Wells Fargo

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 Shares Dip 3% on Profit Outlook
Financial Performance

Wells Fargo Shares Dip 3% on Profit Outlook

The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
By Matthew Heller | April 12, 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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Rep. Waters: Pay Raise for Wells Fargo CEO ‘Outrageous’
Risk & Compliance

Rep. Waters: Pay Raise for Wells Fargo CEO ‘Outrageous’

CEO Tim Sloan’s total compensation increased 4.9% last year to $18.4 million, including a $2 million bonus.
By Vincent Ryan | March 15, 2019
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Retailer Shopko Files for Bankruptcy Protection; Plans to Close 105 Stores
Corporate Finance

Retailer Shopko Files for Bankruptcy Protection; Plans to Close 105 Stores

The company said it secured $480 million debtor-in-possession financing to fund the store during bankruptcy.
By William Sprouse | January 16, 2019
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The Past Is Not Done With Wells Fargo
Risk Management

The Past Is Not Done With Wells Fargo

Wells Fargo will be operating under the asset cap imposed by the Federal Reserve through the end of 2019, longer than previously forecast.
By Vincent Ryan | January 16, 2019
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Wells Fargo Reaches Settlement to Resolve State Investigations
Risk & Compliance

Wells Fargo Reaches Settlement to Resolve State Investigations

The bank will pay $575 million to resolve claims related to fake accounts and improper fees.
By William Sprouse | January 1, 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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Wells Fargo Says Calculation Error Led to Foreclosures
Risk Management

Wells Fargo Says Calculation Error Led to Foreclosures

The bank also says it is facing multiple inquiries over its use of federal low-income housing tax credits.
By William Sprouse | August 6, 2018
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Wells Misses Estimates With Broad Weakness
Financial Performance

Wells Misses Estimates With Broad Weakness

Bank executives point to progress in cost-cutting initiatives as evidence that Wells Fargo's turnaround effort is on track.
By Matthew Heller | July 13, 2018
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Wells Fargo Warns of Possible $1B Settlement
Regulation

Wells Fargo Warns of Possible $1B Settlement

The scandal-plagued bank posts better-than-expected Q1 earnings but a possible deal with regulators could reduce profit by about 20%.
By Matthew Heller | April 13, 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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Auditor Rotation Rules Miss Their Mark
Risk & Compliance

Auditor Rotation Rules Miss Their Mark

Merely requiring companies to periodically invite bids for their audit business, or change engagement partners at the incumbent firm, doesn't do the job.
By David McCann | February 28, 2018
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Wells Fargo’s Credit Rating Takes a Hit
Risk Management

Wells Fargo’s Credit Rating Takes a Hit

S&P downgrades the bank, citing "the complexities of improving compliance and operational risk controls throughout its very large organization."
By Vincent Ryan | February 8, 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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