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Stories 1 - 20 |
Feds Impose Massive
Penalty on Wells Fargo
Dec 20, 2022 4:54 PM CST
Feds Impose Massive Penalty on Wells Fargo
Bank will remain in regulators' crosshairs for foreseeable future
- Megabank Wells Fargo has been ordered to pay $3.7 billion in a settlement with the Consumer Financial Protection Bureau. Per NBC News , the action includes $1.7 billion in civil penalties; the rest is restitution for millions of consumers who have been ripped off in various ways since 2011....
Wells Fargo Halts Policy
Over Bogus Job Interviews
Jun 7, 2022 4:19 PM CDT
Wells Fargo Halts Policy Over Bogus Job Interviews
Minorities were interviewed for positions that were already filled
- Wells Fargo is backtracking on a hiring policy after an embarrassing investigative report in the
New York Times
. The bank put what it called a "diversity slate" policy in place in 2020 stipulating that "diverse" candidates must be interviewed for any job with a salary of more than...
Bank Manager: Customer
'Ambushed' Me Over Mask
Sep 13, 2021 11:50 AM CDT
Bank Manager: Customer 'Ambushed' Me Over Mask
Hispanic Army vet says customer at Wells Fargo hurled racial slur, beat him in parking lot
- The heated climate over mask mandates kicked up a notch at a Wells Fargo branch earlier this month, when a California bank manager says he was ambushed and beaten by a customer who didn't want to comply with the bank's mask rules. The bank manager, IDed only as...
Attempted Bank Robbery
Turns Into Hostage Situation
May 7, 2021 12:47 AM CDT
Attempted Bank Robbery Turns Into Hostage Situation
Standoff ends after 8 hours
- A standoff at a St. Cloud, Minnesota, bank ended Thursday night around 10:30pm after starting almost nine hours earlier. Police were called to the Wells Fargo branch around 1:45pm to reports of a possible robbery in progress, the
St. Cloud Times
reports. It turned into a hostage situation,...
Wells Fargo CEO Sorry for
Complaint About Black Talent
Sep 24, 2020 4:41 AM CDT
Wells Fargo CEO Sorry for Complaint About Black Talent
Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent
- The CEO of Wells Fargo has apologized for an "insensitive" memo in which he said the bank wasn't meeting diversity goals because of a shortage of skilled Black workers. "The unfortunate reality is that there is a very limited pool of Black talent to recruit from with...
Will Pay US
$3B to Settle
List of Abuses
Feb 21, 2020 4:30 PM CST
Wells Fargo Will Pay US $3B to Settle List of Abuses
Accounts were opened without customers' consent
- Wells Fargo agreed Friday to pay the government $3 billion to settle investigations into a series of abuses that went on for years, including opening accounts for customers without their approval. The deal wraps up federal civil and criminal cases, the
Wall Street Journal
reports, though criminal charges could be...
Wells Fargo: Ex-Worker
Took $88K From Vault
Dec 14, 2019 2:00 PM CST
Wells Fargo: Ex-Worker Took $88K From Vault
Suspect Arlando M. Henderson allegedly posted on social media about his newfound riches
- Federal authorities are accusing a former Wells Fargo employee of stealing more than $88,000 in cash from the vault of a bank in North Carolina, the AP reports. An indictment unsealed this week alleges 29-year-old Arlando M. Henderson took the cash from customer deposits on at least 18 occasions...
Wells Fargo Takes 'Important
Step in Making Things Right'
Jun 8, 2019 5:30 AM CDT
Wells Fargo Takes 'Important Step in Making Things Right'
Company will pay at least $385M to settle class-action suit on auto loans, car insurance
- Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for costly car insurance without their consent, resulting in many having their vehicles repossessed. The bank filed the agreement Thursday in a federal court in Santa...
Wells Fargo CEO Abruptly Quits
Mar 28, 2019 3:47 PM CDT
Wells Fargo CEO Abruptly Quits
Bank has gone through a number of scandals of late
- Wells Fargo's CEO Tim Sloan stepped down Thursday, after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals. Sloan said in a statement he will give up his roles as CEO, president and a member of the bank's board of...
Firm in America
Has 'String of
Jan 11, 2019 12:55 PM CST
Most-Hated Firm in America Has 'String of PR Disasters'
Facebook really gets our goat, per 24/7 Wall St.
- The opposite of love may be indifference, but hate is what Americans harbor for the companies that annoy, enrage, and frustrate them. And those firms fall in a variety of sectors, per 24/7 Wall St ., which ranked the most loathed companies in the country based on consumer surveys, data from...
Wells Fargo Fires
Aug 31, 2018 10:11 AM CDT
Wells Fargo Fires Employees Over Food Orders
'Wall Street Journal' reports bank investigating doctored receipts on meals
- Some Wells Fargo employees are losing their jobs for an unexpected reason—bogus receipts over meals. The Wells Fargo Securities employees, who are reimbursed for at-work meals after 6:30pm, were found to have altered time stamps on receipts for meals ordered earlier, sources tell the
Wall Street Journal .
Florida Candidate Dumped by
Wells Fargo Over Marijuana
Aug 21, 2018 2:55 PM CDT
Florida Candidate Dumped by Wells Fargo Over Marijuana
Nikki Fried is a Democratic candidate for agriculture commissioner with ties to cannabis
- A political candidate in Florida has been dropped as a customer by Wells Fargo for her ties to and support of medical marijuana. Per the
Tampa Bay Business Journal
, Democratic candidate for agriculture commissioner Nikki Fried was forced to move her campaign funds to another institution because of this stance....
Hundreds Lost Their Homes
Thanks to Computer Glitch
Aug 5, 2018 4:00 PM CDT
Hundreds Lost Their Homes Thanks to Computer Glitch
Wells Fargo said a mistake contributed to hundreds of foreclosures
- Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications, per the AP. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were...
Wells Fargo to Pay $1B for
Forcing Insurance on People
Apr 20, 2018 8:42 AM CDT
Wells Fargo to Pay $1B for Forcing Insurance on People
And for missteps in its mortgage division
- A Thursday rumor turned into Friday truth: Wells Fargo will pay $1 billion to settle allegations from federal regulators for abuses tied to its mortgage and auto lending businesses. It will pay $500 million to the Office of the Comptroller of the Currency, its main bank regulator, as well as...
US Fed Caps Wells Fargo's
Assets in 'Unprecedented' Move
Feb 3, 2018 2:00 PM CST
US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move
Bank can't grow until it proves widespread misconduct is in the past
- In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million...
Cops: Man Beat Up ATM
That 'Gave Too Much Cash'
Dec 26, 2017 12:21 AM CST
Cops: Man Beat Up ATM That 'Gave Too Much Cash'
He told police he didn't know what to do
- 'Tis the season to be generous—but not if you're an ATM, and especially not if you're dealing with Michael Joseph Oleksik. Police in Florida say the 23-year-old Merritt Island man was arrested and charged with criminal mischief over an attack that caused at least $5,000...
Sues Wells Fargo
Dec 13, 2017 12:38 AM CST
Navajo Nation Sues Wells Fargo
They accuse bank of using predatory tactics
- The Navajo Nation announced Tuesday that it is suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe's lawyer has been directed to seek restitution, damages, and civil penalties based...
Sep 29, 2017 11:54 AM CDT
Bank Teller Admits Stealing $185K From Homeless Man
Customer came in with trash bag filled with cash
- Wells Fargo is in the news again, though this time it's a rogue entity, not upper management, that's catching all the heat. Ex-bank teller Phelon Davis has pleaded guilty to stealing more than $185,000 from a bank customer over a two-year period, starting in October 2014,...
Wells Fargo's Fake Account
Tally Just Got Much Bigger
Aug 31, 2017 9:53 AM CDT
Wells Fargo's Fake Account Tally Just Got Much Bigger
Third-party firm's analysis is completed
- Roughly a year ago, t he news broke that Wells Fargo employees—5,300 of whom were fired—opened 2.1 million phony deposit or credit card accounts in a bid to reach sales targets and get bonuses. On Thursday, the bank announced a third-party firm has finished reviewing 165...
Ex Wells Fargo Worker: I Was
Told to 'Club the Baby Seals'
Aug 11, 2017 9:03 AM CDT
Ex Wells Fargo Worker: I Was Told to 'Club the Baby Seals'
Bank accused of overcharging mom-and-pop shops
- Wells Fargo's attempt to regain trust with customers may not be helped by this claim: Days after admitting it signed 570,000 customers up for auto insurance they didn't need —leading to ruined credit scores and repossessions—the bank is now accused of targeting mom-and-pop shops in...
Stories 1 - 20 |
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