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Tag: Wells Fargo


Activity, Corporate banking

JP Morgan escalates deposit wars with expansion into the heart of Bank of America country

March 13, 2019

Via: CNBC

As J.P. Morgan Chase builds out its web of branches across the U.S., it is launching into areas long dominated by two of its biggest rivals. J.P. Morgan is expanding into nine new U.S. markets as it fills gaps in […]


Activity, Corporate banking

Wells Fargo Details Plan to Rebuild and Transform

March 12, 2019

Via: ABF Journal

Wells Fargo provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new progress report available on its website. “While we have more work […]


Activity, Corporate banking

Wells Fargo Hires Scammahorn as Chief Auditor

February 7, 2019

Via: ABF Journal

Wells Fargo named Julie Scammahorn as its new chief auditor. Scammahorn will be based in San Francisco and report to CEO and President Tim Sloan and to the Audit and Examination Committee of the board of directors. Scammahorn has more […]


Activity, Corporate banking

Wells Fargo Pays $575MM to Settle Claims Over Retail Practices

January 2, 2019

Via: ABF Journal

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 […]


Capital and risk, Credit

Wells Fargo Provides $1B in Financing to Support ATD Chapter 11 Exit

December 26, 2018

Via: ABF Journal

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 […]


Regulations

Fed reportedly rejects Wells Fargo’s reform plan for preventing further consumer abuses, shares fall

December 6, 2018

Via: CNBC

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 […]


Activity, Insurance

Wells Fargo Seeks to Limit Payout for Faulty Auto Insurance Plan

November 26, 2018

Via: Insurance Journal

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. […]


Activity, Investment banking

Wells Fargo’s Mike Mayo says he’s ‘all in’ on US bank stocks, upgrades Morgan Stanley

October 24, 2018

Via: CNBC

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 […]


Regulations

Wells Fargo Will Pay $65M Penalty to New York Over Cross-Selling Practices

October 23, 2018

Via: Insurance Journal

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 […]


Business banking, Capital and risk, Credit, Products, Regulations, Retail banking

Wells Fargo CEO Sloan Must Go, Senator Warren Tells Fed Chairman

October 18, 2018

Via: TheStreet banks

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 […]