Items Tagged with 'Wells Fargo'

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Wells Fargo fires four senior managers over fake account scandal

Action taken due to ongoing internal investigation
Wells Fargo announced Tuesday that it fired four senior managers as the fallout continues from the fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles.
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Seattle cuts ties with Wells Fargo over controversial oil pipeline, etc.

City council members also cite fake account scandal
Seattle announced it will cut ties with Wells Fargo as soon as its contract ends in 2018, and is taking bids for the bank’s replacement. City council members explain the banks controversial role in the Dakota Access Pipeline and its recent fake accounts scandal pushed Seattle to break all ties.
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From HW Magazine

Mortgage servicing boom

Servicing is primed to take off in 2017, spurring banks to jump back into the business
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
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Wells Fargo accused of falsely overcharging mortgage borrowers

Another possible Wells Fargo scandal
With the wound from its massive account scandal last year still fresh, four former Wells Fargo employees in the Los Angeles region say the account scandal was not the only way the bank deceived borrowers. The other area the bank maybe misled borrowers: Improperly charging borrowers to extend their promised interest rate when their mortgage paperwork was delayed.
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Homebuilders keep confident moving into 2017

But less confident than December
Builder confidence came down off December's high, the highest level for more than 10 years, but remains strong headed into 2017. According to the National Association of Home Builders, many builders are excited for the business conditions that the new administration will bring.
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KBW: What Wells Fargo, Chase 4th quarter results mean for the rest of the industry

A deeper dive at the big banks' mortgage banking earnings
While the fourth-quarter results for Wells Fargo and JPMorgan Chase were decidedly mixed, with JPMorgan significantly exceeding and Wells Fargo missing market expectations, there was one common denominator among the big banks’ earnings – lower earnings from mortgage banking. But what should the market make of those results?
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Wells Fargo to close more than 400 branches

Looks to cut $2 billion in costs
After a week of losses for Wells Fargo, the bank announced it will close down more than 400 branches in the next two years. These cost-saving measures could save the company $2 billion, but this isn’t the first time the bank will close branches and denies the move is connected to the fake accounts scandal.
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Wells Fargo misses earnings expectations, continues to clean up after accounts scandal

Wells Fargo CEO: “We have more work to do”
Wells Fargo missed fourth-quarter earnings expectations as it continues to clean up from its massive fake accounts scandal announced back in September 2016. As one of the first banks to report and a major indicator for how the rest of the industry will perform, Wells Fargo recorded a boost in mortgage originations thanks to a huge uptick in refinance volume from last year.
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