fake accounts

Wells Fargo Cancels Ex-CEO’s $15M Stock Award
Leadership

Wells Fargo Cancels Ex-CEO’s $15M Stock Award

The bank indicated Tim Sloan did not do enough to resolve the regulatory problems it faced in the wake of its fake-accounts scandal.
By Matthew Heller | March 17, 2020
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Wells Fargo Fined $3B Over Fake-Accounts Scandal
Risk & Compliance

Wells Fargo Fined $3B Over Fake-Accounts Scandal

“This case illustrates a complete failure of leadership at multiple levels within the bank," a prosecutor says.
By Matthew Heller | February 24, 2020
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Former Wells Fargo CEO Banned From Banking
Risk & Compliance

Former Wells Fargo CEO Banned From Banking

A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
By Matthew Heller | January 24, 2020
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Wells Fargo Misses Estimates as Profit Falls 55%
Financial Performance

Wells Fargo Misses Estimates as Profit Falls 55%

The bank's new CEO pledges to “make the fundamental changes necessary to regain the full trust and respect of all stakeholders."
By Matthew Heller | January 15, 2020
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Wells Fargo Profit Jumps 20%, Beats Estimates
Financial Performance

Wells Fargo Profit Jumps 20%, Beats Estimates

The bank's shares fell 3% as net interest income dropped and it warned that 2019 expenses will be near the high end of its target.
By Matthew Heller | July 16, 2019
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Wells Fargo to Sell Retirement Unit for $1.2B
M&A

Wells Fargo to Sell Retirement Unit for $1.2B

The sale to Principal Financial reflects Wells Fargo strategy of divesting smaller business lines in the wake of its fake-accounts scandal.
By Matthew Heller | April 9, 2019
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Wells Fargo Profit Gets Boost From Cost Cutting
Financial Performance

Wells Fargo Profit Gets Boost From Cost Cutting

The bank's third-quarter results "reflect the transformational changes we've been making at Wells Fargo," CEO Tim Sloan says.
By Matthew Heller | October 12, 2018
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Management Shakeup Continues at Wells Fargo
Risk Management

Management Shakeup Continues at Wells Fargo

Four risk management executives are retiring as part of the bank's reorganization in the wake of its fake-accounts scandal.
By Matthew Heller | March 23, 2018
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Tax Savings Fuel Wells Fargo Q4 Earnings Beat
Financial Performance

Tax Savings Fuel Wells Fargo Q4 Earnings Beat

The bank is still struggling to put the fake-accounts scandal behind it, taking a $3.25 billion pre-tax expense for anticipated legal costs.
By Matthew Heller | January 15, 2018
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Litigation Costs Put Dent in Wells Fargo Profit
M&A

Litigation Costs Put Dent in Wells Fargo Profit

The beleaguered bank's shares fall 2.7% after it reports Q3 net income fell to $4.6 billion from $5.6 billion one year ago while EPS misses estimates.
By Matthew Heller | October 13, 2017
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Wells Fargo Reports More Problem Accounts
Fraud

Wells Fargo Reports More Problem Accounts

The bank says it may have created up to 3.5 million accounts without customers’ authorization, well in excess of its previous 2.1 million estimate.
By Matthew Heller | September 1, 2017
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Wells Fargo Earnings Hit by Accounts Scandal
Financial Performance

Wells Fargo Earnings Hit by Accounts Scandal

The bank reported net income was flat at $5.5 billion for the first quarter while revenue fell to $22 billion from $22.6 billion a year earlier.
By Matthew Heller | April 13, 2017
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