Items Tagged with 'Wells Fargo'

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Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign

Another state wants structural changes at embattled megabank
The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf's resignation.
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Maxine Waters: I'm going to move forward to break up Wells Fargo

Ranking Member of House Financial Services Committee vows to break up bank
Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively. But as the hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank.
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California cuts ties with Wells Fargo in wake of fake account scandal

State Treasurer: This is a legal and ethical outrage that cannot go unpunished
The state of California is suspending several business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo's admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” said California’s state treasurer, John Chiang. Read the latest, right here.
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Wells Fargo CEO, former executive forfeit millions as bank launches investigation

Bank's board answers calls to claw back executive compensation
When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Capitol Hill.
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Labor Department launches "top-to-bottom" review of Wells Fargo

Answers call from eight senators to open investigation
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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Monday Morning Cup of Coffee: Wells Fargo employees file class action lawsuit

Plus a political debate that will rival Super Bowl numbers and affordable housing
The presidential candidates in Monday's debate will be asked questions on "achieving prosperity, securing America and America’s direction," which means that housing policy could theoretically be discussed, although I wouldn't create a drinking game around it. A surer bet would be attacks on "Wall Street banks" in general and one big bank in particular: Wells Fargo.
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Bernie Sanders: Wells Fargo's business model is fraud

Vermont senator joins Elizabeth Warren in skewering megabank
In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either.
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Senators want Labor Department investigation of Wells Fargo

Sanders, Warren, others question whether bank "aggressively skirted" labor laws
Wells Fargo and its CEO, John Stumpf, took plenty of lumps earlier this week when Stumpf appeared before the Senate Banking Committee to discuss the $185 million fine the bank is facing, but some of the members of the Senate are far from being done with Wells Fargo. In fact, a group of eight senators are now calling on the Department of Labor to investigate Wells Fargo for potential labor law violations stemming from the company’s “aggressive” sales culture.
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