PM. Duke Tran, a Damascus resident with anÃâà...
CNBC
March 26, 2018
To one market analyst, all of the above means it's not a time for investors to worry; it's time to buy. "We're trying to get our clients to buy on these pullbacks," Scott Wren, senior global equity strategist at Wells Fargo, told CNBC's "Futures Now" recently. "We think this thing still has some upside the rest of theÃâà...
Yahoo Finance
March 24, 2018
The 2008 financial crisis is at the back of investors' minds – at least when it comes to the balance sheets of the three largest lenders: JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC). As reported by The Wall Street Journal, citing data from Novantas, customers are depositing bucketsÃâà...
CNBC
March 24, 2018
Darrell Cronk , president of the Wells Fargo Investment Institute, shared his market and economic outlook — as well as potential areas to invest — in an exclusive interview for CNBC PRO with Mike Santoli. Cronk said that given technology's strong performance over the last year, investors may be betterÃâà...
New York Times
March 24, 2018
After Duke Tran escaped from slavery, but before he became a millionaire, he was a Wells Fargo employee. He worked at the bank's debt-collections center near Portland, Ore., talking on the phone to customers who owed Wells Fargo money. It wasn't glamorous, but the job enabled him to afford aÃâà...
Barron's
March 22, 2018
Prosecutors and federal and state regulators have been looking into Wells Fargo since late 2016 over its retail-banking sales practices. Now the investigation has reached the wealth management unit. The second story concerns the next generation of potential advisors, and how they see the industry.
ABL Advisor
March 16, 2018
Wells Fargo & Company has promoted James Trankle to lead its Nebraska commercial lending team. Based in Omaha, he reports to Grant Friesth, Central Division manager for Wells Fargo Middle Marking Banking. Trankle now oversees Wells Fargo's local Middle Market Banking operations throughoutÃâà...
Investopedia (blog)
March 16, 2018
Amazon.com Inc. (AMZN) is poised to continue taking the retail sector by storm, according to one Wall Street analyst, who described the clothing and accessories space as a "long runway" for the e-commerce giant. Wells Fargo came to this conclusion after quizzing consumers about their spending habits.
Napa Valley Register
March 16, 2018
Yesenia Guitron, a former Wells Fargo banker, was fired from her job at the St. Helena branch in 2010 after trying to blow the whistle on excessive account openings, then unsuccessfully sued the bank for wrongful termination. Guitron is scheduled to receive a whistleblower award from the NorthernÃâà...
Quad-Cities Online
March 16, 2018
ATKINSON – The Atkinson Branch of Wells Fargo Bank at 401 N. State St. will close June 13. "This is not an easy decision or one that we take lightly," said Steve Carlson, vice president, Wells Fargo corporate communications. "All team members working in the Atkinson branch will be retained and offeredÃâà...
CNBC
March 16, 2018
Federal agents are interviewing employees of Wells Fargo's wealth management division as the government expands its investigation of the bank's sales practices, according to a report Friday in The Wall Street Journal. The report said the FBI has interviewed some employees in the Phoenix area as theÃâà...
KCCI Des Moines
March 15, 2018
Des Moines will have a role to play in the ongoing financial issues at Wells Fargo bank. The company announced yesterday that its annual stockholders meeting will be held in Des Moines on April 24th. Although the Wells Fargo home mortgage division is based in Des Moines, the bank's headquarters is inÃâà...
CNNMoney
March 15, 2018
Wells Fargo CEO Tim Sloan got a 36% raise after one of the darkest years in the bank's history. At his own recommendation, Sloan isn't receiving a cash bonus, according to filings late Wednesday. The CEO cited "significant but incomplete progress on addressing compliance and operationalÃâà...
Commercial Observer
March 15, 2018
Both Wells Fargo and Fannie Mae closed out banner years in 2017 for commercial financings. Despite new regulatory handcuffs from the Federal Reserve that went into effect this year in response to the bank's mishandling of consumer accounts, Wells' commercial real estate volumes surged last year, withÃâà...
NJBIZ
March 15, 2018
Wells Fargo has promoted Ed Ross to small business acquisition manager in the Northeast region, a new position that covers New Jersey, Pennsylvania, New York, Connecticut and Delaware. In his new role, Ross will oversee a newly formed team of business development officers that will be responsibleÃâà...
AdvisorHub
March 15, 2018
Wells Fargo has been excoriated for bad behavior, including employees creating legions of fake accounts and allegedly making inappropriate recommendations to customers seeking alternative investments. Regulators also are probing whether the bank overcharged consumers for home and auto loans asÃâà...
WSOC Charlotte
March 15, 2018
Channel 9 has been told there is a feeling internally that this cost saving measure is a direct response to the penalties and settlements stemming from the Wells Fargo "fake account" scandal dating back to late 2016. The whistleblower believes that the contractors are literally paying for the mistakes of othersÃâà...
Insurance Business
March 15, 2018
Embattled financial services firm Wells Fargo is in for further penalties, if sources cited by Reuters are to be believed. The California-headquartered company, which in 2016 was ordered to pay a record US$190 million after it was found that fake bank accounts had been created in a move to pad salesÃâà...
Omaha World-Herald
March 15, 2018
NuStyle Development is poised to convert another downtown Omaha building into housing — replacing much of the Wells Fargo Bank center with ... that included the same developer's 2011 conversion of the 11-story former Farm Credit building on 19th and Douglas Streets next to the Wells Fargo center.
MarketWatch
March 15, 2018
Wells Fargo & Co. awarded Chief Executive Timothy Sloan $17.4 million in compensation for 2017, his first full year leading the embattled bank. Sloan received $2.4 million in base pay, with a bonus that included shares valued at $15 million. He didn't receive a cash bonus, though other top executives did.
KEYT
March 15, 2018
VENTURA, Calif. - Wells Fargo & Company announced Wednesday that it will award $800,000 to help in the recovery efforts related to the Thomas Fire and Montecito mudslides. $250,000 will be immediately awarded on Friday, March 16, to four nonprofits at the company's Mobile Response Unit (MRU)Ãâà...
CNBC
March 15, 2018
Declining bitcoin prices are not a sign that the market will fall too, said Chris Harvey, head of equity strategy at Wells Fargo Securities. "In the marketplace, there are other issues," Harvey told CNBC's "Fast Money" on Wednesday. He said bigger indicators of the economy are what he called "the three Ts":Ãâà...
CNBC
March 15, 2018
U.S. regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes told Reuters. In July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies onÃâà...
CNBC
March 7, 2018
A group of nuns and religiously-affiliated investors said Wells Fargo & Co. has agreed to publish a review that shows the root causes of the systemic lapses in governance and risk management that have led to ongoing controversies, litigation and fines. As a result of the company's commitment, the InterfaithÃâà...
WIS
March 6, 2018
Two suspects were detained on Monday for an armed robbery at Wells Fargo in Chapin, SC. (Source: LCSD Twitter). CHAPIN, SC (WIS) -. Two suspects have been detained in connection to an armed bank robbery at Wells Fargo. MOREAdditional LinksPoll. The armed robbery took place at the WellsÃâà...
Farmington Daily Times
March 6, 2018
The tribe identified 17 bank branches in New Mexico, Arizona and Utah that allegedly engaged in the alleged activity toward tribal members. Wells Fargo has argued the tribe has no standing for 16 out of the 17 claims named in the lawsuit. If the court does not dismiss the case, Wells Fargo seeks toÃâà...
WIS
March 6, 2018
Ryan Anthony Newell (left), 31, and Cory Ramon Woods (right), 24, were both charged with Armed Robbery and more in connection to a bank robbery in Chapin. (Source: Lexington County Sheriff's Department). Two suspects were detained on Monday for an armed robbery at Wells Fargo in Chapin, SC.
Minneapolis / St. Paul Business Journal
March 6, 2018
As Bank of America and JPMorgan Chase add branches in new markets, rival big bank Wells Fargo & Co. may have more to worry about than locally based players. That's one of the takeaways from a Wall Street Journal story that looks at the likely fallout from moves by the banks to add hundreds of newÃâà...
Philadelphia Business Journal
March 5, 2018
Wells Fargo admitted last year that its employees had opened as many as 2.1 million bogus accounts in customers' names, a number which has since grown to 3.5 million. The bank has recently been slapped with sanctions from the Federal Reserve, which will restrict the bank from growing any larger untilÃâà...
New Haven Register
March 2, 2018
NEW HAVEN — The city has moved three of its accounts out of Wells Fargo and will put out a request for proposals to move its two large operational accounts to other financial institutions. It was urged to do so because of the bank's large investment in the Dakota Access Pipeline, but now there is anotherÃâà...
New Haven Independent
March 2, 2018
Two dozen protesters marched from City Hall to the Wells Fargo building on Church Street on Thursday afternoon to celebrate the recent federal downgrading of a bank that has invested in controversial oil pipelines and defrauded hundreds of thousands of customers with unnecessary fees and fakeÃâà...
SFGate
March 2, 2018
The new chief of the Federal Reserve said Thursday that a cap it placed on the growth of Wells Fargo & Co. after widespread consumer abuses would not be easily lifted — but the bank would not have to fully implement reform plans before it was removed. Fed Chairman Jerome Powell sparred over theÃâà...
Financial Planning
March 2, 2018
The bank disclosed new federal scrutiny regarding possible sales misconduct within Wells Fargo's wealth management unit. The latest in a series of revelations could hobble the firm's efforts to stem financial advisor attrition and recruit new talent. In recent quarters, the firm has been hemorrhaging talentÃâà...
Los Angeles Times
March 2, 2018
The consent order requires Wells Fargo's board of directors to submit written plans within 60 days to improve its oversight and risk management. In response to questions from Warren, Powell said Thursday that the approval of those plans would be delegated to the staff "in serious consultation" with FedÃâà...
Dealbreaker
March 2, 2018
If you can believe it, almost two whole months of 2018 managed to pass without some new malfeasance or potential malfeasance or incompetence or potential incompetence or skullduggery or potential skullduggery emerging at Wells Fargo. Sure, one of those two months was the shortest of the year, but still: Impressive.
New York Times
March 2, 2018
Wells Fargo on Friday said four board members will soon step down, fulfilling a pledge it made last month as the Federal Reserve penalized the bank for years of misconduct. The four departing directors are John S. Chen, the executive chairman and chief executive of BlackBerry; Lloyd H. Dean, theÃâà...
