Tag: wells-fargo
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Wells Fargo says account openings fall in November
The bank agreed in September to pay regulators $185 million to settle charges that its staff opened as many as 2 million accounts without customers' knowledge. Wells Fargo said on Friday consumer checking account openings fell 9 percent in November from the previous month, and were down 41 percent from a year earlier. The bank…
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With bylaw tweaks, Apple grants activist one of three wishes
By Ross Kerber and Stephen Nellis BOSTON/SAN FRANCISCO (Reuters) – Apple Inc's board relaxed some rules for director nominations by outside investors but stopped short of broader changes sought by an activist shareholder. Just how much influence to give such investors has been a hot topic with the rise of activist shareholders who some executives…
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Wells Fargo faces tighter controls as U.S. regulator reverses course
By Patrick Rucker WASHINGTON (Reuters) – A leading U.S. bank regulator on Friday reversed course and positioned the agency to claw back pay of former executives at Wells Fargo & Co after a phony-accounts scandal. Friday's move may target executive pay at Wells Fargo at a time when some lawmakers complain bank bosses have not…
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Wells Fargo chief Stumpf heads to Hill with pressure mounting
Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. The bank's move earlier this week to claw back $41 million in…
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Wells Fargo faces proposed class action over bogus accounts
Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior. The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.
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Wells Fargo’s systemic importance rose, says U.S. report
Wells Fargo & Co is the only large U.S. bank to become “significantly” more important to the global financial system in recent years, according to a report on Wednesday by a U.S. government research group. The Office of Financial Research, a financial stability watchdog housed within the U.S. Treasury Department, studied the systemic importance of…
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Wells Fargo admits deception in $1.2 billion U.S. mortgage accord
The settlement with Wells Fargo, the largest U.S. mortgage lender and third-largest U.S. bank by assets, was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.
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Wells Fargo searching for rainmaker in bid to boost dealmaking franchise
Wells Fargo & Co , in a bid to boost its dealmaking franchise, is hunting for a new head of mergers and acquisitions, according to people familiar with the matter. The bank's existing head of mergers, John Laughlin, has moved to a vice chairman role, a spokeswoman said. “John Laughlin's appointment to vice chairman recognizes…