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Tag: Wells Fargo


Business banking, Products

Wells Fargo under fire from USAA over remote deposit capture patent

June 11, 2018

Via: Banking Technology

The United Services Automobile Association (USAA) is suing on grounds of intellectual property charges for unspecified damages, over USAA’s remote deposit capture patents. San Antonio-based USAA claims to have invented such tech, and thus started demanding licensing fees from banks […]


Activity, Corporate banking

Wells Fargo to Sell 52 Retail Branches to Flagstar

June 6, 2018

Via: ABF Journal

Wells Fargo agreed to sell 52 retail bank branches in Indiana, Michigan, Ohio and Wisconsin to Flagstar Bank. The sale is part of Wells Fargo’s plan to reduce its retail locations to approximately 5,000 branches by the end of 2020, […]


Activity, Corporate banking

Wells Fargo will merge corporate and investment banks

April 6, 2018

Via: Market Watch

Wells Fargo & Co. WFC, -1.18% is planning to further integrate its corporate and investment banks in an effort to reduce costs and better serve its clients, people familiar with the matter said. The bank’s plans, which could lead to […]


Capital and risk, Credit

Wells Fargo Upsizes Power Solutions ABL Revolver to $75MM

March 30, 2018

Via: ABF Journal

Wells Fargo amended the existing asset based revolving credit facility of Power Solutions International, a designer, engineer and manufacturer of emissions-certified, alternative-fuel power systems. The amendment extends the maturity of the facility to March 31, 2021, subject to certain terms, […]


Activity, Corporate banking, Regulations

Wells Fargo Director Hernandez to Exit After Scandal, Maintains Side Deals

March 28, 2018

Via: TheStreet

Wells Fargo & Co. (WFC) director Enrique Hernandez Jr. will step down from the company’s board in April, following the costliest scandal in the U.S. bank’s corporate history and an order by the Federal Reserve to improve risk-management and oversight. […]


Products, Retail banking

Bank of Amazon could woo 70 million US customers within five years

March 9, 2018

Via: Finextra

Bain and Co, estimates that a banking service from Amazon could swell to more than 70 million US customer accounts within five years, equalling the size of the country’s third largest bank, Wells Fargo. The analysis by the firm’s banking […]


Capital and risk, Operational

Wells Fargo Has No Plans to Ban Cryptocurrency Purchases on Its Cards

February 23, 2018

Via: Bank Innovation

EXCLUSIVE – Wells Fargo will not be joining some of the other big banks in banning its customers from purchasing cryptocurrency with their credit/debit cards, Bank Innovation has learned. Wells Fargo, senior VP of senior vice president, design and delivery […]


Capital and risk, Credit

Wells Fargo Agents $250MM Facility for Wingstop

February 1, 2018

Via: ABF Journal

Wingstop closed a new $250 million senior secured credit facility with Wells Fargo Bank as administrative agent as part of the company’s recapitalization The new five-year credit facility bears an initial interest rate of LIBOR + 275 bps and consists […]


Activity, Corporate banking

Wells Fargo Expands Middle Market Banking to El Paso

January 22, 2018

Via: ABF Journal

Wells Fargo chose El Paso, TX as home for a new Middle Market Banking office. Vanessa Barreda-Ramirez was promoted to lead the West Texas location, advancing the bank’s community-based approach to serving privately held, middle-market companies with revenues of $20 […]


Capital and risk, Credit, Regulations

Wells Fargo Sued by Navajo Nation for Alleged Predatory Tactics

December 14, 2017

Via: Insurance Journal

The Navajo Nation announced that it’s suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe’s lawyer has been directed to […]