Items Tagged with 'Wells Fargo'


Game changer: California investigating Wells Fargo for identity theft

Could lead to charges against former employees who opened fake accounts
A group of senators is already asking the Department of Justice to use a new policy to target individuals at Wells Fargo for corporate misconduct (and maybe even more) in the wake of the fake account scandal surrounding the bank. But the state of California is making a move that could lead to a whole new world of hurt for Wells Fargo, its current and former executives, and the 5,000 former employees who opened the fake accounts.
Read More

When it rains, it pours: Wells Fargo loses Better Business Bureau accreditation

More bad news for megabank
Well, it’s a day that ends in “y,” and right now that means there’s more trouble for Wells Fargo. In the last few weeks, the megabank lost its CEO, and lost business from the state of Ohio, the city of Chicago, the state of California, the state of Oregon and maybe the city of San Francisco too – all as fallout from the bank’s fake account scandal. And there’s something else that Wells Fargo apparently lost recently, its accreditation from the Better Business Bureau.
Read More

San Francisco supervisors to push for city and county to cut ties with Wells Fargo

More fallout from fake account scandal
The heat surrounding Wells Fargo right now is nowhere near cooling down, as it seems the bank can’t go one business day without another governmental entity moving to take business away from it in response to the bank’s fake account scandal. Now, two members of the legislative body that oversees the city where Wells Fargo is headquartered want the city to suspend any business with Wells Fargo as well.
Read More

Wells Fargo vows to fight for Ohio business after Kasich dumps bank

Fake account scandal leads Ohio governor to bar Wells Fargo from state business
Last week, the state of Ohio became the latest to dump Wells Fargo, as Ohio Gov. John Kasich announced Friday that he is barring Wells Fargo from participating in future state debt offerings and financial services contracts initiated by state agencies for one year. But Wells Fargo isn’t content to just accept Kasich’s actions and move on. The bank is vowing to fight for Ohio’s business.
Read More

Ohio dumps Wells Fargo too

Kasich: "Wells Fargo's culture was compromised by greed"
In case anyone thought that Wells Fargo’s now-former CEO John Stumpf falling on the sword and “retiring” would stem the tide of bad news for the bank, a former presidential candidate is now calling on his state to suspend business ties to the bank for at least a year.
Read More

Despite accounts scandal investigation, Wells Fargo beats revenue expectations

Results driven by strong mortgage origination
All eyes are on Wells Fargo due to the ongoing investigation into its massive fake account scandal. With reports that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses, the industry is definitely watching what's going on. Despite that, Wells Fargo still managed to beat earnings expectations in the third quarter of 2016, partially thanks to a boost from strong mortgage originations.
Read More

How will Wells Fargo's accounts scandal impact its earnings?

Mega bank to release earnings early Friday
Taking a break from the seemingly never-ending bad news on its massive fake account scandal, Wells Fargo is about to release its third-quarter earnings early Friday morning. The bank will have to once again open its doors to the scrutiny of investors as it works to rebuild its tainted reputation.
Read More

Wells Fargo fallout: New York places restrictions on incentives for bank employees

Compensation tied to employee performance needs 'effective oversight'
At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again.
Read More