Tapestry, Wells Fargo, BNY Mellon, Plastiq, Biogen, Virgin Hyperloop, Memorial Hermann Health System, Xylem
“We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend,” CEO Charlie Scharf says.
The bank indicated Tim Sloan did not do enough to resolve the regulatory problems it faced in the wake of its fake-accounts scandal.
The complaint said the practice continued from 2008 through at least 2016.
A new report slams the bank for failing to comply with regulatory orders on multiple customer abuse scandals and blasts regulators for inaction.
“This case illustrates a complete failure of leadership at multiple levels within the bank," a prosecutor says.
A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
The bank's new CEO pledges to “make the fundamental changes necessary to regain the full trust and respect of all stakeholders."
The bank's CFO pointed to loan and deposit growth in the third quarter as evidence of strong fundamentals.
Principal Financial CFO Deanna Strable gives the lowdown on the firm's recent $1.2 billion acquisition of Wells Fargo's retirement business.
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.
The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
