CFOs On the Move: Week Ending July 24
Tapestry, Wells Fargo, BNY Mellon, Plastiq, Biogen, Virgin Hyperloop, Memorial Hermann Health System, Xylem
Wells Fargo Announces $2.4B Loss, Dividend Cut
“We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend,” CEO Charlie Scharf says.
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.
CFPB Alleges Fifth Third Bank Opened Fake Accounts
The complaint said the practice continued from 2008 through at least 2016.
House Report Says Wells Fargo Continues to ‘Abuse’ Customers
A new report slams the bank for failing to comply with regulatory orders on multiple customer abuse scandals and blasts regulators for inaction.
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.
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.
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."
Wells Fargo Profit Falls on Lower Interest Rates
The bank's CFO pointed to loan and deposit growth in the third quarter as evidence of strong fundamentals.
The View from Inside a Midsize M&A Deal
Principal Financial CFO Deanna Strable gives the lowdown on the firm's recent $1.2 billion acquisition of Wells Fargo's retirement business.
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.