Tag: Wells Fargo

April 19, 2024

With approximately $1.9 trillion in assets, the San Francisco-based bank will utilise the fintech’s TradeSun Intelligence V4 solution to mitigate risks in its trade finance operations, while also applying its AI technology to harvest, verify and classify unstructured data to […]

November 1, 2023

The Securities and Exchange Commission is investigating the cash sweep options Wells Fargo provides to investment advisory clients at account opening, the bank disclosed in a regulatory filing on Tuesday. Wells Fargo Advisors offers a sweep feature with three options […]

October 5, 2023

Senate Banking Committee Chair Sherrod Brown, D-OH, is asking the Federal Reserve and Office of the Comptroller of the Currency to investigate allegations of labor abuse by Wells Fargo, in opposition to efforts by the bank’s employees to unionize. “Regulators […]

August 22, 2023

Wells Fargo beat shareholders’ lawsuit accusing it of conducting fake interviews of nonwhite and female candidates, Reuters reported Monday. In a ruling Friday, Judge Trina Thompson, of the U.S. District Court for the Northern District of California, said shareholders could […]

June 5, 2023

Wells Fargo & Co. is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans. Lawyers for the bank and borrowers said […]

May 8, 2023

Though the mean annual percentage rate for general-purpose credit cards is about 16%, medical credit cards typically charge an APR of 26.99%, according to the report. Consumers can use the medical credit cards and financing plans to cover bills ranging […]

February 8, 2023

Wells Fargo will pay $300 million to settle a class-action lawsuit from shareholders who argued the bank knew it was charging customers for unnecessary auto-collision protection insurance but not telling investors, the law firm Robbins Geller Rudman & Dowd said […]

December 21, 2022

It may be coincidence, or perhaps mortgage cases habitually get the short end of the news-coverage stick. Wells Fargo’s September agreement to pay $94 million to settle a class-action lawsuit — alleging the bank automatically placed mortgage borrowers into forbearance […]

December 6, 2022

Named Vantage, the new offering leverages artificial intelligence and machine learning (AI/ML) to deliver personalised corporate and commercial financial services for businesses based on their specific needs. The platform uses AI to provide financial recommendations and next steps, Wells Fargo […]

October 20, 2022

Attorneys-general from 19 states are investigating six major American banks that have signed on to the United Nations’ Net-Zero Banking Alliance, pledging to achieve net-zero emissions in their lending and investment portfolios by 2050. The banks under investigation include Bank […]

September 12, 2022

Wells Fargo neither admitted nor denied the Labor Department’s allegations, and noted that the transactions in question stopped in 2018. “The Company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions,” the bank […]

August 2, 2022

Wells Fargo defended its 2020 diverse slate policy Monday by citing its own hiring statistics. External hiring volume in the bank’s U.S. roles increased 17% in 2021, compared with 2020, Wells Fargo said. At the same time, the bank’s external […]

July 28, 2022

A U.S. regulator on Thursday fined U.S. Bancorp $37.5 million for mistreating customers by opening sham accounts without their permission, conduct that also occurred at larger rival Wells Fargo & Co. The Consumer Financial Protection Bureau said U.S. Bancorp, the […]

July 22, 2022

Citi may have been the first big bank to take a public stance on abortion support for employees. But several others, such as Bank of America, JPMorgan Chase, Goldman Sachs and Wells Fargo followed suit shortly after the Supreme Court […]

June 8, 2022

American Indian Graduate Center, the largest Native scholarship provider in the United States, and Wells Fargo continue their partnership with an $850,000, one-year contract that aims to empower hundreds of Native students in pursuing higher education. “For two decades, Wells […]

June 7, 2022

Wells Fargo’s policy on diverse hiring came under fire last month, when a former executive in the bank’s wealth management division told The New York Times that Wells held phony job interviews for nonwhite and female job-seekers for positions that […]

May 9, 2022

In an effort to charge higher fees, entice borrowers who wanted large loans and become the biggest commercial lender in the country, Wells Fargo was incentivized to originate and sponsor risky loans, the shareholders argued. The shareholders said Wells Fargo […]

April 18, 2022

Bank of America set aside just $30 million to counter potential credit losses, CNBC reported — far less than the likes of Citi or JPMorgan, which hold greater exposure to Russia. “[Russia] has never been a big part of our […]

March 28, 2022

Wells Fargo trails, by 15 percentage points, the industrywide average acceptance rate for Black borrowers looking to refinance their mortgages, according to the Bloomberg analysis. Lenders overall approved 73% of applications from Black homeowners, compared with 78% from Hispanic borrowers […]

March 21, 2022

Last week’s letter to Wells Fargo CEO Charlie Scharf from Sens. Elizabeth Warren, D-MA, and Ron Wyden, D-OR, comes in addition to a Thursday letter from 11 senators asking the leaders of the Consumer Financial Protection Bureau (CFPB) and the […]