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Tag: Wells Fargo


Activity, Investment Banking

Goldman eyes up merger with Wells Fargo, PNC & US Bancorp on its shortlist

May 18, 2020

Via: Banking Technology

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 […]


Capital and Risk, Credit, Regulations

The Fed is lifting Wells Fargo’s asset cap so it can help lend to small business

April 8, 2020

Via: CNBC

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 […]


Regulations

Bank CEOs convene in Washington for meeting with President Trump on coronavirus response

March 11, 2020

Via: CNBC

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 […]


Capital and Risk, Operational

Wells Fargo agrees to pay $3bn fine for fraudulent account furore

February 25, 2020

Via: Banking Technology

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 […]


Activity, Investment Banking

Citi, Bank of America, Wells Fargo Down as Bond Yields Tumble

February 24, 2020

Via: TheStreet

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 […]


Activity, Corporate Banking

BofA, Wells Fargo, Other Provide $256MM DIP for Pier 1

February 18, 2020

Via: ABF Journal

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 […]


Activity, Corporate Banking

Wells Fargo cuts 700 jobs, overhauls exec suite and invests $5m in crypto start-up

February 14, 2020

Via: Banking Technology

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 […]


Activity, Corporate Banking

Wells Fargo Reorganizes Business Model, Shuffles Executives

February 12, 2020

Via: ABF Journal

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 […]


Activity, Corporate Banking

Wells Fargo Agents $70MM Facility for Nautilus

February 7, 2020

Via: ABF Journal

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 […]


Products, Retail Banking

Citigroup unveils free robo-advisor for customers with at least $50,000 at the bank

January 30, 2020

Via: CNBC

Citigroup is making a push for investors’ dollars with a new digital robo-advisor that’s free for customers with at least $50,000 in deposits or investments at the bank. That’s the threshold needed to qualify for the bank’s Citi Priority bundle […]