Wells Fargo

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Wells Fargo CEO Steps Down Amid Sales Scandal

John Stumpf retiring as CEO, giving up chairman title

(Newser) - Wells Fargo's embattled CEO John Stumpf is stepping down as the nation's second-largest bank is roiled by a scandal over its sales practices, the AP reports. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier... More »

What a Woman Did When an ATM Kept Throwing Cash at Her

'It was like something out of a movie': Kristina Edwards, who returned her $380 windfall

(Newser) - The public might not be too happy with Wells Fargo right now, but Wells Fargo has good reason to be happy with one particular member of the public, per the AP . Pennsylvania's Kristina Edwards found herself in an awkward but potentially lucrative situation Sunday morning when one of the... More »

'It Sucks': Service Member on Bank's Illegal Car Seizures

Wells Fargo now has to pay $24m for taking more than 400 cars from members of military

(Newser) - Elizabeth Warren recently called Wells Fargo's CEO "gutless," and members of the US military may soon feel that way about the entire company. CNN reports that the bank will pay out $24 million for illegally repossessing 413 cars from military service members from 2008 to 2015. Each... More »

Wells Fargo Hits CEO With 'Aggressive' $41M Clawback

John Stumpf also forfeits bonus, part of salary, will work for free during investigation

(Newser) - John Stumpf, the Wells Fargo CEO slammed for his "gutless leadership" by Sen. Elizabeth Warren last week, is going to have to tighten his belt a little this year: He will forfeit his bonus, part of his salary, and $41 million in stock awards over the fake-account scandal that... More »

'They Ruined My Life': Wells Fargo Whistleblower

CNN talks to ex-employees who say they were fired for reporting unethical practices

(Newser) - More than 5,000 Wells Fargo workers were fired in the phony-accounts scam that's rocked the company—but they weren't the only ones who got pink slips. CNNMoney reports it spoke with a handful of ex-workers who say they were terminated after raising the red flag about the... More »

Elizabeth Warren Slams Wells Fargo CEO as 'Gutless'

Says he should 'be criminally investigated'

(Newser) - Sen. Elizabeth Warren went after Wells Fargo CEO John Stumpf during a Senate hearing Tuesday with the kind of heat she usually reserves for Donald Trump tweetstorms . "You should resign ... and you should be criminally investigated," NPR quotes Warren as saying. Stumpf was in front of the Senate... More »

This Could Be Rough Day for Wells Fargo CEO in Senate

John Stumpf will be apologizing to panel over fake accounts

(Newser) - Things could get ugly Tuesday for Wells Fargo CEO John Stumpf, who has the pleasure of appearing before the Senate Banking Committee to answer questions about why on earth his bank created about 2 million fake bank and credit card accounts on behalf of clients without their permission. Employees allegedly... More »

As Wells Fargo Pays Up, Exec Exits With $125M

CEO says Carrie Tolstedt is 'a champion for customers'

(Newser) - Wells Fargo has been fined $185 million over a scam that involved employees opening phony accounts for customers who were forced to pay fees, but the executive in charge of those employees will take home almost as much. Carrie Tolstedt, former head of community banking, will receive $124.6 million... More »

5.3K Wells Fargo Workers Fired for Creating Fake Accounts

Employees got bonuses; customers got extra fees

(Newser) - Wells Fargo has been slapped with a record $185 million penalty over a scam carried out by its own employees—5,300 of whom were fired. The Consumer Financial Protection Bureau says Wells Fargo workers trying to reach sales targets opened around 2 million phony deposit or credit card accounts,... More »

5 Big Banks Get Failing Grades on 'Living Wills'

They need to retool emergency plans quickly

(Newser) - Federal regulators say five of the biggest banks in the US haven't worked out strong plans for how they might reshape themselves in case of failure, which could leave them unable to survive without another taxpayer bailout, reports the AP . JPMorgan Chase, Bank of America, Wells Fargo, Bank of... More »

Vikings' Suit: Wells Fargo Is Photo-Bombing Our New Stadium

Team says bank is trying to sneak extra exposure with mounted, lit signage

(Newser) - In 2014, Wells Fargo agreed it wouldn't use mounted, illuminated rooftop signs on its two 17-story office towers that flank the Minnesota Vikings' new stadium in Minneapolis, per the Minneapolis Star Tribune . Instead, it would use two 56-foot signs painted flat on the roof, with no illumination, the Pioneer ... More »

LA Sues Illegal 'Fee Machine' Wells Fargo

Employees used unlawful tactics to boost sales: lawsuit

(Newser) - The city of Los Angeles is suing Wells Fargo, claiming the California-based bank pushed employees to engage "in unfair, unlawful, and fraudulent conduct" to hit sales quotas. The suit notes bank employees opened unauthorized accounts for customers, failed to close them when asked, and applied phony fees that hurt... More »

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time... More »

Thieves Grab Gold Nuggets From Wells Fargo

Historic gold may end up melted for resale

(Newser) - Talk about brazen: Masked thieves smashed a stolen SUV into the site of Wells Fargo's original bank in San Francisco early this morning and made off with historic gold ore and nuggets, the San Francisco Chronicle reports. Wearing hoodies and ski masks, they broke into display cases at the... More »

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of... More »

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
... More »

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a... More »

JPMorgan's Dimon: Housing 'Turned a Corner'

Third-quarter earnings beat expectations

(Newser) - Two giants kicked off the earnings season for banks, and the results were pretty good:
  • JPMorgan Chase, the country's biggest bank, reported a record quarterly profit today, helped by a surge in mortgage refinancing. The bank made $5.3 billion from July through September, up 36% from the same
... More »

Feds Sue Wells Fargo Over Mortgages

Bank accused of knowingly making reckless loans

(Newser) - The US government has sued Wells Fargo in a New York court, accusing America's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed today in federal court in Manhattan, seeks to recover "hundreds of... More »

Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,... More »

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