wells-fargo

Wells Fargo says account openings fall in November

December 16, 2016 By admin

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 started reporting monthly figures on retail banking activity last moth as part of an effort to win back the trust of investors.

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Wells Fargo says account openings fall in November

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With bylaw tweaks, Apple grants activist one of three wishes

December 16, 2016 By admin

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 fear may not have long-term corporate interests at heart. At Apple, this debate played out several years ago when billionaire activist investor Carl Icahn successfully urged an increase in share buybacks.

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With bylaw tweaks, Apple grants activist one of three wishes

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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

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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

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Wells Fargo’s corporate responsibility chair resigns from private equity firm

October 24, 2016 By creative

Federico Pena, a member of Wells Fargo’s board of directors and chairman of its corporate responsibility committee, has resigned from an advisory position with Vestar Capital Partners, a private equity firm. The corporate responsibility committee, which is meant to monitor the bank's reputation, has come under fire since it emerged that Wells Fargo's branch staff created as many as 2 million accounts without customers' knowledge to meet internal sales targets. “I only spent one year as the head of the committee,” said Pena, who served as energy secretary and transportation secretary during Bill Clinton's presidency.

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Wells Fargo’s corporate responsibility chair resigns from private equity firm

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Wells Fargo chief Stumpf heads to Hill with pressure mounting

September 29, 2016 By admin

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 stock awarded to Stumpf, an unprecedented rebuke for a major U.S. bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorized credit card and deposit accounts to meet sales quotas. California, Wells Fargo's home state, suspended business relationships with the bank for a year on Wednesday and said it would work with the state's two giant public pension funds to change the management structure at the bank, including separating the roles of CEO and chairman.

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Wells Fargo chief Stumpf heads to Hill with pressure mounting

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Wells Fargo faces proposed class action over bogus accounts

September 16, 2016 By admin

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 faces proposed class action over bogus accounts

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Wells Fargo’s systemic importance rose, says U.S. report

April 13, 2016 By admin

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 the world's largest banks using 2014 data from the Basel Committee on Banking Supervision. Regulators define systemically important banks as those whose failure could pose a threat to the global financial system.

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Wells Fargo’s systemic importance rose, says U.S. report

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Wells Fargo admits deception in $1.2 billion U.S. mortgage accord

April 9, 2016 By publisher

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

March 6, 2016 By admin

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 the key role he played in leading a fivefold increase in our M&A business,” said Rob Engel, head of investment banking and capital markets at Wells Fargo.

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Wells Fargo searching for rainmaker in bid to boost dealmaking franchise

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