2016 November

Warren slams Wells Fargo over arbitration position

November 29, 2016 By creative

Massachusetts Democratic Senator Elizabeth Warren on Monday criticized Wells Fargo & Co's decision to require customers affected by its unauthorized accounts scandal to go through arbitration rather than allowing them to sue. The San Francisco-based bank last week asked a U.S. court to uphold contract clauses that mandate arbitration, something financial firms often use to protect against litigation. In a Facebook post on Monday, Warren, a frequent critic of the banking industry, said Wells Fargo's promise to treat customers better in light of the scandal is “meaningless” as long as it is pursuing arbitration.

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Warren slams Wells Fargo over arbitration position

Filed Under: Latest News Tagged With: consumer, european, hearing-on-firm, net-income, regulation, sales-rose, senate-banking, uphold-contract, wells

Wells Fargo faces tighter controls as U.S. regulator reverses course

November 19, 2016 By creative

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 paid a fair price for their part in financial scandals. Congressional hearings followed news of the scandal and John Stumpf, the firm's chief executive officer, resigned.

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Wells Fargo faces tighter controls as U.S. regulator reverses course

Filed Under: Latest News Tagged With: beverly-hills, chicago, complain-bank, concerns, donald-trump, fair-price, position, president, some-lawmakers, steven-mnuchin, the-agency, the-background, wells, wells-fargo

Wall Street slips; indexes still near record highs

November 18, 2016 By admin

The Nasdaq hit a record high earlier in the session, helped by a rise in Microsoft and other big tech stocks. U.S. stocks had been on a tear since Donald Trump's surprise victory in the presidential election last week as his proposals to increase infrastructure spending and reduce taxes are seen benefiting the economy. The rally lost steam this week as investors took to the sidelines, awaiting more clarity regarding Trump's policies.

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Wall Street slips; indexes still near record highs

Filed Under: Latest News Tagged With: donald-trump, economy, election-last, floor, his-proposals, investors-took, microsoft, nyse, presidential, proposals, reduce-taxes, session, sidelines, the-sidelines

Wells Fargo CEO says bank changing handling of whistleblower complaints

November 10, 2016 By admin

Wells Fargo & Co Chief Executive Officer Tim Sloan told workers on Thursday the bank was changing the handling of whistleblower complaints after allegations it retaliated against employees who called an ethics hotline to report sales abuses. Sloan announced the change to a gathering of about 2,000 employees in Des Moines, Iowa, as part of a “conversations tour” he and other executives are making to try to restore employee morale following the bank's recent sales practices scandal. Sloan, who took over as CEO of San Francisco-based Wells Fargo last month, did not detail how whistleblower complaints will now be handled, but said the bank was also reviewing allegations of retaliation against staff.

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Wells Fargo CEO says bank changing handling of whistleblower complaints

Filed Under: Latest News Tagged With: also-weighing, bank, barrel-at-0120, chief-executive, ethics-hotline, last-settlement, output, over-as-ceo, said-the-bank, the-handling, wells-fargo, zhejiang

Wall Street scion Caspersen gets 4 years in prison for $38.5 million fraud

November 4, 2016 By publisher

By Nate Raymond NEW YORK (Reuters) – Former Wall Street executive Andrew Caspersen was sentenced on Friday to four years in prison for engaging in what prosecutors say was a Ponzi-like scheme to defraud investors including family members and friends out of $38.5 million. Caspersen, who worked at a unit of investment banker Paul Taubman's PJT Partners Inc before his arrest in March, was sentenced by U.S. District Judge Jed Rakoff in Manhattan after pleading guilty to charges including securities fraud. Prosecutors sought up to 15-2/3 years in prison for the Princeton University and Harvard Law School graduate, who they said for 18 months shamelessly exploited his victims' trust.

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Wall Street scion Caspersen gets 4 years in prison for $38.5 million fraud

Filed Under: Latest News Tagged With: after-pleading, america, caspersen, christina, christina-caspersen, clinton, district-judge, federal, his-sentencing, jobs-created, phone, sentencing, street, the-smartphones, york

Whole Foods founder Mackey retakes helm in turnaround

November 3, 2016 By admin

Whole Foods Market Inc is staking its future on blunt, vegan co-founder John Mackey, betting the man who built the high-end health food grocery chain has the best shot of leading its turnaround. Whole Foods on Wednesday said Mackey would resume his job as solo chief executive officer six years after he split the role with co-CEO Walter Robb, known as the businessman who carried out Mackey's vision. The Austin, Texas-based grocer has reported five quarters of falling sales at established stores, and while the decline may be easing, Whole Foods faces intense competition from retailers ranging from Kroger to Walmart and Amazon.

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Whole Foods founder Mackey retakes helm in turnaround

Filed Under: Latest News Tagged With: beverly-hills, central-bank, from-retailers, mackey, market, nyse, revenue-growth, social, split-the-role, the-businessman, walmart

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