Tag: Wells Fargo

February 1, 2022

Recently, Wells Fargo, a leading financial services company, partnered with HSBC bank, one of the largest banking and financial services organizations, to benefit from its blockchain-based tools to settle foreign exchange transactions. After this agreement, Wells Fargo and HSBC Bank […]

January 24, 2022

Banks are reducing their branch footprints as more customers choose to manage their accounts through mobile and other digital channels, instead of banking at traditional brick-and-mortar retail locations. The S&P Global report indicates the COVID-19 pandemic has accelerated the shift […]

December 22, 2021

Wells Fargo on Tuesday became the largest U.S. bank to indefinitely postpone its office-return plan, according to a statement seen by Bloomberg and Reuters. Employees will receive further details on the bank’s plans in 2022, the statement said. Tuesday’s move […]

September 29, 2021

Wells Fargo will pay a total of approximately $72.6 million, with around $35.3 million having been paid directly to the 771 customers collectively as restitution. The $37.3 million is to be paid to the US as civil penalties under the […]

September 22, 2021

Wells Fargo is embarking on a decade-long marathon to modernize its technology infrastructure, with the goal of operating multiple clouds alongside third-party data centers, the bank announced last week. While some high-profile financial services companies have aligned with one provider, […]

September 14, 2021

The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist consent order requiring […]

September 7, 2021

Pelos became CEO of commercial banking last year, when Wells Fargo split its wholesale banking unit — which Pelos was overseeing at the time — into a commercial banking unit and another for corporate and investment banking. He joined Wells […]

August 10, 2021

“Chuck stepped into the chairman role at an important inflection point for the company — both in terms of our ongoing work to improve our controls and governance and in the early days of what became an unprecedented global pandemic,” […]

July 19, 2021

Friday’s memo served as an update for the U.S. bank with the largest workforce. Wells Fargo last month said it would confidentially survey its U.S. employees over their vaccination status — Powell asked that workers respond by June 16 — […]

July 8, 2021

Wells Fargo said it would stop offering personal lines of credit and shutter those current accounts. The bank will no longer offer the product, which enabled users to borrow between $3,000 and $100,000 and was pitched as tool to consolidate […]

May 20, 2021

Much like cryptocurrency’s fluctuation in value, the status of digital assets in the financial services landscape has long been volatile. Some banks, fearing digital assets’ potential to be linked to money laundering and nefarious financing, have remained wary of entering […]

May 7, 2021

U.S. Bank’s filing indicated only that the lender is “cooperating fully with all pending examinations, inquiries and investigations,” and “has responded and continues to respond to the CFPB.” When pressed for more information, a U.S. Bank spokesperson told American Banker […]

April 14, 2021

The San Francisco-based lender expressed optimism that a bounce back of the American economy is starting to show results. “Our results for the quarter … reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for […]

April 13, 2021

Digital payments have clearly been catching on with the annual volume climbing by more than a billion annually in each of the past six years and the annual value growing by more than $1 trillion in each of the last […]

March 31, 2021

Wells Fargo is setting its sights on a September office return, CEO Charlie Scharf and Chief Operating Officer Scott Powell told employees in a memo Tuesday. “We are encouraged by the significant increase in vaccination availability and have started to […]

February 23, 2021

Wells Fargo plans to sell its asset-management business to two private-equity firms — GTCR LLC and Reverence Capital Partners — for $2.1 billion, according to a statement Tuesday. The unit has $603 billion of assets under management and employs more […]

February 9, 2021

The six banks that received equity from Wells Fargo are Broadway Federal Bank in Los Angeles; Carver Federal Savings Bank in New York City; Citizens Savings Bank & Trust in Nashville, Tennessee; Commonwealth National Bank in Mobile, Alabama; M&F Bank […]

January 21, 2021

What big banks reveal about the economy America’s biggest banks have all now released their financial results for the past year, data that reflect the strange economic situation facing President Biden and his new administration. Parts of the economy are […]

January 8, 2021

Over the past four trading sessions, performance of major bank stocks depicted a bullish picture. This optimism primarily seems to be driven by the hopes of more economic stimulus as the U.S. Congress confirmed Joe Biden’s victory in the Presidential […]

December 28, 2020

Some hefty penalties have hit headlines this year, punishing a range of indiscretions including market manipulation and money laundering. Here are the largest regulatory penalties announced this year. 10. Commerzbank fined £37.8 million by FCA for AML failings The UK’s […]