Regulator Hits Wells Fargo With $250M Fine
The OCC says deficiencies in a Wells Fargo loan modification program constituted “reckless unsafe or unsound practices."
Wells Fargo Shares Dip 7% on Q4 Revenue Miss
"Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us."
Wells Fargo Former Execs Charged With Misleading Investors
The SEC said John Stumpf and Carrie Tolstedt misled investors about the bank’s success in selling multiple products to customers.
Wells Fargo Fires Over 100 Employees for Alleged COVID-19 Relief Fraud
The bank’s internal investigation found up to 125 employees applied for relief intended for small businesses.
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.