Tag: Wells Fargo

January 2, 2019

Wells Fargo agreed to pay $575 million to settle civil claims with all 50 state Attorneys General and the District of Columbia over its previous problematic retail sales practices, auto collateral protection insurance and guaranteed asset/auto protection and mortgage interest […]

December 26, 2018

Wholesale tire supplier American Tire Distributors (ATD) successfully completed its financial recapitalization, reduced its debt by approximately $1.1 billion and emerged from Chapter 11. Wells Fargo Capital Finance provided $1.005 billion in committed exit financing to support operations and future […]

December 6, 2018

The Federal Reserve rejected Wells Fargo’s plan to prevent more consumer abuses by the embattled bank, adding it needs stronger checks on the company’s management, Reuters reported citing three people with knowledge on the matter. According to the report, the […]

November 26, 2018

Wells Fargo & Co. is fighting to shut some customers out of a sweeping plan to compensate around 600,000 drivers it pushed into car insurance they did not need, according to court documents and a source familiar with the effort. […]

October 24, 2018

A widely followed financial analyst upgraded shares of Morgan Stanley on Wednesday and said he’s now bullish on every big U.S. bank. “We reiterate our bull case on the largest US wholesale banks and now recommend 5 of 5 with […]

October 23, 2018

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to […]

October 18, 2018

After successfully pushing in 2016 for the departure of the CEO of beleaguered U.S. bank Wells Fargo & Co. (WFC – Get Report), Democratic Senator Elizabeth Warren of Massachusetts is now gunning for another. In a press release Thursday, Warren […]

September 25, 2018

CNN Money reports that CEO Tim Sloan said on Thursday that the bank plans to cut 5% to 10% of its 265,000-person workforce, reflecting both layoffs and attrition. The chief cited “changing customer preferences,” including the wide adoption of digital […]

September 21, 2018

Stein Mart extended and amended its existing revolving credit agreement with Wells Fargo and its term loan agreement with Gordon Brothers Finance Company. These agreements are coordinated through an intercreditor agreement and provide for combined borrowing availability of $275 million. […]

July 13, 2018

Wells Fargo & Co. (WFC) , the U.S. bank struggling to overcome a series of scandals, said second-quarter profit fell, as the bank suffered from Federal Reserve-imposed restrictions on its asset growth while higher competition in home lending led to […]