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Tag: Wells Fargo


Regulations

Wells Fargo pays $37.3m to settle US foreign exchange lawsuit

September 29, 2021

Via: FinTech Futures

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 […]


Capital and Risk, Operational

Inside Wells Fargo’s multicloud strategy

September 22, 2021

Via: Banking Dive

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, […]


Capital and Risk, Credit, Regulations

Credit Union Client Alert – Wells Fargo Must Pay $250 Million Fine

September 14, 2021

Via: JD Supra

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 […]


News

Wells Fargo names new commercial banking CEO

September 7, 2021

Via: Banking Dive

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 […]


News

Wells Fargo names Steven Black chairman, replacing Charles Noski

August 10, 2021

Via: Banking Dive

“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,” […]


News

Wells Fargo lays out two-wave strategy for office return

July 19, 2021

Via: Banking Dive

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 — […]


Capital and Risk, Credit

Wells Fargo Falls as It Ends Personal Credit Lines

July 8, 2021

Via: TheStreet

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 […]


Activity, Investment Banking, Retail Banking

Wells Fargo to offer crypto investment product for wealthy clients

May 20, 2021

Via: Banking Dive

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 […]


Regulations

Wells Fargo, U.S. Bank disclose CFPB investigations

May 7, 2021

Via: Banking Dive

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 […]


Activity, Investment Banking

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

April 14, 2021

Via: Banking Dive

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 […]