Wells Fargo

Wells Fargo Fined $37M Over Forex Fraud
Risk & Compliance

Wells Fargo Fined $37M Over Forex Fraud

The bank's sales specialists allegedly charged forex customers higher markups on transactions than they represented the bank would charge.
By Matthew Heller | September 28, 2021
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Regulator Hits Wells Fargo With $250M Fine
Risk & Compliance

Regulator Hits Wells Fargo With $250M Fine

The OCC says deficiencies in a Wells Fargo loan modification program constituted “reckless unsafe or unsound practices."
By Matthew Heller | September 10, 2021
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Wells Fargo Shares Dip 7% on Q4 Revenue Miss
Financial Performance

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."
By Matthew Heller | January 18, 2021
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Wells Fargo Former Execs Charged With Misleading Investors
Risk & Compliance

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.
By Lauren Muskett | November 13, 2020
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Wells Fargo Fires Over 100 Employees for Alleged COVID-19 Relief Fraud
Risk & Compliance

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.
By Lauren Muskett | October 15, 2020
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CFOs On the Move: Week Ending July 24
People

CFOs On the Move: Week Ending July 24

Tapestry, Wells Fargo, BNY Mellon, Plastiq, Biogen, Virgin Hyperloop, Memorial Hermann Health System, Xylem
By Lauren Muskett | July 24, 2020
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Wells Fargo Announces $2.4B Loss, Dividend Cut
Financial Performance

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.
By Matthew Heller | July 14, 2020
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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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CFPB Alleges Fifth Third Bank Opened Fake Accounts
Risk & Compliance

CFPB Alleges Fifth Third Bank Opened Fake Accounts

The complaint said the practice continued from 2008 through at least 2016.
By Lauren Muskett | March 10, 2020
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House Report Says Wells Fargo Continues to ‘Abuse’ Customers
Risk & Compliance

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.
By Lauren Muskett | March 5, 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 Falls on Lower Interest Rates
Financial Performance

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.
By Matthew Heller | October 16, 2019
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The View from Inside a Midsize M&A Deal
M&A

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.
By David McCann | October 15, 2019
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