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Tag: Wells Fargo


Regulations

Wells Fargo to pay $145M to settle Labor probe into 401(k) plan

September 12, 2022

Via: Banking Dive

Wells Fargo neither admitted nor denied the Labor Department’s allegations, and noted that the transactions in question stopped in 2018. “The Company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions,” the bank […]


News

Wells Fargo to restart updated diverse hiring policy

August 2, 2022

Via: Banking Dive

Wells Fargo defended its 2020 diverse slate policy Monday by citing its own hiring statistics. External hiring volume in the bank’s U.S. roles increased 17% in 2021, compared with 2020, Wells Fargo said. At the same time, the bank’s external […]


Regulations

U.S. Bancorp is fined $37.5 million for opening sham accounts

July 28, 2022

Via: Yahoo

A U.S. regulator on Thursday fined U.S. Bancorp $37.5 million for mistreating customers by opening sham accounts without their permission, conduct that also occurred at larger rival Wells Fargo & Co. The Consumer Financial Protection Bureau said U.S. Bancorp, the […]


Regulations

Pennsylvania county looks to divest $145M in assets from Wells Fargo

July 22, 2022

Via: Banking Dive

Citi may have been the first big bank to take a public stance on abortion support for employees. But several others, such as Bank of America, JPMorgan Chase, Goldman Sachs and Wells Fargo followed suit shortly after the Supreme Court […]


News

Wells Fargo awards $850K to American Indian Graduate Center

June 8, 2022

Via: PR Newswire

American Indian Graduate Center, the largest Native scholarship provider in the United States, and Wells Fargo continue their partnership with an $850,000, one-year contract that aims to empower hundreds of Native students in pursuing higher education. “For two decades, Wells […]


News

Wells Fargo pauses policy mandating diverse interviews

June 7, 2022

Via: Banking Dive

Wells Fargo’s policy on diverse hiring came under fire last month, when a former executive in the bank’s wealth management division told The New York Times that Wells held phony job interviews for nonwhite and female job-seekers for positions that […]


Regulations

Judge dismisses Wells Fargo commercial lending class-action suit

May 9, 2022

Via: Banking Dive

In an effort to charge higher fees, entice borrowers who wanted large loans and become the biggest commercial lender in the country, Wells Fargo was incentivized to originate and sponsor risky loans, the shareholders argued. The shareholders said Wells Fargo […]


Activity, Corporate Banking, Retail Banking

Bank of America sees 12% Q1 profit dip

April 18, 2022

Via: Banking Dive

Bank of America set aside just $30 million to counter potential credit losses, CNBC reported — far less than the likes of Citi or JPMorgan, which hold greater exposure to Russia. “[Russia] has never been a big part of our […]


Capital and Risk, Credit

Wells Fargo narrows its racial gap in mortgage refinancing

March 28, 2022

Via: Banking Dive

Wells Fargo trails, by 15 percentage points, the industrywide average acceptance rate for Black borrowers looking to refinance their mortgages, according to the Bloomberg analysis. Lenders overall approved 73% of applications from Black homeowners, compared with 78% from Hispanic borrowers […]


Regulations

Senators, lawsuit press Wells Fargo on mortgage refinancing race gap

March 21, 2022

Via: Banking Dive

Last week’s letter to Wells Fargo CEO Charlie Scharf from Sens. Elizabeth Warren, D-MA, and Ron Wyden, D-OR, comes in addition to a Thursday letter from 11 senators asking the leaders of the Consumer Financial Protection Bureau (CFPB) and the […]


Capital and Risk, Trading

Warren Buffett’s top stock last year was the bank he’s been bailing on

February 10, 2022

Via: American Banker

Warren Buffett’s best-performing stock last year? One he’s been dumping. Wells Fargo shares delivered a total return of 61% last year, outpacing every other company listed in the most recent public snapshot of Berkshire Hathaway’s portfolio, as of Sept. 30, […]


Channels

Wells Fargo Partnered With HSBC to Settle Foreign Transactions Using Blockchain

February 1, 2022

Via: TechBullion

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 […]


News

U.S. banks close 2,927 branches in 2021, a 38% jump

January 24, 2022

Via: Banking Dive

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 […]


News

Wells Fargo postpones office return indefinitely

December 22, 2021

Via: Banking Dive

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 […]


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 — […]