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Tag: Wells Fargo


Regulations

Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020

Via: Banking Technology

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 […]


Activity, Corporate Banking

Wells Fargo earnings fall short of estimates as low rates hit interest income

October 14, 2020

Via: CNBC

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. […]


Activity, Corporate Banking

Citigroup restarts job cuts after coronavirus pause

September 17, 2020

Via: Banking Technology

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 […]


Business Banking, Products

Wells Fargo extends 25-year processing partnership with TSYS

September 3, 2020

Via: Banking Technology

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 […]


Business Banking, Products

Global Payments signs multi-year deal with Wells Fargo

September 1, 2020

Via: Finextra

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 […]


Activity, Corporate Banking

Wells Fargo resumes job cuts after pandemic break

August 25, 2020

Via: Banking Technology

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 […]


Regulations

Wells Fargo compliance chief Mike Roemer steps down

August 18, 2020

Via: Banking Technology

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 […]


Activity, Trading

Two bank stocks could still be a buy after Fed exposes problem areas

June 29, 2020

Via: CNBC

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. […]


Activity, Investment Banking

Wells Fargo sells Global Alternative Investments Feeder Fund Platform to iCapital

June 19, 2020

Via: Finextra

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 […]


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 […]