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Wells Fargo

American multinational banking and financial services company

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Wells Fargo: American multinational banking and financial services company
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States. It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets. Wells Fargo is ranked number 26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue. In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC, before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts and illegal manipulation of other accounts by Wells Fargo employees. Wells Fargo fell behind Bank of America to third by bank deposits in 2017 and behind Citigroup to fourth by total assets in 2018. Wells Fargo is incorporated in Delaware.


Wells Fargo to pay $3 bln for fake accounts [Video]

Wells Fargo to pay $3 bln for fake accounts

Wells Fargo reached a settlement Friday for a massive fake account scandal, in which it admitted to guilt and agreed to pay $3 billion to the Justice Department and Securities and Exchange Commission...

Credit: Reuters Studio     Duration: 01:32Published

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Exclusive: U.S. prosecutors probe former Wells Fargo executive over scandal - sources

U.S. prosecutors are investigating the former head of Wells Fargo & Co’s community banking division for her role in the lender’s product mis-selling scandal, two sources said.
Reuters - Published

Wells Fargo to raise minimum pay in most of its U.S. markets

Wells Fargo & Co said on Wednesday it plans to increase minimum wage to between $15 and $20 per hour for most of its U.S. markets, joining other Wall Street banks that have raised hourly pay in recent..
Reuters - Published

Citigroup and Wells Fargo restrict all cross border travel as coronavirus spreads

Citigroup Inc and Wells Fargo & Co have restricted all cross-border travel by employees in response to the rapidly spreading coronavirus outbreak.
Reuters - Published

SEC orders Wells Fargo pay $35 million for recommendations of high-risk products

The U.S. Securities and Exchange Commission said on Thursday it ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending..
Reuters - Published

Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

Wells Fargo & Co will pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday,..
Reuters - Published

Wells Fargo to pay $3B settlement for violating antifraud rules, resolving fake account probes

Wells Fargo agrees to pay $3B for misleading investors as part of fake-account scandal - Published

Factbox: Remaining hurdles for scandal-hit Wells Fargo

Wells Fargo & Co has racked up well over $7 billion in penalties since a sales practices scandal erupted in 2016, and continues to face headwinds.
Reuters - Published

Wells Fargo reaches $3bn fake accounts settlement

Pressure to hit sales goals led Wells Fargo staff to create fake accounts and collect extra fees.
BBC News - Published

Wells Fargo close to roughly $3 billion settlement that would end probes into sales practices

wells fargo close to roughly $3 billion settlement that would end probes into sales practices
Wells Fargo is nearing a deal with federal prosecutors that would settle a years-long investigation into the bank's sales practices in its banking, auto lending, and mortgage divisions, The New York..
WorldNews - Published

Buffett's Berkshire buys Kroger and Biogen, reduces Wells Fargo and Goldman stakes

Warren Buffett's Berkshire Hathaway Inc on Friday said it has taken a $549.1 million stake in Kroger Co, investing in the largest U.S. supermarket chain as smaller rivals struggle.
Reuters - Published

Wells Fargo Invests $5M in Startup Connecting Crypto Exchanges and Banks

wells fargo invests $5m in startup connecting crypto exchanges and banks
Banking giant Wells Fargo is backing blockchain forensics firm Elliptic. Announced Thursday, the fresh $5 million from Wells Fargo Strategic Capital (WFSC) brings Elliptic’s Series B up to a total of..
WorldNews - Published

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges

John Stumpf has also been banned from working for US national banks after a fake accounts scandal.
BBC News - Published

Ex-Wells Fargo CEO banned from banking, must pay $17.5M fine for role in fake-accounts scandal

The former CEO of Wells Fargo can never work for a bank again and must pay a $17.5 million fine for his role in the bank's fake-accounts scandal. - Published

S&P 500 eases from record on tech retreat, Wells Fargo slide

The S&P 500 eased from record levels on Tuesday, as technology stocks handed back gains made on hopes of a preliminary U.S.-China trade deal and Wells Fargo slid in a mixed start to big banks'..
Reuters - Published

New Wells Fargo CEO brings Wall Street swagger to storied bank

Charles Scharf will make his public debut as Wells Fargo & Co’s chief executive during the bank’s quarterly earnings call on Tuesday, and those who have worked with him in the past say he is likely..
Reuters - Published

Exclusive: Wells Fargo lays off more than 200 business bankers in U.S. - sources

Wells Fargo & Co has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured some units, sources familiar with the matter..
Reuters - Published

Wells Fargo taps one-time Dimon protégé Scharf to lead turnaround

After a difficult, months-long search for a new chief executive, scandal-plagued Wells Fargo & Co named as its next leader Charles Scharf, a one-time Jamie Dimon protégé known on Wall Street as a..
Reuters - Published

Wells Fargo chooses BNY Mellon's Scharf as third CEO in three years

Wells Fargo & Co on Friday named banking veteran Charles Scharf its next chief executive officer, ending a six-month search for a new leader to turn around the fortunes of the scandal-plagued bank,..
Reuters - Published

Shut Down DC is back and they're protesting outside EPA, Trump Hotel and Wells Fargo

Climate change activists on Friday protested outside the Trump Hotel, the EPA, Wells Fargo Bank and BlackRock in Washington, D.C. - Published

Wells Fargo taps BNY Mellon's Charles Scharf as CEO

Wells Fargo & Co named banking veteran Charles Scharf as chief executive officer on Friday, the lender's third CEO since a wide-ranging sales scandal erupted three years ago.
Reuters - Published

Wells Fargo names Bank of New York Mellon chief as new CEO

Scandal-tainted bank taps former top deputy to JPMorgan Chase's Jamie Dimon to rehab its reputation
CBS News - Published Also reported by •Reuters

Top U.S. banks temper net interest income view, cite potential rate cuts

top u.s. banks temper net interest income view, cite potential rate cuts
Wells Fargo relies heavily on interest rates to boost revenue, since it manages rate-sensitive deposits and mortgage securities. On July 31, the U.S. central bank cut its key overnight lending rate to..
WorldNews - Published

Wells Fargo pays $6.5 million to Navajo Nation over 'predatory' practices

Wells Fargo & Co will pay the Navajo Nation $6.5 million to settle a lawsuit over "predatory and unlawful practices" by the bank, the Native American tribe said on Thursday.
Reuters - Published

Your meaningful job is a health hazard

your meaningful job is a health hazard
We talk a lot about how millennials need jobs that don’t just pay the bills, but fulfill the depths of our socially responsible, non-GMO, no-artificial-additives souls. There’s no way we’d settle..
WorldNews - Published

Wells Fargo tempers cost-cutting outlook

Wells Fargo & Co reported higher quarterly earnings on Tuesday, due in part to lower expenses, but the bank reined in its outlook for cost cuts to invest in improving its risk management.
Reuters - Published

Wells Fargo does well after lower overall costs

wells fargo does well after lower overall costs
New York — Wells Fargo reported higher quarterly profit on Tuesday despite flat revenue, as the bank benefited from lower costs. Revenue fell at Wells’s community bank and wholesale bank as net..
WorldNews - Published

Wells Fargo posts higher profit on cost controls, rise in loans

Wells Fargo & Co reported higher quarterly profit on Tuesday despite flat revenue as the bank benefited from lower costs.
Reuters - Published

Companies spent more than $300 million settling FCRA violation claims

Big employers, including Amazon, Uber and Wells Fargo have spent hundreds of millions of dollars over the past decade to settle allegations they unlawfully snooped on job applicants.
CBS News - Published

Wells Fargo will pay customers $386 million over unwanted auto insurance

Wells Fargo & Co will pay customers at least $386 million to settle class-action claims that the bank signed them up for auto insurance they did not want or need when they took out car loans.
Reuters - Published

Exclusive: Wells Fargo board weighs keeping interim CEO in place - sources

Wells Fargo & Co board members are considering keeping interim Chief Executive Allen Parker in the job permanently even after saying they would seek an outsider to fill the role, according to two..
Reuters - Published

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