(Reuters) – Wells Fargo & Co (WFC.N) is boosting its teams that process mortgage loans to prepare for higher mortgage volumes, changing course after it laid off about 1,000 employees here in the division in 2018, according to a memo viewed by Reuters. Many of ... More »
(Reuters) – Wells Fargo & Co said on Wednesday Julia Wellborn will become the head of Private Wealth Management, ending a months-long search for a leader following the retirement of Jay Welker last year. Wellborn joins Wells Fargo from Comerica Bank where she ... More »
WASHINGTON (Reuters) – From submitting their fingerprints to giving up their tax records, Wells Fargo & Co’s next chief executive will go through a vetting process that could rival that of top U.S. government officials. Comptroller of the Currency Joseph Ottin... More »
NEW YORK (Reuters) – Wells Fargo & Co is engaged in preliminary exploratory resolution discussions with the U.S. Department of Justice and the U.S. Securities and Exchange Commission about inquiries into its sales practices, the bank said on Wednesday. Wells F... More »
(Reuters) – Wells Fargo & Co. (WFC.N) has been hiring overseas after pledging to eliminate thousands of jobs, according to a Department of Labor investigation. The department determined that American employees who have been laid off in Wells Fargo’s customer a... More »
(Reuters) – A union-backed bank employee rights group is complaining after Wells Fargo & Co declined to meet with members last week, according to a letter sent to Chief Executive Tim Sloan viewed exclusively by Reuters. Members of the group, Committee for Bett... More »
WASHINGTON (Reuters) – The Federal Reserve board will hold a public vote on whether to lift growth restrictions on scandal-hit Wells Fargo following pressure from Democratic Senator Elizabeth Warren, the Massachusetts lawmaker said on Friday. The Fed’s policy ... More »
BOSTON (Reuters) – Wells Fargo & Co on Thursday said a cap on the bank’s growth imposed by regulators after sales practices scandals would hurt earnings less than it thought this year, and forecast 2019 expenses below Wall Street expectations. Analysts were up... More »
(Reuters) – Wells Fargo & Co said on Friday it will pay $480 million to resolve a securities fraud lawsuit related to a sales scandal that surfaced in 2016. The class action lawsuit in the District Court for the Northern District of California alleged that the... More »
(Reuters) – Wells Fargo & Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. The penalty was a record ... More »
(Reuters) – Proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended Wells Fargo & Co shareholders vote for all Wells Fargo board nominees at the bank’s annual meeting on April 24. The backing of the Wells Fargo board by the influenti... More »
NEW YORK (Reuters) – Massachusetts Secretary of the Commonwealth William Galvin said Thursday his office is investigating possible customer abuses by employees of Wells Fargo & Co’s brokerage division. Galvin’s investigation comes a week after Wells Fargo anno... More »
FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo WASHINGTON/NEW YORK (Reuters) – Wells Fargo & Co detailed new regulatory restrictions imposed by the U.S. Federal Reserve... More »
FILE PHOTO – A Wells Fargo sign is seen outside a banking branch in New York July 13, 2012. REUTERS/Shannon Stapleton BOSTON (Reuters) – Wells Fargo & Co (WFC.N) pays female and racial minority employees very close to what male and white employees earn, an exe... More »
WASHINGTON (Reuters) – Randal Quarles, the top Federal Reserve official tasked with policing Wall Street, said on Friday that he would recuse himself from any matters concerning Wells Fargo & Co, the nation’s third largest bank. Wells Fargo, which last year pa... More »
FILE PHOTO – New York State Comptroller Thomas DiNapoli speaks during an interview with Reuters in New York, October 18, 2010. REUTERS/Brendan McDermid (Reuters) – New York state Comptroller Thomas DiNapoli is asking Wells Fargo & Co (WFC.N) to disclose more i... More »
Wells Fargo & Co is facing litigation over previously disclosed sales problems related to its auto lending and mortgage businesses, the bank disclosed in a regulatory filing on Friday. More »
A leading U.S. regulator wants to make it easier for Wells Fargo to pay employees when they leave, loosening a restriction in place since a phony accounts scandal hit the bank last year, according to people familiar with the matter. More »
Federal prosecutors are investigating foreign-exchange trading at Wells Fargo & Co and have subpoenaed information from the firm, the Wall Street Journal reported, citing people familiar with the matter. More »
A brokerage industry regulator on Monday ordered Wells Fargo & Co to return $3.4 million to customers after selling them inappropriate investment products, the latest sign that a culture of problematic sales practices has bled into areas outside its consumer b... More »
Wells Fargo (WFC.N) Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations. More »
A group of U.S. senators from both parties on Wednesday turned up the heat on Wells Fargo Inc. over its latest scandal, in which hundreds of thousands of car-loan borrowers were charged each month without their knowledge for collision insurance, which many of ... More »
Wells Fargo & Co (WFC.N) is examining whether it caused unnecessary financial harm to customers through mortgage fees, frozen deposit accounts and "add-on" products like identity theft protection, the bank said in a U.S. securities filing on Friday. More »
Borrowers unwittingly charged for auto insurance when they took out car loans from Wells Fargo & Co asked a U.S. court on Friday to force the bank to help them repair their credit scores. More »
Republican Senator Jerry Moran said on Thursday he is seeking additional information on recent revelations that Wells Fargo & Co (WFC.N) enrolled unknowing borrowers in costly auto insurance, putting more pressure on the bank whose reputation is already marred... More »
U.S. Sen. Elizabeth Warren (D-MA) speaks as the Democratic party leadership unveils their “Better Deal” for America in Berryville, Virginia, U.S., July 24, 2017. U.S. Senator Elizabeth Warren called on Federal Reserve Chair Janet Yellen to remove members of We... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. Wells Fargo & Co needs to work more quickly to remake its board of directors following a sales scandal and public rebuke at the bank’s annual meeting in April, New York City Comptro... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. Britain’s Equiniti Group Plc said it would buy Wells Fargo & Co’s share registration business for $227 million as it looks to enter the United States, the largest and most active sh... More »
Wells Fargo Asset Management named Jonathan Hobbs as head of U.S. portfolio solutions and Kevin Kneafsey as a senior investment strategist with the multi-asset client solutions group. More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo Advisors (WFC.N) will start offering a new share class of mutual funds next month as part of its plan to comply with the new U.S. Labor Department regulatio... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo Wells Fargo & Co will offer more money in recruitment bonuses to financial advisers after competitors announced plans to pull back from recruiting, t... More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo Advisors (WFC.N) will launch a new share class of mutual funds next month as part of its plan to comply with the new U.S. Labor Department regulation that s... More »
Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune’s Most Powerful Women’s Summit in Washington October 13, 2015. REUTERS/Kevin Lamarque/File Photo Wells Fargo & Co’s (WFC.N) largest investor, Warren Buffett, has likely already voted... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking Wells Fargo & Co (WFC.N) said it agreed to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a pra... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo Wells Fargo & Co will launch a new multi-channel ad campaign, its chief executive said on Tuesday, in a further sign of the bank’s efforts to regain ... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co (WFC.N) has taken further steps to restructure its retail banking business, demoting some senior executives within the bank, the Wall Street... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co’s wealth management business (WFC.N) said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to dev... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Prudential Financial Inc, (PRU.N) the target of probes and lawsuits related to whether Wells Fargo & Co (WFC.N) retail bankers imp... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co has fired four mid-level executives and stripped them of bonuses and stock awards as a result of an investigation into improper sales practi... More »
Tim Sloan, Chief Executive Officer of Wells Fargo & Company, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson Wells Fargo & Co’s board is likely to eliminate 2016 bonuses for the bank’s top executive... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo – RTX2TOT5 The U.S. Department of Justice has subpoenaed a high-profile whistleblower in its criminal investigation into Wells Far... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co (WFC.N) reported another decline in monthly consumer account openings, indicating that the bank is having trouble rebuilding its reputation ... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo – RTX2TOT5 A private U.S. regulator launched a hotline on Friday to hear from ex-Wells Fargo & Co employees who were fired for all... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co (WFC.N) said it will continue to offer individual retirement accounts that pay brokers commissions and will adjus... More »
A customer enters the Wells Fargo bank branch in Golden, Colorado October 11, 2013. REUTERS/Rick Wilking Legislation introduced by two Democratic lawmakers on Thursday would allow Wells Fargo & Co customers to go to court, instead of private arbitration, to re... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo A leading U.S. bank regulator on Friday reversed course and positioned the agency to claw back pay of former executives at Wells F... More »
A Wells Fargo bank is seen in Del Mar, California January 17, 2012. REUTERS/Mike Blake Wells Fargo & Co (WFC.N) has fired hundreds of employees with Wall Street licenses for improper sales practices, three U.S. senators said on Thursday. More »
Wells Fargo bank teller machines are seen in San Francisco, California, U.S. October 10, 2013. REUTERS/Robert Galbraith /File Photo Federico Pena, a member of Wells Fargo’s board of directors and chairman of its corporate responsibility committee, has resigned... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake – RTSPJOV The state of Ohio on Friday joined a growing list of municipalities to suspend business relationships with Wells Fargo & Co over a scandal involvin... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co’s (WFC.N) Board of Directors will publicize the results of an internal investigation over unauthorized accounts, according to an outside spo... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo – RTSNP7O Wells Fargo & Co (WFC.N) CFO John Shrewsberry said on Friday he has not considered giving back bonuses he has earned fol... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking Wells Fargo & Co said on Monday it was expanding its operating committee and forming a business group to streamline its online services. More »
Warren Buffett, Chairman, CEO and largest shareholder of Berkshire Hathaway takes part in interviews before a fundraising luncheon for the nonprofit Glide Foundation in New York September 8, 2015. REUTERS/Lucas Jackson/File Photo Warren Buffett, chairman of Be... More »
Wells Fargo CEO John Stumpf testifies before the House Financial Services Committee on Capitol Hill in Washington, DC, U.S. September 29, 2016. REUTERS/Gary Cameron U.S. lawmakers called on Thursday for Wells Fargo & Co chief John Stumpf to resign and a top Ho... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking Wells Fargo & Co was fined about $24 million on Thursday by federal regulators for alleged violations of the Servicemembers Civil Relief Act, piling more pressu... More »
Oregon State Treasury said on Thursday that it will press Wells Fargo & Co to make reforms in its management structure and executive compensation in light of a sales scandal that has become a major issue in Washington and on Wall Street. More »
Wells Fargo CEO John Stumpf testifies before a Senate Banking Committee hearing on the firm’s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron Wells Fargo & Co Chief Executive John Stumpf, under fire over problemati... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking The House of Representatives Financial Services committee plans to hold a hearing into Wells Fargo & Co next week after a scandal at the bank involving as many ... More »
Wells Fargo CEO John Stumpf testifies before a Senate Banking Committee hearing on the firm’s sales practices on Capitol Hill in Washington, U.S., September 20, 2016. REUTERS/Gary Cameron Wells Fargo & Co’s (WFC.N) board hired law firm Shearman & Sterling LLP ... More »
The logo on a Wells Fargo bank building is seen in downtown San Diego, California March 18, 2014. REUTERS/Mike Blake A phantom account scandal at Wells Fargo & Co has put the U.S. bank’s disclosure policies under a harsh spotlight. More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo The U.S. House Financial Services Committee has opened a probe into Wells Fargo’s sales practices and plans to call the company’s ... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank o... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, February 10, 2015. REUTERS/Jim Young Wells Fargo has long been the envy of the banking industry for its ability to sell multiple products to the same customer, but regulators on Thursday... More »
The Wells Fargo bank branch is seen in Golden, Colorado in an October 11, 2013 file photo. REUTERS/Rick Wilking/Files A Wells Fargo & Co mortgage unit will pay $3.45 million to some customers because of a processing error that delayed the mailing of letters to... More »
NEW YORK Wells Fargo & Company named David Kowach to head its retail wealth management division, Wells Fargo Advisors, the nation’s third-largest brokerage, on Thursday. Kowach was promoted from his job overseeing roughly 11,000 brokers in the bank’s Private C... More »
Piper Jaffray cut its rating on Wells Fargo & Co to “underweight” from “neutral” citing concerns about the bank’s credit costs. The downgrade comes a day after Wells Fargo reported a 7 percent decline in quarterly profit. The bank has set aside more than $1 bi... More »
