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

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

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

Yahoo shares rise as board meets and considers sale of Web business

Plans by Yahoo Inc's board to consider selling its struggling Internet business sent the company's shares up nearly 6 percent on Wednesday, as investors cheered a potential new way to separate Yahoo's traditional services from its valuable investment in Chinese Web merchant Alibaba. Yahoo's board is weighing the sale of the Internet business at a three-day board meeting starting on Wednesday, a source familiar with the matter told Reuters. Chief Executive Marissa Mayer's attempts to revive the traditional business have born little fruit, and almost all of Yahoo's market capitalization of about $34 billion is ascribed to its stakes in Chinese e-commerce company Alibaba Holding Group Ltd and Yahoo Japan Corp .

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Yahoo shares rise as board meets and considers sale of Web business