Tag: Wells Fargo

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 […]

December 11, 2020

Performances of major bank stocks over the last five trading days paint a mixed picture. Positive trading revenue outlook provided by some of the major banks indicates that the earnings picture will be impressive in the fourth quarter. This is […]

October 22, 2020

Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report. Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be […]

October 14, 2020

Wells Fargo on Wednesday reported disappointing earnings for the third quarter as low rates put pressure on the bank’s net interest income. Here’s how the banking giant’s numbers stacked up against Wall Street expectations: Earnings: 42 cents per share vs. […]

September 17, 2020

The bank, which became the first Wall Street institution to appoint a woman as its CEO last week, employs around 204,000 people. The bank expects its cuts to affect 26,000 people in 2020. Citi wasn’t alone in putting a pause […]

September 3, 2020

As part of the multi-year agreement, TSYS will continue to provide a range of processing and support services for the bank’s commercial card portfolio. TSYS has provided its payments processing services to the US lender since 1995. Mary Mazzochi, manager […]

September 1, 2020

As part of the multi-year agreement, TSYS will continue to provide a range of processing and support services for the bank’s commercial card portfolio. Wells Fargo has utilized TSYS’ payments processing platform since 1995. “We continue to benefit from the […]

August 25, 2020

The lender said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic. It is also continuing to work through expensive regulatory and operational problems tied to […]

August 18, 2020

Financial Times sources report that the departure of Roemer has occurred shortly after the creation of a set of “divisional risk officers.” The move is seen by some at the bank as undermining previous attempts to centralise responsibility for risk […]

June 29, 2020

Banks’ dividends could be at risk. Banking stocks tumbled Friday after the Federal Reserve highlighted potential vulnerabilities in the sector. The central bank suspended buybacks and capped dividends on financial institutions through the third quarter after its recent stress tests. […]

June 19, 2020

In addition, Wells Fargo today announced that it is making a strategic investment in iCapital under the terms of iCapital’s latest fundraising round. “We are pleased to partner with iCapital to deliver alternative investments to enhance the experience for our […]

May 18, 2020

The development was first revealed in a tweet by the publication’s senior correspondent, Charles Gasparino, saying that sources told him Goldman Sachs’ “weakening biz model” would “force a merger.” The report highlights that the need for Goldman to grow, particularly […]

April 8, 2020

The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. In a move that was expected, the central bank said Wells will have to return […]

March 11, 2020

The leaders of the biggest U.S. banks are scheduled to meet with President Donald Trump on Wednesday afternoon as the U.S. government grapples with the spread of the coronavirus. CEOs expected to attend the 3 p.m. ET event include Brian […]

February 25, 2020

The bank, fourth-largest in the US, will pay the hefty fine to both the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The SEC will receive around $500 million of the total figure, which it plans […]

February 24, 2020

Financial stocks were slumping Monday as investors reacted to the spread of the coronavirus, which now has been found in more than two dozen countries. The Financial Sector SPDR Fund (XLF) – Get Report was down 2.6% to $29.97. Treasury […]

February 18, 2020

Pier 1 Imports has entered into a Plan Support Agreement with a majority of its term loan lenders and is pursuing a sale of the company. To facilitate an orderly sale process and implement the PSA, the company and its […]

February 14, 2020

The job cuts, first reported by Bloomberg, will see “a portion” of roles move to India where the bank already houses roughly 12,000 tech employees. And despite cutting 200 US lending employees last year, the bank has now told around […]

February 12, 2020

Wells Fargo appointed several new business leaders and changes designed to create a flatter line of business organizational structure and provide leaders with clear authority, accountability, and responsibility. The new model has five line of business CEOs, each reporting to […]

February 7, 2020

Nautilus closed a five-year, $70 million senior secured credit facility comprised of a $55 million asset-based revolver loan and a $15 million term loan with Wells Fargo as administrative agent. According to a related 8-K filing, the company will use […]