Online Investment Guide

Tag: wells

  • Wells Fargo says account openings fall in November

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    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…

  • With bylaw tweaks, Apple grants activist one of three wishes

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    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…

  • Warren slams Wells Fargo over arbitration position

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    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…

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

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    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…

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

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    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…

  • Wells Fargo’s new CEO faces immediate test

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    Tim Sloan will not have much time to prepare his pitch for Wall Street. The newly installed chief executive of Wells Fargo & Co will present third-quarter results on Friday, less than 48 hours after replacing John Stumpf at the helm of the bank. Sloan's nearly 30 years with Wells, largely spent on the corporate…

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

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    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…